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HOMB Run in ‘24. Company Completes Texas Loan Cleanup and Cleans the Asset Bases for ‘25, While Hitting New Records of $1 Billion in Revenue and $400 Million in Earnings

1. Q4 2024 reported net income of $100.6 million, earnings per share $0.51. 2. The company achieved its first $400 million year in earnings. 3. Total loans decreased by $59.5 million while deposits increased to $17.15 billion. 4. Credit loss provisions increased $16.7 million, primarily due to hurricanes. 5. Net interest margin improved to 4.39%, up from 4.28% last quarter.

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Strong earnings and improved margins may boost investor confidence. Similar past performance led to positive price movements.

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The earnings report reveals significant financial health and performance, likely impacting investor strategies.

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Immediate market response expected though long-term continuation depends on economic conditions. Past company earnings have often spurred short-term buy interest.

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HOMBJNJFRC
CONWAY, Ark., Jan. 15, 2025 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.       Quarterly HighlightsMetricQ4 2024Q3 2024Q2 2024Q1 2024Q4 2023Net income$100.6 million$100.0 million$101.5 million$100.1 million$86.2 millionNet income, as adjusted (non-GAAP)(1)$99.8 million$99.0 million$103.9 million$99.2 million$92.2 millionTotal revenue (net)$258.4 million$258.0 million$254.6 million$246.4 million$245.6 millionIncome before income taxes$129.5 million$129.1 million$133.4 million$130.4 million$112.8 millionPre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)$146.2 million$148.0 million$141.4 million$134.9 million$118.4 millionPPNR, as adjusted (non-GAAP)(1)$145.2 million$146.6 million$141.9 million$133.7 million$126.4 millionPre-tax net income to total revenue (net)50.11%50.03%52.40%52.92%45.92%Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)49.74%49.49%52.59%52.45%49.16%P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)56.57%57.35%55.54%54.75%48.22%P5NR, as adjusted (non-GAAP)(1)56.20%56.81%55.73%54.28%51.46%ROA1.77%1.74%1.79%1.78%1.55%ROA, as adjusted (non-GAAP)(1)1.76%1.72%1.83%1.76%1.66%NIM4.39%4.28%4.27%4.13%4.17%Purchase accounting accretion$1.6 million$1.9 million$1.9 million$2.8 million$2.3 millionROE10.13%10.23%10.73%10.64%9.36%ROE, as adjusted (non-GAAP)(1)10.05%10.12%10.98%10.54%10.00%ROTCE (non-GAAP)(1)15.94%16.26%17.29%17.22%15.49%ROTCE, as adjusted (non-GAAP)(1)15.82%16.09%17.69%17.07%16.56%Diluted earnings per share$0.51$0.50$0.51$0.50$0.43Diluted earnings per share, as adjusted (non-GAAP)(1)$0.50$0.50$0.52$0.49$0.46Non-performing assets to total assets0.63%0.63%0.56%0.48%0.42%Common equity tier 1 capital15.1%14.7%14.4%14.3%14.2%Leverage13.0%12.5%12.3%12.3%12.4%Tier 1 capital15.1%14.7%14.4%14.3%14.2%Total risk-based capital18.7%18.3%18.0%17.9%17.8%Allowance for credit losses to total loans1.87%2.11%2.00%2.00%2.00%Book value per share$19.92$19.91$19.30$18.98$18.81Tangible book value per share (non-GAAP)(1)12.6812.6712.0811.7911.63       (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release. “The fourth quarter was a strong finish to 2024, pushing us across the finish line to our first $400 million year in earnings. I’m always proud of the strength of our company, but I’m especially proud of a quarter where margin is up, legacy loans are up, deposits are up, revenue is up, earnings are up, and we managed to swallow an asset quality cleanup that began with legacy loans from Happy Bank and led to a company-wide cleanup. Our strong balance sheet, capital and loan loss reserve allowed us to make a proactive cleanup that puts this in the rear-view mirror for HOMB and sets us up for an even greater year in 2025,” said John Allison, Chairman and CEO of HOMB. Operating Highlights Net income for the three-month period ended December 31, 2024 was $100.6 million, or $0.51 diluted earnings per share. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $99.8 million(1) and $0.50 per share(1), respectively, for the three months ended December 31, 2024. During the quarter ended December 31, 2024, the Company recorded an additional $16.7 million in credit loss expense as a result of Hurricanes Helene and Milton. This provision, along with the $16.7 million provision recorded during the third quarter of 2024, brings our total hurricane reserve to $33.4 million. The two hurricanes spanned across the third and fourth quarters, and the amount of time it takes for customers to settle with insurance will no doubt increase, with two back-to-back events. As of December 31, 2024, the Company had $110.9 million in loans on deferral as a result of the two hurricanes. No additional provision for credit losses on loans was recorded for the quarter ended December 31, 2024, as the current level