Published: 2023-01-19 00:00:00 ET

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EXHIBIT 99.1

For Immediate Release:			January 19, 2023

HOMB’s Disciplined Strategy Leads to a Beat of Management Expectations

Despite Continued West Texas Headwinds

Conway, AR – Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Highlights of the Fourth Quarter of 2022:

Metric			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021
Net income			$115.7 million			$108.7 million			$16.0 million			$64.9 million			$73.4 million
Total revenue (net)			$272.3 million			$256.3 million			$243.3 million			$161.8 million			$171.0 million
Income before income taxes			$148.4 million			$142.0 million			$19.3 million			$84.9 million			$93.9 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)			$153.4 million			$142.0 million			$77.9 million			$84.9 million			$93.9 million
Pre-tax net income to total revenue (net)			54.50%			55.39%			7.92%			52.48%			54.94%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)			56.34%			55.39%			32.00%			52.48%			54.94%
ROA			1.98%			1.81%			0.26%			1.43%			1.62%
NIM			4.21%			4.05%			3.64%			3.21%			3.42%
Purchase accounting accretion			$3.5 million			$4.6 million			$5.2 million			$3.1 million			$4.0 million
ROE			13.29%			12.25%			1.78%			9.58%			10.63%
ROTCE (non-GAAP)(1)			22.96%			20.93%			2.96%			15.03%			16.73%
Diluted earnings per share			$0.57			$0.53			$0.08			$0.40			$0.45
Non-performing assets to total assets			0.27%			0.27%			0.25%			0.25%			0.29%
Common equity tier 1 capital			12.9%			13.0%			12.8%			14.9%			15.4%
Leverage			10.9%			10.4%			9.8%			10.8%			11.1%
Tier 1 capital			12.9%			13.0%			12.9%			15.5%			16.0%
Total risk-based capital			16.5%			16.7%			16.6%			21.6%			19.8%
Allowance for credit losses to total loans			2.01%			2.09%			2.11%			2.34%			2.41%

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

“It’s obvious all banks are not created equal. HOMB continues to try and separate ourselves from the pack. Financial strength is paramount, and I’m proud that Home BancShares is able to provide strength to our customers, especially during tough economic times. Despite the headwinds that arose out of West Texas, HOMB was able to rely on the patience and strength of the full franchise to deliver strong performance for the year,” said John Allison, Chairman.

“As a result of the discipline, patience and liquidity maintained by HOMB, we were able to profitably grow loans by $580 million in the fourth quarter, increasing loan yield to 6.23% from 5.63%, which is impressive by any standard in a rising rate environment,” said Tracy French, Centennial Bank President and Chief Executive Officer.

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Operating Highlights

Net income for the three-month period ended December 31, 2022 was $115.7 million, or $0.57 earnings per share. Net income for the year ended December 31, 2022 was $305.3 million, or $1.57 earnings per share. When adjusting for merger-related and other non-fundamental items, net income and earnings per share on an as-adjusted basis (non-GAAP), were $107.5 million(1), or $0.53 per share(1), and $375.9 million(1), or $1.93 per share(1), for the three months and year ended December 31, 2022, respectively.

Our net interest margin was 4.21% for the three-month period ended December 31, 2022, compared to 4.05% for the three-month period ended September 30, 2022. The yield on loans was 6.23% and 5.63% for the three months ended December 31, 2022 and September 30, 2022, respectively, as average loans increased from $13.82 billion to $14.11 billion. Additionally, the rate on interest bearing deposits increased to 1.45% as of December 31, 2022, from 0.70% as of September 30, 2022, while average balances decreased from $13.31 billion to $12.85 billion.

During the fourth quarter of 2022, there was $871,000 of event interest income compared to event interest income of $943,000 for the third quarter of 2022.

Purchase accounting accretion on acquired loans was $3.5 million and $4.6 million and average purchase accounting loan discounts were $38.6 million and $42.1 million for the three-month periods ended December 31, 2022 and September 30, 2022, respectively. The reduction in accretion income lowered the net interest margin by two basis points for the three-month period ended December 31, 2022.

Net interest income on a fully taxable equivalent basis was $217.7 million for the three-month period ended December 31, 2022, and $215.5 million for the three-month period ended September 30, 2022. This increase in net interest income for the three-month period ended December 31, 2022, was the result of a $29.5 million increase in interest income, partially offset by a $27.4 million increase in interest expense. The $29.5 million increase in interest income was primarily the result of a $25.5 million increase in loan interest income and a $4.6 million increase in investment income. The increase in interest income is a result of the rising interest rate environment as well as loan growth during the quarter. The $27.4 million increase in interest expense was due to a $23.7 million increase in interest expense on deposits and a $3.5 million increase in interest expense on FHLB borrowed funds. The increase in interest expense on deposits and FHLB borrowed funds is a result of the rising interest rate environment as well as an increase in FHLB borrowed funds during the quarter.

