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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________________

FORM 8-K

_________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 20, 2023

_________________________________

HOME BANCSHARES, INC.

(Exact name of Registrant as Specified in Its Charter)

_________________________________

Arkansas			001-41093			71-0682831
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification No.)

719 Harkrider, Suite 100

Conway, Arkansas 72032

(Address of Principal Executive Offices) (Zip Code)

(501) 339-2929

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

_________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

HOMB

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

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Item 2.02    Results of Operations and Financial Condition.

Home BancShares, Inc. (the “Company”) hereby furnishes its April 20, 2023 press release announcing first quarter 2023 earnings, which is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 7.01    Regulation FD Disclosure.

See Item 2.02. Results of Operations and Financial Condition.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1			Press Release: Home BancShares, Inc. Announces First Quarter Earnings
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						Home BancShares, Inc.
Date:			April 20, 2023			By:			/s/ Jennifer C. Floyd
									Jennifer C. Floyd
									Chief Accounting Officer

EXHIBIT 99.1

For Immediate Release:			April 20, 2023

HOMB’s Balance Sheet Continues to Weather the Storm

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

Highlights of the First Quarter of 2023:

Metric			Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022
Net income			$103.0 million			$115.7 million			$108.7 million			$16.0 million			$64.9 million
Total revenue (net)			$248.8 million			$272.3 million			$256.3 million			$243.3 million			$161.8 million
Income before income taxes			$132.9 million			$148.4 million			$142.0 million			$19.3 million			$84.9 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)			$134.1 million			$153.4 million			$142.0 million			$77.9 million			$84.9 million
Pre-tax net income to total revenue (net)			53.43%			54.50%			55.39%			7.92%			52.48%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)			53.91%			56.34%			55.39%			32.00%			52.48%
ROA			1.84%			1.98%			1.81%			0.26%			1.43%
NIM			4.37%			4.21%			4.05%			3.64%			3.21%
Purchase accounting accretion			$3.2 million			$3.5 million			$4.6 million			$5.2 million			$3.1 million
ROE			11.70%			13.29%			12.25%			1.78%			9.58%
ROTCE (non-GAAP)(1)			19.75%			22.96%			20.93%			2.96%			15.03%
Diluted earnings per share			$0.51			$0.57			$0.53			$0.08			$0.40
Non-performing assets to total assets			0.33%			0.27%			0.27%			0.25%			0.25%
Common equity tier 1 capital			13.2%			12.9%			13.0%			12.8%			14.9%
Leverage			11.4%			10.9%			10.4%			9.8%			10.8%
Tier 1 capital			13.2%			12.9%			13.0%			12.9%			15.5%
Total risk-based capital			16.8%			16.5%			16.7%			16.6%			21.6%
Allowance for credit losses to total loans			2.00%			2.01%			2.09%			2.11%			2.34%

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

“The strength of Home BancShares’ liquidity and availability provides more than 100% coverage for all uninsured and uncollateralized depositors as of March 31, 2023,” stated John Allison, Chairman and CEO of HOMB. “The strong liquidity of HOMB would have allowed HOMB to pay all uninsured and uncollateralized deposits in excess of the FDIC limits of $250,000 and still have $1.7 billion remaining,” Allison continued.

“We are very proud of the fortress balance sheet we have built at Home BancShares. Home BancShares with its wholly-owned subsidiary Centennial Bank is one of the strongest financial institutions in America. There are only a handful of banks in the country that can make that statement. Our strength and liquidity have put HOMB in an enviable position,” Allison added.

“As the banking environment continues to be volatile, our ability to pay uninsured and uncollateralized deposits at Centennial Bank and deliver strong earnings for our shareholders is nothing less than remarkable,” said Tracy French, President and CEO of Centennial Bank.

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Liquidity and Funding Sources

At March 31, 2023, the Company held $2.74 billion in net available internal liquidity. This balance consisted of $2.15 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $407.2 million in cash with the Federal Reserve Bank (FRB) and $185.9 million in other liquid cash accounts.

Consistent with the Company’s practice of maintaining access to significant external liquidity, the Company had $4.18 billion in net available external liquidity as of March 31, 2023. This included $5.20 billion in available liquidity with the Federal Home Loan Bank (FHLB), of which $1.80 billion has been drawn upon in the ordinary course of business, resulting in $3.40 billion in net available liquidity with the FHLB as of March 31, 2023. The $1.80 billion consisted of $650.0 million in outstanding FHLB advances and $1.15 billion used for pledging purposes. The Company also had access to approximately $677.7 million in liquidity with the FRB as of March 31, 2023. This consisted of $71.8 million available from the Discount Window and $605.9 million available through the Bank Term Funding Program (BTFP). As of March 31, 2023, the Company also had access to $55.0 million from First National Bankers’ Bank (FNBB), and $45.0 million from other various external sources.

Overall, the Company had $6.92 billion net available liquidity as of March 31, 2023, which consisted of $2.74 billion of net available internal liquidity and $4.18 billion in net available external liquidity. Details on the Company’s available liquidity as of March 31, 2023 is available below.

