GlobeNewswire Inc | Jan 21, 2021 08:15AM EST

January 21, 2021

CONWAY, Ark., Jan. 21, 2021 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NASDAQ GS: HOMB), parent company of Centennial Bank, released record quarterly earnings today.

Highlights of the Fourth Quarter of 2020:

Metric Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019Net Income $81.8 $69.3 $62.8 $507,000 $73.3 million million million millionTotal Revenue (net) $181.9 $176.1 $173.7 $162.7 $167.8 million million million million millionIncome (loss) before income taxes $107.7 $90.4 $82.1 ($2.4 $96.5 million million million million) millionPre-tax net income, excludingprovision for credit losses and $107.7 $104.4 $102.7 $92.2 $96.5unfunded commitment expense (PPNR) million million million million million(non-GAAP)^(1)Pre-tax net income to total revenue 59.19% 51.32% 47.25% -1.49 57.49%(net)P5[NR] (Pre-tax, pre-provision, profitpercentage) (PPNR to total revenue 59.19% 59.28% 59.15% 56.67% 57.49%(net)) (non-GAAP)^(1)ROA 1.97% 1.66% 1.55% 0.01% 1.94%ROA (pre-tax net income, excludingprovision for credit losses and 2.60% 2.50% 2.53% 2.45% 2.56%unfunded commitment expense)(non-GAAP)^(1)ROA, excluding provision for creditlosses and unfunded commitment expense 1.97% 1.91% 1.92% 1.87% 1.94%(non-GAAP)^(1)NIM 4.00% 3.92% 4.11% 4.22% 4.24%NIM, excluding PPP loans (non-GAAP)^ 3.97% 3.98% 4.16% 4.22% 4.24%(1)Purchase Accounting Accretion $5.7 $7.0 $7.0 $7.6 $9.1 million million million million millionROE 12.72% 10.97% 10.27% 0.08% 11.71%ROTCE (non-GAAP)^(1) 20.96% 18.29% 17.40% 0.14% 19.55%Diluted Earnings Per Share $0.50 $0.42 $0.38 $0.00 $0.44Non-Performing Assets to Total Assets 0.48% 0.47% 0.39% 0.44% 0.43%Common Equity Tier 1 Capital 13.4% 12.6% 12.0% 11.5% 12.4%Leverage 10.8% 10.4% 10.3% 10.8% 11.3%Tier 1 Capital 14.0% 13.2% 12.6% 12.1% 13.0%Total Risk-Based Capital 17.8% 16.9% 16.2% 15.7% 16.4%Allowance for Credit Losses to Total 2.19% 2.12% 1.99% 2.01% 0.94%LoansAllowance for Credit Losses to TotalLoans, excluding PPP loans (non-GAAP)^ 2.33% 2.29% 2.15% 2.01% 0.94%(1)

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

While 2020 was dark in many ways, the lights were definitely on at Home BancShares, stated John Allison. Q1 was an anomaly with the implementation of CECL, but it was followed up with record numbers in quarters two, three and four, and for that, I couldnt be more pleased, Allison continued. Fifty cents earnings per share is a record Im particularly proud of, added Allison.

Our talented team of bankers delivered record net income for the quarter of $81.8 million and our income before income taxes came in strong at $107.7 million, said Tracy French. During one of the hardest years for business and the economy, Im proud of how our bankers worked to assist their customers in their time of need while still churning out impressive best in class numbers throughout the year, continued French.

Operating Highlights

Net income and earnings per share were quarterly records for the Company. Net income increased $12.5 million, or 17.99%, to $81.8 million for the three-month period ended December31, 2020, from $69.3 million for the three-month period ended September 30, 2020. Earnings per share increased $0.08 per share, or 19.05%, to $0.50 per share for the three-month period ended December 31, 2020, from $0.42 per share for the three-month period ended September 30, 2020.

During the fourth quarter of 2020, the Company did not record any credit loss expense. The Companys provisioning model is closely tied to unemployment rate projections which continued to improve through the end of 2020.

Our net interest margin was 4.00% for the three-month period ended December31, 2020 compared to 3.92% for the three-month period ended September 30, 2020. The yield on loans was 5.33% and 5.24% for the three months ended December31, 2020 and September 30, 2020, respectively, as average loans decreased from $11.76 billion to $11.46 billion. Additionally, the rate on interest bearing deposits decreased to 0.44% as of December31, 2020 from 0.54% as of September 30, 2020, with average balances of $9.59 billion and $9.68 billion, respectively.

