EXHIBIT 99.1

HOMB’s Unwavering Discipline, Strong Margins, Great Efficiency, Hard Work and Smart Investments Led to First Quarter Record Revenue and Profits

Conway, AR – Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of Centennial Bank, released record quarterly earnings today.

Highlights of the First Quarter of 2021:

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

“Approximately $11 billion in loans at a yield of 5.56% including accretion, PPP income, and event income; a 36.60% efficiency ratio; a ‘never give up’ approach to charge-offs; starting to reap the benefits of investments; along with a record $91.6 million in net income is paying off handsomely for HOMB shareholders,” said John Allison, Chairman.

“Great results come down to customer service and extreme discipline. We communicate with our customers and we helped them through the PPP process and that results in a long-term trusting partnership,” said Tracy French, Centennial Bank President and Chief Executive Officer.

Operating Highlights

Net income and earnings per share were quarterly records for the Company. Net income increased $9.8 million, or 11.99%, to $91.6 million for the three-month period ended March 31, 2021, from $81.8 million for the three-month period ended December 31, 2020. Earnings per share increased $0.05 per share, or 10.00%, to $0.55 per share for the three-month period ended March 31, 2021, from $0.50 per share for the three-month period ended December 31, 2020.

During the first quarter of 2021, the Company did not record any credit loss expense. The Company’s provisioning model is closely tied to unemployment rate projections which have continued to improve since the fourth quarter of 2020. The Company determined that an additional provision for credit losses on loans was not necessary as the current level of the allowance for credit losses was considered adequate as of March 31, 2021. In addition, the Company determined that the current level of the unfunded commitment reserve was adequate and no additional provision for unfunded commitments was necessary.

Our net interest margin was 4.02% for the three-month period ended March 31, 2021 compared to 4.00% for the three-month period ended December 31, 2020. The yield on loans was 5.56% and 5.33% for the three months ended March 31, 2021 and December 31, 2020, respectively, as average loans decreased from $11.46 billion to $11.02 billion. Additionally, the rate on interest bearing deposits decreased to 0.33% as of March 31, 2021 from 0.44% as of December 31, 2020, with average balances of $9.55 billion and $9.59 billion, respectively.

As of March 31, 2021, we had $667.3 million of Paycheck Protection Program (PPP) loans outstanding. These loans are at 1.00% plus the accretion of the origination fee. Excluding PPP loans, our net interest margin (non-GAAP) for the three-month period ended March 31, 2021 was 3.87%.⁽¹⁾ The PPP loans had a 12-basis point accretive impact to the yield on loans, and the PPP loans were accretive to the net interest margin by 16 basis points. This was primarily due to approximately $313.8 million of the Company’s PPP loans being forgiven during the first quarter of 2021 as well as the acceleration of deferred fees for the loans that were forgiven. The $313.8 million of PPP loans forgiven during the first quarter of 2021 were partially offset by $289.4 million in new PPP loans originated

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

during the first quarter of 2021. The deferred fee income increased from $6.9 million to $10.4 million for the three-month periods ended December 31, 2020 and March 31, 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 $581.4 million of average interest-bearing cash balances in the first quarter of 2021 compared to the fourth quarter of 2020. This excess liquidity diluted the net interest margin by 16 basis points.

Purchase accounting accretion on acquired loans was $5.5 million and $5.7 million and average purchase accounting loan discounts were $43.9 million and $49.6 million for the three-month periods ended March 31, 2021 and December 31, 2020, respectively. Net amortization of time deposit premiums was $30,000 per quarter and net average remaining time deposit premiums were $115,000 and $146,000 for the three-month periods ended March 31, 2021 and December 31, 2020, respectively.

Net interest income on a fully taxable equivalent basis increased $142,000, or 0.09%, to $149.9 million for the three-month period ended March 31, 2021, from $149.8 million for the three-month period ended December 31, 2020. This increase in net interest income for the three-month period ended March 31, 2021 was the result of a $3.0 million decrease in interest expense, which was partially offset by a $2.8 million decrease in interest income. The $3.0 million decrease in interest expense was primarily the result of a $2.9 million decrease in interest expense on deposits and a $42,000 decrease in interest expense on FHLB borrowings.  The $2.8 million decrease in interest income was primarily the result of a $2.5 million decrease in loan interest income, and a $465,000 net decrease in investment income.

