All Operating Metrics Up and Expenses Down, Great Start at HOMB
CONWAY, Ark., April 18, 2024 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.*Quarterly Highlights*
*Metric* *Q1 2024* *Q4 2023* *Q3 2023* *Q2 2023* *Q1 2023*
Net income $100.1 million $86.2 million $98.5 million $105.3 million $103.0 million
Net income, as adjusted (non-GAAP)^(1) $99.2 million $92.2 million $94.7 million $102.6 million $108.9 million
Total revenue (net) $246.4 million $245.6 million $245.4 million $257.2 million $248.8 million
Income before income taxes $130.4 million $112.8 million $129.3 million $136.9 million $132.9 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)^(1) $134.9 million $118.4 million $130.6 million $140.9 million $134.1 million
PPNR, as adjusted (non-GAAP)^(1) $133.7 million $126.4 million $125.7 million $137.3 million $142.1 million
Pre-tax net income to total revenue (net) 52.92% 45.92% 52.70% 53.23% 53.43%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)^(1) 52.45% 49.16% 50.72% 51.85% 56.63%
P5[NR] (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)^(1) 54.75% 48.22% 53.23% 54.78% 53.91%
P5[NR], as adjusted (non-GAAP)^(1) 54.28% 51.46% 51.25% 53.40% 57.11%
ROA 1.78% 1.55% 1.78% 1.90% 1.84%
ROA, as adjusted (non-GAAP)^(1) 1.76% 1.66% 1.72% 1.85% 1.95%
NIM 4.13% 4.17% 4.19% 4.28% 4.37%
Purchase accounting accretion $2.8 million $2.3 million $2.4 million $2.7 million $3.2 million
ROE 10.64% 9.36% 10.65% 11.63% 11.70%
ROE, as adjusted (non-GAAP)^(1) 10.54% 10.00% 10.25% 11.33% 12.38%
ROTCE (non-GAAP)^(1) 17.22% 15.49% 17.62% 19.39% 19.75%
ROTCE, as adjusted (non-GAAP)^(1) 17.07% 16.56% 16.95% 18.90% 20.90%
Diluted earnings per share $0.50 $0.43 $0.49 $0.52 $0.51
Diluted earnings per share, as adjusted
(non-GAAP)^(1) $0.49 $0.46 $0.47 $0.51 $0.54
Non-performing assets to total assets 0.48% 0.42% 0.42% 0.28% 0.33%
Common equity tier 1 capital 14.3% 14.2% 14.0% 13.6% 13.2%
Leverage 12.3% 12.4% 12.4% 11.9% 11.4%
Tier 1 capital 14.3% 14.2% 14.0% 13.6% 13.2%
Total risk-based capital 17.9% 17.8% 17.6% 17.3% 16.8%
Allowance for credit losses to total loans 2.00% 2.00% 2.00% 2.01% 2.00%
Book value per share $18.98 $18.81 $18.06 $18.04 $17.87
Tangible book value per share (non-GAAP)^(1) 11.79 11.63 10.90 10.87 10.71
^(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
“I’m always looking for improvement, but if the next three quarters show positive trends such as this quarter did, I think HOMB is poised for a great year. The period for January to March resulted in increases in net interest income, revenue, EPS, margin (when adjusting for excess liquidity), loans and deposits along with strong liquidity while lowering our efficiency ratio. In addition, we reduced non-interest expense by $3 million, quarter over quarter. Any questions?” said John Allison, Chairman and CEO of HOMB.
*Liquidity and Funding Sources*
At March 31, 2024, the Company held $2.67 billion in net available internal liquidity. This balance consisted of $1.58 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $924.1 million in cash with the Federal Reserve Bank (FRB) and $160.7 million in other liquid cash accounts.
Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $3.11 billion in net available external liquidity as of March 31, 2024. This included $4.75 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.84 billion has been drawn upon in the ordinary course of business, resulting in $2.91 billion in net available liquidity with the FHLB as of March 31, 2024. The $1.84 billion consisted of $600.0 million in outstanding FHLB advances and $1.24 billion used for pledging purposes. The Company also had access to approximately $798.3 million in liquidity with the FRB as of March 31, 2024, of which $700.0 million has been drawn upon in the ordinary course of business, resulting in $98.3 million in net available liquidity with the FRB as of March 31, 2024. As of March 31, 2024, the Company also had access to $55.0 million from First National Bankers’ Bank (FNBB) and $45.0 million from other various external sources.
Overall, the Company had $5.77 billion in net available liquidity as of March 31, 2024, which consisted of $2.67 billion of net available internal liquidity and $3.11 billion in net available external liquidity. Details on the Company’s available liquidity as of March 31, 2024 is available below.
*(In thousands)* *Total Available* *Amount Used* *Net Availability*
*Internal Sources*
Unpledged investment securities (market value) $ 1,581,821 $ — $ 1,581,821
Cash at FRB 924,148 — 924,148
Other liquid cash accounts 160,738 — 160,738
*Total Internal Liquidity* 2,666,707 — 2,666,707
*External Sources*
FHLB 4,746,613 1,837,367 2,909,246
FRB Discount Window 98,307 — 98,307
BTFP (par value) 700,000 700,000 —
FNBB 55,000 — 55,000
Other 45,000 — 45,000
*Total External Liquidity* 5,644,920 2,537,367 3,107,553
*Total Available Liquidity* $ 8,311,627 $ 2,537,367 $ 5,774,260
The Company has continued to limit its exposure to uninsured deposits and has been actively monitoring this in light of the current banking environment. As of March 31, 2024, the Company held approximately $8.42 billion in uninsured deposits of which $602.4 million were intercompany subsidiary deposit balances and $3.03 billion were collateralized deposits, for a net position of $4.79 billion. This represents approximately 28.4% of total deposits. In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $987.0 million.
