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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 15, 2022

_________________________________

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 21, 2022 press release announcing first quarter 2022 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 8.01 Other Events.

On April 15, 2022, the Company redeemed its $300.0 million in aggregate principal amount of 5.625% Fixed-to-Floating Rate Subordinated Notes due 2027 (“2027 Notes”). Each 2027 Note was redeemed pursuant to the terms of the Subordinated Indenture, as supplemented by the First Supplemental Indenture, each dated as of April 3, 2017, between the Company and U.S. Bank Trust Company, National Association, the Trustee for the 2027 Notes, at the redemption price of 100% of its principal amount, plus accrued and unpaid interest to, but excluding, the redemption date (the “Redemption Price”). As provided in the notice of redemption, dated March 15, 2022, previously given to the 2027 Note holders, each 2027 Note holder is entitled to receive the Redemption Price upon presentment and surrender of the 2027 Notes to the Trustee, who is acting as the Company’s paying agent in connection with the redemption.

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 21, 2022			By:			/s/ Jennifer C. Floyd
									Jennifer C. Floyd
									Chief Accounting Officer

EXHIBIT 99.1

For Immediate Release:			April 21, 2022

Home BancShares Beats EPS Estimates for First Quarter

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 2022:

Metric			Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q1 2021
Net Income			$64.9 million			$73.4 million			$75.0 million			$79.1 million			$91.6 million
Total Revenue (net)			$161.8 million			$171.0 million			$173.8 million			$172.4 million			$193.4 million
Income before income taxes			$84.9 million			$93.9 million			$98.2 million			$104.1 million			$120.5 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)			$84.9 million			$93.9 million			$98.2 million			$99.4 million			$120.5 million
Pre-tax net income to total revenue (net)			52.48%			54.94%			56.50%			60.42%			62.32%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)			52.48%			54.94%			56.50%			57.66%			62.32%
ROA			1.43%			1.62%			1.68%			1.81%			2.22%
NIM			3.21%			3.42%			3.60%			3.61%			4.02%
NIM, excluding PPP loans (non-GAAP)(1)			3.17%			3.32%			3.43%			3.54%			3.86%
Purchase Accounting Accretion			$3.1 million			$4.0 million			$4.9 million			$5.8 million			$5.5 million
ROE			9.58%			10.63%			10.97%			11.92%			14.15%
ROTCE (non-GAAP)(1)			15.03%			16.73%			17.39%			19.12%			22.90%
Diluted Earnings Per Share			$0.40			$0.45			$0.46			$0.48			$0.55
Non-Performing Assets to Total Assets			0.25%			0.29%			0.29%			0.35%			0.38%
Common Equity Tier 1 Capital			14.9%			15.4%			15.2%			15.0%			14.3%
Leverage			10.8%			11.1%			11.0%			10.9%			11.1%
Tier 1 Capital			15.4%			16.0%			15.8%			15.6%			14.9%
Total Risk-Based Capital			21.6%			19.8%			19.6%			19.5%			18.8%
Allowance for Credit Losses to Total Loans			2.34%			2.41%			2.41%			2.36%			2.25%
Allowance for Credit Losses to Total Loans, excluding PPP loans (non-GAAP)(1)			2.35%			2.43%			2.47%			2.47%			2.40%

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

“The first quarter brought about record high wholesale prices, rising interest rates, future recession fears and global unrest, thus creating one of the most volatile quarters on record during my business career,” said John Allison, Chairman. “During this time, HOMB has stayed true to our discipline and still delivered solid performance during the quarter. We like how we have positioned ourselves in the market with over $3.5 billion in excess cash, and with rising interest rates, it seems as though we have played the chess game very well so far. We believe the Fed will be forced to continue raising rates at a faster pace in the near term. As a result, we could be poised to start deploying some of the cash in the remainder of the year,” continued Allison.

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Operating Highlights

Net income for the three-month period ended March 31, 2022 was $64.9 million, or $0.40 earnings per share.

During the first quarter of 2022, the Company did not record any credit loss expense.  The Company determined that an additional provision for credit losses on loans was not necessary as the current level of the allowance for credit losses was considered adequate as of March 31, 2022. In addition, the Company determined that the current level of the unfunded commitment reserve was adequate and no additional provision for unfunded commitments was necessary.

Our net interest margin was 3.21% for the three-month period ended March 31, 2022 compared to 3.42% for the three-month period ended December 31, 2021. The yield on loans was 5.29% and 5.48% for the three months ended March 31, 2022 and December 31, 2021, respectively, as average loans increased from $9.91 billion to $9.94 billion. Additionally, the rate on interest bearing deposits decreased to 0.19% as of March 31, 2022 from 0.20% as of December 31, 2021, as average balances increased from $10.00 billion to $10.22 billion.

As of March 31, 2022, we had $59.6 million of Paycheck Protection Program (PPP) loans outstanding. These loans are at 1.00% plus the accretion of the origination fee. Excluding PPP loans, our net interest margin (non-GAAP) for the three-month period ended March 31, 2022 was 3.17%(1). The PPP loans were accretive to the net interest margin by 4 basis points for the three-month period ended March 31, 2022 compared to 10 basis points for the three-month period ended December 31, 2021. This was primarily due to approximately $53.2 million of the Company’s PPP loans being forgiven during the first quarter of 2022 as well as the acceleration of deferred fees for the loans that were forgiven. The deferred fee income decreased from $5.4 million to $2.0 million for the three-month periods ended December 31, 2021 and March 31, 2022, respectively.