The Company reported $56.7 million of non-interest income for the fourth quarter of 2022. The most important components of fourth quarter non-interest income were $23.2 million from other income, $10.4 million from other service charges and fees, $10.1 million from service charges on deposit accounts, $4.0 million from trust fees, $3.6 million in mortgage lending income, $2.8 million from dividends from FHLB, FRB, FNBB and other, a $1.1 million increase in cash value of life insurance, a $1.0 million loss from the fair value adjustment for marketable securities, and $453,000 from insurance commissions. The $23.2 million in other income includes $15.0 million income from the settlement of a lawsuit brought by the Company.

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Non-interest expense for the fourth quarter of 2022 was $118.9 million. The most important components of the fourth quarter non-interest expense were $64.2 million from salaries and employee benefits, $30.7 million in other operating expense, $14.9 million in occupancy and equipment expenses and $9.1 million in data processing expenses. Other operating expense includes $5.0 million in legal expense from a lawsuit brought by the Company. There were no merger and acquisition expenses during the fourth quarter of 2022. For the fourth quarter of 2022, our efficiency ratio was 42.44%; and, our efficiency ratio, as adjusted (non-GAAP), was 43.07%(1).

Financial Condition

Total loans receivable were $14.41 billion at December 31, 2022, compared to $13.83 billion at September 30, 2022. Total deposits were $17.94 billion at December 31, 2022, compared to $18.54 billion at September 30, 2022. Total assets were $22.88 billion at December 31, 2022, compared to $23.16 billion at September 30, 2022.

During the fourth quarter of 2022, the Company experienced approximately $580.2 million in loan growth. Centennial CFG experienced $196.0 million of organic loan growth and had loans of $2.27 billion at December 31, 2022. Our remaining footprint experienced $387.6 million in organic loan growth and $3.4 million in PPP loan decline during the quarter.

Non-performing loans to total loans was 0.42% and 0.45% at December 31, 2022 and September 30, 2022, respectively. Non-performing assets to total assets was 0.27% at both December 31, 2022 and September 30, 2022. Net charge-offs were $4.5 million and $5.1 million for the three months ended December 31, 2022 and September 30, 2022, respectively.

Non-performing loans at December 31, 2022, were $8.4 million, $20.5 million, $22.2 million, $404,000, $2.3 million and $7.1 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $60.9 million. Non-performing assets at December 31, 2022, were $8.5 million, $20.8 million, $22.4 million, $404,000, $2.3 million and $7.1 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $61.5 million.

The Company’s allowance for credit losses on loans was $289.7 million at December 31, 2022, or 2.01% of total loans, compared to the allowance for credit losses on loans of $289.2 million, or 2.09% of total loans, at September 30, 2022. As of December 31, 2022 and September 30, 2022, the Company’s allowance for credit losses on loans was 475.99% and 468.77% of its total non-performing loans, respectively.

Stockholders’ equity was $3.53 billion at December 31, 2022, compared to $3.46 billion at September 30, 2022, an increase of approximately $66.3 million. The increase in stockholders’ equity is primarily associated with the $82.0 million increase in retained earnings and the $2.0 million decrease in accumulated other comprehensive loss, which were partially offset by $20.0 million in stock repurchases. Book value per common share was $17.33 at December 31, 2022, compared to $16.94 at September 30, 2022. Tangible book value per common share (non-GAAP) was $10.17(1) at December 31, 2022, compared to $9.82(1) at September 30, 2022.

Branches

The Company currently has 76 branches in Arkansas, 78 branches in Florida, 63 branches in Texas, 5 branches in Alabama and one branch in New York City.

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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 19, 2023. 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/223948707. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=863c0014&confId=45606. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be automatically scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-844-200-6205, Passcode: 794589. A replay of the call will be available by calling 1-866-813-9403, Passcode: 384771, which will be available until January 26, 2023, 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.

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

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Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures--including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); 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.

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General

This release may contain forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent 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; 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 risk that the benefits from the acquisition of Happy Bancshares, Inc. (“Happy”) may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, ongoing or future effects of the COVID-19 pandemic, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Home and Happy operate; the ability to effectively integrate the businesses of Home and Happy; the reaction to the transaction of the companies’ customers, employees and counterparties; diversion of management time on acquisition-related issues; the effect of any future mergers, acquisitions or other transactions to which we or our bank subsidiary may from time to time be a party, including as a result of one or more of the factors described above as they would relate to such transaction; the ability to identify, enter into and/or close additional acquisitions; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks; 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; adverse weather events, including hurricanes, and other natural disasters; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 24, 2022.

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FOR MORE INFORMATION CONTACT:

Donna Townsell

Director of Investor Relations

Home BancShares, Inc.

(501) 328-4625

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Home BancShares, Inc.