*(in thousands)* *As of*
*March 31, 2024*
Uninsured Deposits $ 8,415,764
Intercompany Subsidiary and Affiliate Balances 602,351
Collateralized Deposits 3,026,129
Net Uninsured Position $ 4,787,284
Total Available Liquidity $ 5,774,260
Net Uninsured Position 4,787,284
*Net Available Liquidity in Excess of Uninsured Deposits* $ 986,976
In the event the Company’s $4.79 billion net position of uninsured deposits had been called by depositors on the first day of the first quarter of 2024 and the Company utilized available funding, which remained outstanding during the entire quarter, the Company estimates that interest expense would have increased by approximately $71.7 million for the quarter ended March 31, 2024. The outflow of deposits could have been funded through available sources of liquidity without selling our investment securities. In this event, because of the high profitability levels of HOMB, the Company estimates that it would still have achieved return on average assets (ROA) of 1.27% for the quarter ended March 31, 2024.
*Operating Highlights*
Net income for the three-month period ended March 31, 2024 was $100.1 million, or $0.50 diluted earnings per share. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $99.2 million^(1) and $0.49 per share^(1), respectively, for the three months ended March 31, 2024.
Our net interest margin was 4.13% for the three-month period ended March 31, 2024, compared to 4.17% for the three-month period ended December 31, 2023. During the first quarter of 2024, the Company held excess liquidity of approximately $500.0 million which was dilutive to the net interest margin by 10 basis points. The yield on loans was 7.37% and 7.20% for the three months ended March 31, 2024 and December 31, 2023, respectively, as average loans increased from $14.34 billion to $14.49 billion. Additionally, the rate on interest bearing deposits increased to 2.93% as of March 31, 2024, from 2.80% as of December 31, 2023, while average interest-bearing deposits increased from $12.48 billion to $12.72 billion.
During the first quarter of 2024, there was $1.1 million of event interest income compared to $120,000 of event interest expense for the fourth quarter of 2023.
Purchase accounting accretion on acquired loans was $2.8 million and $2.3 million and average purchase accounting loan discounts were $24.8 million and $27.4 million for the three-month periods ended March 31, 2024 and December 31, 2023, respectively.
Net interest income on a fully taxable equivalent basis was $205.5 million for the three-month period ended March 31, 2024, and $203.9 million for the three-month period ended December 31, 2023. This increase in net interest income for the three-month period ended March 31, 2024, was the result of a $10.5 million increase in interest income, partially offset by an $8.9 million increase in interest expense. The $10.5 million increase in interest income was primarily the result of a $6.2 million increase in income from interest-bearing balances due from banks and a $5.3 million increase in loan interest income, partially offset by a $1.0 million decrease in investment income. The increase in interest income is a result of the current high interest rate environment. The $8.9 million increase in interest expense was due to a $4.6 million increase in interest expense on deposits and a $4.4 million increase in interest expense on FHLB and other borrowed funds. The increase in interest expense is also a result of the current high interest rate environment.
The Company reported $41.8 million of non-interest income for the first quarter of 2024. The most important components of first quarter non-interest income were $10.2 million from other service charges and fees, $9.7 million from service charges on deposit accounts, $7.4 million from other income, $5.1 million from trust fees, $3.6 million in mortgage lending income, $3.0 million from dividends from FHLB, FRB, FNBB and other, $1.2 million from the increase in cash value of life insurance and $1.0 million from the fair value adjustment for marketable securities.
Non-interest expense for the first quarter of 2024 was $111.5 million. The most important components of non-interest expense were $60.9 million from salaries and employee benefits, $26.9 million in other operating expense, $14.6 million in occupancy and equipment expenses and $9.1 million in data processing expenses. For the first quarter of 2024, our efficiency ratio was 44.22%, and our efficiency ratio, as adjusted (non-GAAP), was 44.43%^(1)[.]
*Financial Condition*
Total loans receivable were $14.51 billion at March 31, 2024, compared to $14.42 billion at December 31, 2023. Total deposits were $16.87 billion at March 31, 2024, compared to $16.79 billion at December 31, 2023. Total assets were $22.84 billion at March 31, 2024, compared to $22.66 billion at December 31, 2023.
During the first quarter of 2024, the Company experienced approximately $88.9 million in loan growth. Centennial CFG experienced $81.5 million of organic loan growth and had loans of $2.03 billion at March 31, 2024. Our remaining markets experienced $7.4 million in organic loan growth during the quarter.
Non-performing loans to total loans was 0.55% and 0.44% at March 31, 2024 and December 31, 2023, respectively. Non-performing assets to total assets were 0.48% and 0.42% at March 31, 2024 and December 31, 2023, respectively. Net charge-offs were $3.4 million and $3.0 million for the three months ended March 31, 2024 and December 31, 2023, respectively.
Non-performing loans at March 31, 2024 were $17.5 million, $10.6 million, $44.7 million, $408,000, $3.9 million and $2.8 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $80.0 million. Non-performing assets at March 31, 2024 were $17.9 million, $17.9 million, $45.0 million, $408,000, $3.9 million and $25.5 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $110.7 million.
The Company’s allowance for credit losses on loans was $290.3 million at March 31, 2024, or 2.00% of total loans, compared to the allowance for credit losses on loans of $288.2 million, or 2.00% of total loans, at December 31, 2023. As of March 31, 2024 and December 31, 2023, the Company’s allowance for credit losses on loans was 362.94% and 449.66% of its total non-performing loans, respectively.