of reserves was considered adequate for the loan portfolio. Our net interest margin was 4.39% for the three-month period ended December 31, 2024, compared to 4.28% for the three-month period ended September 30, 2024. The yield on loans was 7.49% and 7.60% for the three months ended December 31, 2024 and September 30, 2024, respectively, as average loans increased from $14.76 billion to $14.80 billion. Additionally, the rate on interest bearing deposits decreased to 2.80% as of December 31, 2024, from 3.02% as of September 30, 2024, while average interest-bearing deposits decreased from $12.87 billion to $12.86 billion. During the fourth quarter of 2024, the Company paid off its $700.0 million advance from the Federal Reserve’s Bank Term Funding Program (“BTFP”). This improved the net interest margin by six basis points. In addition, during the fourth quarter of 2024, there was $1.5 million of event interest income compared to $573,000 of event interest income for the third quarter of 2024. This was accretive to the margin by two basis points. Purchase accounting accretion on acquired loans was $1.6 million and $1.9 million for the three-month periods ended December 31, 2024 and September 30, 2024, respectively, and average purchase accounting loan discounts were $19.1 million and $20.8 million for the three-month periods ended December 31, 2024 and September 30, 2024, respectively. Net interest income on a fully taxable equivalent basis was $219.5 million for the three-month period ended December 31, 2024, and $217.8 million for the three-month period ended September 30, 2024. This increase in net interest income for the three-month period ended December 31, 2024, was the result of a $12.1 million decrease in interest expense, partially offset by a $10.3 million decrease in interest income. The $12.1 million decrease in interest expense was due to a $7.2 million decrease in interest expense on deposits and a $4.8 million decrease in FHLB and other borrowed funds resulting from the payoff of the BTFP advance. The $10.3 million decrease in interest income was primarily the result of a $4.5 million decrease in income from deposits with other banks resulting from the payoff of the BTFP advance and the declining interest rate environment. In addition loan interest income decreased by $3.6 million and investment income decreased by $2.3 million. The overall decrease in interest income and interest expense is primarily due to the declining interest rate environment as well as the reduction in the average interest earning assets and liabilities. The Company reported $41.2 million of non-interest income for the fourth quarter of 2024. The most important components of fourth quarter non-interest income were $11.7 million from other service charges and fees, $9.9 million from service charges on deposit accounts, $8.4 million from other income, $4.5 million from trust fees, $3.5 million in mortgage lending income, $2.8 million from dividends from FHLB, FRB, FNBB and other, $1.2 million from the increase in cash value of life insurance and $850,000 from the fair value adjustment for marketable securities. This was partially offset by a $2.4 million loss on OREO. Non-interest expense for the fourth quarter of 2024 was $112.2 million. The most important components of non-interest expense were $60.8 million from salaries and employee benefits, $27.5 million in other operating expense, $14.5 million in occupancy and equipment expenses and $9.3 million in data processing expenses. For the fourth quarter of 2024, our efficiency ratio was 42.24%, and our efficiency ratio, as adjusted (non-GAAP), was 42.00%(1). Financial Condition Total loans receivable were $14.76 billion at December 31, 2024, compared to $14.82 billion at September 30, 2024. Total deposits were $17.15 billion at December 31, 2024, compared to $16.71 billion at September 30, 2024. Total assets were $22.49 billion at December 31, 2024, compared to $22.82 billion at September 30, 2024. During the fourth quarter of 2024, the Company had a $59.5 million decline in loans. Our community banking footprint experienced $121.1 million in organic loan growth during the quarter ended December 31, 2024, and Centennial CFG experienced $180.4 million of organic loan decline and had loans of $1.82 billion at December 31, 2024. Non-performing loans to total loans were 0.67% and 0.68% at December 31, 2024 and September 30, 2024, respectively. Non-performing assets to total assets were 0.63% at both December 31, 2024 and September 30, 2024. Net charge-offs were $53.4 million and $1.5 million for the three months ended December 31, 2024 and September 30, 2024, respectively. As previously noted, during the fourth quarter of 2024, the Company completed an asset quality cleanup project. The charge-off detail by region for the fourth quarter of 2024 can be seen below.               (in thousands)Texas Arkansas Centennial CFG Shore Premier Finance Florida Alabama TotalCharge-off$47,774  $2,108  $1,973  $1,457  $637  $10  $53,959 Recovery 174   181   —   15   193   2   565 Net charge-offs$47,600  $1,927  $1,973  $1,442  $444  $8  $53,394 Percentage of total 89.1%  3.6%  3.7%  2.7%  0.8%  —%  100.0%                             Non-performing loans at December 31, 2024 were $98.9 million, and non-performing assets at December 31, 2024 were $142.4 million. The detail by region can be seen below.                             (in thousands)Texas Arkansas Centennial CFG Shore Premier Finance Florida Alabama TotalNon-accrual loans 23,494   18,448   7,390   5,537   38,778   206   93,853 Loans 90+ days past due 4,134   538   —   —   362   —   5,034 Total non-performing loans 27,628   18,986   7,390   5,537   39,140   206   98,887                             Foreclosed assets held for sale 13,924   757   22,775   —   5,951   —   43,407 Other non-performing assets 63   —   —   —   —   —   63 Total other non-performing assets 13,987   757   22,775   —   5,951   —   43,470 Total non-performing assets 41,615   19,743   30,165   5,537   45,091   206   142,357                              The Company’s allowance for credit losses on loans was $275.9 million at December 31, 2024, or 1.87% of total loans, compared to the allowance for credit losses on loans of $312.6 million, or 2.11% of total loans, at September 30, 2024. As of December 31, 2024 and September 30, 2024, the Company’s allowance for credit losses on loans was 278.99% and 309.16% of its total non-performing loans, respectively. The reduction in the allowance for credit losses reflects the net charge-offs during the quarter as a result of the asset quality cleanup project, partially offset by the additional hurricane provision. Stockholders’ equity was $3.96 billion at December 31, 2024, which increased approximately $1.2 million from September 30, 2024. The net increase in stockholders’ equity is primarily associated with the $61.8 million increase in retained earnings and $694,000 increase in capital surplus, which was partially offset by the $61.2 million increase in accumulated other comprehensive loss. Book value per common share was $19.92 at December 31, 2024, compared to $19.91 at September 30, 2024. Tangible book value per common share (non-GAAP) was $12.68(1) at December 31, 2024, compared to $12.67(1) at September 30, 2024. Branches The Company currently has 76 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City. Conference Call Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, January 16, 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/494803967. 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://whttps://www.netroadshow.com/events/login?show=17d9ca49&confId=75610. 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: 107042. A replay of the call will be available by calling 1-866-813-9403, Passcode: 637168, which will be available until January 23, 2025, 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. Non-GAAP Financial Measures This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures--including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; efficiency ratio, as adjusted; tangible book value per common share and tangible common equity to tangible assets--to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release. (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release. General This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including the ongoing impacts of inflation; 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, 2023, filed with the SEC on February 26, 2024. FOR MORE INFORMATION CONTACT: Donna Townsell Director of Investor Relations Home BancShares, Inc. (501) 328-4625   Home BancShares, Inc.  Consolidated End of Period Balance Sheets  (Unaudited)            (In thousands) Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023ASSETS          Cash and due from banks $281,063  $265,408  $229,209  $205,262  $226,363 Interest-bearing deposits with other banks  629,284   752,269   829,507   969,996   773,850 Cash and cash equivalents  910,347   1,017,677   1,058,716   1,175,258   1,000,213 Federal funds sold  3,725   6,425   —   5,200   5,100 Investment securities - available-for-sale, net of allowance for credit losses  3,072,639   3,270,620   3,344,539   3,400,884   3,507,841 Investment securities - held-to-maturity, net of allowance for credit losses  1,275,204   1,277,090   1,278,853   1,280,586   1,281,982 Total investment securities  4,347,843   4,547,710   4,623,392   4,681,470   4,789,823 Loans receivable  14,764,500   14,823,979   14,781,457   14,513,673   14,424,728 Allowance for credit losses  (275,880)  (312,574)  (295,856)  (290,294)  (288,234)Loans receivable, net  14,488,620   14,511,405   14,485,601   14,223,379   14,136,494 Bank premises and equipment, net  386,322   388,776   383,691   389,618   393,300 Foreclosed assets held for sale  43,407   43,040   41,347   30,650   30,486 Cash value of life insurance  219,786   219,353   218,198   215,424   214,516 