As a result of excess liquidity, we had an increase of $236.0 million of average interest-bearing cash balances in the first quarter of 2022 compared to the fourth quarter of 2021. This excess liquidity diluted the net interest margin by 5 basis points for the three-month period ended March 31, 2022.

During the first quarter of 2022, there was $1.4 million of event interest income compared to event interest income of $1.2 million for the fourth quarter of 2021. The increase in event income led to a 0.6 basis point increase to the net interest margin.

Purchase accounting accretion on acquired loans was $3.1 million and $4.0 million and average purchase accounting loan discounts were $25.4 million and $28.9 million for the three-month periods ended March 31, 2022 and December 31, 2021, respectively. The reduction in accretion income reduced the net interest margin by 2 basis points for the three-month period ended March 31, 2022.

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Net interest income on a fully taxable equivalent basis was $132.9 million for the three-month period ended March 31, 2022 and $140.8 million for the three-month period ended December 31, 2021. This decrease in net interest income for the three-month period ended March 31, 2022 was the result of a $6.1 million decrease in interest income and a $1.8 million increase in interest expense. The $6.1 million decrease in interest income was primarily the result of a $7.3 million decrease in loan interest income, partially offset by an $835,000 increase in investment income. The $1.8 million increase in interest expense was due to a $2.1 million increase in interest expense on subordinated debentures, which was partially offset by a $261,000 decrease in interest expense on deposits. The increase in interest expense on subordinated debentures was the result of the Company completing an underwritten public offering of $300.0 million in aggregate principal of its 3.125% Fixed-to-Floating Rate Subordinated Notes due 2032 during the first quarter of 2022. The new subordinated debt was dilutive to the net interest margin by 5 basis points.

The Company reported $30.7 million of non-interest income for the first quarter of 2022. The most important components of the first quarter non-interest income were $7.7 million from other service charges and fees, $6.1 million from service charges on deposit accounts, $3.9 million in mortgage lending income, $7.9 million from other income, $2.1 million income from the fair value adjustment for marketable securities, $698,000 million from dividends from FHLB, FRB, FNBB and other, $574,000 from trust fees, $492,000 increase in cash value of life insurance, $480,000 from insurance commissions and $478,000 from gain on OREO. The $7.9 million in other income includes $3.3 million in recoveries on historic losses for a single borrower.

Non-interest expense for the first quarter of 2022 was $76.9 million. The most important components of the first quarter non-interest expense were $43.6 million from salaries and employee benefits, $16.3 million in other expense, $9.1 million in occupancy and equipment expenses and $7.0 million in data processing expenses. Also included within non-interest expense was $863,000 in merger and acquisition expenses. For the first quarter of 2022, our efficiency ratio was 46.15%.

Financial Condition

Total loans receivable were $10.05 billion at March 31, 2022 compared to $9.84 billion at December 31, 2021. Total deposits were $14.58 billion at March 31, 2022 compared to $14.26 billion at December 31, 2021. Total assets were $18.62 billion at March 31, 2022 compared to $18.05 billion at December 31, 2021.

During the first quarter of 2022, the Company experienced approximately $216.6 million in loan growth. On February 7, 2022, the Company completed the acquisition of $242.2 million of marine loans, from LendingClub Bank. Centennial CFG experienced $225.6 million of organic loan growth and had loans of $2.15 billion at March 31, 2022. Our legacy footprint experienced $198.0 million in organic loan decline and $53.2 million in PPP loan decline during the quarter.

Non-performing loans to total loans was 0.44% and 0.51% as of March 31, 2022 and December 31, 2021, respectively. Non-performing assets to total assets was 0.25% and 0.29% as of March 31, 2022 and December 31, 2021, respectively. Net charge-offs were $1.9 million and $2.0 million for the three months ended March 31, 2022 and December 31, 2021, respectively.

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Non-performing loans at March 31, 2022 were $13.2 million, $24.8 million, $480,000, $1.4 million and $4.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $44.7 million. Non-performing assets at March 31, 2022 were $13.2 million, $25.9 million, $480,000, $1.4 million and $4.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $45.8 million.

The Company’s allowance for credit losses on loans was $234.8 million at March 31, 2022, or 2.34% of total loans, compared to the allowance for credit losses of $236.7 million, or 2.41% of total loans, at December 31, 2021. The Company’s allowance for credit losses on loans to total loans, excluding PPP loans (non-GAAP), was 2.35%(1) and 2.43%(1) for the three months ended March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022 and December 31, 2021, the Company’s allowance for credit losses on loans was 525.50% and 471.61% of its total non-performing loans, respectively.

Stockholders’ equity was $2.69 billion at March 31, 2022 compared to $2.77 billion at December 31, 2021, a decrease of approximately $79.0 million. The decrease in stockholders’ equity was associated with a $115.0 million decrease in accumulated other comprehensive income as well as net stock repurchases and share-based compensation activity of $1.8 million, which was partially offset by a $37.8 million increase in retained earnings. Book value per common share was $16.41 at March 31, 2022 compared to $16.90 at December 31, 2021. Tangible book value per common share (non-GAAP) was $10.32(1) at March 31, 2022 compared to $10.80(1) at December 31, 2021, a decrease of 17.94% on an annualized basis. 