Stockholders’ equity was $3.81 billion at March 31, 2024, compared to $3.79 billion at December 31, 2023, an increase of approximately $20.3 million. The increase in stockholders’ equity is primarily associated with the $63.9 million increase in retained earnings, partially offset by the $24.0 million in stock repurchases and $22.4 million reduction in accumulated other comprehensive income. Book value per common share was $18.98 at March 31, 2024, compared to $18.81 at December 31, 2023. Tangible book value per common share (non-GAAP) was $11.79^(1) at March 31, 2024, compared to $11.63^(1) at December 31, 2023.
*Branches*
The Company currently has 76 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City.
*Conference Call*
Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, April 18, 2024. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/645372014. 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=b0ede7ae&confId=62290. 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: 421224. A replay of the call will be available by calling 1-866-813-9403, Passcode: 724868, which will be available until April 25, 2024, at 10:59 p.m. CT (11:59 p.m. ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com.
*About Home BancShares*
Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
*Non-GAAP Financial Measures*
This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures--including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; efficiency ratio, as adjusted; tangible book value per common share and tangible common equity to tangible assets--to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.
*General*
This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” “on track” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including the ongoing impacts of inflation; disruptions, uncertainties and related effects on our business and operations that may result from any future outbreaks of the COVID-19 pandemic or other public health crises, including the impact on, among other things, credit quality and liquidity; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; adverse weather events, including hurricanes, and other natural disasters; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.
FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
(501) 328-4625*Home BancShares, Inc.*
*Consolidated End of Period Balance Sheets*
*(Unaudited)*
*(In thousands)* *Mar. 31, 2024* *Dec. 31, 2023* *Sep. 30, 2023* *Jun. 30, 2023* *Mar. 31, 2023*
*ASSETS*
Cash and due from banks $ 205,262 $ 226,363 $ 229,474 $ 275,656 $ 250,841
Interest-bearing deposits with other banks 969,996 773,850 258,605 335,535 437,213
Cash and cash equivalents 1,175,258 1,000,213 488,079 611,191 688,054
Federal funds sold 5,200 5,100 3,925 1,550 —
Investment securities - available-for-sale, net of allowance for credit losses 3,400,884 3,507,841 3,472,173 3,645,013 3,772,138
Investment securities - held-to-maturity, net of allowance for credit losses 1,280,586 1,281,982 1,283,475 1,285,150 1,286,373
Total investment securities 4,681,470 4,789,823 4,755,648 4,930,163 5,058,511
Loans receivable 14,513,673 14,424,728 14,271,833 14,180,972 14,386,634
Allowance for credit losses (290,294 ) (288,234 ) (285,562 ) (285,683 ) (287,169 )
Loans receivable, net 14,223,379 14,136,494 13,986,271 13,895,289 14,099,465
Bank premises and equipment, net 389,618 393,300 397,093 397,315 402,094
Foreclosed assets held for sale 30,650 30,486 691 725 425
Cash value of life insurance 215,424 214,516 213,351 213,090 214,792
Accrued interest receivable 119,029 118,966 110,946 101,066 102,740
Deferred tax asset, net 202,882 197,164 222,741 206,430 193,334
Goodwill 1,398,253 1,398,253 1,398,253 1,398,253 1,398,253
Core deposit intangible 46,630 48,770 51,023 53,500 55,978
Other assets 347,928 323,573 322,617 317,857 304,609
*Total assets* $ 22,835,721 $ 22,656,658 $ 21,950,638 $ 22,126,429 $ 22,518,255
*LIABILITIES AND STOCKHOLDERS' EQUITY*
*Liabilities*
Deposits:
Demand and non-interest-bearing $ 4,115,603 $ 4,085,501 $ 4,280,429 $ 4,598,593 $ 4,945,729
Savings and interest-bearing transaction accounts 11,047,258 11,050,347 10,786,087 11,169,940 11,392,566
Time deposits 1,703,269 1,651,863 1,452,229 1,228,358 1,107,171
Total deposits 16,866,130 16,787,711 16,518,745 16,996,891 17,445,466
