Published: 2022-10-20 00:00:00 ET

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EXHIBIT 99.1

For Immediate Release:			October 20, 2022

HOMB Beats Analyst Expectations Despite Glooming Uncertainty and 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 Third Quarter of 2022:

Metric			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021
Net income			$108.7 million			$16.0 million			$64.9 million			$73.4 million			$75.0 million
Net income, as adjusted (non-GAAP)(1)			$109.9 million			$97.0 million			$61.6 million			$74.0 million			$74.3 million
Total revenue (net)			$256.3 million			$243.3 million			$161.8 million			$171.0 million			$173.8 million
Income before income taxes			$142.0 million			$19.3 million			$84.9 million			$93.9 million			$98.2 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)			$142.0 million			$77.9 million			$84.9 million			$93.9 million			$98.2 million
PPNR, as adjusted (non-GAAP)(1)			$143.5 million			$126.7 million			$80.4 million			$94.7 million			$96.9 million
Pre-tax net income to total revenue (net)			55.39%			7.92%			52.48%			54.94%			56.50%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)			56.00%			52.06%			49.67%			55.40%			55.76%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)			55.39%			32.00%			52.48%			54.94%			56.50%
P5NR, as adjusted (non-GAAP)(1)			56.00%			52.06%			49.67%			55.40%			55.76%
ROA			1.81%			0.26%			1.43%			1.62%			1.68%
ROA, as adjusted (non-GAAP)(1)			1.83%			1.57%			1.36%			1.64%			1.67%
NIM			4.05%			3.64%			3.21%			3.42%			3.60%
Purchase accounting accretion			$4.6 million			$5.2 million			$3.1 million			$4.0 million			$4.9 million
ROE			12.25%			1.78%			9.58%			10.63%			10.97%
ROE, as adjusted (non-GAAP)(1)			12.39%			10.83%			9.09%			10.72%			10.87%
ROTCE (non-GAAP)(1)			20.93%			2.96%			15.03%			16.73%			17.39%
ROTCE, as adjusted (non-GAAP)(1)			21.16%			17.94%			14.26%			16.87%			17.23%
Diluted earnings per share			$0.53			$0.08			$0.40			$0.45			$0.46
Diluted earnings per share, as adjusted (non-GAAP)(1)			$0.54			$0.47			$0.37			$0.45			$0.45
Non-performing assets to total assets			0.27%			0.25%			0.25%			0.29%			0.29%
Common equity tier 1 capital			13.0%			12.8%			14.9%			15.4%			15.1%
Leverage			10.4%			9.8%			10.8%			11.1%			11.0%
Tier 1 capital			13.0%			12.9%			15.5%			16.0%			15.7%
Total risk-based capital			16.7%			16.6%			21.6%			19.8%			19.6%
Allowance for credit losses to total loans			2.09%			2.11%			2.34%			2.41%			2.41%

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

“Despite the distraction out of West Texas and changes in the economy, HOMB reported record net income for the quarter of $108.7 million along with record total net revenue of $256.3 million, and our net interest margin is back where we like it at 4.05%. We continue to keep the Company positioned to weather the storm, when and if it hits,” said John Allison, Chairman.

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“While reviewing the results of the quarter, I circled eighteen different numbers on the final results page and many of the circles were some of the best numbers we have ever had. I want to thank our team for the outstanding effort that led to this great quarter. I also want to send a special thanks to the West Texas Happy team for fighting the battle with the competition the way they have,” said Tracy French, Centennial Bank President and Chief Executive Officer.

Operating Highlights

Net income for the three-month period ended September 30, 2022 was $108.7 million, or $0.53 earnings per share. Net income for the nine-month period ended September 30, 2022 was $189.6 million, or $0.99 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 $109.9 million(1), or $0.54 per share(1), and $268.4 million(1), or $1.40 per share(1), for the three-month and nine-month periods ended September 30, 2022, respectively.

Our net interest margin was 4.05% for the three-month period ended September 30, 2022, compared to 3.64% for the three-month period ended June 30, 2022. The yield on loans was 5.63% and 5.27% for the three months ended September 30, 2022 and June 30, 2022, respectively, as average loans decreased from $13.84 billion to $13.82 billion. Additionally, the rate on interest bearing deposits increased to 0.70% as of September 30, 2022, from 0.31% as of June 30, 2022, while average balances decreased from $13.80 billion to $13.31 billion.

During the third quarter of 2022, there was $943,000 of event interest income compared to event interest income of $602,000 for the second quarter of 2022.

Purchase accounting accretion on acquired loans was $4.6 million and $5.2 million and average purchase accounting loan discounts were $42.1 million and $46.3 million for the three-month periods ended September 30, 2022 and June 30, 2022, respectively. The reduction in accretion income lowered the net interest margin by 2 basis points for the three-month period ended September 30, 2022.