Accrued interest receivable  120,129   118,871   120,984   119,029   118,966 Deferred tax asset, net  186,697   176,629   195,041   202,882   197,164 Goodwill  1,398,253   1,398,253   1,398,253   1,398,253   1,398,253 Core deposit intangible  40,327   42,395   44,490   46,630   48,770 Other assets  345,292   352,583   350,192   347,928   323,573 Total assets $22,490,748  $22,823,117  $22,919,905  $22,835,721  $22,656,658            LIABILITIES AND STOCKHOLDERS' EQUITY          Liabilities          Deposits:          Demand and non-interest-bearing $4,006,115  $3,937,168  $4,068,302  $4,115,603  $4,085,501 Savings and interest-bearing transaction accounts  11,347,850   10,966,426   11,150,516   11,047,258   11,050,347 Time deposits  1,792,332   1,802,116   1,736,985   1,703,269   1,651,863 Total deposits  17,146,297   16,705,710   16,955,803   16,866,130   16,787,711 Securities sold under agreements to repurchase  162,350   179,416   137,996   176,107   142,085 FHLB and other borrowed funds  600,750   1,300,750   1,301,050   1,301,050   1,301,300 Accrued interest payable and other liabilities  181,080   238,058   230,011   241,345   194,653 Subordinated debentures  439,246   439,394   439,542   439,688   439,834 Total liabilities  18,529,723   18,863,328   19,064,402   19,024,320   18,865,583            Stockholders' equity          Common stock  1,989   1,989   1,997   2,008   2,015 Capital surplus  2,272,794   2,272,100   2,295,893   2,326,824   2,348,023 Retained earnings  1,942,350   1,880,562   1,819,412   1,753,994   1,690,112 Accumulated other comprehensive loss  (256,108)  (194,862)  (261,799)  (271,425)  (249,075)Total stockholders' equity  3,961,025   3,959,789   3,855,503   3,811,401   3,791,075 Total liabilities and stockholders' equity $22,490,748  $22,823,117  $22,919,905  $22,835,721  $22,656,658              Home BancShares, Inc.  Consolidated Statements of Income  (Unaudited)                   Quarter Ended  Year Ended(In thousands) Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2023Interest income:              Loans $278,409  $281,977  $274,324  $265,294  $260,003  $1,100,004  $989,616 Investment securities              Taxable  28,943   31,006   32,587   33,229   34,016   125,765   138,575 Tax-exempt  7,704   7,704   7,769   7,803   7,855   30,980   31,618 Deposits - other banks  7,585   12,096   12,564   10,528   4,281   42,773   15,023 Federal funds sold  73   62   59   61   65   255   221 Total interest income  322,714   332,845   327,303   316,915   306,220   1,299,777   1,175,053 Interest expense:              Interest on deposits  90,564   97,785   95,741   92,548   87,971   376,638   295,978 Federal funds purchased  —   1   —   —   —   1   3 FHLB and other borrowed funds  9,541   14,383   14,255   14,276   9,878   52,455   30,825 Securities sold under agreements to repurchase  1,346   1,335   1,363   1,404   1,480   5,448   4,813 Subordinated debentures  4,121   4,121   4,122   4,097   4,121   16,461   16,489 Total interest expense  105,572   117,625   115,481   112,325   103,450   451,003   348,108 Net interest income  217,142   215,220   211,822   204,590   202,770   848,774   826,945 Provision for credit losses on loans  16,700   18,200   8,000   5,500   5,650   48,400   11,950 Provision for (recovery of) credit losses on unfunded commitments  —   1,000   —   (1,000)  —   —   (1,500)(Recovery of) provision for credit losses on investment securities  —   (330)  —   —   —   (330)  1,683 Total credit loss expense  16,700   18,870   8,000   4,500   5,650   48,070   12,133 Net interest income after credit loss expense  200,442   196,350   203,822   200,090   197,120   800,704   814,812 Non-interest income:              Service charges on deposit accounts  9,935   9,888   9,714   9,686   10,072   39,223   39,207 Other service charges and fees  11,651   10,490   10,679   10,189   10,422   43,009   44,188 Trust fees  4,526   4,403   4,722   5,066   4,316   18,717   17,892 Mortgage lending income  3,518   4,437   4,276   3,558   2,385   15,789   10,738 Insurance commissions  483   595   565   508   480   2,151   2,086 Increase in cash value of life insurance  1,215   1,161   1,279   1,195   1,170   4,850   4,655 Dividends from FHLB, FRB, FNBB & other  2,820   2,637   2,998   3,007   3,010   11,462   11,642 Gain on SBA loans  218   145   56   198   42   617   278 Gain (loss) on branches, equipment and other assets, net  26   32   2,052   (8)  583   2,102   1,507 (Loss) gain on OREO, net  (2,423)  85   49   17   13   (2,272)  332 Fair value adjustment for marketable securities  850   1,392   (274)  1,003   5,024   2,971   (1,094)Other income  8,403   7,514   6,658   7,380   5,331   29,955   38,503 Total non-interest income  41,222   42,779   42,774   41,799   42,848   168,574   169,934 Non-interest expense:              Salaries and employee benefits  60,824   58,861   60,427   60,910   63,430   241,022   256,966 Occupancy and equipment  14,526   14,546   14,408   14,551   14,965   