(in thousands)						Total Available						Amount Used						Net Availability
Internal Sources
Unpledged investment securities (market value)						$	2,150,186					$	—					$	2,150,186
Cash at FRB						407,210						—						407,210
Other liquid cash accounts						185,943						—						185,943
Total Internal Liquidity						2,743,339						—						2,743,339
External Sources
FHLB						5,201,603						1,798,490						3,403,113
FRB Discount Window						71,755						—						71,755
BTFP (par value)						605,896						—						605,896
FNBB						55,000						—						55,000
Other						45,000						—						45,000
Total External Liquidity						5,979,254						1,798,490						4,180,764
Total Available Liquidity						$	8,722,593					$	1,798,490					$	6,924,103

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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, 2023, the Company held approximately $7.89 billion in uninsured deposits of which $2.68 billion were collateralized deposits, for a net position of $5.21 billion. This represents approximately 29.9% of total deposits. In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $1.71 billion.

(in thousands)			As of March 31, 2023
Uninsured Deposits			$	7,892,121
Collateralized Deposits			2,683,804
Net Uninsured Position			$	5,208,317
Total Available Liquidity			$	6,924,103
Net Uninsured Position			5,208,317
Net Available Liquidity in Excess of Uninsured Deposits			$	1,715,786

In the event the Company’s $5.21 billion net position of uninsured deposits had been called by depositors during the first quarter of 2023, the Company estimates that interest expense would have increased by approximately $64.2 million for the period ended March 31, 2023, assuming the event occurred on January 1, 2023. The outflow of deposits could have been funded through available sources of liquidity. In this event, the Company estimates that it would still have achieved return on average assets (ROA) of 1.21% for the period ended March 31, 2023.

Subsequent to the end of the quarter, the Company made the decision to pledge additional investment securities with a market value of $761.5 million in order to increase the Company’s BTFP borrowing capacity by $825.5 million, which represents the par value of the pledged investment securities. This increased the net available liquidity exceeding uninsured deposits by $64.0 million.

Operating Highlights

Net income for the three-month period ended March 31, 2023 was $103.0 million, or $0.51 diluted earnings per share. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), was $108.9 million(1), or $0.54 per share(1) for the three months ended March 31, 2023.

Our net interest margin was 4.37% for the three-month period ended March 31, 2023, compared to 4.21% for the three-month period ended December 31, 2022. The yield on loans was 6.64% and 6.23% for the three months ended March 31, 2023 and December 31, 2022, respectively, as average loans increased from $14.11 billion to $14.47 billion. Additionally, the rate on interest bearing deposits increased to 1.90% as of March 31, 2023, from 1.45% as of December 31, 2022, while average interest-bearing balances decreased from $12.85 billion to $12.65 billion.

During the first quarter of 2023, there was $2.1 million of event interest income compared to event interest income of $871,000 for the fourth quarter of 2022.

Purchase accounting accretion on acquired loans was $3.2 million and $3.5 million and average purchase accounting loan discounts were $35.5 million and $38.6 million for the three-month periods ended March 31, 2023 and December 31, 2022, respectively.

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Net interest income on a fully taxable equivalent basis was $216.2 million for the three-month period ended March 31, 2023, and $217.7 million for the three-month period ended December 31, 2022. This reduction in net interest income for the three-month period ended March 31, 2023, was the result of a $13.1 million increase in interest expense, partially offset by an $11.7 million increase in interest income. The $13.1 million increase in interest expense was due to a $12.1 million increase in interest expense on deposits and an $802,000 increase in interest expense on FHLB borrowed funds. The increase in interest expense on deposits and FHLB borrowed funds is a result of the rising interest rate environment. The $11.7 million increase in interest income was primarily the result of a $15.6 million increase in loan interest income and a $1.5 million increase in investment income, partially offset by a $5.4 million decrease in income from interest-bearing balances due from banks. The increase in interest income is a result of the rising interest rate environment as well as an increase in average loan balances during the quarter.

The Company reported $34.2 million of non-interest income for the first quarter of 2023. The most important components of first quarter non-interest income were $11.9 million from other income, $11.9 million from other service charges and fees, $9.8 million from service charges on deposit accounts, $4.9 million from trust fees, $2.8 million from dividends from FHLB, FRB, FNBB and other, $2.6 million in mortgage lending income and a $1.1 million increase in cash value of life insurance, partially offset by an $11.4 million fair value adjustment for marketable securities. The $11.9 million in other income includes $3.5 million in recoveries on historic losses.

Non-interest expense for the first quarter of 2023 was $114.6 million. The most important components of non-interest expense were $64.5 million from salaries and employee benefits, $26.2 million in other operating expense, $15.0 million in occupancy and equipment expenses and $9.0 million in data processing expenses. For the first quarter of 2023, our efficiency ratio was 44.80%; and our efficiency ratio, as adjusted (non-GAAP), was 43.42%(1).

Financial Condition

Total loans receivable were $14.39 billion at March 31, 2023, compared to $14.41 billion at December 31, 2022. Total deposits were $17.45 billion at March 31, 2023, compared to $17.94 billion at December 31, 2022. Total assets were $22.52 billion at March 31, 2023, compared to $22.88 billion at December 31, 2022.