Net interest income on a fully taxable equivalent basis was $215.5 million for the three-month period ended September 30, 2022, and $201.2 million for the three-month period ended June 30, 2022. This increase in net interest income for the three-month period ended September 30, 2022, was the result of a $25.9 million increase in interest income, partially offset by an $11.6 million increase in interest expense. The $25.9 million increase in interest income was primarily the result of a $14.1 million increase in loan interest income, a $7.6 million increase in investment income and a $4.2 million increase in income from deposits with other banks resulting from the rising interest rate environment. The $11.6 million increase in interest expense was due to a $12.6 million increase in interest expense on deposits, which was partially offset by a $1.3 decrease in interest expense on subordinated debentures. The increase in interest expense on deposits is a result of the rising rate environment.

The Company reported $43.2 million of non-interest income for the third quarter of 2022. The most important components of the third quarter non-interest income were $14.0 million from other service charges and fees, $10.8 million from service charges on deposit accounts, $9.5 million from other income, $4.2 million in mortgage lending income, $4.0 million from trust fees, $1.7 million from dividends from FHLB, FRB, FNBB and other, a $1.1 million increase in cash value of life insurance, and $601,000 from insurance commissions. These amounts were partially offset by a $2.6 million loss from the fair value adjustment for marketable securities. The $9.5 million in other income includes $1.1 million in recoveries on historic losses of loans acquired that were written off prior to acquisition.

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Non-interest expense for the third quarter of 2022 was $114.3 million. The most important components of the third quarter non-interest expense were $65.3 million from salaries and employee benefits, $25.2 million in other expense, $15.1 million in occupancy and equipment expenses and $8.7 million in data processing expenses. There were no merger and acquisition expenses during the third quarter of 2022. For the third quarter of 2022, our efficiency ratio was 43.24%; and, our efficiency ratio, as adjusted (non-GAAP) was 42.97%(1).

Financial Condition

Total loans receivable were $13.83 billion at September 30, 2022, compared to $13.92 billion at June 30, 2022. Total deposits were $18.54 billion at September 30, 2022, compared to $19.58 billion at June 30, 2022. Total assets were $23.16 billion at September 30, 2022, compared to $24.25 billion at June 30, 2022.

During the third quarter of 2022, the Company experienced approximately $94.6 million in loan decline. Centennial CFG experienced $342.0 million of organic loan decline and had loans of $2.08 billion at September 30, 2022. Our remaining footprint experienced $273.8 million in organic loan growth and $26.4 million in PPP loan decline during the quarter.

Non-performing loans to total loans was 0.45% and 0.44% at September 30, 2022 and June 30, 2022, respectively. Non-performing assets to total assets was 0.27% and 0.25% at September 30, 2022 and June 30, 2022, respectively. Net charge-offs were $5.1 million and $2.5 million for the three months ended September 30, 2022 and June 30, 2022, respectively.

Non-performing loans at September 30, 2022, were $10.2 million, $24.8 million, $13.7 million, $204,000, $1.4 million and $11.4 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $61.7 million. Non-performing assets at September 30, 2022, were $10.2 million, $25.0 million, $14.0 million, $204,000, $1.4 million and $11.4 million in the Arkansas, Florida, Texas, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $62.2 million.

The Company’s allowance for credit losses on loans was $289.2 million at September 30, 2022, or 2.09% of total loans, compared to the allowance for credit losses on loans of $294.3 million, or 2.11% of total loans, at June 30, 2022. As of September 30, 2022 and June 30, 2022, the Company’s allowance for credit losses on loans was 468.77% and 485.57% of its total non-performing loans, respectively.

Stockholders’ equity was $3.46 billion at September 30, 2022, compared to $3.50 billion at June 30, 2022, a decrease of approximately $38.6 million. The decrease in stockholders’ equity is primarily associated with the $91.6 million increase in accumulated other comprehensive loss and net stock repurchases of $24.3 million, which were partially offset by a $74.9 million increase in retained earnings and share-based compensation of $2.4 million. Book value per common share was $16.94 at September 30, 2022, compared to $17.04 at June 30, 2022. Tangible book value per common share (non-GAAP) was $9.82(1) at September 30, 2022, compared to $9.92(1) at June 30, 2022.