Securities sold under agreements to repurchase 176,107 142,085 160,120 160,349 138,742
FHLB and other borrowed funds 1,301,050 1,301,300 1,001,550 701,550 650,000
Accrued interest payable and other liabilities 241,345 194,653 175,367 173,426 212,887
Subordinated debentures 439,688 439,834 439,982 440,129 440,275
*Total liabilities* 19,024,320 18,865,583 18,295,764 18,472,345 18,887,370
*Stockholders' equity*
Common stock 2,008 2,015 2,023 2,026 2,032
Capital surplus 2,326,824 2,348,023 2,363,210 2,366,560 2,375,754
Retained earnings 1,753,994 1,690,112 1,640,171 1,578,176 1,509,400
Accumulated other comprehensive loss (271,425 ) (249,075 ) (350,530 ) (292,678 ) (256,301 )
*Total stockholders' equity* 3,811,401 3,791,075 3,654,874 3,654,084 3,630,885
*Total liabilities and stockholders' equity* $ 22,835,721 $ 22,656,658 $ 21,950,638 $ 22,126,429 $ 22,518,255
*Home BancShares, Inc.*
*Consolidated Statements of Income*
*(Unaudited)* *Quarter Ended* *Three Months Ended*
*(In thousands)* *Mar. 31, 2024* *Dec. 31, 2023* *Sep. 30, 2023* *Jun. 30, 2023* *Mar. 31, 2023* *Mar. 31, 2024* *Mar. 31, 2023*
*Interest income:*
Loans $ 265,294 $ 260,003 $ 249,464 $ 243,152 $ 236,997 $ 265,294 $ 236,997
Investment securities
Taxable 33,229 34,016 34,520 34,751 35,288 33,229 35,288
Tax-exempt 7,803 7,855 7,868 7,932 7,963 7,803 7,963
Deposits - other banks 10,528 4,281 2,328 3,729 4,685 10,528 4,685
Federal funds sold 61 65 82 68 6 61 6
Total interest income 316,915 306,220 294,262 289,632 284,939 316,915 284,939
*Interest expense:*
Interest on deposits 92,548 87,971 78,698 70,147 59,162 92,548 59,162
Federal funds purchased — — 1 2 — — —
FHLB and other borrowed funds 14,276 9,878 8,161 6,596 6,190 14,276 6,190
Securities sold under agreements to repurchase 1,404 1,480 1,344 1,121 868 1,404 868
Subordinated debentures 4,097 4,121 4,121 4,123 4,124 4,097 4,124
Total interest expense 112,325 103,450 92,325 81,989 70,344 112,325 70,344
*Net interest income* 204,590 202,770 201,937 207,643 214,595 204,590 214,595
Provision for credit losses on loans 5,500 5,650 2,800 2,300 1,200 5,500 1,200
Recovery of credit losses on unfunded commitments (1,000 ) — (1,500 ) — — (1,000 ) —
Provision for credit losses on investment securities — — — 1,683 — — —
Total credit loss expense 4,500 5,650 1,300 3,983 1,200 4,500 1,200
*Net interest income after credit loss expense* 200,090 197,120 200,637 203,660 213,395 200,090 213,395
*Non-interest income:*
Service charges on deposit accounts 9,686 10,072 10,062 9,231 9,842 9,686 9,842
Other service charges and fees 10,189 10,422 10,128 11,763 11,875 10,189 11,875
Trust fees 5,066 4,316 4,660 4,052 4,864 5,066 4,864
Mortgage lending income 3,558 2,385 3,132 2,650 2,571 3,558 2,571
Insurance commissions 508 480 562 518 526 508 526
Increase in cash value of life insurance 1,195 1,170 1,170 1,211 1,104 1,195 1,104
Dividends from FHLB, FRB, FNBB & other 3,007 3,010 2,916 2,922 2,794 3,007 2,794
Gain on SBA loans 198 42 97 — 139 198 139
(Loss) gain on branches, equipment and other assets, net (8 ) 583 — 917 7 (8 ) 7
Gain on OREO, net 17 13 — 319 — 17 —
Fair value adjustment for marketable securities 1,003 5,024 4,507 783 (11,408 ) 1,003 (11,408 )
Other income 7,380 5,331 6,179 15,143 11,850 7,380 11,850
Total non-interest income 41,799 42,848 43,413 49,509 34,164 41,799 34,164
*Non-interest expense:*
Salaries and employee benefits 60,910 63,430 64,512 64,534 64,490 60,910 64,490
Occupancy and equipment 14,551 14,965 15,463 14,923 14,952 14,551 14,952
Data processing expense 9,147 9,107 9,103 9,151 8,968 9,147 8,968
Other operating expenses 26,888 39,673 25,684 27,674 26,234 26,888 26,234
Total non-interest expense 111,496 127,175 114,762 116,282 114,644 111,496 114,644
*Income before income taxes* 130,393 112,793 129,288 136,887 132,915 130,393 132,915
Income tax expense 30,284 26,550 30,835 31,616 29,953 30,284 29,953
*Net income* $ 100,109 $ 86,243 $ 98,453 $ 105,271 $ 102,962 $ 100,109 $ 102,962 *Home BancShares, Inc.*
*Selected Financial Information*
*(Unaudited)* *Quarter Ended* *Three Months Ended*
*(Dollars and shares in thousands, except per share data)* *Mar. 31, 2024* *Dec. 31, 2023* *Sep. 30, 2023* *Jun. 30, 2023* *Mar. 31, 2023* *Mar. 31, 2024* *Mar. 31, 2023*
*PER SHARE DATA*
Diluted earnings per common share $ 0.50 $ 0.43 $ 0.49 $ 0.52 $ 0.51 $ 0.50 $ 0.51
