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HOMB
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Consistency, Strength & Earnings Power Remain the Story at HOMB

1. HOMB reported record net income of $118.4 million for Q2 2025. 2. Diluted EPS reached $0.60, marking a significant increase year-over-year. 3. Total loans increased to $15.18 billion, indicating strong loan growth. 4. Shareholder buyback yield decreased to 0.49%, yet dividend increased to $0.20. 5. Non-performing loans slightly rose to 0.63% of total loans, reflecting cautious credit quality.

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Why Bullish?

The company's record earnings and increased dividends indicate strong performance, which historically correlates with stock price appreciation.

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Investors often react strongly to record earnings and improved financial metrics, positively impacting stock performance.

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Immediate positive reactions to record earnings typically influence stock prices shortly after announcements.

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CONWAY, Ark., July 16, 2025 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today. Quarterly HighlightsMetricQ2 2025Q1 2025Q4 2024Q3 2024Q2 2024Net income$118.4 million$115.2 million$100.6 million$100.0 million$101.5 millionNet income, as adjusted (non-GAAP)(1)$114.6 million$111.9 million$99.8 million$99.0 million$103.9 millionTotal revenue (net)$271.0 million$260.1 million$258.4 million$258.0 million$254.6 millionIncome before income taxes$152.0 million$147.2 million$129.5 million$129.1 million$133.4 millionPre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)$155.0 million$147.2 million$146.2 million$148.0 million$141.4 millionPPNR, as adjusted (non-GAAP)(1)$150.4 million$142.8 million$145.2 million$146.6 million$141.9 millionPre-tax net income to total revenue (net)56.08%56.58%50.11%50.03%52.40%Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)54.39%54.91%49.74%49.49%52.59%P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)57.19%56.58%56.57%57.35%55.54%P5NR, as adjusted (non-GAAP)(1)55.49%54.91%56.20%56.81%55.73%ROA2.08%2.07%1.77%1.74%1.79%ROA, as adjusted (non-GAAP)(1)2.02%2.01%1.76%1.72%1.83%NIM4.44%4.44%4.39%4.28%4.27%Purchase accounting accretion$1.2 million$1.4 million$1.6 million$1.9 million$1.9 millionROE11.77%11.75%10.13%10.23%10.73%ROE, as adjusted (non-GAAP)(1)11.39%11.41%10.05%10.12%10.98%ROTCE (non-GAAP)(1)18.26%18.39%15.94%16.26%17.29%ROTCE, as adjusted (non-GAAP)(1)17.68%17.87%15.82%16.09%17.69%Diluted earnings per share$0.60$0.58$0.51$0.50$0.51Diluted earnings per share, as adjusted (non-GAAP)(1)$0.58$0.56$0.50$0.50$0.52Non-performing assets to total assets0.60%0.56%0.63%0.63%0.56%Common equity tier 1 capital15.6%15.4%15.1%14.7%14.4%Leverage13.4%13.3%13.0%12.5%12.3%Tier 1 capital15.6%15.4%15.1%14.7%14.4%Total risk-based capital19.3%19.1%18.7%18.3%18.0%Allowance for credit losses to total loans1.86%1.87%1.87%2.11%2.00%Book value per share$20.71$20.40$19.92$19.91$19.30Tangible book value per share (non-GAAP)(1)$13.44$13.15$12.68$12.67$12.08Dividends per share$0.20$0.195$0.195$0.195$0.18Shareholder buyback yield(2)0.49%0.53%0.05%0.56%0.67% (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.(2) Calculation of this metric is included in the schedules accompanying this release. "I am once again very pleased with our quarterly results. Diluted EPS of $0.60 and net income of $118.4 million are both records for HOMB. The ongoing, consistent performance from our bankers led to numerous other records being set in the second quarter, further highlighting that strength is no accident," said John Allison, Chairman & CEO of HOMB. Stock Repurchases and Dividends During the three-month period ended June 30, 2025, the Company repurchased 1.0 million shares of common stock, which equated to a shareholder buyback yield of 0.49%(1). In comparison, during the three-month period ended March 31, 2025, the Company repurchased 1.0 million shares of common stock, which equated to a shareholder buyback yield of 0.53%(1). The Company defines shareholder buyback yield as the percentage of the Company’s market capitalization spent on share repurchases. It reflects how much the Company is returning to the shareholders by reducing the number of outstanding shares, and it is calculated by dividing the Company’s total share repurchase cost for the period by the Company’s total market capitalization at the beginning of the period. In addition, during the quarter ended June 30, 2025, the Company paid a dividend of $0.20 per share. This cash dividend represented a $0.005 per share, or 2.6%, increase over the $0.195 cash dividend paid during the first quarter of 2025. Operating Highlights Net income for the three-month period ended June 30, 2025 was $118.4 million, or $0.60 diluted earnings per share, both of which were records for the Company. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $114.6 million(2) and $0.58 per share(2), respectively, for the three months ended June 30, 2025. Our net interest margin was 4.44% for both of the three-month periods ended June 30, 2025 and March 31, 2025. The yield on loans was 7.36% and 7.38% for the three months ended June 30, 2025 and March 31, 2025, respectively, as average loans increased from $14.89 billion to $15.06 billion. Additionally, the rate on interest bearing deposits decreased to 2.64% as of June 30, 2025, from 2.67% as of March 31, 2025, while average interest-bearing deposits increased from $13.20 billion to $13.43 billion. During the second quarter of 2025, there was $516,000 of event interest income compared to $1.3 million of event interest income for the first quarter of 2025. Purchase accounting accretion on acquired loans was $1.2 million and $1.4 million for the three-month periods ended June 30, 2025 and March 31, 2025, respectively, and average purchase accounting loan discounts were $16.2 million and $17.5 million for the three-month periods ended June 30, 2025 and March 31, 2025, respectively. Net interest income on a fully taxable equivalent basis was $222.5 million for the three-month period ended June 30, 2025, and $217.2 million for the three-month period ended March 31, 2025. This increase in net interest income for the three-month period ended June 30, 2025, was the result of a $6.6 million increase in interest income, partially offset by a $1.3 million increase in interest expense. The $6.6 million increase in interest income was primarily the result of a $5.3 million increase in loan income and a $2.3 million increase in income from deposits with other banks, partially offset by a $1.0 million decrease in investment income. The $1.3 million increase in interest expense was due to a $1.7 million increase in interest expense on deposits, partially offset by a $363,000 decrease in FHLB and other borrowed funds. The Company reported $51.1 million of non-interest income for the second quarter of 2025. The most important components of non-interest income were $13.5 million from other income, $12.6 million from other service charges and fees, $9.6 million from service charges on deposit accounts, $5.2 million from trust fees, $4.8 million in mortgage lending income, $2.7 million from dividends from FHLB, FRB, FNBB and other, $1.4 million from the increase in cash value of life insurance and $972,000 from the gain on sale of branches, equipment and other assets, net. Included within other income was $3.5 million in special income from equity investments and $885,000 in legal fee reimbursements. Non-interest expense for the second quarter of 2025 was $116.0 million. The most important components of non-interest expense were $64.3 million from salaries and employee benefits, $29.3 million in other operating expense, $14.0 million in occupancy and equipment expenses and $8.4 million in data processing expenses. Included within other expense was $3.3 million in legal claims expense, which was partially offset by a $1.5 million FDIC assessment reduction. For the second quarter of 2025, our efficiency ratio was 41.68%, and our efficiency ratio, as adjusted (non-GAAP), was 42.01%(2). Financial Condition Total loans receivable were $15.18 billion at June 30, 2025, compared to $14.95 billion at March 31, 2025. Total loans receivable of $15.18 billion were a record for the Company. Total deposits were $17.49 billion at June 30, 2025, compared to $17.54 billion at March 31, 2025. Total assets were $22.91 billion at June 30, 2025, compared to $22.99 billion at March 31, 2025. During the second quarter of 2025, the Company had a $228.5 million increase in loans. Our community banking footprint experienced $106.8 million in organic loan growth during the quarter ended June 30, 2025, and Centennial CFG experienced $121.7 million of organic loan growth and had loans of $1.83 billion at June 30, 2025. Non-performing loans to total loans were 0.63% and 0.60% at June 30, 2025 and March 31, 2025, respectively. Non-performing assets to total assets were 0.60% and 0.56% at June 30, 2025 and March 31, 2025, respectively. Net loans charged-off were $1.1 million for the three months ended June 30, 2025, and net loans recovered were $4.1 million for the three months ended March 31, 2025. The charge-off detail by region for the quarters ended June 30, 2025 and March 31, 2025 can be seen below. For the Three Months Ended June 30, 2025(in thousands) Texas Arkansas Centennial CFG Shore Premier Finance Florida Alabama TotalCharge-offs $2,588  $462  $181 $582  $245  $13  $4,071 Recoveries  (2,172)  (223)  —  (22)  (577)  (2)  (2,996)Net charge-offs (recoveries) $416  $239  $181 $560  $(332) $11  $1,075  For the Three Months Ended March 31, 2025(in thousands) Texas Arkansas Centennial CFG Shore Premier Finance Florida Alabama TotalCharge-offs $444  $474  $—  $53  $2,479  $8  $3,458 Recoveries  (6,514)  (228)  (658)  (3)  (117)  (2)  (7,522)Net (recoveries) charge-offs $(6,070) $246  $(658) $50  $2,362  $6  $(4,064) At June 30, 2025, non-performing loans were $96.3 million, and non-performing assets were $137.8 million. At March 31, 2025, non-performing loans were $89.6 million, and non-performing assets were $129.4 million. The table below shows the non-performing loans and non-performing assets by region as June 30, 2025: (in thousands) Texas Arkansas Centennial CFG Shore Premier Finance Florida Alabama TotalNon-accrual loans 22,487 16,276 787 11,716 37,833 162 89,261Loans 90+ days past due 3,557 2,341 — — 1,133 — 7,031Total