Branches

The Company currently has 76 branches in Arkansas, 78 branches in Florida, 62 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, October 20, 2022. 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/384737075. 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=d3582338&confId=42282. 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: 824264. A replay of the call will be available by calling 1-866-813-9403, Passcode: 090248, which will be available until October 27, 2022, 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 assets excluding excess liquidity; return on average assets, as adjusted, excluding excess liquidity; 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 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, 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, 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, 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)						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Dec 31, 2021						Sep 30, 2021
ASSETS
Cash and due from banks						$	268,929					$	287,451					$	173,134					$	119,908					$	146,378
Interest-bearing deposits with other banks						1,311,492						2,528,925						3,446,324						3,530,407						3,133,878
Cash and cash equivalents						1,580,421						2,816,376						3,619,458						3,650,315						3,280,256
Federal funds sold						2,700						—						—						—						—
Investment securities - available-for sale,      net of allowance for credit losses						4,085,102						3,791,509						2,957,322						3,119,807						3,150,608
Investment securities - held-to-maturity,      net of allowance for credit losses						1,251,007						1,366,781						499,265						—						—
Total investment securities						5,336,109						5,158,290						3,456,587						3,119,807						3,150,608
Loans receivable						13,829,311						13,923,873						10,052,714						9,836,089						9,901,100
Allowance for credit losses						(289,203)						(294,267)						(234,768)						(236,714)						(238,673)
Loans receivable, net						13,540,108						13,629,606						9,817,946						9,599,375						9,662,427
Bank premises and equipment, net						411,479						415,056						274,503						275,760						276,972
Foreclosed assets held for sale						365						373						1,144						1,630						1,171
Cash value of life insurance						212,619						211,811						105,623						105,135						104,638
Accrued interest receivable						88,671						80,274						46,934						46,736						48,577
Deferred tax asset, net						228,979						208,585						116,605						78,290						69,724
Goodwill						1,394,353						1,398,400						973,025						973,025						973,025
Core deposit and other intangibles						60,932						63,410						23,624						25,045						26,466
Other assets						300,634						270,987						182,546						177,020						171,192
Total assets						$	23,157,370					$	24,253,168					$	18,617,995					$	18,052,138					$	17,765,056
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand and non-interest-bearing						$	5,540,539					$	6,036,583					$	4,311,400					$	4,127,878					$	4,139,149
Savings and interest-bearing transaction         accounts						11,968,519						12,424,192						9,461,393						9,251,805						8,813,326
Time deposits						1,033,266						1,119,297						808,141						880,887						1,050,896
Total deposits						18,542,324						19,580,072						14,580,934						14,260,570						14,003,371
Securities sold under agreements to repurchase						121,555						118,573						151,151						140,886						141,002
FHLB and other borrowed funds						400,000						400,000						400,000						400,000						400,000
Accrued interest payable and other liabilities						192,908						197,503						131,339						113,868						113,721
Subordinated debentures						440,568						458,455						667,868						371,093						370,900
Total liabilities						19,697,355						20,754,603						15,931,292						15,286,417						15,028,994
Stockholders' equity
Common stock						2,042						2,053						1,638						1,637						1,640
Capital surplus						2,404,388						2,426,271						1,485,524						1,487,373						1,492,588
Retained earnings						1,361,040						1,286,146						1,304,098						1,266,249						1,215,831
Accumulated other comprehensive (loss) income						(307,455)						(215,905)						(104,557)						10,462						26,003
Total stockholders' equity						3,460,015						3,498,565						2,686,703						2,765,721						2,736,062
Total liabilities and stockholders' equity						$	23,157,370					$	24,253,168					$	18,617,995					$	18,052,138					$	17,765,056

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Home BancShares, Inc.

Consolidated Statements of Income

(Unaudited)