Consolidated End of Period Balance Sheets

(Unaudited)

(In thousands)						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Dec 31, 2021
ASSETS
Cash and due from banks						$	263,893					$	268,929					$	287,451					$	173,134					$	119,908
Interest-bearing deposits with other banks						460,897						1,311,492						2,528,925						3,446,324						3,530,407
Cash and cash equivalents						724,790						1,580,421						2,816,376						3,619,458						3,650,315
Federal funds sold						—						2,700						—						—						—
Investment securities - available-for sale,      net of allowance for credit losses						4,041,590						4,085,102						3,791,509						2,957,322						3,119,807
Investment securities - held-to-maturity,      net of allowance for credit losses						1,287,705						1,251,007						1,366,781						499,265						—
Total investment securities						5,329,295						5,336,109						5,158,290						3,456,587						3,119,807
Loans receivable						14,409,480						13,829,311						13,923,873						10,052,714						9,836,089
Allowance for credit losses						(289,669)						(289,203)						(294,267)						(234,768)						(236,714)
Loans receivable, net						14,119,811						13,540,108						13,629,606						9,817,946						9,599,375
Bank premises and equipment, net						405,073						411,479						415,056						274,503						275,760
Foreclosed assets held for sale						546						365						373						1,144						1,630
Cash value of life insurance						213,693						212,619						211,811						105,623						105,135
Accrued interest receivable						103,199						88,671						80,274						46,934						46,736
Deferred tax asset, net						209,321						228,979						208,585						116,605						78,290
Goodwill						1,398,253						1,394,353						1,398,400						973,025						973,025
Core deposit intangible						58,455						60,932						63,410						23,624						25,045
Other assets						321,152						300,634						270,987						182,546						177,020
Total assets						$	22,883,588					$	23,157,370					$	24,253,168					$	18,617,995					$	18,052,138
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand and non-interest-bearing						$	5,164,997					$	5,540,539					$	6,036,583					$	4,311,400					$	4,127,878
Savings and interest-bearing transaction         accounts						11,730,552						11,968,519						12,424,192						9,461,393						9,251,805
Time deposits						1,043,234						1,033,266						1,119,297						808,141						880,887
Total deposits						17,938,783						18,542,324						19,580,072						14,580,934						14,260,570
Securities sold under agreements to repurchase						131,146						121,555						118,573						151,151						140,886
FHLB and other borrowed funds						650,000						400,000						400,000						400,000						400,000
Accrued interest payable and other liabilities						196,877						192,908						197,503						131,339						113,868
Subordinated debentures						440,420						440,568						458,455						667,868						371,093
Total liabilities						19,357,226						19,697,355						20,754,603						15,931,292						15,286,417
Stockholders' equity
Common stock						2,034						2,042						2,053						1,638						1,637
Capital surplus						2,386,699						2,404,388						2,426,271						1,485,524						1,487,373
Retained earnings						1,443,087						1,361,040						1,286,146						1,304,098						1,266,249
Accumulated other comprehensive (loss) income						(305,458)						(307,455)						(215,905)						(104,557)						10,462
Total stockholders' equity						3,526,362						3,460,015						3,498,565						2,686,703						2,765,721
Total liabilities and stockholders' equity						$	22,883,588					$	23,157,370					$	24,253,168					$	18,617,995					$	18,052,138

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Home BancShares, Inc.

Consolidated Statements of Income

(Unaudited)