non-performing loans 26,044 18,617 787 11,716 38,966 162 96,292               Foreclosed assets held for sale 17,259 863 22,842 — 565 — 41,529Other non-performing assets — — — — — — —Total other non-performing assets 17,259 863 22,842 — 565 — 41,529Total non-performing assets 43,303 19,480 23,629 11,716 39,531 162 137,821 The table below shows the non-performing loans and non-performing assets by region as March 31, 2025: (in thousands) Texas Arkansas Centennial CFG Shore Premier Finance Florida Alabama TotalNon-accrual loans 23,694 15,214 2,766 5,444 39,108 157 86,383Loans 90+ days past due 3,264 — — — — — 3,264Total non-performing loans 26,958 15,214 2,766 5,444 39,108 157 89,647               Foreclosed assets held for sale 15,357 1,052 22,820 — 451 — 39,680Other non-performing assets 63 — — — — — 63Total other non-performing assets 15,420 1,052 22,820 — 451 — 39,743Total non-performing assets 42,378 16,266 25,586 5,444 39,559 157 129,390 The Company’s allowance for credit losses on loans was $281.9 million at June 30, 2025, or 1.86% of total loans, compared to the allowance for credit losses on loans of $279.9 million, or 1.87% of total loans, at March 31, 2025. As of June 30, 2025 and March 31, 2025, the Company’s allowance for credit losses on loans was 292.72% and 312.27% of its total non-performing loans, respectively. Stockholders’ equity was $4.09 billion at June 30, 2025, which increased approximately $42.8 million from March 31, 2025. The net increase in stockholders’ equity is primarily associated with the $78.9 million increase in retained earnings, which was partially offset by the $11.4 million increase in accumulated other comprehensive loss and the $27.5 million in stock repurchases for the quarter. Book value per common share was $20.71 at June 30, 2025, compared to $20.40 at March 31, 2025. Tangible book value per common share (non-GAAP) was $13.44(2) at June 30, 2025, compared to $13.15(2) at March 31, 2025. Book value per common share and tangible book value per common share, as of June 30, 2025, were both records for the Company. Branches The Company currently has 75 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City. Conference Call Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, July 17, 2025. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/133918928. 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=862a0326&confId=84106. 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: 171523. A replay of the call will be available by calling 1-866-813-9403, Passcode: 539251, which will be available until July 24, 2025, at 11:59 p.m. CT. Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com.  About Home BancShares Home BancShares, Inc. is a bank holding company headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information. Non-GAAP Financial Measures This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures--including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; efficiency ratio, as adjusted; tangible book value per common share and tangible common equity to tangible assets--to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release. (1) Calculation of this metric is included in the schedules accompanying this release. (2) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release. General This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including any future impacts from inflation or changes in tariffs or trade policies; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; the impacts of recent or future adverse weather events, including hurricanes, and other natural disasters; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025. FOR MORE INFORMATION CONTACT:Donna TownsellDirector of Investor RelationsHome BancShares, Inc.(501) 328-4625  Home BancShares, Inc.  Consolidated End of Period Balance Sheets  (Unaudited)             (In thousands)  Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024ASSETS                     Cash and due from banks $291,344  $319,747  $281,063  $265,408  $229,209 Interest-bearing deposits with other banks  809,729   975,983   629,284   752,269   829,507 Cash and cash equivalents  1,101,073   1,295,730   910,347   1,017,677   1,058,716 Federal funds sold  2,600   6,275   3,725   6,425   — Investment securities - available-for-sale, net of allowance for credit losses  2,899,968   3,003,320   3,072,639   3,270,620   3,344,539 Investment securities - held-to-maturity, net of allowance for credit losses  1,265,292   1,269,896   1,275,204   1,277,090   1,278,853 Total investment securities  4,165,260   4,273,216   4,347,843   4,547,710   4,623,392 Loans receivable  15,180,624   14,952,116   14,764,500   14,823,979   14,781,457 Allowance for credit losses  (281,869)  (279,944)  (275,880)  (312,574)  (295,856)Loans receivable, net  14,898,755   14,672,172   14,488,620   14,511,405   14,485,601 Bank premises and equipment, net  379,729   384,843   386,322   388,776   383,691 Foreclosed assets held for sale  41,529   39,680   43,407   43,040   41,347 Cash value of life insurance  218,113   221,621   219,786   219,353   218,198 Accrued interest receivable  107,732   115,983   120,129   118,871   120,984 Deferred tax asset, net  174,323   170,120   186,697   176,629   195,041 Goodwill  1,398,253   1,398,253   1,398,253   1,398,253   