						Quarter Ended																														Nine Months Ended
(In thousands)						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Dec 31, 2021						Sep 30, 2021						Sep 30, 2022						Sep 30, 2021
Interest income:
Loans						$	195,841					$	181,779					$	129,442					$	136,750					$	142,609					$	507,062					$	435,210
Investment securities
Taxable						28,273						20,941						9,080						8,121						8,495						58,294						21,933
Tax-exempt						8,069						7,725						4,707						4,827						4,839						20,501						14,815
Deposits - other banks						10,763						6,565						1,673						1,281						1,117						19,001						2,234
Federal funds sold						9						3						1						—						—						13						—
Total interest income						242,955						217,013						144,903						150,979						157,060						604,871						474,192
Interest expense:
Interest on deposits						23,347						10,729						4,894						5,155						5,642						38,970						19,781
Federal funds purchased						—						2						—						—						—						2						—
FHLB borrowed funds						1,917						1,896						1,875						1,916						1,917						5,688						5,688
Securities sold under agreements to         repurchase						434						187						108						98						102						729						399
Subordinated debentures						4,153						5,441						6,878						4,790						4,788						16,472						14,373
Total interest expense						29,851						18,255						13,755						11,959						12,449						61,861						40,241
Net interest income						213,104						198,758						131,148						139,020						144,611						543,010						433,951
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)						—						58,585						—						—						—						58,585						(4,752)
Net interest income after credit loss expense       (benefit)						213,104						140,173						131,148						139,020						144,611						484,425						438,703
Non-interest income:
Service charges on deposit accounts						10,756						10,084						6,140						6,217						5,941						26,980						16,059
Other service charges and fees						13,951						12,541						7,733						11,133						8,051						34,225						25,318
Trust fees						3,980						4,320						574						515						479						8,874						1,445
Mortgage lending income						4,179						5,996						3,916						5,359						5,948						14,091						20,317
Insurance commissions						601						658						480						387						586						1,739						1,556
Increase in cash value of life insurance						1,089						1,140						492						501						509						2,721						1,548
Dividends from FHLB, FRB, FNBB & other						1,741						3,945						698						919						2,661						6,384						13,916
Gain on SBA loans						58						—						95						792						439						153						1,588
(Loss) gain on branches, equipment and other        assets, net						(13)						2						16						(19)						(34)						5						(86)
Gain on OREO, net						—						9						478						737						246						487						1,266
Gain on securities, net						—						—						—						—						—						—						219
Fair value adjustment for marketable         securities						(2,628)						(1,801)						2,125						85						61						(2,304)						7,093
Other income						9,487						7,687						7,922						5,338						4,322						25,096						15,366
Total non-interest income						43,201						44,581						30,669						31,964						29,209						118,451						105,605
Non-interest expense:
Salaries and employee benefits						65,290						65,795						43,551						43,765						42,469						174,636						126,990
Occupancy and equipment						15,133						14,256						9,144						9,047						9,305						38,533						27,584
Data processing expense						8,747						10,094						7,039						6,493						6,024						25,880						17,787
Merger and acquisition expenses						—						48,731						863						880						1,006						49,594						1,006
Other operating expenses						25,176						26,606						16,299						16,865						16,815						68,081						48,100
Total non-interest expense						114,346						165,482						76,896						77,050						75,619						356,724						221,467
Income before income taxes						141,959						19,272						84,921						93,934						98,201						246,152						322,841
Income tax expense						33,254						3,294						20,029						20,577						23,209						56,577						77,177
Net income						$	108,705					$	15,978					$	64,892					$	73,357					$	74,992					$	189,575					$	245,664

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Home BancShares, Inc.

Selected Financial Information

(Unaudited)

						Quarter Ended																														Nine Months Ended
(Dollars and shares in thousands, except per share data)						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Dec 31, 2021						Sep 30, 2021						Sep 30, 2022						Sep 30, 2021
PER SHARE DATA
Diluted earnings per common share						$	0.53					$	0.08					$	0.40					$	0.45					$	0.46					$	0.99					$	1.49
Diluted earnings per common share, as adjusted     (non-GAAP)(1)						0.54						0.47						0.37						0.45						0.45						1.40						1.38
Basic earnings per common share						0.53						0.08						0.40						0.45						0.46						0.99						1.49
Dividends per share - common						0.165						0.165						0.17						0.14						0.14						0.495						0.42
Book value per common share						16.94						17.04						16.41						16.90						16.68						16.94						16.68
Tangible book value per common share      (non-GAAP)(1)						9.82						9.92						10.32						10.80						10.59						9.82						10.59
STOCK INFORMATION
Average common shares outstanding						204,829						205,683						163,787						163,859						164,126						191,584						164,717
Average diluted shares outstanding						205,135						206,015						164,196						164,306						164,603						191,941						165,050
End of period common shares outstanding						204,219						205,291						163,758						163,699						164,008						204,219						164,008
ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)						1.81		%				0.26		%				1.43		%				1.62		%				1.68		%				1.13		%				1.90		%
Return on average assets, as adjusted:      (ROA, as adjusted) (non-GAAP)(1)						1.83						1.57						1.36						1.64						1.67						1.61						1.76
Return on average assets excluding intangible      amortization (non-GAAP)(1)						1.97						0.31						1.54						1.75						1.81						1.23						2.04
Return on average assets, as adjusted, excluding      intangible amortization (non-GAAP)(1)						1.99						1.70						1.46						1.76						1.79						1.74						1.90
Return on average assets excluding excess liquidity (non-GAAP)(1)						1.96						0.29						1.74						1.96						1.98						1.29						2.17
Return on average assets, as adjusted, excluding excess      liquidity (non-GAAP)(1)						1.98						1.79						1.65						1.97						1.96						1.83						2.01
Return on average common equity (ROE)						12.25						1.78						9.58						10.63						10.97						7.71						12.32
Return on average common equity, as adjusted:      (ROE, as adjusted) (non-GAAP)(1)						12.39						10.83						9.09						10.72						10.87						10.91						11.44
Return on average tangible common equity      (ROTCE) (non-GAAP)(1)						20.93						2.96						15.03						16.73						17.39						12.71						19.74
Return on average tangible common equity, as adjusted:      (ROTCE, as adjusted) (non-GAAP)(1)						21.16						17.94						14.26						16.87						17.23						18.00						18.33
Return on average tangible common equity excluding      intangible amortization (non-GAAP)(1)						21.29						3.30						15.28						16.97						17.64						13.03						19.99
Return on average tangible common equity, as adjusted,      excluding intangible amortization (non-GAAP)(1)						21.52						18.29						14.50						17.11						17.47						18.32						18.58