						Quarter Ended																														Year Ended
(In thousands)						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Dec 31, 2021						Dec 31, 2022						Dec 31, 2021
Interest income:
Loans						$	221,280					$	195,841					$	181,779					$	129,442					$	136,750					$	728,342					$	571,960
Investment securities
Taxable						33,639						28,273						20,941						9,080						8,121						91,933						30,054
Tax-exempt						7,855						8,069						7,725						4,707						4,827						28,356						19,642
Deposits - other banks						10,109						10,763						6,565						1,673						1,281						29,110						3,515
Federal funds sold						12						9						3						1						—						25						—
Total interest income						272,895						242,955						217,013						144,903						150,979						877,766						625,171
Interest expense:
Interest on deposits						47,019						23,347						10,729						4,894						5,155						85,989						24,936
Federal funds purchased						—						—						2						—						—						2						—
FHLB borrowed funds						5,388						1,917						1,896						1,875						1,916						11,076						7,604
Securities sold under agreements to         repurchase						701						434						187						108						98						1,430						497
Subordinated debentures						4,121						4,153						5,441						6,878						4,790						20,593						19,163
Total interest expense						57,229						29,851						18,255						13,755						11,959						119,090						52,200
Net interest income						215,666						213,104						198,758						131,148						139,020						758,676						572,971
Provision for credit losses on loans						5,000						—						—						—						—						5,000						—
Provision for credit losses on acquired loans						—						—						45,170						—						—						45,170						—
Provision for credit losses on acquired         unfunded commitments						—						—						11,410						—						—						11,410						—
Provision for credit losses on unfunded         commitments						—						—						—						—						—						—						(4,752)
Provision for credit losses on acquired         investment securities						—						—						2,005						—						—						2,005						—
Total credit loss expense (benefit)						5,000						—						58,585						—						—						63,585						(4,752)
Net interest income after credit loss expense       (benefit)						210,666						213,104						140,173						131,148						139,020						695,091						577,723
Non-interest income:
Service charges on deposit accounts						10,134						10,756						10,084						6,140						6,217						37,114						22,276
Other service charges and fees						10,363						13,951						12,541						7,733						11,133						44,588						36,451
Trust fees						3,981						3,980						4,320						574						515						12,855						1,960
Mortgage lending income						3,566						4,179						5,996						3,916						5,359						17,657						25,676
Insurance commissions						453						601						658						480						387						2,192						1,943
Increase in cash value of life insurance						1,079						1,089						1,140						492						501						3,800						2,049
Dividends from FHLB, FRB, FNBB & other						2,814						1,741						3,945						698						919						9,198						14,835
Gain on SBA loans						30						58						—						95						792						183						2,380
Gain (loss) on branches, equipment and other        assets, net						10						(13)						2						16						(19)						15						(105)
Gain on OREO, net						13						—						9						478						737						500						2,003
Gain on securities, net						—						—						—						—						—						—						219
Fair value adjustment for marketable         securities						1,032						(2,628)						(1,801)						2,125						85						(1,272)						7,178
Other income						23,185						9,487						7,687						7,922						5,338						48,281						20,704
Total non-interest income						56,660						43,201						44,581						30,669						31,964						175,111						137,569
Non-interest expense:
Salaries and employee benefits						64,249						65,290						65,795						43,551						43,765						238,885						170,755
Occupancy and equipment						14,884						15,133						14,256						9,144						9,047						53,417						36,631
Data processing expense						9,062						8,747						10,094						7,039						6,493						34,942						24,280
Merger and acquisition expenses						—						—						48,731						863						880						49,594						1,886
Other operating expenses						30,708						25,176						26,606						16,299						16,865						98,789						64,965
Total non-interest expense						118,903						114,346						165,482						76,896						77,050						475,627						298,517
Income before income taxes						148,423						141,959						19,272						84,921						93,934						394,575						416,775
Income tax expense						32,736						33,254						3,294						20,029						20,577						89,313						97,754
Net income						$	115,687					$	108,705					$	15,978					$	64,892					$	73,357					$	305,262					$	319,021

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Home BancShares, Inc.

Selected Financial Information

(Unaudited)

						Quarter Ended																														Year Ended
(Dollars and shares in thousands, except per share data)						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Dec 31, 2021						Dec 31, 2022						Dec 31, 2021
PER SHARE DATA
Diluted earnings per common share						$	0.57					$	0.53					$	0.08					$	0.40					$	0.45					$	1.57					$	1.94
Diluted earnings per common share, as adjusted     (non-GAAP)(1)						0.53						0.54						0.47						0.37						0.45						1.93						1.83
Basic earnings per common share						0.57						0.53						0.08						0.40						0.45						1.57						1.94
Dividends per share - common						0.165						0.165						0.165						0.165						0.14						0.66						0.56
Book value per common share						17.33						16.94						17.04						16.41						16.90						17.33						16.90
Tangible book value per common share      (non-GAAP)(1)						10.17						9.82						9.92						10.32						10.80						10.17						10.80
STOCK INFORMATION
Average common shares outstanding						203,924						204,829						205,683						163,787						163,859						194,694						164,501
Average diluted shares outstanding						204,179						205,135						206,015						164,196						164,306						195,019						164,858
End of period common shares outstanding						203,434						204,219						205,291						163,758						163,699						203,434						163,699
ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)						1.98		%				1.81		%				0.26		%				1.43		%				1.62		%				1.35		%				1.83		%
Return on average assets, as adjusted:      (ROA, as adjusted) (non-GAAP)(1)						1.84						1.83						1.57						1.36						1.64						1.67						1.73
Return on average assets excluding intangible      amortization (non-GAAP)(1)						2.15						1.97						0.31						1.54						1.75						1.47						1.96
Return on average assets, as adjusted, excluding      intangible amortization (non-GAAP)(1)						2.00						1.99						1.70						1.46						1.76						1.80						1.86
Return on average common equity (ROE)						13.29						12.25						1.78						9.58						10.63						9.17						11.89
Return on average common equity, as adjusted:      (ROE, as adjusted) (non-GAAP)(1)						12.35						12.39						10.83						9.09						10.72						11.29						11.26
Return on average tangible common equity      (ROTCE) (non-GAAP)(1)						22.96						20.93						2.96						15.03						16.73						15.30						18.95
Return on average tangible common equity, as adjusted:      (ROTCE, as adjusted) (non-GAAP)(1)						21.33						21.16						17.94						14.26						16.87						18.84						17.95
Return on average tangible common equity excluding      intangible amortization (non-GAAP)(1)						23.33						21.29						3.30						15.28						16.97						15.63						19.20
Return on average tangible common equity, as adjusted,      excluding intangible amortization (non-GAAP)(1)						21.70						21.52						18.29						14.50						17.11						19.17						18.20