As of December31, 2020, we had $691.7 million of Paycheck Protection Program (PPP) loans outstanding. These loans are at 1.00% plus the accretion of the origination fee. Excluding PPP loans, our net interest margin (non-GAAP) for the three-month period ended December 31, 2020 was 3.97%(1). The PPP loans had a 6-basis point accretive impact to the yield on loans, and the PPP loans were accretive to the net interest margin by 3 basis points. This was primarily due to approximately $157.0 million of the Companys PPP loans being forgiven during the fourth quarter of 2020 as well as the acceleration of deferred fees for the loans that were forgiven. The deferred fee income increased from $3.8 million to $6.9 million for the three-month periods ended September 30, 2020 and December 31, 2020, respectively. ______________________________(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

The COVID-19 pandemic has created a significant amount of excess liquidity in the market. As a result of this excess liquidity, we had an increase of $102.3 million of average interest-bearing cash balances in the fourth quarter of 2020 compared to the third quarter of 2020. This excess liquidity diluted the net interest margin by 3 basis points.

Purchase accounting accretion on acquired loans was $5.7 million and $7.0 million and average purchase accounting loan discounts were $49.6 million and $55.8 million for the three-month periods ended December31, 2020 and September 30, 2020, respectively. Net amortization of time deposit premiums was $30,000 per quarter and net average remaining time deposit premiums were $146,000 and $176,000 for the three-month periods ended December31, 2020 and September 30, 2020, respectively.

Net interest income on a fully taxable equivalent basis increased $2.1 million, or 1.4%, to $149.8 million for the three-month period ended December31, 2020, from $147.7 million for the three-month period ended September 30, 2020. This increase in net interest income for the three-month period ended December31, 2020 was the result of a $3.0 million decrease in interest expense, which was partially offset by a $875,000 decrease in interest income. The $3.0 million decrease in interest expense was primarily the result of a $2.6 million decrease in interest expense on deposits and a $318,000 decrease in interest expense on FHLB borrowings. The $875,000 decrease in interest income was primarily the result of a $1.4 million decrease in loan interest income, which was partially offset by a $492,000 net increase in investment income.

The Company reported $33.9 million of non-interest income for the fourth quarter of 2020. The most important components of the fourth quarter non-interest income were $10.1 million from mortgage lending income, $8.4 million from other service charges and fees, $5.5 million from service charges on deposit accounts, and $2.6 million from other income. Non-interest income for the fourth quarter of 2020 included a $4.3 million adjustment for the increase in fair market value of marketable securities.

Mortgage lending income was $10.1 million for the three-month period ended December31, 2020, compared to $10.2 million for the three-month period ended September 30, 2020, as the Company experienced a significant increase in secondary market loan sales in 2020. The housing market continues to benefit from the current low interest rate environment.

Non-interest expense for the fourth quarter of 2020 was $74.2 million. The most important components of the fourth quarter non-interest expense were $43.0 million from salaries and employee benefits, $16.2 million in other expense and $9.8 million in occupancy and equipment expenses. For the fourth quarter of 2020, our efficiency ratio was 39.64%.______________________________(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Financial Condition

Total loans receivable were $11.22 billion at December31, 2020 compared to $11.69 billion at September 30, 2020. Total deposits were $12.73 billion at December31, 2020 compared to $12.94 billion at September 30, 2020. Total assets were $16.40 billion at December31, 2020 compared to $16.55 billion at September 30, 2020.

During the fourth quarter 2020, the Company experienced approximately $470.7 million in organic loan decline. Centennial CFG experienced $149.0 million of organic loan decline and had loans of $1.54 billion at December31, 2020. Our legacy footprint experienced $157.0 million in PPP loan decline and $164.7 million in organic loan decline during the quarter.

Non-performing loans to total loans was 0.66% as of December31, 2020 compared to 0.63% as of September 30, 2020. Non-performing assets to total assets increased slightly from 0.47% as of September 30, 2020 to 0.48% as of December31, 2020. For the fourth quarter of 2020, net charge-offs were $2.8 million compared to net charge-offs of $4.1 million for the third quarter of 2020.

Non-performing loans at December31, 2020 were $24.1 million, $43.1 million, $530,000, $3.6 million and $2.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $74.1 million. Non-performing assets at December31, 2020 were $25.6 million, $46.0 million, $564,000, $3.6 million and $2.8 million in the Arkansas, Florida, Alabama, Shore Premier Finance and Centennial CFG markets, respectively, for a total of $78.6 million.

