HOMB Continues Stable Performance in Second Quarter Delivering Record Net Income Through First Six Months of 2021

Company Release - 7/15/2021

CONWAY, Ark., July 15, 2021 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of Centennial Bank, released quarterly earnings today.

Highlights of the Second Quarter of 2021:

Metric Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020
Net Income $79.1 million $91.6 million $81.8 million $69.3 million $62.8 million
Total Revenue (net) $172.4 million $193.4 million $181.9 million $176.1 million $173.7 million
Income (loss) before income taxes $104.1 million $120.5 million $107.7 million $90.4 million $82.1 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) $99.4 million $120.5 million $107.7 million $104.4 million $102.7 million
Pre-tax net income to total revenue (net) 60.42% 62.32% 59.19% 51.32% 47.25%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 57.66% 62.32% 59.19% 59.28% 59.15%
ROA 1.81% 2.22% 1.97% 1.66% 1.55%
NIM 3.61% 4.02% 4.00% 3.92% 4.11%
NIM, excluding PPP loans (non-GAAP)(1) 3.54% 3.87% 3.97% 3.98% 4.16%
Purchase Accounting Accretion $5.8 million
$5.5 million $5.7 million $7.0 million $7.0 million
ROE 11.92% 14.15% 12.72% 10.97% 10.27%
ROTCE (non-GAAP)(1) 19.12% 22.90% 20.96% 18.29% 17.40%
Diluted Earnings Per Share $0.48
$0.55 $0.50 $0.42 $0.38
Non-Performing Assets to Total Assets 0.35% 0.38% 0.48% 0.47% 0.39%
Common Equity Tier 1 Capital 15.0% 14.3% 13.4% 12.6% 12.0%
Leverage 10.9% 11.1% 10.8% 10.4% 10.3%
Tier 1 Capital 15.6% 14.9% 14.0% 13.2% 12.6%
Total Risk-Based Capital 19.5% 18.8% 17.8% 16.9% 16.2%
Allowance for Credit Losses to Total Loans 2.36% 2.25% 2.19% 2.12% 1.99%
Allowance for Credit Losses to Total Loans, excluding PPP loans (non-GAAP)(1) 2.47% 2.40% 2.33% 2.28% 2.14%

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

“An annualized look at gross revenue and pre-tax, pre-provision, net income (PPNR) shows us on a steady track for the last four years,” said John Allison, Chairman. “Net income for the six-month period ended June 30, 2021 was $170.7 million, or $1.03 earnings per share, which is a record for the Company,” Allison stated. “The continued stable performance our team delivers each quarter brings both a sense of pride and comfort during these unstable economic times,” Allison continued.

“Jamie Dimon recently stated that JP Morgan Chase is effectively ‘stockpiling cash’ with plans to be patient because he believes in being prepared for higher rates and more inflation,” quoted Tracy French, Centennial Bank President and Chief Executive Officer. “One of the hardest things we do is maintain our discipline, and although loan growth might seem a little slow, we too plan to be patient as we do not intend to sell the future of our Company. We won’t be one to reach out in the market for short term gain to create long term pain,” French added.

Operating Highlights

Net income for the three-month period ended June 30, 2021 was $79.1 million, or $0.48 earnings per share. Net income for the six-month period ended June 30, 2021 was $170.7 million, or $1.03 earnings per share, which is a record for the Company.

During the second quarter of 2021, the Company recorded a negative provision for unfunded commitments of $4.8 million, or $0.02 per share. This was  primarily due to a single commercial & industrial loan for which a reserve was no longer considered necessary due to the borrower’s current cash flow position. The Company determined that an additional provision for credit losses on loans was not necessary as the current level of the allowance for credit losses was considered adequate as of June 30, 2021.

Our net interest margin was 3.61% for the three-month period ended June 30, 2021 compared to 4.02% for the three-month period ended March 31, 2021. The yield on loans was 5.40% and 5.56% for the three months ended June 30, 2021 and March 31, 2021, respectively, as average loans decreased from $11.02 billion to $10.54 billion. Additionally, the rate on interest bearing deposits decreased to 0.26% as of June 30, 2021 from 0.33% as of March 31, 2021, with average balances of $9.81 billion and $9.55 billion, respectively.

As of June 30, 2021, we had $473.9 million of Paycheck Protection Program (PPP) loans outstanding. These loans are at 1.00% plus the accretion of the origination fee. Excluding PPP loans, our net interest margin (non-GAAP) for the three-month period ended June 30, 2021 was 3.54%.(1) The PPP loans were accretive to the net interest margin by 7 basis points for the three-month period ended June 30, 2021 compared to 15 basis points for the three-month period ended March 31, 2021. This was primarily due to approximately $243.2 million of the Company’s PPP loans being forgiven during the second quarter of 2021 as well as the acceleration of deferred fees for the loans that were forgiven. The $243.2 million of PPP loans forgiven during the second quarter of 2021 were partially offset by $70.7 million in new PPP loan originations and funding during the second quarter of 2021. The deferred fee income decreased from $10.4 million to $6.3 million for the three-month periods ended March 31, 2021 and June 30, 2021, respectively.

The effects of the COVID-19 pandemic continued to create a significant amount of excess liquidity in the market. As a result of this excess liquidity, we had an increase of $966.6 million of average interest-bearing cash balances in the second quarter of 2021 compared to the first quarter of 2021. This excess liquidity diluted the net interest margin by 23 basis points for the three-month period ended June 30, 2021.

Purchase accounting accretion on acquired loans was $5.8 million and $5.5 million and average purchase accounting loan discounts were $38.6 million and $43.9 million for the three-month periods ended June 30, 2021 and March 31, 2021, respectively. Net amortization of time deposit premiums was $30,000 per quarter and net average remaining time deposit premiums were $85,000 and $115,000 for the three-month periods ended June 30, 2021 and March 31, 2021, respectively.