(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, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Dec 31, 2021						Dec 31, 2022						Dec 31, 2021
Efficiency ratio						42.44		%				43.24		%				66.31		%				46.15		%				43.79		%				49.53		%				40.81		%
Efficiency ratio, as adjusted (non-GAAP)(1)						43.07						42.97						46.02						47.33						43.48						44.55						42.12
Net interest margin - FTE (NIM)						4.21						4.05						3.64						3.21						3.42						3.81						3.66
Fully taxable equivalent adjustment						$	2,017					$	2,437					$	2,471					$	1,738					$	1,736					$	8,663					$	7,079
Total revenue (net)						272,326						256,305						243,339						161,817						170,984						933,787						710,540
Pre-tax, pre-provision, net income (PPNR)      (non-GAAP)(1)						153,423						141,959						77,857						84,921						93,934						458,160						412,023
PPNR, as adjusted (non-GAAP)(1)						142,567						143,522						126,683						80,371						94,729						493,143						388,905
Pre-tax net income to total revenue (net)						54.50		%				55.39		%				7.92		%				52.48		%				54.94		%				42.26		%				58.66		%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)						50.52						56.00						52.06						49.67						55.40						52.28						55.40
P5NR ((Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)						56.34						55.39						32.00						52.48						54.94						49.06						57.99
P5NR, as adjusted (non-GAAP)(1)						52.35						56.00						52.06						49.67						55.40						52.81						54.73
Total purchase accounting accretion						$	3,497					$	4,578					$	5,177					$	3,089					$	4,001					$	16,341					$	20,151
Average purchase accounting loan discounts						38,552						42,050						46,258						25,359						28,882						38,055						36,178
OTHER OPERATING EXPENSES
Hurricane expense						$	176					$	—					$	—					$	—					$	—					$	176					$	—
Advertising						2,567						2,024						2,117						1,266						1,411						7,974						4,855
Amortization of intangibles						2,478						2,477						2,477						1,421						1,420						8,853						5,683
Electronic banking expense						3,914						3,828						3,352						2,538						2,442						13,632						9,817
Directors' fees						358						354						375						404						422						1,491						1,614
Due from bank service charges						273						316						396						270						257						1,255						1,044
FDIC and state assessment						2,224						2,146						2,390						1,668						1,353						8,428						5,472
Insurance						1,003						959						973						770						801						3,705						3,118
Legal and accounting						5,962						1,581						1,061						797						749						9,401						3,703
Other professional fees						2,552						2,466						2,254						1,609						1,754						8,881						6,950
Operating supplies						690						681						995						754						489						3,120						1,915
Postage						602						614						556						306						352						2,078						1,283
Telephone						576						593						384						337						343						1,890						1,425
Other expense						7,333						7,137						9,276						4,159						5,072						27,905						18,086
Total other operating expenses						$	30,708					$	25,176					$	26,606					$	16,299					$	16,865					$	98,789					$	64,965

(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, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Dec 31, 2021
BALANCE SHEET RATIOS
Total loans to total deposits						80.33		%				74.58		%				71.11		%				68.94		%				68.97		%
Common equity to assets						15.41						14.94						14.43						14.43						15.32
Tangible common equity to tangible assets      (non-GAAP)(1)						9.66						9.24						8.94						9.59						10.36
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential						$	5,632,063					$	5,156,438					$	5,092,539					$	3,810,383					$	3,889,284
Construction/land development						2,135,266						2,232,906						2,595,384						1,856,096						1,850,050
Agricultural						346,811						330,748						329,106						142,920						130,674
Residential real estate loans
Residential 1-4 family						1,748,551						1,704,850						1,708,221						1,223,890						1,274,953
Multifamily residential						578,052						525,110						389,633						248,650						280,837
Total real estate						10,440,743						9,950,052						10,114,883						7,281,939						7,425,798
Consumer						1,149,896						1,120,250						1,106,343						1,059,342						825,519
Commercial and industrial						2,349,263						2,268,750						2,187,771						1,510,205						1,386,747
Agricultural						285,235						313,693						324,630						48,095						43,920
Other						184,343						176,566						190,246						153,133						154,105
Loans receivable						$	14,409,480					$	13,829,311					$	13,923,873					$	10,052,714					$	9,836,089
Paycheck Protection Program (PPP) loans (net of discounts) (included in total loans receivable)						7,332						10,771						37,204						59,609						112,814
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period						$	289,203					$	294,267					$	234,768					$	236,714					$	238,673
Allowance for credit losses on PCD loans -     Happy acquisition						—						—						16,816						—						—
Loans charged off						5,379						6,313						3,265						2,310						3,125
Recoveries of loans previously charged off						845						1,249						778						364						1,166
Net loans charged off						4,534						5,064						2,487						1,946						1,959
Provision for credit losses - Happy acquisition						—						—						45,170						—						—
Provision for credit losses - loans						5,000						—						—						—						—
Balance, end of period						$	289,669					$	289,203					$	294,267					$	234,768					$	236,714
Net charge-offs to average total loans						0.13		%				0.15		%				0.07		%				0.08		%				0.08		%
Allowance for credit losses to total loans						2.01						2.09						2.11						2.34						2.41
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans						$	51,011					$	56,796					$	44,170					$	44,629					$	47,158
Loans past due 90 days or more						9,845						4,898						16,432						46						3,035
Total non-performing loans						60,856						61,694						60,602						44,675						50,193
Other non-performing assets
Foreclosed assets held for sale, net						546						365						373						1,144						1,630
Other non-performing assets						74						104						104						—						—
Total other non-performing assets						620						469						477						1,144						1,630
Total non-performing assets						$	61,476					$	62,163					$	61,079					$	45,819					$	51,823
Allowance for credit losses for loans to non-performing loans						475.99		%				468.77		%				485.57		%				525.50		%				471.61		%
Non-performing loans to total loans						0.42						0.45						0.44						0.44						0.51
Non-performing assets to total assets						0.27						0.27						0.25						0.25						0.29

