HOMB Beats Analyst Expectations Despite Glooming Uncertainty and West Texas Headwinds

Source: Nasdaq GlobeNewswire / 20 Oct 2022 08:15:01 America/New_York

CONWAY, Ark., Oct. 20, 2022 (GLOBE NEWSWIRE) -- 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%
P5_NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)⁽¹⁾		55.39%		32.00%		52.48%		54.94%		56.50%
P5_NR, 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.

“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.

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.

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.

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.

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.

FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
(501) 328-4625

Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)

(In thousands)	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

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

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		0.165		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%
P5_NR(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%
P5_NR, 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 are 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	%


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	)		0.00			(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

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
P5_NR(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%
P5_NR, 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

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

HOMB Beats Analyst Expectations Despite Glooming Uncertainty and West Texas Headwinds

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