Net interest income on a fully taxable equivalent basis was $143.1 million for the three-month period ended June 30, 2021 and $149.9 million for the three-month period ended March 31, 2021. This decrease in net interest income for the three-month period ended June 30, 2021 was the result of an $8.2 million decrease in interest income, which was partially offset by a $1.3 million decrease in interest expense. The $8.2 million decrease in interest income was primarily the result of a $9.2 million decrease in loan interest income, which was partially offset by a $727,000 net increase in investment income and a $297,000 increase in interest-bearing balances due from banks. The $1.3 million decrease in interest expense was primarily the result of a decrease in interest expense on deposits.

The Company reported $31.1 million of non-interest income for the second quarter of 2021. The most important components of the second quarter non-interest income were $9.7 million from other service charges and fees, $6.2 million from mortgage lending income, $5.1 million from service charges on deposit accounts, $3.0 million from other income, $2.6 million from dividends from FHLB, FRB, FNBB and other, and a $1.3 million adjustment for the increase in fair market value of marketable securities. Included in the $2.6 million in dividends from FHLB, FRB, FNBB and other were $2.2 million in special dividends from equity investments. The Company is still currently involved in these investments; however, past performance does not guarantee future performance.

Non-interest expense for the second quarter of 2021 was $73.0 million. The most important components of the second quarter non-interest expense were $42.5 million from salaries and employee benefits, $15.6 million in other expense and $9.0 million in occupancy and equipment expenses. For the second quarter of 2021, our efficiency ratio was 41.08%.

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

Financial Condition

Total loans receivable were $10.20 billion at June 30, 2021 compared to $10.78 billion at March 31, 2021. Total deposits were $13.89 billion at June 30, 2021 compared to $13.51 billion at March 31, 2021. Total assets were $17.63 billion at June 30, 2021 compared to $17.24 billion at March 31, 2021.

During the second quarter 2021, the Company experienced approximately $579.3 million in loan decline. Centennial CFG experienced $41.1 million of organic loan growth and had loans of $1.56 billion at June 30, 2021. Our legacy footprint experienced $447.9 million in organic loan decline and $172.5 million in PPP loan decline during the quarter.

Non-performing loans to total loans was 0.58% as of June 30, 2021 compared to 0.59% as of March 31, 2021. Non-performing assets to total assets decreased from 0.38% as of March 31, 2021 to 0.35% as of June 30, 2021. Net charge-offs were $2.5 million for both the first and second quarter of 2021.

Non-performing loans at June 30, 2021 were $22.4 million, $31.8 million, $380,000, $1.6 million and $2.7 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $58.9 million. Non-performing assets at June 30, 2021 were $23.2 million, $32.9 million, $424,000, $1.6 million and $2.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $60.9 million.

The Company’s allowance for credit losses on loans was $240.5 million at June 30, 2021, or 2.36% of total loans, compared to the allowance for credit losses of $242.9 million, or 2.25% of total loans, at March 31, 2021. The Company’s allowance for credit losses on loans to total loans, excluding PPP loans (non-GAAP), was 2.47%(1) at June 30, 2021. As of June 30, 2021 and March 31, 2021, the Company’s allowance for credit losses on loans was 407.99% and 383.47% of its total non-performing loans, respectively.

Stockholders’ equity was $2.70 billion at June 30, 2021 compared to $2.65 billion at March 31, 2021, an increase of approximately $51.0 million. The increase in stockholders’ equity was primarily associated with the $56.0 million increase in retained earnings and a $9.7 million increase in accumulated other comprehensive income, which was partially offset by net stock repurchases and share-based compensation activity of $14.7 million. Book value per common share was $16.39 at June 30, 2021 compared to $16.02 at March 31, 2021. Tangible book value per common share (non-GAAP) was $10.31(1) at June 30, 2021 compared to $9.95(1) at March 31, 2021, an increase of 14.51% on an annualized basis.   
______________________________
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Branches

The Company currently has 76 branches in Arkansas, 78 branches in Florida, 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 ET) on Thursday, July 15, 2021. We encourage all participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10157552/e986b17690. Callers who pre-register will be given dial-in instructions and a unique PIN to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be automatically scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-877-508-9586 and asking for the Home BancShares conference call. A replay of the call will be available by calling 1-877-344-7529, Passcode: 10157552, which will be available until July 22, 2021 at 10:59 p.m. CT (11:59 ET). Internet access to the call will be available live or in recorded version on the Company’s website at www.homebancshares.com under “Investor Relations” for 12 months.

Non-GAAP Financial Measures

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

General

This release may contain forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following:  economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment; disruptions, uncertainties and related effects on our business and operations as a result of the ongoing coronavirus (COVID-19) pandemic and measures that have been or may be implemented or imposed in response to the pandemic, including the impact on, among other things, credit quality and liquidity; the ability to identify, complete and successfully integrate new acquisitions; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations, including those in response to the COVID-19 pandemic; technological changes and cybersecurity risks; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021.

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, South Alabama and New York City. The Company’s common stock is traded through the NASDAQ Global Select Market under the symbol “HOMB.”