The Companys allowance for credit losses on loans was $245.5 million at December31, 2020, or 2.19% of total loans, compared to the allowance for loan losses of $248.2 million, or 2.12% of total loans, at September 30, 2020. The Companys allowance for credit losses on loans to total loans, excluding PPP loans (non-GAAP), was 2.33%(1) at December31, 2020. As of December31, 2020 and September 30, 2020, the Companys allowance for credit losses on loans and allowance for loan losses was 331.10% and 336.42% of its total non-performing loans, respectively.

Stockholders equity was $2.61 billion at December31, 2020 compared to $2.54 billion at September 30, 2020, an increase of approximately $65.0 million. The increase in stockholders equity is primarily associated with the $58.7 million increase in retained earnings. Book value per common share was $15.78 at December31, 2020 compared to $15.38 at September 30, 2020. Tangible book value per common share (non-GAAP) was $9.70(1) at December31, 2020 compared to $9.30(1) at September 30, 2020, an increase of 17.11% on an annualized basis. ______________________________(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Branches

The Company currently has 77 branches in Arkansas, 78 branches in Florida, 5 branches in Alabama and one branch in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, January 21, 2021. We encourage all participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10150658/df97bab01e. Callers who pre-register will be given dial-in instructions and a unique PIN to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be automatically scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-877-508-9586 and asking for the Home BancShares conference call. A replay of the call will be available by calling 1-877-344-7529, Passcode: 10150658, which will be available until January 28, 2021 at 10:59 p.m. CT (11:59 ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com under Investor Relations for 12 months.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Companys management uses these non-GAAP financial measures--including net income (earnings), as adjusted; pre-tax net income, excluding provision for credit losses and unfunded commitment expense; pre-tax, pre-provision, profit percentage; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets (pre-tax net income, excluding provision for credit losses and unfunded commitment expense); return on average assets, excluding provision for credit losses and unfunded commitment expense; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; efficiency ratio, as adjusted; net interest margin, excluding PPP loans; allowance for credit losses to total loans, excluding PPP loans; tangible book value per common share and tangible common equity to tangible assets--to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions (including the effect of the PPP loans) that management believes are not indicative of the Companys 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 Companys 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 Companys plans, expectations, goals and outlook for the future. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment; disruptions, uncertainties and related effects on our business and operations as a result of the ongoing coronavirus (COVID-19) pandemic and measures that have been or may be implemented or imposed in response to the pandemic, including the impact on, among other things, credit quality and liquidity; the ability to identify, complete and successfully integrate new acquisitions; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations, including those in response to the COVID-19 pandemic; technological changes and cybersecurity risks; the effects of changes in accounting policies and practices, including from the adoption of the current expected credit loss (CECL) model on January 1, 2020; changes in governmental monetary and fiscal policies; political instability; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the SEC), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 26, 2020, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, filed with the SEC on November 5, 2020.

Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, South Alabama and New York City. The Companys common stock is traded through the NASDAQ Global Select Market under the symbol HOMB.

FOR MORE INFORMATION CONTACT:Donna TownsellDirector of Investor RelationsHome BancShares, Inc.(501) 328-4625