(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																														Nine Months Ended
(Dollars in thousands)						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Dec 31, 2021						Sep 30, 2021						Sep 30, 2022						Sep 30, 2021
Efficiency ratio						43.24		%				66.31		%				46.15		%				43.79		%				42.26		%				52.44		%				39.86		%
Efficiency ratio, as adjusted (non-GAAP)(1)						42.97						46.02						47.33						43.48						42.29						45.13						41.67
Net interest margin - FTE (NIM)						4.05						3.64						3.21						3.42						3.60						3.67						3.74
Fully taxable equivalent adjustment						$	2,437					$	2,471					$	1,738					$	1,736					$	1,748					$	6,646					$	5,343
Total revenue (net)						256,305						243,339						161,817						170,984						173,820						661,461						539,556
Pre-tax, pre-provision, net income (PPNR)      (non-GAAP)(1)						141,959						77,857						84,921						93,934						98,201						304,737						318,089
PPNR, as adjusted (non-GAAP)(1)						143,522						126,683						80,371						94,729						96,919						350,576						294,176
Pre-tax net income to total revenue (net)						55.39		%				7.92		%				52.48		%				54.94		%				56.50		%				37.21		%				59.83		%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)						56.00						52.06						49.67						55.40						55.76						53.00						55.40
P5NR ((Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)						55.39						32.00						52.48						54.94						56.50						46.07						58.95
P5NR, as adjusted (non-GAAP)(1)						56.00						52.06						49.67						55.40						55.76						53.00						54.52
Total purchase accounting accretion						$	4,578					$	5,177					$	3,089					$	4,001					$	4,868					$	12,844					$	16,150
Average purchase accounting loan discounts						42,050						46,258						25,359						28,882						33,320						37,889						38,587
OTHER OPERATING EXPENSES
Advertising						$	2,024					$	2,117					$	1,266					$	1,411					$	1,204					$	5,407					$	3,444
Amortization of intangibles						2,477						2,477						1,421						1,420						1,421						6,375						4,262
Electronic banking expense						3,828						3,352						2,538						2,442						2,521						9,718						7,375
Directors' fees						354						375						404						422						395						1,133						1,192
Due from bank service charges						316						396						270						257						265						982						787
FDIC and state assessment						2,146						2,390						1,668						1,353						1,648						6,204						4,119
Insurance						959						973						770						801						749						2,702						2,317
Legal and accounting						1,581						1,061						797						749						1,050						3,439						2,954
Other professional fees						2,466						2,254						1,609						1,754						1,787						6,329						5,196
Operating supplies						681						995						754						489						474						2,430						1,426
Postage						614						556						306						352						301						1,476						931
Telephone						593						384						337						343						371						1,314						1,082
Other expense						7,137						9,276						4,159						5,072						4,629						20,572						13,015
Total other operating expenses						$	25,176					$	26,606					$	16,299					$	16,865					$	16,815					$	68,081					$	48,100