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)

                                         
    Jun. 30,     Mar. 31,     Dec. 31,     Sep. 30,     Jun. 30,  
(In thousands)   2021     2021     2020     2020     2020  
                                         
ASSETS                                        
                                         
Cash and due from banks   $ 182,226     $ 218,814     $ 242,173     $ 144,197     $ 185,047  
Interest-bearing deposits with other banks     2,759,027       2,259,734       1,021,615       899,140       1,030,609  
Cash and cash equivalents     2,941,253       2,478,548       1,263,788       1,043,337       1,215,656  
Investment securities - available-for-sale, net of                                        
allowance for credit losses     3,053,712       2,539,123       2,473,781       2,361,900       2,238,005  
Loans receivable     10,199,175       10,778,493       11,220,721       11,691,470       11,955,743  
Allowance for credit losses     (240,451 )     (242,932 )     (245,473 )     (248,224 )     (238,340 )
Loans receivable, net     9,958,724       10,535,561       10,975,248       11,443,246       11,717,403  
Bank premises and equipment, net     278,502       278,620       278,614       280,364       279,498  
Foreclosed assets held for sale     1,969       3,004       4,420       4,322       6,292  
Cash value of life insurance     104,132       103,599       103,519       102,989       102,443  
Accrued interest receivable     48,725       55,495       60,528       72,599       80,274  
Deferred tax asset, net     72,273       77,145       70,249       75,167       74,333  
Goodwill     973,025       973,025       973,025       973,025       973,025  
Core deposit and other intangibles     27,886       29,307       30,728       32,149       33,569  
Other assets     166,991       166,814       164,904       160,660       174,908  
Total assets   $ 17,627,192     $ 17,240,241     $ 16,398,804     $ 16,549,758     $ 16,895,406  
                                         
LIABILITIES AND STOCKHOLDERS’ EQUITY                                        
                                         
Liabilities                                        
Deposits:                                        
Demand and non-interest-bearing   $ 4,076,570     $ 3,859,722     $ 3,266,753     $ 3,207,967     $ 3,413,727  
Savings and interest-bearing transaction accounts     8,744,900       8,477,208       8,212,240       8,011,200       7,970,979  
Time deposits     1,069,871       1,175,664       1,246,797       1,718,299       1,793,230  
Total deposits     13,891,341       13,512,594       12,725,790       12,937,466       13,177,936  
Securities sold under agreements to repurchase     150,540       162,929       168,931       158,447       162,858  
FHLB and other borrowed funds     400,000       400,000       400,000       403,428       531,432  
Accrued interest payable and other liabilities     118,415       148,999       127,999       139,485       161,095  
Subordinated debentures     370,707       370,515       370,326       370,133       369,939  
Total liabilities     14,931,003       14,595,037       13,793,046       14,008,959       14,403,260  
                                         
Stockholders’ equity                                        
Common stock     1,645       1,651       1,651       1,652       1,652  
Capital surplus     1,501,615       1,516,286       1,520,617       1,520,103       1,518,631  
Retained earnings     1,163,810       1,107,818       1,039,370       980,699       932,856  
Accumulated other comprehensive income     29,119       19,449       44,120       38,345       39,007  
Total stockholders’ equity     2,696,189       2,645,204       2,605,758       2,540,799       2,492,146  
Total liabilities and stockholders’ equity   $ 17,627,192     $ 17,240,241     $ 16,398,804     $ 16,549,758     $ 16,895,406  



Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)

    Quarter Ended     Six Months Ended  
    Jun. 30,     Mar. 31,     Dec. 31,     Sep. 30,     Jun. 30,     Jun. 30,     Jun. 30,  
(In thousands)   2021     2021     2020     2020     2020     2021     2020  
                                                         
Interest income                                                        
Loans   $ 141,684     $ 150,917     $ 153,407     $ 154,787     $ 158,996     $ 292,601     $ 317,144  
Investment securities                                                        
Taxable     7,185       6,253       6,900       7,227       8,693       13,438       18,469  
Tax-exempt     4,905       5,071       4,979       4,367       3,698       9,976       6,812  
Deposits - other banks     707       410       270       252       211       1,117       1,327  
Federal funds sold     -       -       -       -       -       -       21  
Total interest income     154,481       162,651       165,556       166,633       171,598       317,132       343,773  
                                                         
Interest expense                                                        
Interest on deposits     6,434       7,705       10,596       13,200       15,116       14,139       39,314  
Federal funds purchased     -       -       -       -       -       -       13  
FHLB borrowed funds     1,896       1,875       1,917       2,235       2,656       3,771       5,354  
Securities sold under agreements to repurchase     107       190       208       237       260       297       722  
Subordinated debentures     4,792       4,793       4,810       4,823       4,899       9,585       9,978  
Total interest expense     13,229       14,563       17,531       20,495       22,931       27,792       55,381  
                                                         
Net interest income     141,252       148,088       148,025       146,138       148,667       289,340       288,392  
                                                         
Provision for credit losses - loans     -       -       -       14,000       11,441       -       98,264  
Provision for credit loss - unfunded commitments     (4,752 )     -       -       -       9,214       (4,752 )     16,989  
Total credit loss expense     (4,752 )     -       -       14,000       20,655       (4,752 )     115,253  
                                                         
Net interest income after provision for credit
losses
    146,004       148,088       148,025       132,138       128,012       294,092       173,139  
                                                         
Non-interest income                                                        
Service charges on deposit accounts     5,116       5,002       5,544       4,910       4,296       10,118       10,927  
Other service charges and fees     9,659       7,608       8,425       8,539       7,666       17,267       13,722  
Trust fees     444       522       420       378       397       966       835  
Mortgage lending income     6,202       8,167       10,071       10,177       6,196       14,369       8,817  
Insurance commissions     478       492       366       271       533       970       1,211  
Increase in cash value of life insurance     537       502       534       548       558       1,039       1,118  
Dividends from FHLB, FRB, FNBB & other     2,646       8,609       967       3,433       230       11,255       8,072  
Gain on SBA loans     1,149       -       304       -       -       1,149       341  
(Loss) gain on branches, equipment and                                                        
other assets, net     (23 )     (29 )     217       (27 )     54       (52 )     136  
Gain on OREO, net     619       401       150       470       235       1,020       512  
Gain on securities, net     -       219       -       -       -       219       -  
Fair value adjustment for marketable securities     1,250       5,782       4,271       (1,350 )     919       7,032       (4,899 )
Other income     3,043       8,001       2,616       2,602       3,939       11,044       7,158  
Total non-interest income     31,120       45,276       33,885       29,951       25,023       76,396       47,950  
                                                         