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

Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, (In thousands) 2020 2020 2020 2020 2019 ASSETS Cash and due from $ 242,173 $ 144,197 $ 185,047 $ 147,200 $ 168,914 banksInterest-bearingdeposits with other 1,021,615 899,140 1,030,609 424,235 321,687 banksCash and cash 1,263,788 1,043,337 1,215,656 571,435 490,601 equivalentsInvestmentsecurities -available-for-sale, 2,473,781 2,361,900 2,238,005 2,098,000 2,083,838 net ofallowancefor credit lossesLoans receivable 11,220,721 11,691,470 11,955,743 11,384,982 10,869,710 Allowance for credit (245,473 ) (248,224 ) (238,340 ) (228,923 ) (102,122 )lossesLoans receivable, 10,975,248 11,443,246 11,717,403 11,156,059 10,767,588 netBank premises and 278,614 280,364 279,498 281,795 280,103 equipment, netForeclosed assets 4,420 4,322 6,292 8,204 9,143 held for saleCash value of life 103,519 102,989 102,443 103,120 102,562 insuranceAccrued interest 60,528 72,599 80,274 50,295 45,086 receivableDeferred tax asset, 70,249 75,167 74,333 77,110 44,301 netGoodwill 973,025 973,025 973,025 973,025 958,408 Core deposit and 30,728 32,149 33,569 35,055 36,572 other intangiblesOther assets 164,904 160,660 174,908 177,634 213,845 Total assets $ 16,398,804 $ 16,549,758 $ 16,895,406 $ 15,531,732 $ 15,032,047 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits: Demand and $ 3,266,753 $ 3,207,967 $ 3,413,727 $ 2,425,036 $ 2,367,091 non-interest-bearingSavings andinterest-bearing 8,212,240 8,011,200 7,970,979 7,149,644 6,933,964 transaction accountsTime deposits 1,246,797 1,718,299 1,793,230 1,940,234 1,977,328 Total deposits 12,725,790 12,937,466 13,177,936 11,514,914 11,278,383 Federal funds - - - - 5,000 purchasedSecurities soldunder agreements to 168,931 158,447 162,858 126,884 143,727 repurchaseFHLB and other 400,000 403,428 531,432 951,436 621,439 borrowed fundsAccrued interestpayable and other 127,999 139,485 161,095 138,479 102,410 liabilitiesSubordinated 370,326 370,133 369,939 369,748 369,557 debenturesTotal liabilities 13,793,046 14,008,959 14,403,260 13,101,461 12,520,516 Stockholders' equity Common stock 1,651 1,652 1,652 1,651 1,664 Capital surplus 1,520,617 1,520,103 1,518,631 1,516,151 1,537,091 Retained earnings 1,039,370 980,699 932,856 891,498 956,555 Accumulated othercomprehensive (loss) 44,120 38,345 39,007 20,971 16,221 incomeTotal stockholders' 2,605,758 2,540,799 2,492,146 2,430,271 2,511,531 equityTotal liabilitiesand stockholders' $ 16,398,804 $ 16,549,758 $ 16,895,406 $ 15,531,732 $ 15,032,047 equity

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

Quarter Ended Year Ended Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, (In 2020 2020 2020 2020 2019 2020 2019 thousands) Interest incomeLoans $ 153,407 $ 154,787 $ 158,996 $ 158,148 $ 161,211 $ 625,338 $ 658,345 Investment securitiesTaxable 6,900 7,227 8,693 9,776 9,707 32,596 41,406 Tax-exempt 4,979 4,367 3,698 3,114 3,260 16,158 13,015 Deposits - 270 252 211 1,116 949 1,849 5,188 other banksFederal - - - 21 5 21 34 funds soldTotalinterest 165,556 166,633 171,598 172,175 175,132 675,962 717,988 income Interest expenseInterest on 10,596 13,200 15,116 24,198 26,823 63,110 114,104 depositsFederalfunds - - - 13 33 13 54 purchasedFHLBborrowed 1,917 2,235 2,656 2,698 2,686 9,506 17,209 fundsSecuritiessold underagreements 208 237 260 462 652 1,167 2,544 torepurchaseSubordinated 4,810 4,823 4,899 5,079 5,155 19,611 20,860 debenturesTotalinterest 17,531 20,495 22,931 32,450 35,349 93,407 154,771 expense Net interest 148,025 146,138 148,667 139,725 139,783 582,555 563,217 income Provisionfor credit - 14,000 11,441 76,672 - 102,113 1,325 loss - loansProvisionfor creditloss - - - - 9,309 - 9,309 - acquiredloansProvisionfor creditloss - - - - 842 - 842 - investmentsecuritiesTotal credit - 14,000 11,441 86,823 - 112,264 1,325 loss expense Net interestincome afterprovision 148,025 132,138 137,226 52,902 139,783 470,291 561,892 for creditlosses Non-interest incomeServicecharges on 5,544 4,910 4,296 6,631 6,778 21,381 25,930 depositaccountsOtherservice 8,425 8,539 7,666 6,056 10,636 30,686 34,086 charges andfeesTrust fees 420 378 397 438 390 1,633 1,566 Mortgagelending 10,071 10,177 6,196 2,621 3,801 29,065 14,303 incomeInsurance 366 271 533 678 551 1,848 2,278 commissionsIncrease incash value 534 548 558 560 562 2,200 2,752 of lifeinsuranceDividendsfrom FHLB, 967 3,433 230 7,842 1,952 12,472 7,707 FRB, FNBB &otherGain on SBA 304 - - 341 686 645 1,573 loansGain (loss)on branches,equipment 217 (27 ) 54 82 35 326 (3 )andotherassets, netGain on 150 470 235 277 159 1,132 757 OREO, netLoss onsecurities, - - - - (2 ) - (2 )netFair valueadjustmentfor 4,271 (1,350 ) 919 (5,818 ) - (1,978 ) - marketablesecuritiesOther income 2,616 2,602 3,939 3,219 2,481 12,376 8,569 Totalnon-interest 33,885 29,951 25,023 22,927 28,029 111,786 99,516 income Non-interest expenseSalaries andemployee 43,022 41,511 40,088 39,329 38,446 163,950 154,177 benefitsOccupancyand 9,801 9,566 10,172 8,873 8,729 38,412 35,452 equipmentDataprocessing 5,171 4,921 4,614 4,326 4,294 19,032 16,161 expenseOtheroperating 16,247 15,714 25,298 25,721 19,873 82,980 69,997 expensesTotalnon-interest 74,241 71,712 80,172 78,249 71,342 304,374 275,787 expense Income(loss) 107,669 90,377 82,077 (2,420 ) 96,470 277,703 385,621 beforeincome taxesIncome taxexpense 25,875 21,057 19,250 (2,927 ) 23,208 63,255 96,082 (benefit)Net income $ 81,794 $ 69,320 $ 62,827 $ 507 $ 73,262 $ 214,448 $ 289,539