58,031   60,303 Data processing expense  9,324   9,088   8,935   9,147   9,107   36,494   36,329 Other operating expenses  27,536   27,550   29,415   26,888   39,673   111,389   119,265 Total non-interest expense  112,210   110,045   113,185   111,496   127,175   446,936   472,863 Income before income taxes  129,454   129,084   133,411   130,393   112,793   522,342   511,883 Income tax expense  28,890   29,046   31,881   30,284   26,550   120,101   118,954 Net income $100,564  $100,038  $101,530  $100,109  $86,243  $402,241  $392,929                 Home BancShares, Inc.Selected Financial Information(Unaudited)                 Quarter Ended Year Ended(Dollars and shares in thousands, except per share data) Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2023PER SHARE DATA              Diluted earnings per common share $0.51  $0.50  $0.51  $0.50  $0.43  $2.01  $1.94 Diluted earnings per common share, as adjusted (non-GAAP)(1)   0.50   0.50   0.52   0.49   0.46   2.01   1.97 Basic earnings per common share  0.51   0.50   0.51   0.50   0.43   2.01   1.94 Dividends per share - common  0.195   0.195   0.18   0.18   0.18   0.750   0.72 Book value per common share  19.92   19.91   19.30   18.98   18.81   19.92   18.81 Tangible book value per common share (non-GAAP)(1)  12.68   12.67   12.08   11.79   11.63   12.68   11.63                STOCK INFORMATION              Average common shares outstanding  198,863   199,380   200,319   201,210   201,756   199,939   202,627 Average diluted shares outstanding  198,973   199,461   200,465   201,390   201,891   200,069   202,773 End of period common shares outstanding  198,882   198,879   199,746   200,797   201,526   198,882   201,526                ANNUALIZED PERFORMANCE METRICS              Return on average assets (ROA)  1.77%  1.74%  1.79%  1.78%  1.55%  1.77%  1.77%Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)  1.76%  1.72%  1.83%  1.76%  1.66%  1.77%  1.79%Return on average assets excluding intangible amortization (non-GAAP)(1)  1.92%  1.88%  1.94%  1.93%  1.69%  1.92%  1.93%Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)  1.91%  1.86%  1.98%  1.91%  1.81%  1.92%  1.95%Return on average common equity (ROE)  10.13%  10.23%  10.73%  10.64%  9.36%  10.43%  10.82%Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)  10.05%  10.12%  10.98%  10.54%  10.00%  10.42%  10.97%Return on average tangible common equity (ROTCE) (non-GAAP)(1)  15.94%  16.26%  17.29%  17.22%  15.49%  16.66%  18.03%Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)  15.82%  16.09%  17.69%  17.07%  16.56%  16.64%  18.28%Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)  16.18%  16.51%  17.56%  17.50%  15.80%  16.92%  18.36%Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)  16.07%  16.34%  17.97%  17.34%  16.87%  16.91%  18.62%               (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 Year Ended(Dollars in thousands) Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2023               Efficiency ratio  42.24%  41.42%  43.17%  44.22%  50.64%  42.74%  46.21%Efficiency ratio, as adjusted (non-GAAP)(1)  42.00%  41.66%  42.59%  44.43%  46.43%  42.65%  45.24%Net interest margin - FTE (NIM)  4.39%  4.28%  4.27%  4.13%  4.17%  4.27%  4.25%Fully taxable equivalent adjustment $2,398  $2,616  $2,628  $892  $1,091  $8,534  $5,506 Total revenue (net)  258,364   257,999   254,596   246,389   245,618   1,017,348   996,879 Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)  146,154   147,954   141,411   134,893   118,443   570,412   524,016 PPNR, as adjusted (non-GAAP)(1)  145,209   146,562   141,886   133,728   126,402   567,385   531,515 Pre-tax net income to total revenue (net)  50.11%  50.03%  52.40%  52.92%  45.92%  51.34%  51.35%Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)  49.74%  49.49%  52.59%  52.45%  49.16%  51.05%  52.10%P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)  56.57%  57.35%  55.54%  54.75%  48.22%  56.07%  52.57%P5NR, as adjusted (non-GAAP)(1)  56.20%  56.81%  55.73%  54.28%  51.46%  55.77%  53.32%Total purchase accounting accretion $1,610  $1,878  $1,873  $2,772  $2,324  $8,133  $10,587 Average purchase accounting loan discounts  19,090   20,832   22,788   24,820   27,397   21,882   31,334                OTHER OPERATING EXPENSES              Advertising $1,941  $1,810  $1,692  $1,654  $2,226  $7,097  $8,850 Amortization of intangibles  2,068   2,095   2,140   2,140   2,253   8,443   9,685 Electronic banking expense  3,307   3,569   3,412   3,156   3,599   13,444   14,313 Directors' fees  356   362   423   498   399   1,639   1,814 Due from bank service charges  271   302   282   276   274   1,131   1,115 FDIC and state assessment  3,216   3,360   5,494   3,318   16,016   15,388   25,530 Insurance  900   926   905   903   873   3,634   3,567 Legal and accounting  2,361   1,902   2,617   2,081   1,192   8,961   5,230 Other professional fees  1,736   2,062   2,108   2,236   1,640   8,142   8,815 Operating supplies  711   673   613   683   777   2,680   3,138 Postage  518   522   497   523   503   2,060   2,081 Telephone  438   455   444   470   515   1,807   2,160 Other expense  9,713   9,512   8,788   8,950   9,406   36,963   32,967 Total other operating expenses $27,536  $27,550  $29,415  $26,888  $39,673  $111,389  $119,265                (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) Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023BALANCE SHEET RATIOS          Total loans to total deposits  86.11%  88.74%  87.18%  86.05%  85.92%Common equity to assets  17.61%  17.35%  16.82%  16.69%  16.73%Tangible common equity to tangible assets (non-GAAP)(1)  11.98%  11.78%  11.23%  11.06%  11.05%        .  