Non-interest expense                                                        
Salaries and employee benefits     42,462       42,059       43,022       41,511       40,088       84,521       79,417  
Occupancy and equipment     9,042       9,237       9,801       9,566       10,172       18,279       19,045  
Data processing expense     5,893       5,870       5,171       4,921       4,614       11,763       8,940  
Other operating expenses     15,585       15,700       16,247       15,714       16,084       31,285       34,030  
Total non-interest expense     72,982       72,866       74,241       71,712       70,958       145,848       141,432  
                                                         
Income (loss) before income taxes     104,142       120,498       107,669       90,377       82,077       224,640       79,657  
Income tax expense (benefit)     25,072       28,896       25,875       21,057       19,250       53,968       16,323  
Net income   $ 79,070     $ 91,602     $ 81,794     $ 69,320     $ 62,827     $ 170,672     $ 63,334  



Home BancShares, Inc.
Selected Financial Information
(Unaudited)

    Quarter Ended     Six Months Ended  
(Dollars and shares in thousands,   Jun. 30,     Mar. 31,     Dec. 31,     Sep. 30,     Jun. 30,     Jun. 30,     Jun. 30,  
except per share data)   2021     2021     2020     2020     2020     2021     2020  
                                                         
PER SHARE DATA                                                        
                                                         
Diluted earnings per common share   $ 0.48     $ 0.55     $ 0.50     $ 0.42     $ 0.38     $ 1.03     $ 0.38  
Diluted earnings per common share, as adjusted,                                                        
excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses (non-GAAP)(1)     0.46       0.47       0.48       0.41       0.38       0.93       0.39  
Basic earnings per common share     0.48       0.55       0.50       0.42       0.38       1.03       0.38  
Dividends per share - common     0.14       0.14       0.14       0.13       0.13       0.28       0.26  
Book value per common share     16.39       16.02       15.78       15.38       15.09       16.39       15.09  
Tangible book value per common share (non-GAAP)(1)     10.31       9.95       9.70       9.30       8.99       10.31       8.99  
                                                         
STOCK INFORMATION                                                        
                                                         
Average common shares outstanding     164,781       165,257       165,119       165,200       165,163       165,018       165,588  
Average diluted shares outstanding     165,226       165,446       165,119       165,200       165,163       165,314       165,588  
End of period common shares outstanding     164,488       165,141       165,095       165,163       165,206       164,488       165,206  
                                                         
ANNUALIZED PERFORMANCE METRICS                                                        
                                                         
Return on average assets     1.81 %     2.22 %     1.97 %     1.66 %     1.55 %     2.01 %     0.81 %
Return on average assets excluding fair value adjustment                                                        
for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROA, as adjusted) (non-GAAP)(1)     1.75 %     1.88 %     1.90 %     1.63 %     1.55 %     1.81 %     0.82 %
Return on average assets excluding intangible                                                        
amortization (non-GAAP)(1)     1.95 %     2.39 %     2.13 %     1.80 %     1.68 %     2.16 %     0.90 %
Return on average common equity     11.92 %     14.15 %     12.72 %     10.97 %     10.27 %     13.02 %     5.16 %
Return on average common equity excluding fair value                                                        
adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROE, as adjusted) (non-GAAP)(1)     11.54 %     11.96 %     12.23 %     10.76 %     10.28 %     11.75 %     5.20 %
Return on average tangible common equity                                                        
(non-GAAP)(1)     19.12 %     22.90 %     20.96 %     18.29 %     17.40 %     20.98 %     8.68 %
Return on average tangible common equity excluding                                                        
intangible amortization (non-GAAP)(1)     19.38 %     23.16 %     21.22 %     18.56 %     17.70 %     21.24 %     8.98 %
Return on average tangible common equity excluding fair                                                        
value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROTCE, as adjusted) (non-GAAP)(1)     18.51 %     19.35 %     20.15 %     17.93 %     17.41 %     18.92 %     8.75 %

(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     Six Months Ended  
    Jun. 30,     Mar. 31,     Dec. 31,     Sep. 30,     Jun. 30,     Jun. 30,     Jun. 30,  
(Dollars in thousands)   2021     2021     2020     2020     2020     2021     2020  
                                                         
                                                         
Efficiency ratio     41.08 %     36.60 %     39.64 %     39.56 %     39.67 %     38.71 %     40.83 %
Efficiency ratio, as adjusted (non-GAAP)(1)     42.06 %     40.67 %     40.67 %     40.08 %     39.38 %     41.35 %     40.34 %
Net interest margin - FTE     3.61 %     4.02 %     4.00 %     3.92 %     4.11 %     3.81 %     4.17 %
Net interest margin - FTE, excluding PPP loans                                                        
(non-GAAP)(1)     3.54 %     3.87 %     3.97 %     3.98 %     4.16 %     3.70 %     4.19 %
Fully taxable equivalent adjustment   $ 1,810     $ 1,857     $ 1,778     $ 1,576     $ 1,434     $ 3,667     $ 2,661  
Total revenue (net)     172,372       193,364       181,910       176,089       173,690       365,736       336,342  
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)     99,390       120,498       107,669       104,377       102,732       219,888       194,910  
Pre-tax net income to total revenue (net)     60.42 %     62.32 %     59.19 %     51.32 %     47.25 %     61.42 %     23.68 %
P5NR (Pre-tax, pre-provision, profit percentage)                                                        
(PPNR to total revenue (net)) (non-GAAP)(1)     57.66 %     62.32 %     59.19 %     59.28 %     59.15 %     60.12 %     57.95 %
Total purchase accounting accretion     5,797       5,485       5,736       6,957       7,036       11,282       14,683  
Average purchase accounting loan discounts     38,568       43,940       49,563       55,835       62,822       41,218       66,105  
                                                         