Branches

The Company currently has 76 branches in Arkansas, 78 branches in Florida, 62 branches in Texas, 5 branches in Alabama and one branch in New York City.

Acquisition

The Company’s previously announced acquisition of Happy Bancshares, Inc. (“Happy”) and its bank subsidiary, Happy State Bank, was completed on April 1, 2022. As of March 31, 2022, Happy had approximately $6.76 billion in total assets, $3.60 billion in loans, and $5.85 billion in deposits. With the completion of the acquisition, the Company now operates 62 branches in Texas.

Subordinated Debt Payoff

On April 15, 2022, the Company completed the payoff of its $300.0 million in aggregate principal amount of 5.625% Fixed-to-Floating Rate Subordinated Notes due 2027. Each 2027 Note was redeemed pursuant to the terms of the Subordinated Indenture, as supplemented by the First Supplemental Indenture, each dated as of April 3, 2017, between the Company and U.S. Bank Trust Company, National Association, the Trustee for the 2027 Notes, at the redemption price of 100% of its principal amount, plus accrued and unpaid interest to, but excluding, the Redemption Date.

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

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Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, April 21, 2022. 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/468089456. 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.incommglobalevents.com/registration/q4inc/10378/home-bancshares-inc-1st-quarter-earnings-call/. 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 automatically scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-844-200-6205, Passcode: 064337. A replay of the call will be available by calling 1-866-813-9403, Passcode: 129968, which will be available until April 28, 2022, 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.

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

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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 risk and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment; disruptions, uncertainties and related effects on our business and operations as a result of the ongoing coronavirus (COVID-19) pandemic and measures that have been or may be implemented or imposed in response to the pandemic, including the impact on, among other things, credit quality and liquidity; the possibility that the acquisition of Happy may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the risk that the benefits from the transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, ongoing or future effects of the COVID-19 pandemic, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Home and Happy operate; the ability to promptly and effectively integrate the businesses of Home and Happy; the reaction to the transaction of the companies’ customers, employees and counterparties; diversion of management time on acquisition-related issues; the effect of any future mergers, acquisitions or other transactions to which we or our bank subsidiary may from time to time be a party, including as a result of one or more of the factors described above as they would relate to such transaction; the ability to identify, enter into and/or close additional acquisitions; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations, including those in response to the COVID-19 pandemic; technological changes and cybersecurity risks; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; 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, 2021, filed with the SEC on February 24, 2022.

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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, 2022						Dec 31, 2021						Sep 30, 2021						Jun 30, 2021						Mar 31, 2021
ASSETS
Cash and due from banks						$	173,134					$	119,908					$	146,378					$	182,226					$	218,814
Interest-bearing deposits with other banks						3,446,324						3,530,407						3,133,878						2,759,027						2,259,734
Cash and cash equivalents						3,619,458						3,650,315						3,280,256						2,941,253						2,478,548
Investment securities - available-for sale,      net of allowance for credit losses						2,957,322						3,119,807						3,150,608						3,053,712						2,539,123
Investment securities - held-to-maturity						499,265						—						—						—						—
Loans receivable						10,052,714						9,836,089						9,901,100						10,199,175						10,778,493
Allowance for credit losses						(234,768)						(236,714)						(238,673)						(240,451)						(242,932)
Loans receivable, net						9,817,946						9,599,375						9,662,427						9,958,724						10,535,561
Bank premises and equipment, net						274,503						275,760						276,972						278,502						278,620
Foreclosed assets held for sale						1,144						1,630						1,171						1,969						3,004
Cash value of life insurance						105,623						105,135						104,638						104,132						103,599
Accrued interest receivable						46,934						46,736						48,577						48,725						55,495
Deferred tax asset, net						116,605						78,290						69,724						72,273						77,145
Goodwill						973,025						973,025						973,025						973,025						973,025
Core deposit and other intangibles						23,624						25,045						26,466						27,886						29,307
Other assets						182,546						177,020						171,192						166,991						166,814
Total assets						$	18,617,995					$	18,052,138					$	17,765,056					$	17,627,192					$	17,240,241
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand and non-interest-bearing						$	4,311,400					$	4,127,878					$	4,139,149					$	4,076,570					$	3,859,722
Savings and interest-bearing          transaction accounts						9,461,393						9,251,805						8,813,326						8,744,900						8,477,208
Time deposits						808,141						880,887						1,050,896						1,069,871						1,175,664
Total deposits						14,580,934						14,260,570						14,003,371						13,891,341						13,512,594
Securities sold under agreements to       repurchase						151,151						140,886						141,002						150,540						162,929
FHLB and other borrowed funds						400,000						400,000						400,000						400,000						400,000
Accrued interest payable and other       liabilities						131,339						113,868						113,721						118,415						148,999
Subordinated debentures						667,868						371,093						370,900						370,707						370,515
Total liabilities						15,931,292						15,286,417						15,028,994						14,931,003						14,595,037
Stockholders' equity
Common stock						1,638						1,637						1,640						1,645						1,651
Capital surplus						1,485,524						1,487,373						1,492,588						1,501,615						1,516,286
Retained earnings						1,304,098						1,266,249						1,215,831						1,163,810						1,107,818
Accumulated other comprehensive       (loss) income						(104,557)						10,462						26,003						29,119						19,449
Total stockholders' equity						2,686,703						2,765,721						2,736,062						2,696,189						2,645,204
Total liabilities and stockholders'          equity						$	18,617,995					$	18,052,138					$	17,765,056					$	17,627,192					$	17,240,241

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Home BancShares, Inc.