During the first quarter of 2023, the Company experienced approximately $22.8 million in loan decline. Centennial CFG experienced $94.6 million of organic loan decline and had loans of $2.18 billion at March 31, 2023. Our remaining footprint experienced $73.9 million in organic loan growth and $2.1 million in PPP loan decline during the quarter.

Non-performing loans to total loans was 0.51% and 0.42% at March 31, 2023 and December 31, 2022, respectively. Non-performing assets to total assets was 0.33% and 0.27% at March 31, 2023 and December 31, 2022, respectively. Net charge-offs were $3.7 million and $4.5 million for the three months ended March 31, 2023 and December 31, 2022, respectively.

Non-performing loans at March 31, 2023 were $11.2 million, $20.0 million, $26.9 million, $390,000, $2.1 million and $13.4 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $74.0 million. Non-performing assets at March 31, 2023 were $11.2 million, $20.2 million, $27.2 million, $390,000, $2.1 million and $13.4 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $74.5 million.

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The Company’s allowance for credit losses on loans was $287.2 million at March 31, 2023, or 2.00% of total loans, compared to the allowance for credit losses on loans of $289.7 million, or 2.01% of total loans, at December 31, 2022. As of March 31, 2023 and December 31, 2022, the Company’s allowance for credit losses on loans was 388.23% and 475.99% of its total non-performing loans, respectively.

Stockholders’ equity was $3.63 billion at March 31, 2023, compared to $3.53 billion at December 31, 2022, an increase of approximately $104.5 million. The increase in stockholders’ equity is primarily associated with the $66.3 million increase in retained earnings and the $49.2 million decrease in accumulated other comprehensive loss, which were partially offset by $13.5 million in stock repurchases. Book value per common share was $17.87 at March 31, 2023, compared to $17.33 at December 31, 2022. Tangible book value per common share (non-GAAP) was $10.71(1) at March 31, 2023, compared to $10.17(1) at December 31, 2022.

Office Loan Portfolio Detail

The following charts and graphs provide additional information related to our loan portfolio secured by commercial office space, which represents an aggregate outstanding principal balance of $1.03 billion, or 7.1% of our total loans receivable as of December 31, 2022.

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Branches

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

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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 20, 2023. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/775702912. 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=a2c2eedd&confId=48539. 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: 716837. A replay of the call will be available by calling 1-866-813-9403, Passcode: 964704, which will be available until April 27, 2023, at 10:59 p.m. CT (11:59 p.m. ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com.

About Home BancShares

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

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

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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.

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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 are not guarantees of future events, performance or results. When we use words 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 the ongoing impacts of inflation; disruptions, uncertainties and related effects on our business and operations that may result from any future outbreaks of the COVID-19 pandemic, including the impact on, among other things, credit quality and liquidity; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; adverse weather events, including hurricanes, and other natural disasters; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 24, 2023.

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FOR MORE INFORMATION CONTACT:

Donna Townsell

Director of Investor Relations

Home BancShares, Inc.

(501) 328-4625

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Home BancShares, Inc.

Consolidated End of Period Balance Sheets

(Unaudited)

(In thousands)						Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022
ASSETS
Cash and due from banks						$	250,841					$	263,893					$	268,929					$	287,451					$	173,134
Interest-bearing deposits with other banks						437,213						460,897						1,311,492						2,528,925						3,446,324
Cash and cash equivalents						688,054						724,790						1,580,421						2,816,376						3,619,458
Federal funds sold						—						—						2,700						—						—
Investment securities - available-for sale,      net of allowance for credit losses						3,772,138						4,041,590						4,085,102						3,791,509						2,957,322
Investment securities - held-to-maturity,      net of allowance for credit losses						1,286,373						1,287,705						1,251,007						1,366,781						499,265
Total investment securities						5,058,511						5,329,295						5,336,109						5,158,290						3,456,587
Loans receivable						14,386,634						14,409,480						13,829,311						13,923,873						10,052,714
Allowance for credit losses						(287,169)						(289,669)						(289,203)						(294,267)						(234,768)
Loans receivable, net						14,099,465						14,119,811						13,540,108						13,629,606						9,817,946
Bank premises and equipment, net						402,094						405,073						411,479						415,056						274,503
Foreclosed assets held for sale						425						546						365						373						1,144
Cash value of life insurance						214,792						213,693						212,619						211,811						105,623
Accrued interest receivable						102,740						103,199						88,671						80,274						46,934
Deferred tax asset, net						193,334						209,321						228,979						208,585						116,605
Goodwill						1,398,253						1,398,253						1,394,353						1,398,400						973,025
Core deposit intangible						55,978						58,455						60,932						63,410						23,624
Other assets						304,609						321,152						300,634						270,987						182,546
Total assets						$	22,518,255					$	22,883,588					$	23,157,370					$	24,253,168					$	18,617,995
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand and non-interest-bearing						$	4,945,729					$	5,164,997					$	5,540,539					$	6,036,583					$	4,311,400
Savings and interest-bearing transaction         accounts						11,392,566						11,730,552						11,968,519						12,424,192						9,461,393
Time deposits						1,107,171						1,043,234						1,033,266						1,119,297						808,141
Total deposits						17,445,466						17,938,783						18,542,324						19,580,072						14,580,934
Securities sold under agreements to repurchase						138,742						131,146						121,555						118,573						151,151
FHLB and other borrowed funds						650,000						650,000						400,000						400,000						400,000
Accrued interest payable and other liabilities						212,887						196,877						192,908						197,503						131,339
Subordinated debentures						440,275						440,420						440,568						458,455						667,868
Total liabilities						18,887,370						19,357,226						19,697,355						20,754,603						15,931,292
Stockholders' equity
Common stock						2,032						2,034						2,042						2,053						1,638
Capital surplus						2,375,754						2,386,699						2,404,388						2,426,271						1,485,524
Retained earnings						1,509,400						1,443,087						1,361,040						1,286,146						1,304,098
Accumulated other comprehensive loss						(256,301)						(305,458)						(307,455)						(215,905)						(104,557)
Total stockholders' equity						3,630,885						3,526,362						3,460,015						3,498,565						2,686,703
Total liabilities and stockholders' equity						$	22,518,255					$	22,883,588					$	23,157,370					$	24,253,168					$	18,617,995