LOANS RECEIVABLE          Real estate          Commercial real estate loans          Non-farm/non-residential $5,426,780  $5,496,536  $5,599,925  $5,616,965  $5,549,954 Construction/land development  2,736,214   2,741,419   2,511,817   2,330,555   2,293,047 Agricultural  336,993   335,965   345,461   337,618   325,156 Residential real estate loans          Residential 1-4 family  1,956,489   1,932,352   1,910,143   1,899,974   1,844,260 Multifamily residential  496,484   482,648   509,091   415,926   435,736 Total real estate  10,952,960   10,988,920   10,876,437   10,601,038   10,448,153 Consumer  1,234,361   1,219,197   1,189,386   1,163,228   1,153,690 Commercial and industrial  2,022,775   2,084,667   2,242,072   2,284,775   2,324,991 Agricultural  367,251   352,963   314,600   278,609   307,327 Other  187,153   178,232   158,962   186,023   190,567 Loans receivable $14,764,500  $14,823,979  $14,781,457  $14,513,673  $14,424,728            ALLOWANCE FOR CREDIT LOSSES          Balance, beginning of period $312,574  $295,856  $290,294  $288,234  $285,562 Loans charged off  53,959   2,001   3,098   3,978   3,592 Recoveries of loans previously charged off  565   519   660   538   614 Net loans charged off  53,394   1,482   2,438   3,440   2,978 Provision for credit losses - loans  16,700   18,200   8,000   5,500   5,650 Balance, end of period $275,880  $312,574  $295,856  $290,294  $288,234            Net charge-offs to average total loans  1.44%  0.04%  0.07%  0.10%  0.08%Allowance for credit losses to total loans  1.87%  2.11%  2.00%  2.00%  2.00%           NON-PERFORMING ASSETS          Non-performing loans          Non-accrual loans $93,853  $95,747  $78,090  $67,055  $59,971 Loans past due 90 days or more  5,034   5,356   8,251   12,928   4,130 Total non-performing loans  98,887   101,103   86,341   79,983   64,101 Other non-performing assets          Foreclosed assets held for sale, net  43,407   43,040   41,347   30,650   30,486 Other non-performing assets  63   63   63   63   785 Total other non-performing assets  43,470   43,103   41,410   30,713   31,271 Total non-performing assets $142,357  $144,206  $127,751  $110,696  $95,372            Allowance for credit losses for loans to non-performing loans  278.99%  309.16%  342.66%  362.94%  449.66%Non-performing loans to total loans  0.67%  0.68%  0.58%  0.55%  0.44%Non-performing assets to total assets  0.63%  0.63%  0.56%  0.48%  0.42%           (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  December 31, 2024 September 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 $643,959  $7,585   4.69% $903,456  $12,096   5.33%Federal funds sold  6,068   73   4.79%  4,629   62   5.33%Investment securities - taxable  3,291,472   28,943   3.50%  3,391,838   31,006   3.64%Investment securities - non-taxable - FTE  1,154,384   9,980   3.44%  1,163,568   10,181   3.48%Loans receivable - FTE  14,798,953   278,531   7.49%  14,762,667   282,116   7.60%Total interest-earning assets  19,894,836   325,112   6.50%  20,226,158   335,461   6.60%Non-earning assets  2,670,241       2,667,626     Total assets $22,565,077      $22,893,784                  LIABILITIES AND SHAREHOLDERS' EQUITY            Liabilities            Interest-bearing liabilities            Savings and interest-bearing transaction accounts $11,058,959  $72,220   2.60% $11,095,572  $79,232   2.84%Time deposits  1,800,618   18,344   4.05%  1,769,952   18,553   4.17%Total interest-bearing deposits  12,859,577   90,564   2.80%  12,865,524   97,785   3.02%Federal funds purchased  —   —   —%  43   1   9.25%Securities sold under agreement to repurchase  174,759   1,346   3.06%  157,178   1,335   3.38%FHLB and other borrowed funds  889,880   9,541   4.27%  1,300,876   14,383   4.40%Subordinated debentures  439,319   4,121   3.73%  439,467   4,121   3.73%Total interest-bearing liabilities  14,363,535   105,572   2.92%  14,763,088   117,625   3.17%Non-interest bearing liabilities            Non-interest bearing deposits  4,024,433       3,993,187     Other liabilities  226,933       247,797     Total liabilities  18,614,901       19,004,072     Shareholders' equity  3,950,176       3,889,712     Total liabilities and shareholders' equity $22,565,077      $22,893,784     Net interest spread      3.58%      3.43%Net interest