The Company reported $45.3 million of non-interest income for the first quarter of 2021. The most important components of the first quarter non-interest income were $8.6 million from dividends from FHLB, FRB, FNBB and other, $8.2 million from mortgage lending income, $7.6 million from other service charges and fees, a $5.8 million adjustment for the increase in fair market value of marketable securities, $5.0 million from service charges on deposit accounts, and $8.0 million from other income. Included in the $8.6 million in dividends from FHLB, FRB, FNBB and other was $8.1 million in special dividends from equity investments. The Company is still currently involved in these investments; however, past performance does not guarantee future performance. The $8.0 million in other income includes a $5.1 million recovery on historic losses.

Mortgage lending income was $8.2 million for the three-month period ended March 31, 2021, compared to $10.1 million for the three-month period ended December 31, 2020. The housing market continues to benefit from the current low interest rate environment; however, the decrease in mortgage lending income from the fourth quarter of 2020 is the result of normal seasonal fluctuations and harsher winter weather in several of our markets.

Non-interest expense for the first quarter of 2021 was $72.9 million. The most important components of the first quarter non-interest expense were $42.1 million from salaries and employee benefits, $15.7 million in other expense and $9.2 million in occupancy and equipment expenses. For the first quarter of 2021, our efficiency ratio was 36.60%.

Financial Condition

Total loans receivable were $10.78 billion at March 31, 2021 compared to $11.22 billion at December 31, 2020. Total deposits were $13.51 billion at March 31, 2021 compared to $12.73 billion at December 31, 2020. Total assets were $17.24 billion at March 31, 2021 compared to $16.40 billion at December 31, 2020.

During the first quarter 2021, the Company experienced approximately $442.2 million in loan decline. Centennial CFG experienced $17.6 million of organic loan decline and had loans of $1.52 billion at March 31, 2021. Our legacy footprint experienced $400.2 million in organic loan decline and $24.4 million in PPP loan decline during the quarter.

Non-performing loans to total loans was 0.59% as of March 31, 2021 compared to 0.66% as of December 31, 2020. Non-performing assets to total assets decreased from 0.48% as of December 31, 2020 to 0.38% as of March 31, 2021. For the first quarter of 2021, net charge-offs were $2.5 million compared to net charge-offs of $2.8 million for the fourth quarter of 2020.

Non-performing loans at March 31, 2021 were $23.0 million, $35.1 million, $516,000, $2.0 million and $2.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $63.4 million. Non-performing assets at March 31, 2021 were $24.9 million, $36.1 million, $550,000, $2.0 million and $2.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $66.4 million.

The Company’s allowance for credit losses on loans was $242.9 million at March 31, 2021, or 2.25% of total loans, compared to the allowance for credit losses of $245.5 million, or 2.19% of total loans, at December 31, 2020. The Company’s allowance for credit losses on loans to total loans, excluding PPP loans (non-GAAP), was 2.40%⁽¹⁾ at March 31, 2021. As of March 31, 2021 and December 31, 2020, the Company’s allowance for credit losses on loans was 383.47% and 331.10% of its total non-performing loans, respectively.

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

Stockholders’ equity was $2.65 billion at March 31, 2021 compared to $2.61 billion at December 31, 2020, an increase of approximately $39.4 million. The increase in stockholders’ equity was primarily associated with the $68.4 million increase in retained earnings which was partially offset by a $24.7 million decrease in accumulated other comprehensive income. Book value per common share was $16.02 at March 31, 2021 compared to $15.78 at December 31, 2020. Tangible book value per common share (non-GAAP) was $9.95⁽¹⁾ at March 31, 2021 compared to $9.70⁽¹⁾ at December 31, 2020, an increase of 10.45% on an annualized basis.   

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(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, April 15, 2021. We encourage all participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10153260/e502592c38. 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: 10153260, which will be available until April 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 net income, excluding provision for credit losses; pre-tax, pre-provision, profit percentage; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets (pre-tax net income, excluding provision for credit losses); return on average assets, excluding provision for credit losses; 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.”

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FOR MORE INFORMATION CONTACT:

Donna Townsell

Director of Investor Relations

Home BancShares, Inc.

(501) 328-4625

Home BancShares, Inc.

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Home BancShares, Inc.

Selected Financial Information

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

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