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Home BancShares, Inc.

Consolidated Statements of Income

(Unaudited)

						Quarter Ended																														Three Months Ended
(In thousands)						Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Mar 31, 2023						Mar 31, 2022
Interest income:
Loans						$	236,997					$	221,280					$	195,841					$	181,779					$	129,442					$	236,997					$	129,442
Investment securities
Taxable						35,288						33,639						28,273						20,941						9,080						35,288						9,080
Tax-exempt						7,963						7,855						8,069						7,725						4,707						7,963						4,707
Deposits - other banks						4,685						10,109						10,763						6,565						1,673						4,685						1,673
Federal funds sold						6						12						9						3						1						6						1
Total interest income						284,939						272,895						242,955						217,013						144,903						284,939						144,903
Interest expense:
Interest on deposits						59,162						47,019						23,347						10,729						4,894						59,162						4,894
Federal funds purchased						—						—						—						2						—						—						—
FHLB borrowed funds						6,190						5,388						1,917						1,896						1,875						6,190						1,875
Securities sold under agreements to         repurchase						868						701						434						187						108						868						108
Subordinated debentures						4,124						4,121						4,153						5,441						6,878						4,124						6,878
Total interest expense						70,344						57,229						29,851						18,255						13,755						70,344						13,755
Net interest income						214,595						215,666						213,104						198,758						131,148						214,595						131,148
Provision for credit losses on loans						1,200						5,000						—						45,170						—						1,200						—
Provision for credit losses on unfunded         commitments						—						—						—						11,410						—						—						—
Provision for credit losses on investment         securities						—						—						—						2,005						—						—						—
Total credit loss expense						1,200						5,000						—						58,585						—						1,200						—
Net interest income after credit loss expense						213,395						210,666						213,104						140,173						131,148						213,395						131,148
Non-interest income:
Service charges on deposit accounts						9,842						10,134						10,756						10,084						6,140						9,842						6,140
Other service charges and fees						11,875						10,363						13,951						12,541						7,733						11,875						7,733
Trust fees						4,864						3,981						3,980						4,320						574						4,864						574
Mortgage lending income						2,571						3,566						4,179						5,996						3,916						2,571						3,916
Insurance commissions						526						453						601						658						480						526						480
Increase in cash value of life insurance						1,104						1,079						1,089						1,140						492						1,104						492
Dividends from FHLB, FRB, FNBB & other						2,794						2,814						1,741						3,945						698						2,794						698
Gain on SBA loans						139						30						58						—						95						139						95
Gain (loss) on branches, equipment and other        assets, net						7						10						(13)						2						16						7						16
Gain on OREO, net						—						13						—						9						478						—						478
Fair value adjustment for marketable         securities						(11,408)						1,032						(2,628)						(1,801)						2,125						(11,408)						2,125
Other income						11,850						23,185						9,487						7,687						7,922						11,850						7,922
Total non-interest income						34,164						56,660						43,201						44,581						30,669						34,164						30,669
Non-interest expense:
Salaries and employee benefits						64,490						64,249						65,290						65,795						43,551						64,490						43,551
Occupancy and equipment						14,952						14,884						15,133						14,256						9,144						14,952						9,144
Data processing expense						8,968						9,062						8,747						10,094						7,039						8,968						7,039
Merger and acquisition expenses						—						—						—						48,731						863						—						863
Other operating expenses						26,234						30,708						25,176						26,606						16,299						26,234						16,299
Total non-interest expense						114,644						118,903						114,346						165,482						76,896						114,644						76,896
Income before income taxes						132,915						148,423						141,959						19,272						84,921						132,915						84,921
Income tax expense						29,953						32,736						33,254						3,294						20,029						29,953						20,029
Net income						$	102,962					$	115,687					$	108,705					$	15,978					$	64,892					$	102,962					$	64,892

---

Home BancShares, Inc.