(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)						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Dec 31, 2021						Sep 30, 2021
BALANCE SHEET RATIOS
Total loans to total deposits						74.58		%				71.11		%				68.94		%				68.97		%				70.71		%
Common equity to assets						14.94						14.43						14.43						15.32						15.40
Tangible common equity to tangible assets      (non-GAAP)(1)						9.24						8.94						9.59						10.36						10.36
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential						$	5,156,438					$	5,092,539					$	3,810,383					$	3,889,284					$	4,005,841
Construction/land development						2,232,906						2,595,384						1,856,096						1,850,050						1,742,687
Agricultural						330,748						329,106						142,920						130,674						138,881
Residential real estate loans
Residential 1-4 family						1,704,850						1,708,221						1,223,890						1,274,953						1,273,988
Multifamily residential						525,110						389,633						248,650						280,837						274,131
Total real estate						9,950,052						10,114,883						7,281,939						7,425,798						7,435,528
Consumer						1,120,250						1,106,343						1,059,342						825,519						814,732
Commercial and industrial						2,268,750						2,187,771						1,510,205						1,386,747						1,414,079
Agricultural						313,693						324,630						48,095						43,920						68,272
Other						176,566						190,246						153,133						154,105						168,489
Loans receivable						$	13,829,311					$	13,923,873					$	10,052,714					$	9,836,089					$	9,901,100
Paycheck Protection Program (PPP) loans (net of discounts) (included in total loans receivable)						10,771						37,204						59,609						112,814						241,476
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period						$	294,267					$	234,768					$	236,714					$	238,673					$	240,451
Allowance for credit losses on PCD loans -     Happy acquisition						—						16,816						—						—						—
Loans charged off						6,313						3,265						2,310						3,125						2,469
Recoveries of loans previously charged off						1,249						778						364						1,166						691
Net loans charged off						5,064						2,487						1,946						1,959						1,778
Provision for credit losses - Happy acquisition						—						45,170						—						—						—
Balance, end of period						$	289,203					$	294,267					$	234,768					$	236,714					$	238,673
Net charge-offs to average total loans						0.15		%				0.07		%				0.08		%				0.08		%				0.07		%
Allowance for credit losses to total loans						2.09						2.11						2.34						2.41						2.41
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans						$	56,796					$	44,170					$	44,629					$	47,158					$	47,604
Loans past due 90 days or more						4,898						16,432						46						3,035						3,311
Total non-performing loans						61,694						60,602						44,675						50,193						50,915
Other non-performing assets
Foreclosed assets held for sale, net						365						373						1,144						1,630						1,171
Other non-performing assets						104						104						—						—						—
Total other non-performing assets						469						477						1,144						1,630						1,171
Total non-performing assets						$	62,163					$	61,079					$	45,819					$	51,823					$	52,086
Allowance for credit losses for loans to non-performing loans						468.77		%				485.57		%				525.50		%				471.61		%				468.77		%
Non-performing loans to total loans						0.45						0.44						0.44						0.51						0.51
Non-performing assets to total assets						0.27						0.25						0.25						0.29						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
						September 30, 2022																		June 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						$	1,965,136					$	10,763					2.17		%				$	3,252,674					$	6,565					0.81		%
Federal funds sold						1,176						9						3.04						1,857						3						0.65
Investment securities - taxable						4,008,230						28,273						2.80						3,817,209						20,941						2.20
Investment securities - non-taxable - FTE						1,292,702						10,370						3.18						1,270,602						10,055						3.17
Loans receivable - FTE						13,822,459						195,977						5.63						13,838,687						181,920						5.27
Total interest-earning assets						21,089,703						245,392						4.62						22,181,029						219,484						3.97
Non-earning assets						2,689,066																		2,607,336
Total assets						$	23,778,769																	$	24,788,365
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction     accounts						$	12,233,755					$	22,388					0.73		%				$	12,632,612					$	9,770					0.31		%
Time deposits						1,078,112						959						0.35						1,170,860						959						0.33
Total interest-bearing deposits						13,311,867						23,347						0.70						13,803,472						10,729						0.31
Federal funds purchased						14						—						—						869						2						0.92
Securities sold under agreement to          repurchase						126,770						434						1.36						123,011						187						0.61
FHLB borrowed funds						400,012						1,917						1.90						400,000						1,896						1.90
Subordinated debentures						442,312						4,153						3.73						568,187						5,441						3.84
Total interest-bearing liabilities						14,280,975						29,851						0.83						14,895,539						18,255						0.49
Non-interest bearing liabilities
Non-interest bearing deposits						5,779,082																		6,138,497
Other liabilities						199,416																		162,571
Total liabilities						20,259,473																		21,196,607
Shareholders' equity						3,519,296																		3,591,758
Total liabilities and shareholders' equity						$	23,778,769																	$	24,788,365
Net interest spread																		3.79		%																3.48		%
Net interest income and margin - FTE												$	215,541					4.05												$	201,229					3.64

---

Home BancShares, Inc.

Consolidated Net Interest Margin

(Unaudited)

						Nine Months Ended
						September 30, 2022																		September 30, 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						$	2,899,620					$	19,001					0.88		%				$	2,372,227					$	2,234					0.13		%
Federal funds sold						1,593						13						1.09						83						—						—
Investment securities - taxable						3,442,854						58,294						2.26						1,947,799						21,933						1.51
Investment securities - non-taxable - FTE						1,139,628						26,709						3.13						858,440						19,610						3.05
Loans receivable - FTE						12,547,275						507,500						5.41						10,532,411						435,758						5.53
Total interest-earning assets						20,030,970						611,517						4.08						15,710,960						479,535						4.08
Non-earning assets						2,308,827																		1,594,442
Total assets						$	22,339,797																	$	17,305,402
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts						$	11,420,566					$	36,031					0.42		%				$	8,607,728					$	12,289					0.19		%
Time deposits						1,035,340						2,939						0.38						1,131,538						7,492						0.89
Total interest-bearing deposits						12,455,906						38,970						0.42						9,739,266						19,781						0.27
Federal funds purchased						294						2						0.91						—						—						—
Securities sold under agreement to          repurchase						129,076						729						0.76						153,677						399						0.35
FHLB borrowed funds						400,004						5,688						1.90						400,000						5,688						1.90
Subordinated debentures						540,175						16,472						4.08						370,615						14,373						5.19
Total interest-bearing liabilities						13,525,455						61,861						0.61						10,663,558						40,241						0.50
Non-interest bearing liabilities
Non-interest bearing deposits						5,363,770																		3,848,302
Other liabilities						161,402																		127,656
Total liabilities						19,050,627																		14,639,516
Shareholders' equity						3,289,170																		2,665,886
Total liabilities and shareholders' equity						$	22,339,797																	$	17,305,402
Net interest spread																		3.47		%																3.58		%
Net interest income and margin - FTE												$	549,656					3.67												$	439,294					3.74