Consolidated Statements of Income

(Unaudited)

						Quarter Ended																														Three Months Ended
(In thousands)						Mar 31, 2022						Dec 31, 2021						Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Mar 31, 2022						Mar 31, 2021
Interest income
Loans						$	129,442					$	136,750					$	142,609					$	141,684					$	150,917					$	129,442					$	150,917
Investment securities
Taxable						9,080						8,121						8,495						7,185						6,253						9,080						6,253
Tax-exempt						4,707						4,827						4,839						4,905						5,071						4,707						5,071
Deposits - other banks						1,673						1,281						1,117						707						410						1,673						410
Federal funds sold						1						—						—						—						—						1						—
Total interest income						144,903						150,979						157,060						154,481						162,651						144,903						162,651
Interest expense
Interest on deposits						4,894						5,155						5,642						6,434						7,705						4,894						7,705
FHLB borrowed funds						1,875						1,916						1,917						1,896						1,875						1,875						1,875
Securities sold under          agreements to repurchase						108						98						102						107						190						108						190
Subordinated debentures						6,878						4,790						4,788						4,792						4,793						6,878						4,793
Total interest expense						13,755						11,959						12,449						13,229						14,563						13,755						14,563
Net interest income						131,148						139,020						144,611						141,252						148,088						131,148						148,088
Provision for credit losses						—						—						—						—						—						—						—
Provision for credit loss -         unfunded commitments						—						—						—						(4,752)						—						—						—
Total credit loss expense						—						—						—						(4,752)						—						—						—
Net interest income after provision for credit      losses						131,148						139,020						144,611						146,004						148,088						131,148						148,088
Non-interest income
Service charges on deposit         accounts						6,140						6,217						5,941						5,116						5,002						6,140						5,002
Other service charges and fees						7,733						11,133						8,051						9,659						7,608						7,733						7,608
Trust fees						574						515						479						444						522						574						522
Mortgage lending income						3,916						5,359						5,948						6,202						8,167						3,916						8,167
Insurance commissions						480						387						586						478						492						480						492
Increase in cash value of life         insurance						492						501						509						537						502						492						502
Dividends from FHLB, FRB,         FNBB & other						698						919						2,661						2,646						8,609						698						8,609
Gain on SBA loans						95						792						439						1,149						—						95						—
Gain (loss) on branches,         equipment and other         assets, net						16						(19)						(34)						(23)						(29)						16						(29)
Gain on OREO, net						478						737						246						619						401						478						401
Gain on securities, net						—						—						—						—						219						—						219
Fair value adjustment for         marketable securities						2,125						85						61						1,250						5,782						2,125						5,782
Other income						7,922						5,338						4,322						3,043						8,001						7,922						8,001
Total non-interest income						30,669						31,964						29,209						31,120						45,276						30,669						45,276
Non-interest expense
Salaries and employee benefits						43,551						43,765						42,469						42,462						42,059						43,551						42,059
Occupancy and equipment						9,144						9,047						9,305						9,042						9,237						9,144						9,237
Data processing expense						7,039						6,493						6,024						5,893						5,870						7,039						5,870
Merger and acquisition         expenses						863						880						1,006						—						—						863						—
Other operating expenses						16,299						16,865						16,815						15,585						15,700						16,299						15,700
Total non-interest expense						76,896						77,050						75,619						72,982						72,866						76,896						72,866
Income before income taxes						84,921						93,934						98,201						104,142						120,498						84,921						120,498
Income tax expense						20,029						20,577						23,209						25,072						28,896						20,029						28,896
Net income						$	64,892					$	73,357					$	74,992					$	79,070					$	91,602					$	64,892					$	91,602

---

Home BancShares, Inc.

Selected Financial Information

(Unaudited)