Diluted earnings per common share, as adjusted (non-GAAP)^(1) 0.49 0.46 0.47 0.51 0.54 0.49 0.54
Basic earnings per common share 0.50 0.43 0.49 0.52 0.51 0.50 0.51
Dividends per share - common 0.18 0.18 0.18 0.18 0.18 0.18 0.18
Book value per common share 18.98 18.81 18.06 18.04 17.87 18.98 17.87
Tangible book value per common share (non-GAAP)^(1) 11.79 11.63 10.90 10.87 10.71 11.79 10.71
*STOCK INFORMATION*
Average common shares outstanding 201,210 201,756 202,526 202,793 203,456 201,210 203,456
Average diluted shares outstanding 201,390 201,891 202,650 202,923 203,625 201,390 203,625
End of period common shares outstanding 200,797 201,526 202,323 202,573 203,168 200,797 203,168
*ANNUALIZED PERFORMANCE METRICS*
Return on average assets (ROA) 1.78 % 1.55 % 1.78 % 1.90 % 1.84 % 1.78 % 1.84 %
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)^(1) 1.76 % 1.66 % 1.72 % 1.85 % 1.95 % 1.76 % 1.95 %
Return on average assets excluding intangible amortization (non-GAAP)^(1) 1.93 % 1.69 % 1.95 % 2.07 % 2.00 % 1.93 % 2.00 %
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)^(1) 1.91 % 1.81 % 1.87 % 2.02 % 2.12 % 1.91 % 2.12 %
Return on average common equity (ROE) 10.64 % 9.36 % 10.65 % 11.63 % 11.70 % 10.64 % 11.70 %
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)^(1) 10.54 % 10.00 % 10.25 % 11.33 % 12.38 % 10.54 % 12.38 %
Return on average tangible common equity (ROTCE) (non-GAAP)^(1) 17.22 % 15.49 % 17.62 % 19.39 % 19.75 % 17.22 % 19.75 %
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)^(1) 17.07 % 16.56 % 16.95 % 18.90 % 20.90 % 17.07 % 20.90 %
Return on average tangible common equity excluding intangible amortization (non-GAAP)^(1) 17.50 % 15.80 % 17.95 % 19.74 % 20.11 % 17.50 % 20.11 %
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)^(1) 17.34 % 16.87 % 17.29 % 19.24 % 21.26 % 17.34 % 21.26 %
(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, 2024* *Dec. 31, 2023* *Sep. 30, 2023* *Jun. 30, 2023* *Mar. 31, 2023* *Mar. 31, 2024* *Mar. 31, 2023*
Efficiency ratio 44.22 % 50.64 % 45.53 % 44.00 % 44.80 % 44.22 % 44.80 %
Efficiency ratio, as adjusted (non-GAAP)^(1) 44.43 % 46.43 % 46.44 % 44.83 % 43.42 % 44.43 % 43.42 %
Net interest margin - FTE (NIM) 4.13 % 4.17 % 4.19 % 4.28 % 4.37 % 4.13 % 4.37 %
Fully taxable equivalent adjustment $ 892 $ 1,091 $ 1,293 $ 1,494 $ 1,628 $ 892 $ 1,628
Total revenue (net) 246,389 245,618 245,350 257,152 248,759 246,389 248,759
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)^(1) 134,893 118,443 130,588 140,870 134,115 134,893 134,115
PPNR, as adjusted (non-GAAP)^(1) 133,728 126,402 125,743 137,308 142,062 133,728 142,062
Pre-tax net income to total revenue (net) 52.92 % 45.92 % 52.70 % 53.23 % 53.43 % 52.92 % 53.43 %
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)^(1) 52.45 % 49.16 % 50.72 % 51.85 % 56.63 % 52.45 % 56.63 %
P5[NR](Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)^(1) 54.75 % 48.22 % 53.23 % 54.78 % 53.91 % 54.75 % 53.91 %
P5[NR], as adjusted (non-GAAP)^(1) 54.28 % 51.46 % 51.25 % 53.40 % 57.11 % 54.28 % 57.11 %
Total purchase accounting accretion $ 2,772 $ 2,324 $ 2,431 $ 2,660 $ 3,172 $ 2,772 $ 3,172
Average purchase accounting loan discounts 24,820 27,397 29,915 32,546 35,482 24,820 35,482
*OTHER OPERATING EXPENSES*
Advertising $ 1,654 $ 2,226 $ 2,295 $ 2,098 $ 2,231 $ 1,654 $ 2,231
Amortization of intangibles 2,140 2,253 2,477 2,478 2,477 2,140 2,477
Electronic banking expense 3,156 3,599 3,709 3,675 3,330 3,156 3,330
Directors' fees 498 399 417 538 460 498 460
Due from bank service charges 276 274 282 286 273 276 273
FDIC and state assessment 3,318 16,016 2,794 3,220 3,500 3,318 3,500
Insurance 903 873 878 927 889 903 889
Legal and accounting 2,081 1,192 1,514 1,436 1,088 2,081 1,088
Other professional fees 2,236 1,640 2,117 2,774 2,284 2,236 2,284
Operating supplies 683 777 860 763 738 683 738
Postage 523 503 491 586 501 523 501
Telephone 470 515 544 573 528 470 528
Other expense 8,950 9,406 7,306 8,320 7,935 8,950 7,935
Total other operating expenses $ 26,888 $ 39,673 $ 25,684 $ 27,674 $ 26,234 $ 26,888 $ 26,234
(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, 2024* *Dec. 31, 2023* *Sep. 30, 2023* *Jun. 30, 2023* *Mar. 31, 2023*
*BALANCE SHEET RATIOS*
Total loans to total deposits 86.05 % 85.92 % 86.40 % 83.43 % 82.47 %
Common equity to assets 16.69 % 16.73 % 16.65 % 16.51 % 16.12 %