---

Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)

						Quarter Ended																														Nine Months Ended
(Dollars and shares in thousands, except per share data)						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Dec 31, 2021						Sep 30, 2021						Sep 30, 2022						Sep 30, 2021
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)						$	108,705					$	15,978					$	64,892					$	73,357					$	74,992					$	189,575					$	245,664
Pre-tax adjustments
Merger and acquisition expenses						—						48,731						863						880						1,006						49,594						1,006
Initial provision for credit losses - acquisition						—						58,585						—						—						—						58,585						—
Fair value adjustment for marketable securities						2,628						1,801						(2,125)						(85)						(61)						2,304						(7,093)
Special dividend from equity investment						—						(1,434)						—						—						(2,227)						(1,434)						(12,500)
TRUPS redemption fees						—						2,081						—						—						—						2,081						—
Recoveries on historic losses						(1,065)						(2,353)						(3,288)						—						—						(6,706)						(5,107)
Gain on securities						—						—						—						—						—						—						(219)
Total pre-tax adjustments						1,563						107,411						(4,550)						795						(1,282)						104,424						(23,913)
Tax-effect of adjustments						393						26,396						(1,220)						188						(587)						25,569						(6,412)
Total adjustments after-tax (B)						1,170						81,015						(3,330)						607						(695)						78,855						(17,501)
Earnings, as adjusted (C)						$	109,875					$	96,993					$	61,562					$	73,964					$	74,297					$	268,430					$	228,163
Average diluted shares outstanding (D)						205,135						206,015						164,196						164,306						164,603						191,941						165,050
GAAP diluted earnings per share: (A/D)						$	0.53					$	0.08					$	0.40					$	0.45					$	0.46					$	0.99					$	1.49
Adjustments after-tax: (B/D)						0.01						0.39						(0.03)						—						(0.01)						0.41						(0.11)
Diluted earnings per common share, as adjusted: (C/D)						$	0.54					$	0.47					$	0.37					$	0.45					$	0.45					$	1.40					$	1.38
ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)						1.81		%				0.26		%				1.43		%				1.62		%				1.68		%				1.13		%				1.90		%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)						1.83						1.57						1.36						1.64						1.67						1.61						1.76
Return on average assets excluding intangible amortization: ((A+C)/(E-F))						1.97						0.31						1.54						1.75						1.81						1.23						2.04
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))						1.99						1.70						1.46						1.76						1.79						1.74						1.90
Return on average assets excluding excess liquidity:      (A/(E-G))						1.96						0.29						1.74						1.96						1.98						1.29						2.17
Return on average assets, as adjusted, excluding excess      liquidity: ((A+D)/(E-G))						1.98						1.79						1.65						1.97						1.96						1.83						2.01
GAAP net income available to common shareholders (A)						$	108,705					$	15,978					$	64,892					$	73,357					$	74,992					$	189,575					$	245,664
Amortization of intangibles (B)						2,477						2,477						1,421						1,420						1,421						6,375						4,262
Amortization of intangibles after-tax (C)						1,854						1,854						1,049						1,054						1,055						4,757						3,164
Adjustments after-tax (D)						1,170						81,015						(3,330)						607						(695)						78,855						(17,501)
Average assets (E)						23,778,769						24,788,365						18,393,075						17,914,727						17,695,226						22,339,797						17,305,402
Average goodwill, core deposits & other intangible assets (F)						1,459,034						1,423,466						997,338						998,760						1,000,175						1,294,971						1,001,585
Average interest bearing cash balance						1,965,136						3,252,674						3,497,894						3,261,846						2,914,785						2,899,620						2,372,227
Average historical interest bearing cash balance						225,000						225,000						225,000						225,000						225,000						225,000						225,000
Average excess cash balance (G)						1,740,136						3,027,674						3,272,894						3,036,846						2,689,785						2,674,620						2,147,227

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Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)