						Quarter Ended																														Three Months Ended
(Dollars and shares in thousands, except per share data)						Mar 31, 2022						Dec 31, 2021						Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Mar 31, 2022						Mar 31, 2021
PER SHARE DATA
Diluted earnings per common share						$	0.40					$	0.45					$	0.46					$	0.48					$	0.55					$	0.40					$	0.55
Diluted earnings per common share, as adjusted, excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses &      merger and acquisition expenses (non-GAAP)(1)						0.37						0.45						0.45						0.46						0.47						0.37						0.47
Basic earnings per common share						0.40						0.45						0.46						0.48						0.55						0.40						0.55
Dividends per share - common						0.165						0.14						0.14						0.14						0.14						0.165						0.14
Book value per common share						16.41						16.90						16.68						16.39						16.02						16.41						16.02
Tangible book value per common share      (non-GAAP)(1)						10.32						10.80						10.59						10.31						9.95						10.32						9.95
STOCK INFORMATION
Average common shares outstanding						163,787						163,859						164,126						164,781						165,257						163,787						165,257
Average diluted shares outstanding						164,196						164,306						164,603						165,226						165,446						164,196						165,446
End of period common shares outstanding						163,758						163,699						164,008						164,488						165,141						163,758						165,141
ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)						1.43		%				1.62		%				1.68		%				1.81		%				2.22		%				1.43		%				2.22		%
Return on average assets excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses & merger and acquisition expenses: (ROA, as adjusted)      (non-GAAP)(1)						1.36						1.64						1.67						1.75						1.88						1.36						1.88
Return on average assets excluding intangible      amortization (non-GAAP)(1)						1.54						1.75						1.81						1.95						2.39						1.54						2.39
Return on average assets excluding excess liquidity (non-GAAP)(1)						1.74						1.96						1.98						2.09						2.42						1.74						2.42
Return on average common equity (ROE)						9.58						10.63						10.97						11.92						14.15						9.58						14.15
Return on average common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses & merger and acquisition expenses: (ROE, as adjusted)      (non-GAAP)(1)						9.09						10.72						10.87						11.54						11.95						9.09						11.95
Return on average tangible common equity      (ROTCE) (non-GAAP)(1)						15.03						16.73						17.39						19.12						22.90						15.03						22.90
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)						15.28						16.97						17.64						19.38						23.16						15.28						23.16
Return on average tangible common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses &      merger and acquisition expenses:      (ROTCE, as adjusted) (non-GAAP)(1)						14.26						16.87						17.23						18.50						19.33						14.26						19.33

(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, 2022						Dec 31, 2021						Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Mar 31, 2022						Mar 31, 2021
Efficiency ratio						46.15		%				43.79		%				42.26		%				41.09		%				36.60		%				46.15		%				36.60		%
Efficiency ratio, as adjusted (non-GAAP)(1)						47.33						43.48						42.29						42.07						40.68						47.33						40.68
Net interest margin - FTE (NIM)						3.21						3.42						3.60						3.61						4.02						3.21						4.02
Net interest margin - FTE, excluding PPP loans (non-GAAP)(1)						3.17						3.32						3.43						3.54						3.86						3.17						3.86
Fully taxable equivalent adjustment						$	1,738					$	1,736					$	1,748					$	1,774					$	1,821					$	1,738					$	1,821
Total revenue (net)						161,817						170,984						173,820						172,372						193,364						161,817						193,364
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)						84,921						93,934						98,201						99,390						120,498						84,921						120,498
Pre-tax net income to total revenue (net)						52.48		%				54.94		%				56.50		%				60.42		%				62.32		%				52.48		%				62.32		%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net))      (non-GAAP)(1)						52.48						54.94						56.50						57.66						62.32						52.48						62.32
Total purchase accounting accretion						$	3,089					$	4,001					$	4,868					$	5,797					$	5,485					$	3,089					$	5,485
Average purchase accounting loan discounts						25,359						28,882						33,320						38,568						43,940						25,359						43,940
OTHER OPERATING EXPENSES
Advertising						$	1,266					$	1,411					$	1,204					$	1,194					$	1,046					$	1,266					$	1,046
Amortization of intangibles						1,421						1,420						1,421						1,421						1,421						1,421						1,421
Electronic banking expense						2,538						2,442						2,521						2,616						2,238						2,538						2,238
Directors' fees						404						422						395						414						383						404						383
Due from bank service charges						270						257						265						273						249						270						249
FDIC and state assessment						1,668						1,353						1,648						1,108						1,363						1,668						1,363
Insurance						770						801						749						787						781						770						781
Legal and accounting						797						749						1,050						1,058						846						797						846
Other professional fees						1,609						1,754						1,787						1,796						1,613						1,609						1,613
Operating supplies						754						489						474						465						487						754						487
Postage						306						352						301						292						338						306						338
Telephone						337						343						371						365						346						337						346
Other expense						4,159						5,072						4,629						3,796						4,589						4,159						4,589
Total other operating expenses						$	16,299					$	16,865					$	16,815					$	15,585					$	15,700					$	16,299					$	15,700