                                                         
OTHER OPERATING EXPENSES                                                        
                                                         
Advertising   $ 1,194     $ 1,046     $ 1,076     $ 902     $ 795     $ 2,240     $ 2,021  
Merger and acquisition expenses     -       -       -       -       -       -       711  
Amortization of intangibles     1,421       1,421       1,421       1,420       1,486       2,842       3,003  
Electronic banking expense     2,616       2,238       2,282       2,426       2,054       4,854       3,769  
Directors’ fees     414       383       359       429       412       797       836  
Due from bank service charges     273       249       254       259       239       522       462  
FDIC and state assessment     1,108       1,363       1,493       1,607       1,846       2,471       3,394  
Insurance     787       781       795       766       711       1,568       1,457  
Legal and accounting     1,058       846       790       1,235       1,278       1,904       2,197  
Other professional fees     1,796       1,613       1,528       1,661       1,735       3,409       4,961  
Operating supplies     465       487       440       460       553       952       1,088  
Postage     292       338       315       328       313       630       640  
Telephone     365       346       347       321       310       711       634  
Other expense     3,796       4,589       5,147       3,900       4,352       8,385       8,857  
                                                         
Total other operating expenses   $ 15,585     $ 15,700     $ 16,247     $ 15,714     $ 16,084     $ 31,285     $ 34,030  

(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)

    Jun. 30,     Mar. 31,     Dec. 31,     Sep. 30,     Jun. 30,  
(Dollars in thousands)   2021     2021     2020     2020     2020  
                                         
BALANCE SHEET RATIOS                                        
                                         
Total loans to total deposits     73.42 %     79.77 %     88.17 %     90.37 %     90.73 %
Common equity to assets     15.30 %     15.34 %     15.89 %     15.35 %     14.75 %
Tangible common equity to tangible assets (non-GAAP)(1)     10.20 %     10.12 %     10.41 %     9.88 %     9.35 %
                                         
LOANS RECEIVABLE                                        
                                         
Real estate                                        
Commercial real estate loans                                        
Non-farm/non-residential   $ 4,144,375     $ 4,289,142     $ 4,429,060     $ 4,342,141     $ 4,325,795  
Construction/land development     1,541,482       1,612,973       1,562,298       1,748,928       1,818,151  
Agricultural     126,293       113,382       114,431       89,476       105,554  
Residential real estate loans                                        
Residential 1-4 family     1,316,485       1,437,546       1,536,257       1,665,628       1,730,716  
Multifamily residential     332,256       377,661       536,538       491,380       482,635  
Total real estate     7,460,891       7,830,704       8,178,584       8,337,553       8,462,851  
Consumer     824,938       839,819       864,690       883,568       851,344  
Commercial and industrial     1,612,826       1,794,787       1,896,442       2,161,818       2,228,816  
Agricultural     69,152       65,017       66,869       85,365       80,023  
Other     231,368       248,166       214,136       223,166       332,709  
Loans receivable   $ 10,199,175     $ 10,778,493     $ 11,220,721     $ 11,691,470     $ 11,955,743  
                                         
Paycheck Protection Program (PPP) loans (net of discounts)                                        
(included in total loans receivable)     473,894       646,382       675,225       825,362       819,154  
                                         
ALLOWANCE FOR CREDIT LOSSES                                        
                                         
Balance, beginning of period   $ 242,932     $ 245,473     $ 248,224     $ 238,340     $ 228,923  
Loans charged off     3,023       3,047       3,040       4,599       2,582  
Recoveries of loans previously charged off     542       506       289       483       558  
Net loans charged off     2,481       2,541       2,751       4,116       2,024  
Provision for credit losses - loans     -       -       -       14,000       11,441  
Balance, end of period   $ 240,451     $ 242,932     $ 245,473     $ 248,224     $ 238,340  
                                         
Net charge-offs to average total loans     0.09 %     0.09 %     0.10 %     0.14 %     0.07 %
Allowance for credit losses to total loans     2.36 %     2.25 %     2.19 %     2.12 %     1.99 %
Allowance for credit losses to total loans, excluding PPP loans     2.47 %     2.40 %     2.33 %     2.28 %     2.14 %
                                         
NON-PERFORMING ASSETS                                        
                                         
Non-performing loans                                        
Non-accrual loans   $ 55,269     $ 59,142     $ 64,528     $ 65,148     $ 52,074  
Loans past due 90 days or more     3,667       4,209       9,610       8,635       7,824  
Total non-performing loans     58,936       63,351       74,138       73,783       59,898  
Other non-performing assets                                        
Foreclosed assets held for sale, net     1,969       3,004       4,420       4,322       6,292  
Other non-performing assets     -       -       -       247       247  
Total other non-performing assets     1,969       3,004       4,420       4,569       6,539  
Total non-performing assets   $ 60,905     $ 66,355     $ 78,558     $ 78,352     $ 66,437  
                                         
Allowance for credit losses for loans to non-performing loans     407.99 %     383.47 %     331.10 %     336.42 %     397.91 %
Non-performing loans to total loans     0.58 %     0.59 %     0.66 %     0.63 %     0.50 %
Non-performing assets to total assets     0.35 %     0.38 %     0.48 %     0.47 %     0.39 %

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



Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

    Three Months Ended  
    June 30, 2021     March 31, 2021  
    Average   Income/   Yield/     Average   Income/   Yield/  
(Dollars in thousands)   Balance   Expense   Rate     Balance   Expense   Rate  
                                         