Selected Financial Information

(Unaudited)

						Quarter Ended																														Three Months Ended
(Dollars and shares in thousands, except per share data)						Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Mar 31, 2023						Mar 31, 2022
PER SHARE DATA
Diluted earnings per common share						$	0.51					$	0.57					$	0.53					$	0.08					$	0.40					$	0.51					$	0.40
Diluted earnings per common share, as adjusted     (non-GAAP)(1)						0.54						0.53						0.54						0.47						0.37						0.54						0.37
Basic earnings per common share						0.51						0.57						0.53						0.08						0.40						0.51						0.40
Dividends per share - common						0.180						0.165						0.165						0.165						0.165						0.18						0.165
Book value per common share						17.87						17.33						16.94						17.04						16.41						17.87						16.41
Tangible book value per common share      (non-GAAP)(1)						10.71						10.17						9.82						9.92						10.32						10.71						10.32
STOCK INFORMATION
Average common shares outstanding						203,456						203,924						204,829						205,683						163,787						203,456						163,787
Average diluted shares outstanding						203,625						204,179						205,135						206,015						164,196						203,625						164,196
End of period common shares outstanding						203,168						203,434						204,219						205,291						163,758						203,168						163,758
ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)						1.84		%				1.98		%				1.81		%				0.26		%				1.43		%				1.84		%				1.43		%
Return on average assets, as adjusted:      (ROA, as adjusted) (non-GAAP)(1)						1.95						1.84						1.83						1.57						1.36						1.95						1.36
Return on average assets excluding intangible      amortization (non-GAAP)(1)						2.00						2.15						1.97						0.31						1.54						2.00						1.54
Return on average assets, as adjusted, excluding      intangible amortization (non-GAAP)(1)						2.12						2.00						1.99						1.70						1.46						2.12						1.46
Return on average common equity (ROE)						11.70						13.29						12.25						1.78						9.58						11.70						9.58
Return on average common equity, as adjusted:      (ROE, as adjusted) (non-GAAP)(1)						12.38						12.35						12.39						10.83						9.09						12.38						9.09
Return on average tangible common equity      (ROTCE) (non-GAAP)(1)						19.75						22.96						20.93						2.96						15.03						19.75						15.03
Return on average tangible common equity, as adjusted:      (ROTCE, as adjusted) (non-GAAP)(1)						20.90						21.33						21.16						17.94						14.26						20.90						14.26
Return on average tangible common equity excluding      intangible amortization (non-GAAP)(1)						20.11						23.33						21.29						3.30						15.28						20.11						15.28
Return on average tangible common equity, as adjusted,      excluding intangible amortization (non-GAAP)(1)						21.26						21.70						21.52						18.29						14.50						21.26						14.50

(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, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Mar 31, 2023						Mar 31, 2022
Efficiency ratio						44.80		%				42.44		%				43.24		%				66.31		%				46.15		%				44.80		%				46.15		%
Efficiency ratio, as adjusted (non-GAAP)(1)						43.42						43.07						42.97						46.02						47.33						43.42						47.33
Net interest margin - FTE (NIM)						4.37						4.21						4.05						3.64						3.21						4.37						3.21
Fully taxable equivalent adjustment						$	1,628					$	2,017					$	2,437					$	2,471					$	1,738					$	1,628					$	1,738
Total revenue (net)						248,759						272,326						256,305						243,339						161,817						248,759						161,817
Pre-tax, pre-provision, net income (PPNR)      (non-GAAP)(1)						134,115						153,423						141,959						77,857						84,921						134,115						84,921
PPNR, as adjusted (non-GAAP)(1)						142,062						142,567						143,522						126,683						80,371						142,062						80,371
Pre-tax net income to total revenue (net)						53.43		%				54.50		%				55.39		%				7.92		%				52.48		%				53.43		%				52.48		%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)						56.63						50.52						56.00						52.06						49.67						56.63						49.67
P5NR ((Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)						53.91						56.34						55.39						32.00						52.48						53.91						52.48
P5NR, as adjusted (non-GAAP)(1)						57.11						52.35						56.00						52.06						49.67						57.11						49.67
Total purchase accounting accretion						$	3,172					$	3,497					$	4,578					$	5,177					$	3,089					$	3,172					$	3,089
Average purchase accounting loan discounts						35,482						38,552						42,050						46,258						25,359						35,482						25,359
OTHER OPERATING EXPENSES
Hurricane expense						$	—					$	176					$	—					$	—					$	—					$	—					$	—
Advertising						2,231						2,567						2,024						2,117						1,266						2,231						1,266
Amortization of intangibles						2,477						2,478						2,477						2,477						1,421						2,477						1,421
Electronic banking expense						3,330						3,914						3,828						3,352						2,538						3,330						2,538
Directors' fees						460						358						354						375						404						460						404
Due from bank service charges						273						273						316						396						270						273						270
FDIC and state assessment						3,500						2,224						2,146						2,390						1,668						3,500						1,668
Insurance						889						1,003						959						973						770						889						770
Legal and accounting						1,088						5,962						1,581						1,061						797						1,088						797
Other professional fees						2,284						2,552						2,466						2,254						1,609						2,284						1,609
Operating supplies						738						690						681						995						754						738						754
Postage						501						602						614						556						306						501						306
Telephone						528						576						593						384						337						528						337
Other expense						7,935						7,333						7,137						9,276						4,159						7,935						4,159
Total other operating expenses						$	26,234					$	30,708					$	25,176					$	26,606					$	16,299					$	26,234					$	16,299