(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
						December 31, 2022																		September 30, 2022
(Dollars in thousands)						Average Balance						Income/ Expense						Yield/ Rate						Average Balance						Income/ Expense						Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks						$	1,094,144					$	10,109					3.67		%				$	1,965,136					$	10,763					2.17		%
Federal funds sold						1,300						12						3.66						1,176						9						3.04
Investment securities - taxable						4,002,678						33,639						3.33						4,008,230						28,273						2.80
Investment securities - non-taxable - FTE						1,294,096						9,653						2.96						1,292,702						10,370						3.18
Loans receivable - FTE						14,109,329						221,499						6.23						13,822,459						195,977						5.63
Total interest-earning assets						20,501,547						274,912						5.32						21,089,703						245,392						4.62
Non-earning assets						2,685,458																		2,689,066
Total assets						$	23,187,005																	$	23,778,769
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts						$	11,818,158					$	45,029					1.51		%				$	12,233,755					$	22,388					0.73		%
Time deposits						1,027,765						1,990						0.77						1,078,112						959						0.35
Total interest-bearing deposits						12,845,923						47,019						1.45						13,311,867						23,347						0.70
Federal funds purchased						—						—						—						14						—						—
Securities sold under agreement to          repurchase						128,798						701						2.16						126,770						434						1.36
FHLB borrowed funds						692,935						5,388						3.08						400,012						1,917						1.90
Subordinated debentures						440,492						4,121						3.71						442,312						4,153						3.73
Total interest-bearing liabilities						14,108,148						57,229						1.61						14,280,975						29,851						0.83
Non-interest bearing liabilities
Non-interest bearing deposits						5,423,821																		5,779,082
Other liabilities						201,031																		199,416
Total liabilities						19,733,000																		20,259,473
Shareholders' equity						3,454,005																		3,519,296
Total liabilities and shareholders' equity						$	23,187,005																	$	23,778,769
Net interest spread																		3.71		%																3.79		%
Net interest income and margin - FTE												$	217,683					4.21												$	215,541					4.05

---

Home BancShares, Inc.

Consolidated Net Interest Margin

(Unaudited)

						Year Ended
						December 31, 2022																		December 31, 2021
(Dollars in thousands)						Average Balance						Income/ Expense						Yield/ Rate						Average Balance						Income/ Expense						Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks						$	2,444,541					$	29,110					1.19		%				$	2,596,460					$	3,515					0.14		%
Federal funds sold						1,519						25						1.65						71						—						—
Investment securities - taxable						3,582,664						91,933						2.57						2,031,139						30,054						1.48
Investment securities - non-taxable - FTE						1,178,561						36,363						3.09						858,503						26,017						3.03
Loans receivable - FTE						12,940,998						728,998						5.63						10,375,457						572,664						5.52
Total interest-earning assets						20,148,283						886,429						4.40						15,861,630						632,250						3.99
Non-earning assets						2,405,057																		1,597,355
Total assets						$	22,553,340																	$	17,458,985
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts						$	11,520,781					$	81,061					0.70		%				$	8,716,004					$	15,956					0.18		%
Time deposits						1,033,431						4,928						0.48						1,087,875						8,980						0.83
Total interest-bearing deposits						12,554,212						85,989						0.68						9,803,879						24,936						0.25
Federal funds purchased						220						2						0.91						—						—						—
Securities sold under agreement to          repurchase						129,006						1,430						1.11						151,190						497						0.33
FHLB borrowed funds						473,839						11,076						2.34						400,000						7,604						1.90
Subordinated debentures						515,049						20,593						4.00						370,712						19,163						5.17
Total interest-bearing liabilities						13,672,326						119,090						0.87						10,725,781						52,200						0.49
Non-interest bearing liabilities
Non-interest bearing deposits						5,378,906																		3,924,341
Other liabilities						171,390																		124,724
Total liabilities						19,222,622																		14,774,846
Shareholders' equity						3,330,718																		2,684,139
Total liabilities and shareholders' equity						$	22,553,340																	$	17,458,985
Net interest spread																		3.53		%																3.50		%
Net interest income and margin - FTE												$	767,339					3.81												$	580,050					3.66