(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, 2022						Dec 31, 2021						Sep 30, 2021						Jun 30, 2021						Mar 31, 2021
BALANCE SHEET RATIOS
Total loans to total deposits						68.94		%				68.97		%				70.71		%				73.42		%				79.77		%
Common equity to assets						14.43						15.32						15.40						15.30						15.34
Tangible common equity to tangible assets      (non-GAAP)(1)						9.59						10.36						10.36						10.20						10.12
																		.
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential						$	3,810,383					$	3,889,284					$	4,005,841					$	4,144,375					$	4,289,142
Construction/land development						1,856,096						1,850,050						1,742,687						1,541,482						1,612,973
Agricultural						142,920						130,674						138,881						126,293						113,382
Residential real estate loans
Residential 1-4 family						1,223,890						1,274,953						1,273,988						1,316,485						1,437,546
Multifamily residential						248,650						280,837						274,131						332,256						377,661
Total real estate						7,281,939						7,425,798						7,435,528						7,460,891						7,830,704
Consumer						1,059,342						825,519						814,732						824,938						839,819
Commercial and industrial						1,510,205						1,386,747						1,414,079						1,612,826						1,794,787
Agricultural						48,095						43,920						68,272						69,152						65,017
Other						153,133						154,105						168,489						231,368						248,166
Loans receivable						$	10,052,714					$	9,836,089					$	9,901,100					$	10,199,175					$	10,778,493
Paycheck Protection Program (PPP) loans (net of discounts) (included in total loans receivable)						59,609						112,814						241,476						473,894						646,382
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period						$	236,714					$	238,673					$	240,451					$	242,932					$	245,473
Loans charged off						2,310						3,125						2,469						3,023						3,047
Recoveries of loans previously charged off						364						1,166						691						542						506
Net loans charged off						1,946						1,959						1,778						2,481						2,541
Provision for credit losses - loans						—						—						—						—						—
Balance, end of period						$	234,768					$	236,714					$	238,673					$	240,451					$	242,932
Net charge-offs to average total loans						0.08		%				0.08		%				0.07		%				0.09		%				0.09		%
Allowance for credit losses to total loans						2.34						2.41						2.41						2.36						2.25
Allowance for credit losses to total loans, excluding PPP loans						2.35						2.43						2.47						2.47						2.40
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans						$	44,629					$	47,158					$	47,604					$	55,269					$	59,142
Loans past due 90 days or more						46						3,035						3,311						3,667						4,209
Total non-performing loans						44,675						50,193						50,915						58,936						63,351
Other non-performing assets
Foreclosed assets held for sale, net						1,144						1,630						1,171						1,969						3,004
Other non-performing assets						—						—						—						—						—
Total other non-performing assets						1,144						1,630						1,171						1,969						3,004
Total non-performing assets						$	45,819					$	51,823					$	52,086					$	60,905					$	66,355
Allowance for credit losses for loans to non-performing loans						525.50		%				471.61		%				468.77		%				407.99		%				383.47		%
Non-performing loans to total loans						0.44						0.51						0.51						0.58						0.59
Non-performing assets to total assets						0.25						0.29						0.29						0.35						0.38

(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, 2022																		December 31, 2021
(Dollars in thousands)						Average Balance						Income/ Expense						Yield/ Rate						Average Balance						Income/ Expense						Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks						$	3,497,894					$	1,673					0.19		%				$	3,261,846					$	1,281					0.16		%
Federal funds sold						1,751						1						0.23						33						—						—
Investment securities - taxable						2,486,401						9,080						1.48						2,278,440						8,121						1.41
Investment securities - non-taxable - FTE						850,722						6,284						3.00						858,692						6,408						2.96
Loans receivable - FTE						9,937,993						129,603						5.29						9,909,711						136,905						5.48
Total interest-earning assets						16,774,761						146,641						3.55						16,308,722						152,715						3.72
Non-earning assets						1,618,314																		1,606,005
Total assets						$	18,393,075																	$	17,914,727
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts						$	9,363,793					$	3,873					0.17		%				$	9,037,302					$	3,667					0.16		%
Time deposits						854,593						1,021						0.48						958,309						1,488						0.62
Total interest-bearing deposits						10,218,386						4,894						0.19						9,995,611						5,155						0.20
Securities sold under agreement to repurchase						137,565						108						0.32						143,811						98						0.27
FHLB borrowed funds						400,000						1,875						1.90						400,000						1,916						1.90
Subordinated debentures						611,888						6,878						4.56						370,999						4,790						5.12
Total interest-bearing liabilities						11,367,839						13,755						0.49						10,910,421						11,959						0.43
Non-interest bearing liabilities
Non-interest bearing deposits						4,155,894																		4,149,978
Other liabilities						121,362																		116,023
Total liabilities						15,645,095																		15,176,422
Shareholders' equity						2,747,980																		2,738,305
Total liabilities and shareholders' equity						$	18,393,075																	$	17,914,727
Net interest spread																		3.06		%																3.29		%
Net interest income and margin - FTE												$	132,886					3.21												$	140,756					3.42

---

Home BancShares, Inc.

Consolidated Net Interest Margin

(Unaudited)

						Three Months Ended
						March 31, 2022																		March 31, 2021
(Dollars in thousands)						Average Balance						Income/ Expense						Yield/ Rate						Average Balance						Income/ Expense						Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks						$	3,497,894					$	1,673					0.19		%				$	1,610,463					$	410					0.10		%
Federal funds sold						1,751						1						0.23						119						—						—
Investment securities - taxable						2,486,401						9,080						1.48						1,637,061						6,253						1.55
Investment securities - non-taxable - FTE						850,722						6,284						3.00						848,158						6,700						3.20
Loans receivable - FTE						9,937,993						129,603						5.29						11,023,139						151,109						5.56
Total interest-earning assets						16,774,761						146,641						3.55						15,118,940						164,472						4.41
Non-earning assets						1,618,314																		1,599,950
Total assets						$	18,393,075																	$	16,718,890
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts						$	9,363,793					$	3,873					0.17		%				$	8,338,791					$	4,716					0.23		%
Time deposits						854,593						1,021						0.48						1,209,431						2,989						1.00
Total interest-bearing deposits						10,218,386						4,894						0.19						9,548,222						7,705						0.33
Securities sold under agreement to repurchase						137,565						108						0.32						159,697						190						0.48
FHLB borrowed funds						400,000						1,875						1.90						400,000						1,875						1.90
Subordinated debentures						611,888						6,878						4.56						370,421						4,793						5.25
Total interest-bearing liabilities						11,367,839						13,755						0.49						10,478,340						14,563						0.56
Non-interest bearing liabilities
Non-interest bearing deposits						4,155,894																		3,480,050
Other liabilities						121,362																		134,882
Total liabilities						15,645,095																		14,093,272
Shareholders' equity						2,747,980																		2,625,618
Total liabilities and shareholders' equity						$	18,393,075																	$	16,718,890
Net interest spread																		3.06		%																3.85		%
Net interest income and margin - FTE												$	132,886					3.21												$	149,909					4.02