1,398,253 Core deposit intangible  36,255   38,280   40,327   42,395   44,490 Other assets  383,400   376,030   345,292   352,583   350,192 Total assets  $22,907,022  $22,992,203  $22,490,748  $22,823,117  $22,919,905            LIABILITIES AND STOCKHOLDERS' EQUITY          Liabilities          Deposits:          Demand and non-interest-bearing $4,024,574  $4,079,289  $4,006,115  $3,937,168  $4,068,302 Savings and interest-bearing transaction accounts  11,571,949   11,586,106   11,347,850   10,966,426   11,150,516 Time deposits  1,891,909   1,876,096   1,792,332   1,802,116   1,736,985 Total deposits  17,488,432   17,541,491   17,146,297   16,705,710   16,955,803 Securities sold under agreements to repurchase  140,813   161,401   162,350   179,416   137,996 FHLB and other borrowed funds  550,500   600,500   600,750   1,300,750   1,301,050 Accrued interest payable and other liabilities  203,004   207,154   181,080   238,058   230,011 Subordinated debentures  438,957   439,102   439,246   439,394   439,542 Total liabilities   18,821,706   18,949,648   18,529,723   18,863,328   19,064,402            Stockholders' equity           Common stock  1,972   1,982   1,989   1,989   1,997 Capital surplus  2,221,576   2,246,312   2,272,794   2,272,100   2,295,893 Retained earnings  2,097,712   2,018,801   1,942,350   1,880,562   1,819,412 Accumulated other comprehensive loss  (235,944)  (224,540)  (256,108)  (194,862)  (261,799)Total stockholders' equity   4,085,316   4,042,555   3,961,025   3,959,789   3,855,503 Total liabilities and stockholders' equity  $22,907,022  $22,992,203  $22,490,748  $22,823,117  $22,919,905              Home BancShares, Inc.  Consolidated Statements of Income  (Unaudited)                   Quarter Ended  Six Months Ended(In thousands) Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Jun. 30, 2025 Jun. 30, 2024 Interest income:              Loans $276,041  $270,784  $278,409  $281,977  $274,324  $546,825  $539,618 Investment securities              Taxable  26,444   27,433   28,943   31,006   32,587   53,877   65,816 Tax-exempt  7,626   7,650   7,704   7,704   7,769   15,276   15,572 Deposits - other banks  8,951   6,620   7,585   12,096   12,564   15,571   23,092 Federal funds sold  53   55   73   62   59   108   120 Total interest income  319,115   312,542   322,714   332,845   327,303   631,657   644,218  Interest expense:              Interest on deposits  88,489   86,786   90,564   97,785   95,741   175,275   188,289 Federal funds purchased  —   —   —   1   —   —   — FHLB and other borrowed funds  5,539   5,902   9,541   14,383   14,255   11,441   28,531 Securities sold under agreements to repurchase  1,012   1,074   1,346   1,335   1,363   2,086   2,767 Subordinated debentures  4,123   4,124   4,121   4,121   4,122   8,247   8,219 Total interest expense  99,163   97,886   105,572   117,625   115,481   197,049   227,806  Net interest income   219,952   214,656   217,142   215,220   211,822   434,608   416,412 Provision for credit losses on loans  3,000   —   16,700   18,200   8,000   3,000   13,500 Provision for (recovery of) credit losses on unfunded commitments  —   —   —   1,000   —   —   (1,000)Recovery of credit losses on investment securities  —   —   —   (330)  —   —   — Total credit loss expense  3,000   —   16,700   18,870   8,000   3,000   12,500  Net interest income after credit loss expense   216,952   214,656   200,442   196,350   203,822   431,608   403,912  Non-interest income:              Service charges on deposit accounts  9,552   9,650   9,935   9,888   9,714   19,202   19,400 Other service charges and fees  12,643   10,689   11,651   10,490   10,679   23,332   20,868 Trust fees  5,234   4,760   4,526   4,403   4,722   9,994   9,788 Mortgage lending income  4,780   3,599   3,518   4,437   4,276   8,379   7,834 Insurance commissions  589   535   483   595   565   1,124   1,073 Increase in cash value of life insurance  1,415   1,842   1,215   1,161   1,279   3,257   2,474 Dividends from FHLB, FRB, FNBB & other  2,657   2,718   2,820   2,637   2,998   5,375   6,005 Gain on SBA loans  —   288   218   145   56   288   254 Gain (loss) on branches, equipment and other assets, net  972   (163)  26   32   2,052   809   2,044 Gain (loss) on OREO, net  13   (376)  (2,423)  85   49   (363)  66 Fair value adjustment for marketable securities  (238)  442   850   1,392   (274)  204   729 Other income  13,462   11,442   8,403   7,514   6,658   24,904   14,038 Total non-interest income  51,079   45,426   41,222   42,779   42,774   96,505   84,573  Non-interest expense:              Salaries and employee benefits  64,318   61,855   60,824   58,861   60,427   126,173   121,337 Occupancy and equipment  14,023   14,425   14,526   14,546   14,408   28,448   28,959 Data processing expense  8,364   8,558   9,324   9,088   8,935   16,922   18,082 Other operating expenses  29,335   28,090   27,536   27,550   29,415   57,425   56,303 Total non-interest expense  116,040   112,928   112,210   110,045   113,185   228,968   224,681  Income before income taxes   151,991   147,154   129,454   129,084   133,411   299,145   263,804 Income tax expense  33,588   31,945   28,890   29,046   31,881   65,533   62,165 Net income  $118,403  $115,209  $100,564  $100,038  $101,530  $233,612  $201,639                 