ASSETS                                        
Earning assets                                        
Interest-bearing balances due from banks   $ 2,577,101   $ 707     0.11 %   $ 1,610,463   $ 410     0.10 %
Federal funds sold     51     -     0.00 %     119     -     0.00 %
Investment securities - taxable     1,909,485     7,185     1.51 %     1,637,061     6,253     1.55 %
Investment securities - non-taxable - FTE     864,416     6,527     3.03 %     848,158     6,732     3.22 %
Loans receivable - FTE     10,541,466     141,872     5.40 %     11,023,139     151,113     5.56 %
Total interest-earning assets     15,892,519     156,291     3.94 %     15,118,940     164,508     4.41 %
Non-earning assets     1,598,840                   1,599,950              
Total assets   $ 17,491,359                 $ 16,718,890              
                                         
LIABILITIES AND SHAREHOLDERS’ EQUITY                                        
Liabilities                                        
Interest-bearing liabilities                                        
Savings and interest-bearing transaction accounts   $ 8,684,726   $ 3,960     0.18 %   $ 8,338,791   $ 4,716     0.23 %
Time deposits     1,123,287     2,474     0.88 %     1,209,431     2,989     1.00 %
Total interest-bearing deposits     9,808,013     6,434     0.26 %     9,548,222     7,705     0.33 %
Federal funds purchased     -     -     0.00 %     -     -     0.00 %
Securities sold under agreement to repurchase     157,570     107     0.27 %     159,697     190     0.48 %
FHLB borrowed funds     400,000     1,896     1.90 %     400,000     1,875     1.90 %
Subordinated debentures     370,613     4,792     5.19 %     370,421     4,793     5.25 %
Total interest-bearing liabilities     10,736,196     13,229     0.49 %     10,478,340     14,563     0.56 %
Non-interest bearing liabilities                                        
Non-interest bearing deposits     3,966,968                   3,480,050              
Other liabilities     128,048                   134,882              
Total liabilities     14,831,212                   14,093,272              
Shareholders’ equity     2,660,147                   2,625,618              
Total liabilities and shareholders’ equity   $ 17,491,359                 $ 16,718,890              
Net interest spread                 3.45 %                 3.85 %
Net interest income and margin - FTE         $ 143,062     3.61 %         $ 149,945     4.02 %



Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

    Six Months Ended  
    June 30, 2021     June 30, 2020  
    Average   Income/   Yield/     Average   Income/   Yield/  
(Dollars in thousands)   Balance   Expense   Rate     Balance   Expense   Rate  
                                         
ASSETS                                        
Earning assets                                        
Interest-bearing balances due from banks   $ 2,096,452   $ 1,117     0.11 %   $ 542,066   $ 1,327     0.49 %
Federal funds sold     84     -     0.00 %     2,609     21     1.62 %
Investment securities - taxable     1,774,026     13,438     1.53 %     1,690,083     18,469     2.20 %
Investment securities - non-taxable - FTE     856,332     13,259     3.12 %     417,919     8,981     4.32 %
Loans receivable - FTE     10,780,972     292,985     5.48 %     11,399,178     317,636     5.60 %
Total interest-earning assets     15,507,866     320,799     4.17 %     14,051,855     346,434     4.96 %
Non-earning assets     1,599,393                   1,674,486              
Total assets   $ 17,107,259                 $ 15,726,341              
                                         
LIABILITIES AND SHAREHOLDERS’ EQUITY                                        
Liabilities                                        
Interest-bearing liabilities                                        
Savings and interest-bearing transaction accounts   $ 8,512,714   $ 8,677     0.21 %   $ 7,346,281   $ 23,621     0.65 %
Time deposits     1,166,121     5,462     0.94 %     1,899,673     15,693     1.66 %
Total interest-bearing deposits     9,678,835     14,139     0.29 %     9,245,954     39,314     0.86 %
Federal funds purchased     -     -     0.00 %     3,132     13     0.83 %
Securities sold under agreement to repurchase     158,628     297     0.38 %     146,404     722     0.99 %
FHLB borrowed funds     400,000     3,771     1.90 %     637,940     5,354     1.69 %
Subordinated debentures     370,518     9,585     5.22 %     369,749     9,978     5.43 %
Total interest-bearing liabilities     10,607,981     27,792     0.53 %     10,403,179     55,381     1.07 %
Non-interest bearing liabilities                                        
Non-interest bearing deposits     3,724,854                   2,724,537              
Other liabilities     131,446                   128,102              
Total liabilities     14,464,281                   13,255,818              
Shareholders’ equity     2,642,978                   2,470,523              
Total liabilities and shareholders’ equity   $ 17,107,259                 $ 15,726,341              
Net interest spread                 3.64 %                 3.89 %
Net interest income and margin - FTE         $ 293,007     3.81 %         $ 291,053     4.17 %



Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

    Quarter Ended     Six Months Ended  
(Dollars and shares in thousands,   Jun. 30,     Mar. 31,     Dec. 31,     Sep. 30,     Jun. 30,     Jun. 30,     Jun. 30,  
except per share data)   2021     2021     2020     2020     2020     2021     2020  
                                                         