Tangible common equity to tangible assets (non-GAAP)^(1) 11.06 % 11.05 % 10.76 % 10.65 % 10.33 %
*LOANS RECEIVABLE*
Real estate
Commercial real estate loans
Non-farm/non-residential $ 5,616,965 $ 5,549,954 $ 5,614,259 $ 5,480,738 $ 5,524,125
Construction/land development 2,330,555 2,293,047 2,154,030 2,201,514 2,160,514
Agricultural 337,618 325,156 336,160 340,067 342,814
Residential real estate loans
Residential 1-4 family 1,899,974 1,844,260 1,808,248 1,790,218 1,748,231
Multifamily residential 415,926 435,736 444,239 455,754 637,633
Total real estate 10,601,038 10,448,153 10,356,936 10,268,291 10,413,317
Consumer 1,163,228 1,153,690 1,153,461 1,156,273 1,173,325
Commercial and industrial 2,284,775 2,324,991 2,195,678 2,288,646 2,368,428
Agricultural 278,609 307,327 332,608 297,743 250,851
Other 186,023 190,567 233,150 170,019 180,713
Loans receivable $ 14,513,673 $ 14,424,728 $ 14,271,833 $ 14,180,972 $ 14,386,634
*ALLOWANCE FOR CREDIT LOSSES*
Balance, beginning of period $ 288,234 $ 285,562 $ 285,683 $ 287,169 $ 289,669
Loans charged off 3,978 3,592 3,449 4,726 4,288
Recoveries of loans previously charged off 538 614 528 940 588
Net loans charged off 3,440 2,978 2,921 3,786 3,700
Provision for credit losses - loans 5,500 5,650 2,800 2,300 1,200
Balance, end of period $ 290,294 $ 288,234 $ 285,562 $ 285,683 $ 287,169
Net charge-offs to average total loans 0.10 % 0.08 % 0.08 % 0.11 % 0.10 %
Allowance for credit losses to total loans 2.00 % 2.00 % 2.00 % 2.01 % 2.00 %
*NON-PERFORMING ASSETS*
Non-performing loans
Non-accrual loans $ 67,055 $ 59,971 $ 84,184 $ 49,627 $ 65,401
Loans past due 90 days or more 12,928 4,130 6,674 10,869 8,567
Total non-performing loans 79,983 64,101 90,858 60,496 73,968
Other non-performing assets
Foreclosed assets held for sale, net 30,650 30,486 691 725 425
Other non-performing assets 63 785 64 64 74
Total other non-performing assets 30,713 31,271 755 789 499
Total non-performing assets $ 110,696 $ 95,372 $ 91,613 $ 61,285 $ 74,467
Allowance for credit losses for loans to non-performing loans 362.94 % 449.66 % 314.29 % 472.23 % 388.23 %
Non-performing loans to total loans 0.55 % 0.44 % 0.64 % 0.43 % 0.51 %
Non-performing assets to total assets 0.48 % 0.42 % 0.42 % 0.28 % 0.33 %
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
*Home BancShares, Inc.*
*Consolidated Net Interest Margin*
*(Unaudited)* *Three Months Ended* *March 31, 2024* *December 31, 2023*
*(Dollars in thousands)* *Average Balance* *Income/ Expense* *Yield/ Rate* *Average Balance* *Income/ Expense* *Yield/ Rate*
*ASSETS*
Earning assets
Interest-bearing balances due from banks $ 801,456 $ 10,528 5.28 % $ 337,821 $ 4,281 5.03 %
Federal funds sold 5,012 61 4.90 % 4,716 65 5.47 %
Investment securities - taxable 3,473,511 33,229 3.85 % 3,444,715 34,016 3.92 %
Investment securities - non-taxable - FTE 1,257,861 8,642 2.76 % 1,263,567 8,880 2.79 %
Loans receivable - FTE 14,487,494 265,347 7.37 % 14,336,613 260,069 7.20 %
Total interest-earning assets 20,025,334 317,807 6.38 % 19,387,432 307,311 6.29 %
Non-earning assets 2,657,925 2,669,008
Total assets $ 22,683,259 $ 22,056,440
*LIABILITIES AND SHAREHOLDERS' EQUITY*
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts $ 11,038,910 $ 75,597 2.75 % $ 10,912,668 $ 73,026 2.65 %
Time deposits 1,685,193 16,951 4.05 % 1,564,682 14,945 3.79 %
Total interest-bearing deposits 12,724,103 92,548 2.93 % 12,477,350 87,971 2.80 %
Securities sold under agreement to repurchase 172,024 1,404 3.28 % 162,102 1,480 3.62 %
FHLB borrowed funds 1,301,091 14,276 4.41 % 905,689 9,878 4.33 %
Subordinated debentures 439,760 4,097 3.75 % 439,906 4,121 3.72 %
Total interest-bearing liabilities 14,636,978 112,325 3.09 % 13,985,047 103,450 2.93 %
Non-interest bearing liabilities
Non-interest bearing deposits 4,017,659 4,212,665
Other liabilities 244,970 202,008
Total liabilities 18,899,607 18,399,720
Shareholders' equity 3,783,652 3,656,720
Total liabilities and shareholders' equity $ 22,683,259 $ 22,056,440
Net interest spread 3.29 % 3.36 %
Net interest income and margin - FTE $ 205,482 4.13 % $ 203,861 4.17 %
*Home BancShares, Inc.*
*Consolidated Net Interest Margin*
*(Unaudited)* *Three Months Ended* *March 31, 2024* *March 31, 2023*
*(Dollars in thousands)* *Average Balance* *Income/ Expense* *Yield/ Rate* *Average Balance* *Income/ Expense* *Yield/ Rate*