Home BancShares, Inc.Selected Financial Information(Unaudited)                 Quarter Ended Six Months Ended(Dollars and shares in thousands, except per share data) Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Jun. 30, 2025 Jun. 30, 2024PER SHARE DATA              Diluted earnings per common share $0.60  $0.58  $0.51  $0.50  $0.51  $1.18  $1.00 Diluted earnings per common share, as adjusted (non-GAAP)(1)   0.58   0.56   0.50   0.50   0.52   1.14   1.01 Basic earnings per common share  0.60   0.58   0.51   0.50   0.51   1.18   1.00 Dividends per share - common  0.20   0.195   0.195   0.195   0.18   0.395   0.36 Shareholder buyback yield(2)  0.49%  0.53%  0.05%  0.56%  0.67%  1.02%  1.12%Book value per common share $20.71  $20.40  $19.92  $19.91  $19.30  $20.71  $19.30 Tangible book value per common share (non-GAAP)(1)  13.44   13.15   12.68   12.67   12.08   13.44   12.08                STOCK INFORMATION              Average common shares outstanding  197,532   198,657   198,863   199,380   200,319   198,091   200,765 Average diluted shares outstanding  197,765   198,852   198,973   199,461   200,465   198,289   200,909 End of period common shares outstanding  197,239   198,206   198,882   198,879   199,746   197,239   199,746                ANNUALIZED PERFORMANCE METRICS                             Return on average assets (ROA)  2.08%  2.07%  1.77%  1.74%  1.79%  2.08%  1.78%Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)  2.02%  2.01%  1.76%  1.72%  1.83%  2.02%  1.79%Return on average assets excluding intangible amortization (non-GAAP)(1)  2.25%  2.24%  1.92%  1.88%  1.94%  2.25%  1.93%Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)  2.18%  2.18%  1.91%  1.86%  1.98%  2.18%  1.94%Return on average common equity (ROE)  11.77%  11.75%  10.13%  10.23%  10.73%  11.76%  10.69%Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)  11.39%  11.41%  10.05%  10.12%  10.98%  11.40%  10.76%Return on average tangible common equity (ROTCE) (non-GAAP)(1)  18.26%  18.39%  15.94%  16.26%  17.29%  18.33%  17.26%Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)  17.68%  17.87%  15.82%  16.09%  17.69%  17.77%  17.38%Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)  18.50%  18.64%  16.18%  16.51%  17.56%  18.57%  17.53%Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)  17.92%  18.12%  16.07%  16.34%  17.97%  18.02%  17.66%               (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.(2) Calculation of this metric is included in the schedules accompanying this release. Home BancShares, Inc.Selected Financial Information (Unaudited)                 Quarter Ended Six Months Ended(Dollars in thousands) Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Jun. 30, 2025 Jun. 30, 2024Efficiency ratio  41.68%  42.22%  42.24%  41.42%  43.17%  41.94%  43.69%Efficiency ratio, as adjusted (non-GAAP)(1)  42.01%  42.84%  42.00%  41.66%  42.59%  42.42%  43.50%Net interest margin - FTE (NIM)  4.44%  4.44%  4.39%  4.28%  4.27%  4.44%  4.20%Fully taxable equivalent adjustment $2,526  $2,534  $2,398  $2,616  $2,628  $5,060  $3,520 Total revenue (net)  271,031   260,082   258,364   257,999   254,596   531,113   500,985 Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)  154,991   147,154   146,154   147,954   141,411   302,145   276,304 PPNR, as adjusted (non-GAAP)(1)  150,404   142,821   145,209   146,562   141,886   293,225   275,614 Pre-tax net income to total revenue (net)  56.08%  56.58%  50.11%  50.03%  52.40%  56.32%  52.66%Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)  54.39%  54.91%  49.74%  49.49%  52.59%  54.64%  52.52%P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)  57.19%  56.58%  56.57%  57.35%  55.54%  56.89%  55.15%P5NR, as adjusted (non-GAAP)(1)  55.49%  54.91%  56.20%  56.81%  55.73%  55.21%  55.01%Total purchase accounting accretion $1,233  $1,378  $1,610  $1,878  $1,873  $2,611  $4,645 Average purchase accounting loan discounts  16,219   17,493   19,090   20,832   22,788   16,873   23,813                OTHER OPERATING EXPENSES              Advertising $2,054  $1,928  $1,941  $1,810  $1,692  $3,982  $3,346 Amortization of intangibles  2,025   2,047   2,068   2,095   2,140   4,072   4,280 Electronic banking expense  3,172   3,055   3,307   3,569   3,412   6,227   6,568 Directors' fees  431   452   356   362   423   883   921 Due from bank service charges  283   281   271   302   282   564   558 FDIC and state assessment  1,636   3,387   3,216   3,360   5,494   5,023   8,812 Insurance  1,049   999   900   926   905   2,048   1,808 Legal and accounting  2,360   3,641   2,361   1,902   2,617   6,001   4,698 Other professional fees  2,211   1,947   1,736   2,062   2,108   4,158   4,344 Operating supplies  711   711   711   673   613   1,422   1,296 Postage  488   503   518   522   497   991   1,020 Telephone  419   436   438   455   444   855   914 Other expense  12,496   8,703   9,713   9,512   8,788   21,199   17,738 Total other operating expenses $29,335  $28,090  $27,536  $27,550  $29,415  $57,425  $56,303                (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) Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024BALANCE SHEET RATIOS          Total loans to total deposits  86.80%  85.24%  86.11%  88.74%  87.18%Common equity to assets  17.83%  17.58%  17.61%  17.35%  16.82%Tangible common equity to tangible assets (non-GAAP)(1)  12.35%  12.09%  11.98%  11.78%  11.23%        .  