EARNINGS, AS ADJUSTED                                                        
                                                         
GAAP net income available to common shareholders (A)   $ 79,070     $ 91,602     $ 81,794     $ 69,320     $ 62,827     $ 170,672     $ 63,334  
Pre-tax adjustments                                                        
Fair value adjustment for marketable securities     (1,250 )     (5,782 )     (4,271 )     1,350       (919 )     (7,032 )     4,899  
Special dividend from equity investment     (2,200 )     (8,073 )     -       (3,181 )     -       (10,273 )     (7,004 )
Gain on securities     -       (219 )     -       -       -       (219 )     -  
Recoveries on historic losses     -       (5,107 )     -       -       -       (5,107 )     -  
Branch write-off expense     -       -       -       -       981       -       981  
Outsourced special project expense     -       -       -       -       -       -       1,092  
Merger and acquisition expenses     -       -       -       -       -       -       711  
Total pre-tax adjustments     (3,450 )     (19,181 )     (4,271 )     (1,831 )     62       (22,631 )     679  
Tax-effect of adjustments     (902 )     (5,013 )     (1,116 )     (479 )     16       (5,915 )     177  
Total adjustments after-tax (B)     (2,548 )     (14,168 )     (3,155 )     (1,352 )     46       (16,716 )     502  
Earnings, as adjusted (C)   $ 76,522     $ 77,434     $ 78,639     $ 67,968     $ 62,873     $ 153,956     $ 63,836  
                                                         
Average diluted shares outstanding (D)     165,226       165,446       165,119       165,200       165,163       165,314       165,588  
                                                         
GAAP diluted earnings per share: (A/D)   $ 0.48     $ 0.55     $ 0.50     $ 0.42     $ 0.38     $ 1.03     $ 0.38  
Adjustments after-tax: (B/D)     (0.02 )     (0.08 )     (0.02 )     (0.01 )     -       (0.10 )     0.01  
Diluted earnings per common share, as                                                        
adjusted, excluding fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (C/D)   $ 0.46     $ 0.47     $ 0.48     $ 0.41     $ 0.38     $ 0.93     $ 0.39  
                                                         
ANNUALIZED RETURN ON AVERAGE ASSETS                                                        
                                                         
Return on average assets: (A/G)     1.81 %     2.22 %     1.97 %     1.66 %     1.55 %     2.01 %     0.81 %
Return on average assets excluding fair                                                        
value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROA, as adjusted) ((A+F)/G)     1.75 %     1.88 %     1.90 %     1.63 %     1.55 %     1.81 %     0.82 %
Return on average assets excluding intangible                                                        
amortization: ((A+E)/(G-H))     1.95 %     2.39 %     2.13 %     1.80 %     1.68 %     2.16 %     0.90 %
                                                         
GAAP net income available to common shareholders (A)   $ 79,070     $ 91,602     $ 81,794     $ 69,320     $ 62,827     $ 170,672     $ 63,334  
Amortization of intangibles (D)     1,421       1,421       1,421       1,420       1,486       2,842       3,003  
Amortization of intangibles after-tax (E)     1,049       1,049       1,049       1,049       1,098       2,098       2,218  
Adjustments after-tax (F)     (2,548 )     (14,168 )     (3,155 )     (1,352 )     46       (16,716 )     502  
Average assets (G)     17,491,359       16,718,890       16,493,066       16,594,495       16,319,206       17,107,259       15,726,341  
Average goodwill, core deposits & other                                                        
intangible assets (H)     1,001,598       1,003,011       1,004,432       1,005,864       1,007,307       1,002,301       1,003,156  



Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

    Quarter Ended     Six Months Ended  
    Jun. 30,     Mar. 31,     Dec. 31,     Sep. 30,     Jun. 30,     Jun. 30,     Jun. 30,  
(Dollars in thousands)   2021     2021     2020     2020     2020     2021     2020  
                                                         
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY                                                        
                                                         
Return on average common equity: (A/D)     11.92 %     14.15 %     12.72 %     10.97 %     10.27 %     13.02 %     5.16 %
Return on average common equity excluding fair value                                                        
adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROE, as adjusted) ((A+C)/D)     11.54 %     11.96 %     12.23 %     10.76 %     10.28 %     11.75 %     5.20 %
Return on average tangible common equity: (A/(D-E))     19.12 %     22.90 %     20.96 %     18.29 %     17.40 %     20.98 %     8.68 %
Return on average tangible common equity                                                        
excluding intangible amortization: (B/(D-E))     19.38 %     23.16 %     21.22 %     18.56 %     17.70 %     21.24 %     8.98 %
Return on average tangible common equity excluding                                                        
fair value adjustment for marketable securities, special dividend from equity investment, gain on securities, recoveries on historic losses, branch write-off expense, outsourced special project expense & merger and acquisition expenses: (ROTCE, as adjusted) ((A+C)/(D-E))     18.51 %     19.35 %     20.15 %     17.93 %     17.41 %     18.92 %     8.75 %
                                                         
GAAP net income available to common shareholders (A)   $ 79,070     $ 91,602     $ 81,794     $ 69,320     $ 62,827     $ 170,672     $ 63,334  
Earnings excluding intangible amortization (B)     80,119       92,651       82,843       70,369       63,925       172,770       65,553  
Adjustments after-tax (C)     (2,548 )     (14,168 )     (3,155 )     (1,352 )     46       (16,716 )     502  
Average common equity (D)     2,660,147       2,625,618       2,557,251       2,513,792       2,459,941       2,642,978       2,470,523  
Average goodwill, core deposits & other intangible assets (E)     1,001,598       1,003,011       1,004,432       1,005,864       1,007,307       1,002,301       1,003,156  
                                                         
EFFICIENCY RATIO & P5NR                                                        
                                                         
Efficiency ratio: ((D-F)/(B+C+E))     41.08 %     36.60 %     39.64 %     39.56 %     39.67 %     38.71 %     40.83 %
Efficiency ratio, as adjusted: ((D-F-H)/(B+C+E-G))     42.06 %     40.67 %     40.67 %     40.08 %     39.38 %     41.35 %     40.34 %
                                                         