*ASSETS*
Earning assets
Interest-bearing balances due from banks $ 801,456 $ 10,528 5.28 % $ 426,051 $ 4,685 4.46 %
Federal funds sold 5,012 61 4.90 % 474 6 5.13 %
Investment securities - taxable 3,473,511 33,229 3.85 % 3,867,737 35,288 3.70 %
Investment securities - non-taxable - FTE 1,257,861 8,642 2.76 % 1,289,564 9,482 2.98 %
Loans receivable - FTE 14,487,494 265,347 7.37 % 14,474,072 237,106 6.64 %
Total interest-earning assets 20,025,334 317,807 6.38 % 20,057,898 286,567 5.79 %
Non-earning assets 2,657,925 2,637,957
Total assets $ 22,683,259 $ 22,695,855
*LIABILITIES AND SHAREHOLDERS' EQUITY*
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts $ 11,038,910 $ 75,597 2.75 % $ 11,579,329 $ 54,857 1.92 %
Time deposits 1,685,193 16,951 4.05 % 1,072,094 4,305 1.63 %
Total interest-bearing deposits 12,724,103 92,548 2.93 % 12,651,423 59,162 1.90 %
Securities sold under agreement to repurchase 172,024 1,404 3.28 % 134,934 868 2.61 %
FHLB borrowed funds 1,301,091 14,276 4.41 % 651,111 6,190 3.86 %
Subordinated debentures 439,760 4,097 3.75 % 440,346 4,124 3.80 %
Total interest-bearing liabilities 14,636,978 112,325 3.09 % 13,877,814 70,344 2.06 %
Non-interest bearing liabilities
Non-interest bearing deposits 4,017,659 5,043,219
Other liabilities 244,970 205,230
Total liabilities 18,899,607 19,126,263
Shareholders' equity 3,783,652 3,569,592
Total liabilities and shareholders' equity $ 22,683,259 $ 22,695,855
Net interest spread 3.29 % 3.73 %
Net interest income and margin - FTE $ 205,482 4.13 % $ 216,223 4.37 % *Home BancShares, Inc.*
*Non-GAAP Reconciliations*
*(Unaudited)* *Quarter Ended* *Three Months Ended*
*(Dollars and shares in thousands, except per share data)* *Mar. 31, 2024* *Dec. 31, 2023* *Sep. 30, 2023* *Jun. 30, 2023* *Mar. 31, 2023* *Mar. 31, 2024* *Mar. 31, 2023*
*EARNINGS, AS ADJUSTED*
GAAP net income available to common shareholders (A) $ 100,109 $ 86,243 $ 98,453 $ 105,271 $ 102,962 $ 100,109 $ 102,962
Pre-tax adjustments
FDIC special assessment — 12,983 — — — — —
BOLI death benefits (162 ) — (338 ) (2,779 ) — (162 ) —
Fair value adjustment for marketable securities (1,003 ) (5,024 ) (4,507 ) (783 ) 11,408 (1,003 ) 11,408
Recoveries on historic losses — — — — (3,461 ) — (3,461 )
Total pre-tax adjustments (1,165 ) 7,959 (4,845 ) (3,562 ) 7,947 (1,165 ) 7,947
Tax-effect of adjustments (251 ) 1,989 (1,112 ) (879 ) 1,961 (251 ) 1,961
Total adjustments after-tax (B) (914 ) 5,970 (3,733 ) (2,683 ) 5,986 (914 ) 5,986
Earnings, as adjusted (C) $ 99,195 $ 92,213 $ 94,720 $ 102,588 $ 108,948 $ 99,195 $ 108,948
Average diluted shares outstanding (D) 201,390 201,891 202,650 202,923 203,625 201,390 203,625
GAAP diluted earnings per share: (A/D) $ 0.50 $ 0.43 $ 0.49 $ 0.52 $ 0.51 $ 0.50 $ 0.51
Adjustments after-tax: (B/D) (0.01 ) 0.03 (0.02 ) (0.01 ) 0.03 (0.01 ) 0.03
Diluted earnings per common share, as adjusted: (C/D) $ 0.49 $ 0.46 $ 0.47 $ 0.51 $ 0.54 $ 0.49 $ 0.54
*ANNUALIZED RETURN ON AVERAGE ASSETS*
Return on average assets: (A/E) 1.78 % 1.55 % 1.78 % 1.90 % 1.84 % 1.78 % 1.84 %
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E) 1.76 % 1.66 % 1.72 % 1.85 % 1.95 % 1.76 % 1.95 %
Return on average assets excluding intangible amortization: ((A+C)/(E-F)) 1.93 % 1.69 % 1.95 % 2.07 % 2.00 % 1.93 % 2.00 %
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F)) 1.91 % 1.81 % 1.87 % 2.02 % 2.12 % 1.91 % 2.12 %
GAAP net income available to common shareholders (A) $ 100,109 $ 86,243 $ 98,453 $ 105,271 $ 102,962 $ 100,109 $ 102,962
Amortization of intangibles (B) 2,140 2,253 2,477 2,478 2,477 2,140 2,477
Amortization of intangibles after-tax (C) 1,605 1,690 1,866 1,866 1,866 1,605 1,866
Adjustments after-tax (D) (914 ) 5,970 (3,733 ) (2,683 ) 5,986 (914 ) 5,986
Average assets (E) 22,683,259 22,056,440 21,902,434 22,227,404 22,695,855 22,683,259 22,695,855
Average goodwill & core deposit intangible (F) 1,445,902 1,448,061 1,450,478 1,452,951 1,455,423 1,445,902 1,455,423 *Home BancShares, Inc.*
*Non-GAAP Reconciliations*
*(Unaudited)* *Quarter Ended* *Three Months Ended*
*(Dollars in thousands)* *Mar. 31, 2024* *Dec. 31, 2023* *Sep. 30, 2023* *Jun. 30, 2023* *Mar. 31, 2023* *Mar. 31, 2024* *Mar. 31, 2023*
*ANNUALIZED RETURN ON AVERAGE COMMON EQUITY*
Return on average common equity: (A/D) 10.64 % 9.36 % 10.65 % 11.63 % 11.70 % 10.64 % 11.70 %