LOANS RECEIVABLE          Real estate          Commercial real estate loans          Non-farm/non-residential $5,553,182  $5,588,681  $5,426,780  $5,496,536  $5,599,925 Construction/land development  2,695,561   2,735,760   2,736,214   2,741,419   2,511,817 Agricultural  315,926   335,437   336,993   335,965   345,461 Residential real estate loans          Residential 1-4 family  2,138,990   1,947,872   1,956,489   1,932,352   1,910,143 Multifamily residential  620,439   576,089   496,484   482,648   509,091 Total real estate  11,324,098   11,183,839   10,952,960   10,988,920   10,876,437 Consumer  1,218,834   1,227,745   1,234,361   1,219,197   1,189,386 Commercial and industrial  2,107,326   2,045,036   2,022,775   2,084,667   2,242,072 Agricultural  323,457   314,323   367,251   352,963   314,600 Other  206,909   181,173   187,153   178,232   158,962 Loans receivable $15,180,624  $14,952,116  $14,764,500  $14,823,979  $14,781,457            ALLOWANCE FOR CREDIT LOSSES          Balance, beginning of period $279,944  $275,880  $312,574  $295,856  $290,294 Loans charged off  4,071   3,458   53,959   2,001   3,098 Recoveries of loans previously charged off  2,996   7,522   565   519   660 Net loans charged off (recovered)  1,075   (4,064)  53,394   1,482   2,438 Provision for credit losses - loans  3,000   —   16,700   18,200   8,000 Balance, end of period $281,869  $279,944  $275,880  $312,574  $295,856            Net charge-offs (recoveries) to average total loans  0.03%  (0.11)%  1.44%  0.04%  0.07%Allowance for credit losses to total loans  1.86%  1.87%  1.87%  2.11%  2.00%           NON-PERFORMING ASSETS          Non-performing loans          Non-accrual loans $89,261  $86,383  $93,853  $95,747  $78,090 Loans past due 90 days or more  7,031   3,264   5,034   5,356   8,251 Total non-performing loans  96,292   89,647   98,887   101,103   86,341 Other non-performing assets          Foreclosed assets held for sale, net  41,529   39,680   43,407   43,040   41,347 Other non-performing assets  —   63   63   63   63 Total other non-performing assets  41,529   39,743   43,470   43,103   41,410 Total non-performing assets $137,821  $129,390  $142,357  $144,206  $127,751            Allowance for credit losses for loans to non-performing loans  292.72%  312.27%  278.99%  309.16%  342.66%Non-performing loans to total loans  0.63%  0.60%  0.67%  0.68%  0.58%Non-performing assets to total assets  0.60%  0.56%  0.63%  0.63%  0.56%           (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release. Home BancShares, Inc.Consolidated Net Interest Margin(Unaudited)               Three Months Ended  June 30, 2025 March 31, 2025(Dollars in thousands) Average Balance Income/ Expense Yield/ Rate Average Balance Income/ Expense Yield/ RateASSETS            Earning assets            Interest-bearing balances due from banks $813,833 $8,951 4.41% $611,962 $6,620 4.39%Federal funds sold  4,878  53 4.36%  5,091  55 4.38%Investment securities - taxable  3,095,764  26,444 3.43%  3,179,290  27,433 3.50%Investment securities - non-taxable - FTE  1,113,044  10,033 3.62%  1,135,783  10,061 3.59%Loans receivable - FTE  15,055,414  276,160 7.36%  14,893,912  270,907 7.38%Total interest-earning assets  20,082,933  321,641 6.42%  19,826,038  315,076 6.45%Non-earning assets  2,714,805      2,722,797    Total assets $22,797,738     $22,548,835                 LIABILITIES AND SHAREHOLDERS' EQUITY           Liabilities            Interest-bearing liabilities            Savings and interest-bearing transaction accounts $11,541,641 $71,042 2.47% $11,402,688 $69,672 2.48%Time deposits  1,886,147  17,447 3.71%  1,801,503  17,114 3.85%Total interest-bearing deposits  13,427,788  88,489 2.64%  13,204,191  86,786 2.67%Federal funds purchased  46  — —%  —  — —%Securities sold under agreement to repurchase 143,752  1,012 2.82%  155,861  1,074 2.79%FHLB and other borrowed funds  566,984  5,539 3.92%  600,681  5,902 3.98%Subordinated debentures  439,027  4,123 3.77%  439,173  4,124 3.81%Total interest-bearing liabilities  14,577,597  99,163 2.73%  14,399,906  97,886 2.76%Non-interest bearing liabilities            Non-interest bearing deposits  3,981,901      3,980,944    Other liabilities  202,085      190,314    Total liabilities  18,761,583      18,571,164    Shareholders' equity  4,036,155      3,977,671    Total liabilities and shareholders' equity $22,797,738     $22,548,835    Net interest spread     3.69%     3.69%Net interest income and margin - FTE   $222,478 4.44%   $217,190 4.44%              Home BancShares, Inc.Consolidated Net Interest Margin(Unaudited)               Six Months Ended  June 30, 2025 June 30, 2024(Dollars in thousands) Average Balance Income/ Expense Yield/ Rate Average Balance Income/ Expense Yield/ RateASSETS            Earning assets            Interest-bearing balances due from banks $713,455 $15,571 4.40% $865,686 $23,092 5.36%Federal funds sold  4,984  108 4.37%  4,718  120 5.11%Investment securities - taxable  3,137,296  53,877 3.46%  3,459,639  65,816 3.83%Investment securities - non-taxable - FTE  1,124,351  20,094 3.60%  1,221,431  18,896 3.11%Loans receivable - FTE  14,975,109  547,067 7.37%  