---

Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)

						Quarter Ended																														Three Months Ended
(Dollars and shares in thousands, except per share data)						Mar 31, 2022						Dec 31, 2021						Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Mar 31, 2022						Mar 31, 2021
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)						$	64,892					$	73,357					$	74,992					$	79,070					$	91,602					$	64,892					$	91,602
Pre-tax adjustments
Fair value adjustment for marketable securities						(2,125)						(85)						(61)						(1,250)						(5,782)						(2,125)						(5,782)
Special dividend from equity investment						—						—						(2,227)						(2,200)						(8,073)						—						(8,073)
Gain on securities						—						—						—						—						(219)						—						(219)
Recoveries on historic losses						(3,288)						—						—						—						(5,107)						(3,288)						(5,107)
Merger and acquisition expenses						863						880						1,006						—						—						863						—
Total pre-tax adjustments						(4,550)						795						(1,282)						(3,450)						(19,181)						(4,550)						(19,181)
Tax-effect of adjustments						(1,220)						188						(587)						(888)						(4,937)						(1,220)						(4,937)
Total adjustments after-tax (B)						(3,330)						607						(695)						(2,562)						(14,244)						(3,330)						(14,244)
Earnings, as adjusted (C)						$	61,562					$	73,964					$	74,297					$	76,508					$	77,358					$	61,562					$	77,358
Average diluted shares outstanding (D)						164,196						164,306						164,603						165,226						165,446						164,196						165,446
GAAP diluted earnings per share: (A/D)						$	0.40					$	0.45					$	0.46					$	0.48					$	0.55					$	0.40					$	0.55
Adjustments after-tax: (B/D)						(0.03)						—						(0.01)						(0.02)						(0.08)						(0.03)						(0.08)
Diluted earnings per common share, as adjusted, excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses & merger and acquisition expenses: (C/D)						$	0.37					$	0.45					$	0.45					$	0.46					$	0.47					$	0.37					$	0.47
ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/G)						1.43		%				1.62		%				1.68		%				1.81		%				2.22		%				1.43		%				2.22		%
Return on average assets excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses & merger and acquisition expenses:      (ROA, as adjusted) ((A+F)/G)						1.36						1.64						1.67						1.75						1.88						1.36						1.88
Return on average assets excluding intangible amortization: ((A+E)/(G-H))						1.54						1.75						1.81						1.95						2.39						1.54						2.39
Return on average assets excluding excess liquidity: (A/(G-I))						1.74						1.96						1.98						2.09						2.42						1.74						2.42
GAAP net income available to common shareholders (A)						$	64,892					$	73,357					$	74,992					$	79,070					$	91,602					$	64,892					$	91,602
Amortization of intangibles (D)						1,421						1,420						1,421						1,421						1,421						1,421						1,421
Amortization of intangibles after-tax (E)						1,049						1,054						1,055						1,055						1,055						1,049						1,055
Adjustments after-tax (F)						(3,330)						607						(695)						(2,562)						(14,244)						(3,330)						(14,244)
Average assets (G)						18,393,075						17,914,727						17,695,226						17,491,359						16,718,890						18,393,075						16,718,890
Average goodwill, core deposits & other intangible assets (H)						997,338						998,760						1,000,175						1,001,598						1,003,011						997,338						1,003,011
Average interest bearing cash balance						3,497,894						3,261,846						2,914,785						2,577,101						1,610,463						3,497,894						1,610,463
Average historical interest bearing cash balance						225,000						225,000						225,000						225,000						225,000						225,000						225,000
Average excess cash balance (I)						3,272,894						3,036,846						2,689,785						2,352,101						1,385,463						3,272,894						1,385,463

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Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)