						Quarter Ended																														Nine Months Ended
(Dollars in thousands)						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Dec 31, 2021						Sep 30, 2021						Sep 30, 2022						Sep 30, 2021
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)						12.25		%				1.78		%				9.58		%				10.63		%				10.97		%				7.71		%				12.32		%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)						12.39						10.83						9.09						10.72						10.87						10.91						11.44
Return on average tangible common equity:     (A/(D-E))						20.93						2.96						15.03						16.73						17.39						12.71						19.74
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))						21.16						17.94						14.26						16.87						17.23						18.00						18.33
Return on average tangible common equity excluding intangible amortization: (B/(D-E))						21.29						3.30						15.28						16.97						17.64						13.03						19.99
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))						21.52						18.29						14.50						17.11						17.47						18.32						18.58
GAAP net income available to common shareholders (A)						$	108,705					$	15,978					$	64,892					$	73,357					$	74,992					$	189,575					$	245,664
Earnings excluding intangible amortization (B)						110,559						17,832						65,941						74,411						76,047						194,332						248,828
Adjustments after-tax (C)						1,170						81,015						(3,330)						607						(695)						78,855						(17,501)
Average common equity (D)						3,519,296						3,591,758						2,747,980						2,738,305						2,710,953						3,289,170						2,665,886
Average goodwill, core deposits & other intangible assets (E)						1,459,034						1,423,466						997,338						998,760						1,000,175						1,294,971						1,001,585
EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-H)/(B+C+E))						43.24		%				66.31		%				46.15		%				43.79		%				42.26		%				52.44		%				39.86		%
Efficiency ratio, as adjusted: ((D-H-J)/(B+C+E-I))						42.97						46.02						47.33						43.48						42.29						45.13						41.67
Pre-tax net income to total revenue (net) (A/(B+C))						55.39						7.92						52.48						54.94						56.50						37.21						59.83
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))						56.00						52.06						49.67						55.40						55.76						53.00						55.40
Pre-tax, pre-provision, net income (PPNR) (B+C-D)						$	141,959					$	77,857					$	84,921					$	93,934					$	98,201					$	304,737					$	318,089
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F-G)						143,522						126,683						80,371						94,729						96,919						350,576						294,176
P5NR ((Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)						55.39		%				32.00		%				52.48		%				54.94		%				56.50		%				46.07		%				58.95		%
P5NR, as adjusted (B+C-D+F-G)/(B+C)						56.00						52.06						49.67						55.40						55.76						53.00						54.52
Pre-tax net income (A)						$	141,959					$	19,272					$	84,921					$	93,934					$	98,201					$	246,152					$	322,841
Net interest income (B)						213,104						198,758						131,148						139,020						144,611						543,010						433,951
Non-interest income (C)						43,201						44,581						30,669						31,964						29,209						118,451						105,605
Non-interest expense (D)						114,346						165,482						76,896						77,050						75,619						356,724						221,467
Fully taxable equivalent adjustment (E)						2,437						2,471						1,738						1,736						1,748						6,646						5,343
Total pre-tax adjustments (F)						1,563						107,411						(4,550)						795						(1,282)						104,424						(23,913)
Initial provision for credit losses - acquisition (G)						—						58,585						—						—						—						58,585						—
Amortization of intangibles (H)						2,477						2,477						1,421						1,420						1,421						6,375						4,262
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities						$	(2,628)					$	(1,801)					$	2,125					$	85					$	61					$	(2,304)					$	7,093
Gain on OREO						—						9						478						737						246						487						1,266
(Loss) gain on branches, equipment and other assets, net						(13)						2						16						(19)						(34)						5						(86)
Special dividend from equity investment						—						1,434						—						—						2,227						1,434						12,500
Gain on securities						—						—						—						—						—						—						219
Recoveries on historic losses						1,065						2,353						3,288						—						—						6,706						5,107
Total non-interest income adjustments (I)						$	(1,576)					$	1,997					$	5,907					$	803					$	2,500					$	6,328					$	26,099
Non-interest expense:
Merger and acquisition expenses						—						48,731						863						880						1,006						49,594						1,006
TRUPS redemption fees						—						2,081						—						—						—						2,081						—
Total non-interest expense adjustments (J)						$	—					$	50,812					$	863					$	880					$	1,006					$	51,675					$	1,006

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Home BancShares, Inc.

Non-GAAP Reconciliations

(Unaudited)

						Quarter Ended
						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022						Dec 31, 2021						Sep 30, 2021
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)						$	16.94					$	17.04					$	16.41					$	16.90					$	16.68
Tangible book value per common share: ((A-C-D)/B)						9.82						9.92						10.32						10.80						10.59
Total stockholders' equity (A)						$	3,460,015					$	3,498,565					$	2,686,703					$	2,765,721					$	2,736,062
End of period common shares outstanding (B)						204,219						205,291						163,758						163,699						164,008
Goodwill (C)						1,394,353						1,398,400						973,025						973,025						973,025
Core deposit and other intangibles (D)						60,932						63,410						23,624						25,045						26,466
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)						14.94		%				14.43		%				14.43		%				15.32		%				15.40		%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))						9.24						8.94						9.59						10.36						10.36
Total assets (A)						$	23,157,370					$	24,253,168					$	18,617,995					$	18,052,138					$	17,765,056
Total stockholders' equity (B)						3,460,015						3,498,565						2,686,703						2,765,721						2,736,062
Goodwill (C)						1,394,353						1,398,400						973,025						973,025						973,025
Core deposit and other intangibles (D)						60,932						63,410						23,624						25,045						26,466