(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, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022
BALANCE SHEET RATIOS
Total loans to total deposits						82.47		%				80.33		%				74.58		%				71.11		%				68.94		%
Common equity to assets						16.12						15.41						14.94						14.43						14.43
Tangible common equity to tangible assets      (non-GAAP)(1)						10.33						9.66						9.24						8.94						9.59
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential						$	5,524,125					$	5,632,063					$	5,156,438					$	5,092,539					$	3,810,383
Construction/land development						2,160,514						2,135,266						2,232,906						2,595,384						1,856,096
Agricultural						342,814						346,811						330,748						329,106						142,920
Residential real estate loans
Residential 1-4 family						1,748,231						1,748,551						1,704,850						1,708,221						1,223,890
Multifamily residential						637,633						578,052						525,110						389,633						248,650
Total real estate						10,413,317						10,440,743						9,950,052						10,114,883						7,281,939
Consumer						1,173,325						1,149,896						1,120,250						1,106,343						1,059,342
Commercial and industrial						2,368,428						2,349,263						2,268,750						2,187,771						1,510,205
Agricultural						250,851						285,235						313,693						324,630						48,095
Other						180,713						184,343						176,566						190,246						153,133
Loans receivable						$	14,386,634					$	14,409,480					$	13,829,311					$	13,923,873					$	10,052,714
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period						$	289,669					$	289,203					$	294,267					$	234,768					$	236,714
Allowance for credit losses on PCD loans -     Happy acquisition						—						—						—						16,816						—
Loans charged off						4,288						5,379						6,313						3,265						2,310
Recoveries of loans previously charged off						588						845						1,249						778						364
Net loans charged off						3,700						4,534						5,064						2,487						1,946
Provision for credit losses - Happy acquisition						—						—						—						45,170						—
Provision for credit losses - loans						1,200						5,000						—						—						—
Balance, end of period						$	287,169					$	289,669					$	289,203					$	294,267					$	234,768
Net charge-offs to average total loans						0.10		%				0.13		%				0.15		%				0.07		%				0.08		%
Allowance for credit losses to total loans						2.00						2.01						2.09						2.11						2.34
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans						$	65,401					$	51,011					$	56,796					$	44,170					$	44,629
Loans past due 90 days or more						8,567						9,845						4,898						16,432						46
Total non-performing loans						73,968						60,856						61,694						60,602						44,675
Other non-performing assets
Foreclosed assets held for sale, net						425						546						365						373						1,144
Other non-performing assets						74						74						104						104						—
Total other non-performing assets						499						620						469						477						1,144
Total non-performing assets						$	74,467					$	61,476					$	62,163					$	61,079					$	45,819
Allowance for credit losses for loans to non-performing loans						388.23		%				475.99		%				468.77		%				485.57		%				525.50		%
Non-performing loans to total loans						0.51						0.42						0.45						0.44						0.44
Non-performing assets to total assets						0.33						0.27						0.27						0.25						0.25

(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, 2023																		December 31, 2022
(Dollars in thousands)						Average Balance						Income/ Expense						Yield/ Rate						Average Balance						Income/ Expense						Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks						$	426,051					$	4,685					4.46		%				$	1,094,144					$	10,109					3.67		%
Federal funds sold						474						6						5.13						1,300						12						3.66
Investment securities - taxable						3,867,737						35,288						3.70						4,002,678						33,639						3.33
Investment securities - non-taxable - FTE						1,289,564						9,482						2.98						1,294,096						9,653						2.96
Loans receivable - FTE						14,474,072						237,106						6.64						14,109,329						221,499						6.23
Total interest-earning assets						20,057,898						286,567						5.79						20,501,547						274,912						5.32
Non-earning assets						2,637,957																		2,685,458
Total assets						$	22,695,855																	$	23,187,005
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts						$	11,579,329					$	54,857					1.92		%				$	11,818,158					$	45,029					1.51		%
Time deposits						1,072,094						4,305						1.63						1,027,765						1,990						0.77
Total interest-bearing deposits						12,651,423						59,162						1.90						12,845,923						47,019						1.45
Securities sold under agreement to          repurchase						134,934						868						2.61						128,798						701						2.16
FHLB borrowed funds						651,111						6,190						3.86						692,935						5,388						3.08
Subordinated debentures						440,346						4,124						3.80						440,492						4,121						3.71
Total interest-bearing liabilities						13,877,814						70,344						2.06						14,108,148						57,229						1.61
Non-interest bearing liabilities
Non-interest bearing deposits						5,043,219																		5,423,821
Other liabilities						205,230																		201,031
Total liabilities						19,126,263																		19,733,000
Shareholders' equity						3,569,592																		3,454,005
Total liabilities and shareholders' equity						$	22,695,855																	$	23,187,005
Net interest spread																		3.73		%																3.71		%
Net interest income and margin - FTE												$	216,223					4.37												$	217,683					4.21

---

Home BancShares, Inc.