14,568,029  539,814 7.45%Total interest-earning assets  19,955,195  636,717 6.43%  20,119,503  647,738 6.47%Non-earning assets  2,718,779      2,660,101    Total assets $22,673,974     $22,779,604                 LIABILITIES AND SHAREHOLDERS' EQUITY          Liabilities            Interest-bearing liabilities            Savings and interest-bearing transaction accounts $11,472,548 $140,713 2.47% $11,078,749 $153,525 2.79%Time deposits  1,844,059  34,562 3.78%  1,708,902  34,764 4.09%Total interest-bearing deposits  13,316,607  175,275 2.65%  12,787,651  188,289 2.96%Federal funds purchased  23  — —%  17  — —%Securities sold under agreement to repurchase 149,773  2,086 2.81%  165,962  2,767 3.35%FHLB and other borrowed funds  583,739  11,441 3.95%  1,301,071  28,531 4.41%Subordinated debentures  439,100  8,247 3.79%  439,686  8,219 3.76%Total interest-bearing liabilities  14,489,242  197,049 2.74%  14,694,387  227,806 3.12%Non-interest bearing liabilities            Non-interest bearing deposits  3,981,425      4,050,787    Other liabilities  196,232      239,704    Total liabilities  18,666,899      18,984,878    Shareholders' equity  4,007,075      3,794,726    Total liabilities and shareholders' equity $22,673,974     $22,779,604    Net interest spread     3.69%     3.35%Net interest income and margin - FTE   $439,668 4.44%   $419,932 4.20% Home BancShares, Inc.Non-GAAP Reconciliations(Unaudited)                 Quarter Ended Six Months Ended(Dollars and shares in thousands, except per share data) Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Jun. 30, 2025 Jun. 30, 2024EARNINGS, AS ADJUSTED              GAAP net income available to common shareholders (A) $118,403  $115,209  $100,564  $100,038  $101,530  $233,612  $201,639 Pre-tax adjustments              FDIC special assessment  (1,516)  —   —   —   2,260   (1,516)  2,260 BOLI death benefits  (1,243)  —   (95)  —   —   (1,243)  (162)Gain on sale of premises and equipment  (983)  —   —   —   (2,059)  (983)  (2,059)Fair value adjustment for marketable securities  238   (442)  (850)  (1,392)  274   (204)  (729)Special income from equity investment  (3,498)  (3,891)  —   —   —   (7,389)  — Legal fee reimbursement  (885)  —   —   —   —   (885)  — Legal claims expense  3,300   —   —   —   —   3,300   — Total pre-tax adjustments  (4,587)  (4,333)  (945)  (1,392)  475   (8,920)  (690)Tax-effect of adjustments  (817)  (1,059)  (208)  (348)  119   (1,876)  (132)Deferred tax asset write-down  —   —   —   —   2,030   —   2,030 Total adjustments after-tax (B)  (3,770)  (3,274)  (737)  (1,044)  2,386   (7,044)  1,472 Earnings, as adjusted (C) $114,633  $111,935  $99,827  $98,994  $103,916  $226,568  $203,111                Average diluted shares outstanding (D)  197,765   198,852   198,973   199,461   200,465   198,289   200,909                GAAP diluted earnings per share: (A/D) $0.60  $0.58  $0.51  $0.50  $0.51  $1.18  $1.00 Adjustments after-tax: (B/D)  (0.02)  (0.02)  (0.01)  0.00   0.01   (0.04)  0.01 Diluted earnings per common share, as adjusted: (C/D) $0.58  $0.56  $0.50  $0.50  $0.52  $1.14  $1.01                ANNUALIZED RETURN ON AVERAGE ASSETS              Return on average assets: (A/E)  2.08%  2.07%  1.77%  1.74%  1.79%  2.08%  1.78%Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)  2.02%  2.01%  1.76%  1.72%  1.83%  2.02%  1.79%Return on average assets excluding intangible amortization: ((A+C)/(E-F))  2.25%  2.24%  1.92%  1.88%  1.94%  2.25%  1.93%Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))  2.18%  2.18%  1.91%  1.86%  1.98%  2.18%  1.94%               GAAP net income available to common shareholders (A) $118,403  $115,209  $100,564  $100,038  $101,530  $233,612  $201,639 Amortization of intangibles (B)  2,025   2,047   2,068   2,095   2,140   4,072   4,280 Amortization of intangibles after-tax (C)  1,530   1,547   1,563   1,572   1,605   3,077   3,210 Adjustments after-tax (D)  (3,770)  (3,274)  (737)  (1,044)  2,386   (7,044)  1,472 Average assets (E)  22,797,738   22,548,835   22,565,077   22,893,784   22,875,949   22,673,974   22,779,604 Average goodwill & core deposit intangible (F)  1,435,480   1,437,515   1,439,566   1,441,654   1,443,778   1,436,492   1,444,840   Home BancShares, Inc.  Non-GAAP Reconciliations  (Unaudited)                  Quarter Ended Six Months Ended(Dollars in thousands) Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Jun. 30, 2025 Jun. 30, 2024ANNUALIZED RETURN ON AVERAGE COMMON EQUITY              Return on average common equity: (A/D)  11.77%  11.75%  10.13%  10.23%  10.73%  11.76%  10.69%Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)  11.39%  11.41%  10.05%  10.12%  10.98%  11.40%  10.76%Return on average tangible common equity: (ROTCE) (A/(D-E))  18.26%  18.39%  15.94%  16.26%  17.29%  18.33%  17.26%Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))  17.68%  17.87%  15.82%  16.09%  17.69%  17.77%  17.38%Return on average tangible common equity excluding intangible amortization: (B/(D-E))  18.50%  18.64%  16.18%  16.51%  17.56%  18.57%  17.53%Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))  17.92%  18.12%  16.07%  16.34%  17.97%  18.02%  17.66%               GAAP net income available to common shareholders (A) $118,403  $115,209  $100,564  $100,038  $101,530  $233,612  $201,639 Earnings