Pre-tax net income to total revenue (net) (A/(B+C))     60.42 %     62.32 %     59.19 %     51.32 %     47.25 %     61.42 %     23.68 %
Pre-tax, pre-provision, net income (PPNR) (B+C-D)   $ 99,390     $ 120,498     $ 107,669     $ 104,377     $ 102,732     $ 219,888     $ 194,910  
P5NR (Pre-tax, pre-provision, profit                                                        
percentage) PPNR to total revenue (net) (B+C-D)/(B+C)     57.66 %     62.32 %     59.19 %     59.28 %     59.15 %     60.12 %     57.95 %
                                                         
Pre-tax net income (A)   $ 104,142     $ 120,498     $ 107,669     $ 90,377     $ 82,077     $ 224,640     $ 79,657  
Net interest income (B)     141,252       148,088       148,025       146,138       148,667       289,340       288,392  
Non-interest income (C)     31,120       45,276       33,885       29,951       25,023       76,396       47,950  
Non-interest expense (D)     72,982       72,866       74,241       71,712       70,958       145,848       141,432  
Fully taxable equivalent adjustment (E)     1,810       1,857       1,778       1,576       1,434       3,667       2,661  
Amortization of intangibles (F)     1,421       1,421       1,421       1,420       1,486       2,842       3,003  
                                                         
Adjustments:                                                        
Non-interest income:                                                        
Fair value adjustment for marketable securities   $ 1,250     $ 5,782     $ 4,271     $ (1,350 )   $ 919     $ 7,032     $ (4,899 )
Gain (loss) on OREO     619       401       150       470       235       1,020       512  
Gain (loss) on branches, equipment and other assets, net     (23 )     (29 )     217       (27 )     54       (52 )     136  
Special dividend from equity investment     2,200       8,073       -       3,181       -       10,273       7,004  
Gain (loss) on securities     -       219       -       -       -       219       -  
Recoveries on historic losses     -       5,107       -       -       -       5,107       -  
Total non-interest income adjustments (G)   $ 4,046     $ 19,553     $ 4,638     $ 2,274     $ 1,208     $ 23,599     $ 2,753  
                                                         
Non-interest expense:                                                        
Branch write-off expense   $ -     $ -     $ -     $ -     $ 981     $ -     $ 981  
Merger Expenses     -       -       -       -       -       -       711  
Outsourced special project expense     -       -       -       -       -       -       1,092  
Total non-interest expense adjustments (H)   $ -     $ -     $ -     $ -     $ 981     $ -     $ 2,784  



Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

    Quarter Ended     Six Months Ended  
    Jun. 30,     Mar. 31,     Dec. 31,     Sep. 30,     Jun. 30,     Jun. 30,     Jun. 30,  
(Dollars in thousands)   2021     2021     2020     2020     2020     2021     2020  
                                                         
ANNUALIZED NET INTEREST MARGIN                                                        
                                                         
Net interest margin: (A/C)     3.61 %     4.02 %     4.00 %     3.92 %     4.11 %     3.81 %     4.17 %
Net interest margin, excluding PPP loans:                                                        
(B/D)     3.54 %     3.87 %     3.97 %     3.98 %     4.16 %     3.70 %     4.19 %
                                                         
Net interest income - FTE (A)   $ 143,062     $ 149,945     $ 149,803     $ 147,714     $ 150,101     $ 293,007     $ 291,053  
PPP loan interest & discount accretion                                                        
income     7,802       11,878       8,841       5,943       4,450       19,680       4,450  
Net interest income - FTE, excluding                                                        
PPP loans (B)   $ 135,260     $ 138,067     $ 140,962     $ 141,771     $ 145,651     $ 273,327     $ 286,603  
                                                         
Average interest-earning assets (C)   $ 15,892,519     $ 15,118,940     $ 14,900,381     $ 14,975,146     $ 14,678,465     $ 15,507,866     $ 14,051,855  
Average PPP loans     581,371       633,790       775,861       821,977       585,946       607,436       292,973  
Average interest-earning assets, excluding                                                        
PPP loans (D)   $ 15,311,148     $ 14,485,150     $ 14,124,520     $ 14,153,169     $ 14,092,519     $ 14,900,430     $ 13,758,882  
                                                         
                       
    Jun. 30,     Mar. 31,     Dec. 31,     Sep. 30,     Jun. 30,                  
    2021     2021     2020     2020     2020                  
                                                         
TANGIBLE BOOK VALUE PER
COMMON SHARE
                                                       
                                                         
Book value per common share: (A/B)   $ 16.39     $ 16.02     $ 15.78     $ 15.38     $ 15.09                  
Tangible book value per common share:                                                        
((A-C-D)/B)     10.31       9.95       9.70       9.30       8.99                  
                                                         
Total stockholders’ equity (A)   $ 2,696,189     $ 2,645,204     $ 2,605,758     $ 2,540,799     $ 2,492,146                  
End of period common shares outstanding (B)     164,488       165,141       165,095       165,163       165,206                  
Goodwill (C)     973,025       973,025       973,025       973,025       973,025                  
Core deposit and other intangibles (D)     27,886       29,307       30,728       32,149       33,569                  
                                                         
                                                         
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS
                                                       
                                                         
Equity to assets: (B/A)     15.30 %     15.34 %     15.89 %     15.35 %     14.75 %                
Tangible common equity to tangible assets:                                                        
((B-C-D)/(A-C-D))     10.20 %     10.12 %     10.41 %     9.88 %     9.35 %                
                                                         
Total assets (A)   $ 17,627,192     $ 17,240,241     $ 16,398,804     $ 16,549,758     $ 16,895,406                  
Total stockholders’ equity (B)     2,696,189       2,645,204       2,605,758       2,540,799       2,492,146                  
Goodwill (C)     973,025       973,025       973,025       973,025       973,025                  
Core deposit and other intangibles (D)     27,886       29,307       30,728       32,149       33,569                  

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Source: Home BancShares, Inc.