Consolidated Net Interest Margin

(Unaudited)

						Three Months Ended
						March 31, 2023																		March 31, 2022
(Dollars in thousands)						Average Balance						Income/ Expense						Yield/ Rate						Average Balance						Income/ Expense						Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks						$	426,051					$	4,685					4.46		%				$	3,497,894					$	1,673					0.19		%
Federal funds sold						474						6						5.13						1,751						1						0.23
Investment securities - taxable						3,867,737						35,288						3.70						2,486,401						9,080						1.48
Investment securities - non-taxable - FTE						1,289,564						9,482						2.98						850,722						6,284						3.00
Loans receivable - FTE						14,474,072						237,106						6.64						9,937,993						129,603						5.29
Total interest-earning assets						20,057,898						286,567						5.79						16,774,761						146,641						3.55
Non-earning assets						2,637,957																		1,618,314
Total assets						$	22,695,855																	$	18,393,075
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts						$	11,579,329					$	54,857					1.92		%				$	9,363,793					$	3,873					0.17		%
Time deposits						1,072,094						4,305						1.63						854,593						1,021						0.48
Total interest-bearing deposits						12,651,423						59,162						1.90						10,218,386						4,894						0.19
Securities sold under agreement to          repurchase						134,934						868						2.61						137,565						108						0.32
FHLB borrowed funds						651,111						6,190						3.86						400,000						1,875						1.90
Subordinated debentures						440,346						4,124						3.80						611,888						6,878						4.56
Total interest-bearing liabilities						13,877,814						70,344						2.06						11,367,839						13,755						0.49
Non-interest bearing liabilities
Non-interest bearing deposits						5,043,219																		4,155,894
Other liabilities						205,230																		121,362
Total liabilities						19,126,263																		15,645,095
Shareholders' equity						3,569,592																		2,747,980
Total liabilities and shareholders' equity						$	22,695,855																	$	18,393,075
Net interest spread																		3.73		%																3.06		%
Net interest income and margin - FTE												$	216,223					4.37												$	132,886					3.21

---

Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)

						Quarter Ended																														Three Months Ended
(Dollars and shares in thousands, except per share data)						Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Mar 31, 2023						Mar 31, 2022
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)						$	102,962					$	115,687					$	108,705					$	15,978					$	64,892					$	102,962					$	64,892
Pre-tax adjustments
Merger and acquisition expenses						—						—						—						48,731						863						—						863
Initial provision for credit losses - acquisition						—						—						—						58,585						—						—						—
Fair value adjustment for marketable securities						11,408						(1,032)						2,628						1,801						(2,125)						11,408						(2,125)
Special dividend from equity investment						—						—						—						(1,434)						—						—						—
TRUPS redemption fees						—						—						—						2,081						—						—						—
Special lawsuit settlement, net of expense						—						(10,000)						—						—						—						—						—
Recoveries on historic losses						(3,461)						—						(1,065)						(2,353)						(3,288)						(3,461)						(3,288)
Hurricane expense						—						176						—						—						—						—						—
Total pre-tax adjustments						7,947						(10,856)						1,563						107,411						(4,550)						7,947						(4,550)
Tax-effect of adjustments						1,961						(2,679)						393						26,396						(1,220)						1,961						(1,220)
Total adjustments after-tax (B)						5,986						(8,177)						1,170						81,015						(3,330)						5,986						(3,330)
Earnings, as adjusted (C)						$	108,948					$	107,510					$	109,875					$	96,993					$	61,562					$	108,948					$	61,562
Average diluted shares outstanding (D)						203,625						204,179						205,135						206,015						164,196						203,625						164,196
GAAP diluted earnings per share: (A/D)						$	0.51					$	0.57					$	0.53					$	0.08					$	0.40					$	0.51					$	0.40
Adjustments after-tax: (B/D)						0.03						(0.04)						0.01						0.39						(0.03)						0.03						(0.03)
Diluted earnings per common share, as adjusted: (C/D)						$	0.54					$	0.53					$	0.54					$	0.47					$	0.37					$	0.54					$	0.37
ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)						1.84		%				1.98		%				1.81		%				0.26		%				1.43		%				1.84		%				1.43		%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)						1.95						1.84						1.83						1.57						1.36						1.95						1.36
Return on average assets excluding intangible amortization: ((A+C)/(E-F))						2.00						2.15						1.97						0.31						1.54						2.00						1.54
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))						2.12						2.00						1.99						1.70						1.46						2.12						1.46
GAAP net income available to common shareholders (A)						$	102,962					$	115,687					$	108,705					$	15,978					$	64,892					$	102,962					$	64,892
Amortization of intangibles (B)						2,477						2,478						2,477						2,477						1,421						2,477						1,421
Amortization of intangibles after-tax (C)						1,866						1,867						1,854						1,854						1,049						1,866						1,049
Adjustments after-tax (D)						5,986						(8,177)						1,170						81,015						(3,330)						5,986						(3,330)
Average assets (E)						22,695,855						23,187,005						23,778,769						24,788,365						18,393,075						22,695,855						18,393,075
Average goodwill & core deposit intangible (F)						1,455,423						1,454,639						1,459,034						1,423,466						997,338						1,455,423						997,338

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Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)