excluding intangible amortization (B)  119,933   116,756   102,127   101,610   103,135   236,689   204,849 Adjustments after-tax (C)  (3,770)  (3,274)  (737)  (1,044)  2,386   (7,044)  1,472 Average common equity (D)  4,036,155   3,977,671   3,950,176   3,889,712   3,805,800   4,007,075   3,794,726 Average goodwill & core deposits intangible (E)  1,435,480   1,437,515   1,439,566   1,441,654   1,443,778   1,436,492   1,444,840                EFFICIENCY RATIO & P5NR              Efficiency ratio: ((D-G)/(B+C+E))  41.68%  42.22%  42.24%  41.42%  43.17%  41.94%  43.69%Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))  42.01%  42.84%  42.00%  41.66%  42.59%  42.42%  43.50%Pre-tax net income to total revenue (net) (A/(B+C))  56.08%  56.58%  50.11%  50.03%  52.40%  56.32%  52.66%Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))  54.39%  54.91%  49.74%  49.49%  52.59%  54.64%  52.52%Pre-tax, pre-provision, net income (PPNR) (B+C-D) $154,991  $147,154  $146,154  $147,954  $141,411  $302,145  $276,304 Pre-tax, pre-provision, net income, as adjusted (B+C-D+F) $150,404  $142,821  $145,209  $146,562  $141,886  $293,225  $275,614 P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)  57.19%  56.58%  56.57%  57.35%  55.54%  56.89%  55.15%P5NR, as adjusted (B+C-D+F)/(B+C)  55.49%  54.91%  56.20%  56.81%  55.73%  55.21%  55.01%               Pre-tax net income (A) $151,991  $147,154  $129,454  $129,084  $133,411  $299,145  $263,804 Net interest income (B)  219,952   214,656   217,142   215,220   211,822   434,608   416,412 Non-interest income (C)  51,079   45,426   41,222   42,779   42,774   96,505   84,573 Non-interest expense (D)  116,040   112,928   112,210   110,045   113,185   228,968   224,681 Fully taxable equivalent adjustment (E)  2,526   2,534   2,398   2,616   2,628   5,060   3,520 Total pre-tax adjustments (F)  (4,587)  (4,333)  (945)  (1,392)  475   (8,920)  (690)Amortization of intangibles (G)  2,025   2,047   2,068   2,095   2,140   4,072   4,280                Adjustments:              Non-interest income:              Fair value adjustment for marketable securities $(238) $442  $850  $1,392  $(274) $204  $729 Gain (loss) on OREO  13   (376)  (2,423)  85   49   (363)  66 Gain (loss) on branches, equipment and other assets, net  972   (163)  26   32   2,052   809   2,044 Special income from equity investment  3,498   3,891   —   —   —   7,389   — BOLI death benefits  1,243   —   95   —   —   1,243   162 Legal expense reimbursement  885   —   —   —   —   885   — Total non-interest income adjustments (H) $6,373  $3,794  $(1,452) $1,509  $1,827  $10,167  $3,001                Non-interest expense:              FDIC special assessment  (1,516)  —   —   —   2,260   (1,516)  2,260 Legal claims expense  3,300   —   —   —   —   3,300   — Total non-interest expense adjustments (I) $1,784  $—  $—  $—  $2,260  $1,784  $2,260                 Home BancShares, Inc. Non-GAAP Reconciliations  (Unaudited)              Quarter Ended  Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024TANGIBLE BOOK VALUE PER COMMON SHARE          Book value per common share: (A/B) $20.71  $20.40  $19.92  $19.91  $19.30 Tangible book value per common share: ((A-C-D)/B)  13.44   13.15   12.68   12.67   12.08            Total stockholders' equity (A) $4,085,316  $4,042,555  $3,961,025  $3,959,789  $3,855,503 End of period common shares outstanding (B)  197,239   198,206   198,882   198,879   199,746 Goodwill (C)  1,398,253   1,398,253   1,398,253   1,398,253   1,398,253 Core deposit and other intangibles (D)  36,255   38,280   40,327   42,395   44,490            TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS          Equity to assets: (B/A)  17.83%  17.58%  17.61%  17.35%  16.82%Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))  12.35%  12.09%  11.98%  11.78%  11.23%           Total assets (A) $22,907,022  $22,992,203  $22,490,748  $22,823,117  $22,919,905 Total stockholders' equity (B)  4,085,316   4,042,555   3,961,025   3,959,789   3,855,503 Goodwill (C)  1,398,253   1,398,253   1,398,253   1,398,253   1,398,253 Core deposit and other intangibles (D)  36,255   38,280   40,327   42,395   44,490             Home BancShares, Inc.Shareholder Buyback Yield(Unaudited)                 Quarter Ended Six Months Ended(Dollars and shares in thousands) Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Jun. 30, 2025 Jun. 30, 2024SHAREHOLDER BUYBACK YIELD              Shareholder buyback yield: (A/B)  0.49%  0.53%  0.05%  0.56%  0.67%  1.02%  1.12%               Shares repurchased  1,000   1,000   96   1,000   1,400   2,000   2,426 Average price per share $26.99  $29.67  $26.38  $26.90  $23.26  $28.33  $23.31 Principal cost  26,989   29,668   2,526   26,902   32,562   56,657   56,549 Excise tax  459   117   (72)  63   285   576   421 Total share repurchase cost (A) $27,448  $29,785  $2,454  $26,965  $32,847  $57,233  $56,970                Shares outstanding beginning of period  198,206   198,882   198,879   199,746   200,797   198,882   201,526 Price per share beginning of period $28.27  $28.30  $27.09  $23.96  $24.57  $28.30  $25.33 Market capitalization beginning of period (B) $5,603,284  $5,628,361  $5,387,632  $4,785,914  $4,933,582  $5,628,361  $5,104,654                

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