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D) 10.54 % 10.00 % 10.25 % 11.33 % 12.38 % 10.54 % 12.38 %
Return on average tangible common equity: (A/(D-E)) 17.22 % 15.49 % 17.62 % 19.39 % 19.75 % 17.22 % 19.75 %
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E)) 17.07 % 16.56 % 16.95 % 18.90 % 20.90 % 17.07 % 20.90 %
Return on average tangible common equity excluding intangible amortization: (B/(D-E)) 17.50 % 15.80 % 17.95 % 19.74 % 20.11 % 17.50 % 20.11 %
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E)) 17.34 % 16.87 % 17.29 % 19.24 % 21.26 % 17.34 % 21.26 %
GAAP net income available to common shareholders (A) $ 100,109 $ 86,243 $ 98,453 $ 105,271 $ 102,962 $ 100,109 $ 102,962
Earnings excluding intangible amortization (B) 101,714 87,933 100,319 107,137 104,828 101,714 104,828
Adjustments after-tax (C) (914 ) 5,970 (3,733 ) (2,683 ) 5,986 (914 ) 5,986
Average common equity (D) 3,783,652 3,656,720 3,667,339 3,630,194 3,569,592 3,783,652 3,569,592
Average goodwill & core deposits intangible (E) 1,445,902 1,448,061 1,450,478 1,452,951 1,455,423 1,445,902 1,455,423
*EFFICIENCY RATIO & P5NR*
Efficiency ratio: ((D-G)/(B+C+E)) 44.22 % 50.64 % 45.53 % 44.00 % 44.80 % 44.22 % 44.80 %
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H)) 44.43 % 46.43 % 46.44 % 44.83 % 43.42 % 44.43 % 43.42 %
Pre-tax net income to total revenue (net) (A/(B+C)) 52.92 % 45.92 % 52.70 % 53.23 % 53.43 % 52.92 % 53.43 %
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C)) 52.45 % 49.16 % 50.72 % 51.85 % 56.63 % 52.45 % 56.63 %
Pre-tax, pre-provision, net income (PPNR) (B+C-D) $ 134,893 $ 118,443 $ 130,588 $ 140,870 $ 134,115 $ 134,893 $ 134,115
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F) $ 133,728 $ 126,402 $ 125,743 $ 137,308 $ 142,062 $ 133,728 $ 142,062
P5[NR](Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net) (B+C-D)/(B+C) 54.75 % 48.22 % 53.23 % 54.78 % 53.91 % 54.75 % 53.91 %
P5[NR], as adjusted (B+C-D+F)/(B+C) 54.28 % 51.46 % 51.25 % 53.40 % 57.11 % 54.28 % 57.11 %
Pre-tax net income (A) $ 130,393 $ 112,793 $ 129,288 $ 136,887 $ 132,915 $ 130,393 $ 132,915
Net interest income (B) 204,590 202,770 201,937 207,643 214,595 204,590 214,595
Non-interest income (C) 41,799 42,848 43,413 49,509 34,164 41,799 34,164
Non-interest expense (D) 111,496 127,175 114,762 116,282 114,644 111,496 114,644
Fully taxable equivalent adjustment (E) 892 1,091 1,293 1,494 1,628 892 1,628
Total pre-tax adjustments (F) (1,165 ) 7,959 (4,845 ) (3,562 ) 7,947 (1,165 ) 7,947
Amortization of intangibles (G) 2,140 2,253 2,477 2,478 2,477 2,140 2,477
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities $ 1,003 $ 5,024 $ 4,507 $ 783 $ (11,408 ) $ 1,003 $ (11,408 )
Gain on OREO 17 13 — 319 — 17 —
(Loss) gain on branches, equipment and other assets, net (8 ) 583 — 917 7 (8 ) 7
BOLI death benefits 162 — 338 2,779 — 162 —
Recoveries on historic losses — — — — 3,461 — 3,461
Total non-interest income adjustments (H) $ 1,174 $ 5,620 $ 4,845 $ 4,798 $ (7,940 ) $ 1,174 $ (7,940 )
Non-interest expense:
FDIC special assessment — 12,983 — — — — —
Total non-interest expense adjustments (I) $ — $ 12,983 $ — $ — $ — $ — $ —
*Home BancShares, Inc.*
*Non-GAAP Reconciliations*
*(Unaudited)* *Quarter Ended* *Mar. 31, 2024* *Dec. 31, 2023* *Sep. 30, 2023* *Jun. 30, 2023* *Mar. 31, 2023*
*TANGIBLE BOOK VALUE PER COMMON SHARE*
Book value per common share: (A/B) $ 18.98 $ 18.81 $ 18.06 $ 18.04 $ 17.87
Tangible book value per common share: ((A-C-D)/B) 11.79 11.63 10.90 10.87 10.71
Total stockholders' equity (A) $ 3,811,401 $ 3,791,075 $ 3,654,874 $ 3,654,084 $ 3,630,885
End of period common shares outstanding (B) 200,797 201,526 202,323 202,573 203,168
Goodwill (C) 1,398,253 1,398,253 1,398,253 1,398,253 1,398,253
Core deposit and other intangibles (D) 46,630 48,770 51,023 53,500 55,978
*TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS*
Equity to assets: (B/A) 16.69 % 16.73 % 16.65 % 16.51 % 16.12 %
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D)) 11.06 % 11.05 % 10.76 % 10.65 % 10.33 %
Total assets (A) $ 22,835,721 $ 22,656,658 $ 21,950,638 $ 22,126,429 $ 22,518,255
Total stockholders' equity (B) 3,811,401 3,791,075 3,654,874 3,654,084 3,630,885
Goodwill (C) 1,398,253 1,398,253 1,398,253 1,398,253 1,398,253
Core deposit and other intangibles (D) 46,630 48,770 51,023 53,500 55,978