						Quarter Ended																														Three Months Ended
(Dollars in thousands)						Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Mar 31, 2023						Mar 31, 2022
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)						11.70		%				13.29		%				12.25		%				1.78		%				9.58		%				11.70		%				9.58		%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)						12.38						12.35						12.39						10.83						9.09						12.38						9.09
Return on average tangible common equity:     (A/(D-E))						19.75						22.96						20.93						2.96						15.03						19.75						15.03
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))						20.90						21.33						21.16						17.94						14.26						20.90						14.26
Return on average tangible common equity excluding intangible amortization: (B/(D-E))						20.11						23.33						21.29						3.30						15.28						20.11						15.28
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))						21.26						21.70						21.52						18.29						14.50						21.26						14.50
GAAP net income available to common shareholders (A)						$	102,962					$	115,687					$	108,705					$	15,978					$	64,892					$	102,962					$	64,892
Earnings excluding intangible amortization (B)						104,828						117,554						110,559						17,832						65,941						104,828						65,941
Adjustments after-tax (C)						5,986						(8,177)						1,170						81,015						(3,330)						5,986						(3,330)
Average common equity (D)						3,569,592						3,454,005						3,519,296						3,591,758						2,747,980						3,569,592						2,747,980
Average goodwill & core deposits intangible (E)						1,455,423						1,454,639						1,459,034						1,423,466						997,338						1,455,423						997,338
EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-H)/(B+C+E))						44.80		%				42.44		%				43.24		%				66.31		%				46.15		%				44.80		%				46.15		%
Efficiency ratio, as adjusted: ((D-H-J)/(B+C+E-I))						43.42						43.07						42.97						46.02						47.33						43.42						47.33
Pre-tax net income to total revenue (net) (A/(B+C))						53.43						54.50						55.39						7.92						52.48						53.43						52.48
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))						56.63						50.52						56.00						52.06						49.67						56.63						49.67
Pre-tax, pre-provision, net income (PPNR) (B+C-D)						$	134,115					$	153,423					$	141,959					$	77,857					$	84,921					$	134,115					$	84,921
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F-G)						142,062						142,567						143,522						126,683						80,371						142,062						80,371
P5NR ((Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)						53.91		%				56.34		%				55.39		%				32.00		%				52.48		%				53.91		%				52.48		%
P5NR, as adjusted (B+C-D+F-G)/(B+C)						57.11						52.35						56.00						52.06						49.67						57.11						49.67
Pre-tax net income (A)						$	132,915					$	148,423					$	141,959					$	19,272					$	84,921					$	132,915					$	84,921
Net interest income (B)						214,595						215,666						213,104						198,758						131,148						214,595						131,148
Non-interest income (C)						34,164						56,660						43,201						44,581						30,669						34,164						30,669
Non-interest expense (D)						114,644						118,903						114,346						165,482						76,896						114,644						76,896
Fully taxable equivalent adjustment (E)						1,628						2,017						2,437						2,471						1,738						1,628						1,738
Total pre-tax adjustments (F)						7,947						(10,856)						1,563						107,411						(4,550)						7,947						(4,550)
Initial provision for credit losses - acquisition (G)						—						—						—						58,585						—						—						—
Amortization of intangibles (H)						2,477						2,478						2,477						2,477						1,421						2,477						1,421
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities						$	(11,408)					$	1,032					$	(2,628)					$	(1,801)					$	2,125					$	(11,408)					$	2,125
Gain on OREO						—						13						—						9						478						—						478
Gain (loss) on branches, equipment and other assets, net						7						10						(13)						2						16						7						16
Special dividend from equity investment						—						—						—						1,434						—						—						—
Lawsuit settlement - special lawsuit						—						15,000						—						—						—						—						—
Recoveries on historic losses						3,461						—						1,065						2,353						3,288						3,461						3,288
Total non-interest income adjustments (I)						$	(7,940)					$	16,055					$	(1,576)					$	1,997					$	5,907					$	(7,940)					$	5,907
Non-interest expense:
Merger and acquisition expenses						—						—						—						48,731						863						—						863
Hurricane expense						—						176						—						—						—						—						—
Legal expense - special lawsuit						—						5,000						—						—						—						—						—
TRUPS redemption fees						—						—						—						2,081						—						—						—
Total non-interest expense adjustments (J)						$	—					$	5,176					$	—					$	50,812					$	863					$	—					$	863

---

Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)

						Quarter Ended
						Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)						$	17.87					$	17.33					$	16.94					$	17.04					$	16.41
Tangible book value per common share: ((A-C-D)/B)						10.71						10.17						9.82						9.92						10.32
Total stockholders' equity (A)						$	3,630,885					$	3,526,362					$	3,460,015					$	3,498,565					$	2,686,703
End of period common shares outstanding (B)						203,168						203,434						204,219						205,291						163,758
Goodwill (C)						1,398,253						1,398,253						1,394,353						1,398,400						973,025
Core deposit and other intangibles (D)						55,978						58,455						60,932						63,410						23,624
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)						16.12		%				15.41		%				14.94		%				14.43		%				14.43		%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))						10.33						9.66						9.24						8.94						9.59
Total assets (A)						$	22,518,255					$	22,883,588					$	23,157,370					$	24,253,168					$	18,617,995
Total stockholders' equity (B)						3,630,885						3,526,362						3,460,015						3,498,565						2,686,703
Goodwill (C)						1,398,253						1,398,253						1,394,353						1,398,400						973,025
Core deposit and other intangibles (D)						55,978						58,455						60,932						63,410						23,624