						Quarter Ended																														Three Months Ended
(Dollars in thousands)						Mar 31, 2022						Dec 31, 2021						Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Mar 31, 2022						Mar 31, 2021
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)						9.58		%				10.63		%				10.97		%				11.92		%				14.15		%				9.58		%				14.15		%
Return on average common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses & merger and acquisition expenses:      (ROE, as adjusted) ((A+C)/D)						9.09						10.72						10.87						11.54						11.95						9.09						11.95
Return on average tangible common equity: (A/(D-E))						15.03						16.73						17.39						19.12						22.90						15.03						22.90
Return on average tangible common equity excluding intangible amortization: (B/(D-E))						15.28						16.97						17.64						19.38						23.16						15.28						23.16
Return on average tangible common equity excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses & merger and acquisition expenses: (ROTCE, as adjusted) ((A+C)/(D-E))						14.26						16.87						17.23						18.50						19.33						14.26						19.33
GAAP net income available to common shareholders (A)						$	64,892					$	73,357					$	74,992					$	79,070					$	91,602					$	64,892					$	91,602
Earnings excluding intangible amortization (B)						65,941						74,411						76,047						80,125						92,657						65,941						92,657
Adjustments after-tax (C)						(3,330)						607						(695)						(2,562)						(14,244)						(3,330)						(14,244)
Average common equity (D)						2,747,980						2,738,305						2,710,953						2,660,147						2,625,618						2,747,980						2,625,618
Average goodwill, core deposits & other intangible assets (E)						997,338						998,760						1,000,175						1,001,598						1,003,011						997,338						1,003,011
EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-F)/(B+C+E))						46.15		%				43.79		%				42.26		%				41.09		%				36.60		%				46.15		%				36.60		%
Efficiency ratio, as adjusted: ((D-F-H)/(B+C+E-G))						47.33						43.48						42.29						42.07						40.68						47.33						40.68
Pre-tax net income to total revenue (net) (A/(B+C))						52.48						54.94						56.50						60.42						62.32						52.48						62.32
Pre-tax, pre-provision, net income (PPNR) (B+C-D)						$	84,921					$	93,934					$	98,201					$	99,390					$	120,498					$	84,921					$	120,498
P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)						52.48		%				54.94		%				56.50		%				57.66		%				62.32		%				52.48		%				62.32		%
Pre-tax net income (A)						$	84,921					$	93,934					$	98,201					$	104,142					$	120,498					$	84,921					$	120,498
Net interest income (B)						131,148						139,020						144,611						141,252						148,088						131,148						148,088
Non-interest income (C)						30,669						31,964						29,209						31,120						45,276						30,669						45,276
Non-interest expense (D)						76,896						77,050						75,619						72,982						72,866						76,896						72,866
Fully taxable equivalent adjustment (E)						1,738						1,736						1,748						1,774						1,821						1,738						1,821
Amortization of intangibles (F)						1,421						1,420						1,421						1,421						1,421						1,421						1,421
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities						$	2,125					$	85					$	61					$	1,250					$	5,782					$	2,125					$	5,782
Gain on OREO						478						737						246						619						401						478						401
Gain (loss) on branches, equipment and other assets, net						16						(19)						(34)						(23)						(29)						16						(29)
Special dividend from equity investment						—						—						2,227						2,200						8,073						—						8,073
Gain on securities						—						—						—						—						219						—						219
Recoveries on historic losses						3,288						—						—						—						5,107						3,288						5,107
Total non-interest income adjustments (G)						$	5,907					$	803					$	2,500					$	4,046					$	19,553					$	5,907					$	19,553
Non-interest expense:
Merger and acquisition expenses						863						880						1,006						—						—						863						—
Total non-interest expense adjustments (H)						$	863					$	880					$	1,006					$	—					$	—					$	863					$	—

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Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)

						Quarter Ended																														Three Months Ended
(Dollars in thousands)						Mar 31, 2022						Dec 31, 2021						Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Mar 31, 2022						Mar 31, 2021
ANNUALIZED NET INTEREST MARGIN
Net interest margin: (A/C)						3.21		%				3.42		%				3.60		%				3.61		%				4.02		%				3.21		%				4.02		%
Net interest margin, excluding PPP loans:(B/D)						3.17						3.32						3.43						3.54						3.86						3.17						3.86
Net interest income - FTE (A)						$	132,886					$	140,756					$	146,359					$	143,026					$	149,909					$	132,886					$	149,909
PPP loan interest & discount accretion income						2,196						5,786						10,162						7,802						11,878						2,196						11,878
Net interest income - FTE, excluding PPP loans (B)						$	130,690					$	134,970					$	136,197					$	135,224					$	138,031					$	130,690					$	138,031
Average interest-earning assets (C)						$	16,774,761					$	16,308,722					$	16,110,526					$	15,892,519					$	15,118,940					$	16,774,761					$	15,118,940
Average PPP loans						78,008						162,969						371,523						581,371						633,790						78,008						633,790
Average interest-earning assets, excluding PPP loans (D)						$	16,696,753					$	16,145,753					$	15,739,003					$	15,311,148					$	14,485,150					$	16,696,753					$	14,485,150
						Quarter Ended
						Mar 31, 2022						Dec 31, 2021						Sep 30, 2021						Jun 30, 2021						Mar 31, 2021
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)						$	16.41					$	16.90					$	16.68					$	16.39					$	16.02
Tangible book value per common share: ((A-C-D)/B)						10.32						10.80						10.59						10.31						9.95
Total stockholders' equity (A)						$	2,686,703					$	2,765,721					$	2,736,062					$	2,696,189					$	2,645,204
End of period common shares outstanding (B)						163,758						163,699						164,008						164,488						165,141
Goodwill (C)						973,025						973,025						973,025						973,025						973,025
Core deposit and other intangibles      (D)						23,624						25,045						26,466						27,886						29,307
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)						14.43		%				15.32		%				15.40		%				15.30		%				15.34		%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))						9.59						10.36						10.36						10.20						10.12
Total assets (A)						$	18,617,995					$	18,052,138					$	17,765,056					$	17,627,192					$	17,240,241
Total stockholders' equity (B)						2,686,703						2,765,721						2,736,062						2,696,189						2,645,204
Goodwill (C)						973,025						973,025						973,025						973,025						973,025
Core deposit and other intangibles      (D)						23,624						25,045						26,466						27,886						29,307