income and margin - FTE   $219,540   4.39%   $217,836   4.28%              Home BancShares, Inc.Consolidated Net Interest Margin(Unaudited)               Year Ended  December 31, 2024 December 31, 2023(Dollars in thousands) Average Balance Income/ Expense Yield/ Rate Average Balance Income/ Expense Yield/ RateASSETS            Earning assets            Interest-bearing balances due from banks $819,445  $42,773   5.22% $319,733  $15,023   4.70%Federal funds sold  5,035   255   5.06%  3,864   221   5.72%Investment securities - taxable  3,400,325   125,765   3.70%  3,655,632   138,575   3.79%Investment securities - non-taxable - FTE  1,190,033   39,057   3.28%  1,276,566   36,727   2.88%Loans receivable - FTE  14,675,001   1,100,461   7.50%  14,314,732   990,013   6.92%Total interest-earning assets  20,089,839   1,308,311   6.51%  19,570,527   1,180,559   6.03%Non-earning assets  2,664,541       2,647,383     Total assets $22,754,380      $22,217,910                  LIABILITIES AND SHAREHOLDERS' EQUITY            Liabilities            Interest-bearing liabilities            Savings and interest-bearing transaction accounts $11,078,003  $304,976   2.75% $11,162,244  $258,586   2.32%Time deposits  1,747,302   71,662   4.10%  1,284,156   37,392   2.91%Total interest-bearing deposits  12,825,305   376,638   2.94%  12,446,400   295,978   2.38%Federal funds purchased  20   1   5.00%  44   3   6.82%Securities sold under agreement to repurchase  165,965   5,448   3.28%  149,014   4,813   3.23%FHLB and other borrowed funds  1,197,662   52,455   4.38%  753,152   30,825   4.09%Subordinated debentures  439,539   16,461   3.75%  440,125   16,489   3.75%Total interest-bearing liabilities  14,628,491   451,003   3.08%  13,788,735   348,108   2.52%Non-interest bearing liabilities            Non-interest bearing deposits  4,029,684       4,599,241     Other liabilities  238,528       198,634     Total liabilities  18,896,703       18,586,610     Shareholders' equity  3,857,677       3,631,300     Total liabilities and shareholders' equity $22,754,380      $22,217,910     Net interest spread      3.43%      3.51%Net interest income and margin - FTE   $857,308   4.27%   $832,451   4.25%              Home BancShares, Inc.Non-GAAP Reconciliations(Unaudited)                        Quarter Ended Year Ended(Dollars and shares in thousands, except per share data) Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2023EARNINGS, AS ADJUSTED                     GAAP net income available to common shareholders (A) $100,564  $100,038  $101,530  $100,109  $86,243  $402,241  $392,929 Pre-tax adjustments                     FDIC special assessment —  —  2,260  —  12,983  2,260  12,983 BOLI death benefits (95) —  —  (162) —  (257) (3,117)Gain on sale of building —  —  (2,059) —  —  (2,059) — Fair value adjustment for marketable securities (850) (1,392) 274  (1,003) (5,024) (2,971) 1,094 Recoveries on historic losses —  —  —  —  —  —  (3,461)Total pre-tax adjustments (945) (1,392) 475  (1,165) 7,959  (3,027) 7,499 Tax-effect of adjustments (208) (348) 119  (251) 1,989  (688) 1,959 Deferred tax asset write-down —  —  2,030  —  —  2,030  — Total adjustments after-tax (B) (737) (1,044) 2,386  (914) 5,970  (309) 5,540 Earnings, as adjusted (C) $99,827  $98,994  $103,916  $99,195  $92,213  $401,932  $398,469                       Average diluted shares outstanding (D) 198,973  199,461  200,465  201,390  201,891  200,069  202,773                       GAAP diluted earnings per share: (A/D) $0.51  $0.50  $0.51  $0.50  $0.43  $2.01  $1.94 Adjustments after-tax: (B/D) (0.01) 0.00  0.01  (0.01) 0.03  0.00  0.03 Diluted earnings per common share, as adjusted: (C/D) $0.50  $0.50  $0.52  $0.49  $0.46  $2.01  $1.97                       ANNUALIZED RETURN ON AVERAGE ASSETS                     Return on average assets: (A/E) 1.77% 1.74% 1.79% 1.78% 1.55% 1.77% 1.77%Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E) 1.76% 1.72% 1.83% 1.76% 1.66% 1.77% 1.79%Return on average assets excluding intangible amortization: ((A+C)/(E-F)) 1.92% 1.88% 1.94% 1.93% 1.69% 1.92% 1.93%Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F)) 1.91% 1.86% 1.98% 1.91% 1.81% 1.92% 1.95%                      GAAP net income available to common shareholders (A) $100,564  $100,038  $101,530  $100,109  $86,243  $402,241  $392,929 Amortization of intangibles (B) 2,068  2,095  2,140  2,140  2,253  8,443  9,685 Amortization of intangibles after-tax (C) 1,563  1,572  1,605  1,605  1,690  6,345  7,288 Adjustments after-tax (D) (737) (1,044) 2,386  (914) 5,970  (309) 5,540 Average assets (E) 22,565,077  22,893,784  22,875,949  22,683,259  22,056,440  22,754,380  22,217,910 Average goodwill & core deposit intangible (F) 1,439,566  1,441,654  1,443,778  1,445,902  1,448,061  1,442,713  1,451,705                         Home BancShares, Inc. Non-GAAP Reconciliations (Unaudited)                               Quarter Ended Year Ended(Dollars in thousands) Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2023ANNUALIZED