---

Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)

						Quarter Ended																														Year Ended
(Dollars and shares in thousands, except per share data)						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Dec 31, 2021						Dec 31, 2022						Dec 31, 2021
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)						$	115,687					$	108,705					$	15,978					$	64,892					$	73,357					$	305,262					$	319,021
Pre-tax adjustments
Merger and acquisition expenses						—						—						48,731						863						880						49,594						1,886
Initial provision for credit losses - acquisition						—						—						58,585						—						—						58,585						—
Fair value adjustment for marketable securities						(1,032)						2,628						1,801						(2,125)						(85)						1,272						(7,178)
Special dividend from equity investment						—						—						(1,434)						—						—						(1,434)						(12,500)
TRUPS redemption fees						—						—						2,081						—						—						2,081						—
Special lawsuit settlement, net of expense						(10,000)						—						—						—						—						(10,000)						—
Recoveries on historic losses						—						(1,065)						(2,353)						(3,288)						—						(6,706)						(5,107)
Hurricane expense						176						—						—						—						—						176						—
Gain on securities						—						—						—						—						—						—						(219)
Total pre-tax adjustments						(10,856)						1,563						107,411						(4,550)						795						93,568						(23,118)
Tax-effect of adjustments						(2,679)						393						26,396						(1,220)						188						22,890						(6,225)
Total adjustments after-tax (B)						(8,177)						1,170						81,015						(3,330)						607						70,678						(16,893)
Earnings, as adjusted (C)						$	107,510					$	109,875					$	96,993					$	61,562					$	73,964					$	375,940					$	302,128
Average diluted shares outstanding (D)						204,179						205,135						206,015						164,196						164,306						195,019						164,858
GAAP diluted earnings per share: (A/D)						$	0.57					$	0.53					$	0.08					$	0.40					$	0.45					$	1.57					$	1.94
Adjustments after-tax: (B/D)						(0.04)						0.01						0.39						(0.03)						—						0.36						(0.11)
Diluted earnings per common share, as adjusted: (C/D)						$	0.53					$	0.54					$	0.47					$	0.37					$	0.45					$	1.93					$	1.83
ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)						1.98		%				1.81		%				0.26		%				1.43		%				1.62		%				1.35		%				1.83		%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)						1.84						1.83						1.57						1.36						1.64						1.67						1.73
Return on average assets excluding intangible amortization: ((A+C)/(E-F))						2.15						1.97						0.31						1.54						1.75						1.47						1.96
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))						2.00						1.99						1.70						1.46						1.76						1.80						1.86
GAAP net income available to common shareholders (A)						$	115,687					$	108,705					$	15,978					$	64,892					$	73,357					$	305,262					$	319,021
Amortization of intangibles (B)						2,478						2,477						2,477						1,421						1,420						8,853						5,683
Amortization of intangibles after-tax (C)						1,867						1,854						1,854						1,049						1,054						6,624						4,220
Adjustments after-tax (D)						(8,177)						1,170						81,015						(3,330)						607						70,678						(16,893)
Average assets (E)						23,187,005						23,778,769						24,788,365						18,393,075						17,914,727						22,553,340						17,458,985
Average goodwill, core deposits & other intangible assets (F)						1,454,639						1,459,034						1,423,466						997,338						998,760						1,335,216						1,000,872

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Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)