RETURN ON AVERAGE COMMON EQUITY              Return on average common equity: (A/D)  10.13%  10.23%  10.73%  10.64%  9.36%  10.43%  10.82%Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)  10.05%  10.12%  10.98%  10.54%  10.00%  10.42%  10.97%Return on average tangible common equity: (A/(D-E))  15.94%  16.26%  17.29%  17.22%  15.49%  16.66%  18.03%Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))  15.82%  16.09%  17.69%  17.07%  16.56%  16.64%  18.28%Return on average tangible common equity excluding intangible amortization: (B/(D-E))  16.18%  16.51%  17.56%  17.50%  15.80%  16.92%  18.36%Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))  16.07%  16.34%  17.97%  17.34%  16.87%  16.91%  18.62%               GAAP net income available to common shareholders (A) $100,564  $100,038  $101,530  $100,109  $86,243  $402,241  $392,929 Earnings excluding intangible amortization (B)  102,127   101,610   103,135   101,714   87,933   408,586   400,217 Adjustments after-tax (C)  (737)  (1,044)  2,386   (914)  5,970   (309)  5,540 Average common equity (D)  3,950,176   3,889,712   3,805,800   3,783,652   3,656,720   3,857,677   3,631,300 Average goodwill & core deposits intangible (E)  1,439,566   1,441,654   1,443,778   1,445,902   1,448,061   1,442,713   1,451,705                EFFICIENCY RATIO & P5NR              Efficiency ratio: ((D-G)/(B+C+E))  42.24%  41.42%  43.17%  44.22%  50.64%  42.74%  46.21%Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))  42.00%  41.66%  42.59%  44.43%  46.43%  42.65%  45.24%Pre-tax net income to total revenue (net) (A/(B+C))  50.11%  50.03%  52.40%  52.92%  45.92%  51.34%  51.35%Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))  49.74%  49.49%  52.59%  52.45%  49.16%  51.05%  52.10%Pre-tax, pre-provision, net income (PPNR) (B+C-D) $146,154  $147,954  $141,411  $134,893  $118,443  $570,412  $524,016 Pre-tax, pre-provision, net income, as adjusted (B+C-D+F) $145,209  $146,562  $141,886  $133,728  $126,402  $567,385  $531,515 P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)  56.57%  57.35%  55.54%  54.75%  48.22%  56.07%  52.57%P5NR, as adjusted (B+C-D+F)/(B+C)  56.20%  56.81%  55.73%  54.28%  51.46%  55.77%  53.32%               Pre-tax net income (A) $129,454  $129,084  $133,411  $130,393  $112,793  $522,342  $511,883 Net interest income (B)  217,142   215,220   211,822   204,590   202,770   848,774   826,945 Non-interest income (C)  41,222   42,779   42,774   41,799   42,848   168,574   169,934 Non-interest expense (D)  112,210   110,045   113,185   111,496   127,175   446,936   472,863 Fully taxable equivalent adjustment (E)  2,398   2,616   2,628   892   1,091   8,534   5,506 Total pre-tax adjustments (F)  (945)  (1,392)  475   (1,165)  7,959   (3,027)  7,499 Amortization of intangibles (G)  2,068   2,095   2,140   2,140   2,253   8,443   9,685                Adjustments:              Non-interest income:              Fair value adjustment for marketable securities $850  $1,392  $(274) $1,003  $5,024  $2,971  $(1,094)(Loss) gain on OREO  (2,423)  85   49   17   13   (2,272)  332 Gain (loss) on branches, equipment and other assets, net  26   32   2,052   (8)  583   2,102   1,507 BOLI death benefits  95   —   —   162   —   257   3,117 Recoveries on historic losses  —   —   —   —   —   —   3,461 Total non-interest income adjustments (H) $(1,452) $1,509  $1,827  $1,174  $5,620  $3,058  $7,323                Non-interest expense:              FDIC special assessment  —   —   2,260   —   12,983   2,260   12,983 Total non-interest expense adjustments (I) $—  $—  $2,260  $—  $12,983  $2,260  $12,983                                Home BancShares, Inc.  Non-GAAP Reconciliations  (Unaudited)            Quarter Ended Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023TANGIBLE BOOK VALUE PER COMMON SHARE         Book value per common share: (A/B)$19.92  $19.91  $19.30  $18.98  $18.81 Tangible book value per common share: ((A-C-D)/B) 12.68   12.67   12.08   11.79   11.63           Total stockholders' equity (A)$3,961,025  $3,959,789  $3,855,503  $3,811,401  $3,791,075 End of period common shares outstanding (B) 198,882   198,879   199,746   200,797   201,526 Goodwill (C) 1,398,253   1,398,253   1,398,253   1,398,253   1,398,253 Core deposit and other intangibles (D) 40,327   42,395   44,490   46,630   48,770           TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS         Equity to assets: (B/A) 17.61%  17.35%  16.82%  16.69%  16.73%Tangible common equity to tangible assets: ((B-C-D)/(A-C-D)) 11.98%  11.78%  11.23%  11.06%  11.05%          Total assets (A)$22,490,748  $22,823,117  $22,919,905  $22,835,721  $22,656,658 Total stockholders' equity (B) 3,961,025   3,959,789   3,855,503   3,811,401   3,791,075 Goodwill (C) 1,398,253   1,398,253   1,398,253   1,398,253   1,398,253 Core deposit and other intangibles (D) 40,327   42,395   44,490   46,630   48,770           

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