						Quarter Ended																														Year Ended
(Dollars in thousands)						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Dec 31, 2021						Dec 31, 2022						Dec 31, 2021
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)						13.29		%				12.25		%				1.78		%				9.58		%				10.63		%				9.17		%				11.89		%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)						12.35						12.39						10.83						9.09						10.72						11.29						11.26
Return on average tangible common equity:     (A/(D-E))						22.96						20.93						2.96						15.03						16.73						15.30						18.95
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))						21.33						21.16						17.94						14.26						16.87						18.84						17.95
Return on average tangible common equity excluding intangible amortization: (B/(D-E))						23.33						21.29						3.30						15.28						16.97						15.63						19.20
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))						21.70						21.52						18.29						14.50						17.11						19.17						18.20
GAAP net income available to common shareholders (A)						$	115,687					$	108,705					$	15,978					$	64,892					$	73,357					$	305,262					$	319,021
Earnings excluding intangible amortization (B)						117,554						110,559						17,832						65,941						74,411						311,886						323,241
Adjustments after-tax (C)						(8,177)						1,170						81,015						(3,330)						607						70,678						(16,893)
Average common equity (D)						3,454,005						3,519,296						3,591,758						2,747,980						2,738,305						3,330,718						2,684,139
Average goodwill, core deposits & other intangible assets (E)						1,454,639						1,459,034						1,423,466						997,338						998,760						1,335,216						1,000,872
EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-H)/(B+C+E))						42.44		%				43.24		%				66.31		%				46.15		%				43.79		%				49.53		%				40.81		%
Efficiency ratio, as adjusted: ((D-H-J)/(B+C+E-I))						43.07						42.97						46.02						47.33						43.48						44.55						42.12
Pre-tax net income to total revenue (net) (A/(B+C))						54.50						55.39						7.92						52.48						54.94						42.26						58.66
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))						50.52						56.00						52.06						49.67						55.40						52.28						55.40
Pre-tax, pre-provision, net income (PPNR) (B+C-D)						$	153,423					$	141,959					$	77,857					$	84,921					$	93,934					$	458,160					$	412,023
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F-G)						142,567						143,522						126,683						80,371						94,729						493,143						388,905
P5NR ((Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)						56.34		%				55.39		%				32.00		%				52.48		%				54.94		%				49.06		%				57.99		%
P5NR, as adjusted (B+C-D+F-G)/(B+C)						52.35						56.00						52.06						49.67						55.40						52.81						54.73
Pre-tax net income (A)						$	148,423					$	141,959					$	19,272					$	84,921					$	93,934					$	394,575					$	416,775
Net interest income (B)						215,666						213,104						198,758						131,148						139,020						758,676						572,971
Non-interest income (C)						56,660						43,201						44,581						30,669						31,964						175,111						137,569
Non-interest expense (D)						118,903						114,346						165,482						76,896						77,050						475,627						298,517
Fully taxable equivalent adjustment (E)						2,017						2,437						2,471						1,738						1,736						8,663						7,079
Total pre-tax adjustments (F)						(10,856)						1,563						107,411						(4,550)						795						93,568						(23,118)
Initial provision for credit losses - acquisition (G)						—						—						58,585						—						—						58,585						—
Amortization of intangibles (H)						2,478						2,477						2,477						1,421						1,420						8,853						5,683
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities						$	1,032					$	(2,628)					$	(1,801)					$	2,125					$	85					$	(1,272)					$	7,178
Gain on OREO						13						—						9						478						737						500						2,003
Gain (loss) on branches, equipment and other assets, net						10						(13)						2						16						(19)						15						(105)
Special dividend from equity investment						—						—						1,434						—						—						1,434						12,500
Lawsuit settlement - special lawsuit						15,000						—						—						—						—						15,000						—
Gain on securities						—						—						—						—						—						—						219
Recoveries on historic losses						—						1,065						2,353						3,288						—						6,706						5,107
Total non-interest income adjustments (I)						$	16,055					$	(1,576)					$	1,997					$	5,907					$	803					$	22,383					$	26,902
Non-interest expense:
Merger and acquisition expenses						—						—						48,731						863						880						49,594						1,886
Hurricane expense						176						—						—						—						—						176						—
Legal expense - special lawsuit						5,000						—						—						—						—						5,000						—
TRUPS redemption fees						—						—						2,081						—						—						2,081						—
Total non-interest expense adjustments (J)						$	5,176					$	—					$	50,812					$	863					$	880					$	56,851					$	1,886

---

Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)

						Quarter Ended
						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Dec 31, 2021
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)						$	17.33					$	16.94					$	17.04					$	16.41					$	16.90
Tangible book value per common share: ((A-C-D)/B)						10.17						9.82						9.92						10.32						10.80
Total stockholders' equity (A)						$	3,526,362					$	3,460,015					$	3,498,565					$	2,686,703					$	2,765,721
End of period common shares outstanding (B)						203,434						204,219						205,291						163,758						163,699
Goodwill (C)						1,398,253						1,394,353						1,398,400						973,025						973,025
Core deposit and other intangibles (D)						58,455						60,932						63,410						23,624						25,045
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)						15.41		%				14.94		%				14.43		%				14.43		%				15.32		%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))						9.66						9.24						8.94						9.59						10.36
Total assets (A)						$	22,883,588					$	23,157,370					$	24,253,168					$	18,617,995					$	18,052,138
Total stockholders' equity (B)						3,526,362						3,460,015						3,498,565						2,686,703						2,765,721
Goodwill (C)						1,398,253						1,394,353						1,398,400						973,025						973,025
Core deposit and other intangibles (D)						58,455						60,932						63,410						23,624						25,045