Home BancShares, Inc.Selected Financial Information(Unaudited)

Quarter Ended Year Ended Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, (Dollars and shares inthousands, except per 2020 2020 2020 2020 2019 2020 2019 share data) PER SHARE DATA Diluted earnings per $ 0.50 $ 0.42 $ 0.38 $ - $ 0.44 $ 1.30 $ 1.73 common shareDiluted earnings percommon share, asadjusted,excludingfair valueadjustment formarketable securities,specialdividend fromequity investment,provision for creditlosses,branchwrite-off expense, 0.48 0.47 0.47 0.43 0.44 1.85 1.74 unfunded commitmentexpense,outsourcedspecial projectexpense, merger andacquisitionexpenses,FDIC Small BankAssessment Credit,hurricaneexpense andBOLI redemption tax(non-GAAP)^(1)Basic earnings per 0.50 0.42 0.38 - 0.44 1.30 1.73 common shareDividends per share - 0.1400 0.1300 0.1300 0.1300 0.1300 0.5300 0.5100 commonBook value per common 15.78 15.38 15.09 14.72 15.10 15.78 15.10 shareTangible book valueper common share 9.70 9.30 8.99 8.61 9.12 9.70 9.12 (non-GAAP)^(1) STOCK INFORMATION Average common shares 165,119 165,200 165,163 166,014 166,696 165,373 167,804 outstandingAverage diluted shares 165,119 165,200 165,163 166,014 166,696 165,373 167,804 outstandingEnd of period common 165,095 165,163 165,206 165,148 166,373 165,095 166,373 shares outstanding ANNUALIZED PERFORMANCE METRICS Return on average 1.97 % 1.66 % 1.55 % 0.01 % 1.94 % 1.33 % 1.93 %assetsReturn on averageassets excluding fairvalue adjustmentformarketablesecurities, specialdividend fromequityinvestment,provision for creditlosses, branchwrite-offexpense,unfunded commitment 1.90 % 1.88 % 1.93 % 1.88 % 1.94 % 1.90 % 1.94 %expense,outsourcedspecialproject expense,merger and acquisitionexpenses,FDIC SmallBank AssessmentCredit, hurricaneexpense andBOLIredemption tax: (ROA,as adjusted)(non-GAAP)^(1)Return on averageassets excludingintangible 2.13 % 1.80 % 1.68 % 0.05 % 2.12 % 1.45 % 2.10 %amortization(non-GAAP)^(1)Return on average 12.72 % 10.97 % 10.27 % 0.08 % 11.71 % 8.57 % 12.01 %common equityReturn on averagecommon equityexcluding fairvalueadjustment formarketable securities,special dividendfromequity investment,provision for creditlosses,branchwrite-offexpense, unfunded 12.23 % 12.39 % 12.77 % 11.48 % 11.68 % 12.22 % 12.11 %commitmentexpense,outsourcedspecial projectexpense, merger andacquisitionexpenses,FDIC Small BankAssessment Credit,hurricaneexpense andBOLI redemption tax:(ROE, as adjusted)(non-GAAP)^(1)Return on averagetangible common equity 20.96 % 18.29 % 17.40 % 0.14 % 19.55 % 14.31 % 20.49 %(non-GAAP)^(1)Return on averagetangible common equityexcludingintangible 21.22 % 18.56 % 17.70 % 0.44 % 19.86 % 14.59 % 20.83 %amortization(non-GAAP)^(1)Return on averagetangible common equityexcluding fairvalueadjustment formarketable securities,specialdividend fromequity investment,provision for creditlosses,branchwrite-off expense,unfunded commitment 20.15 % 20.66 % 21.63 % 19.22 % 19.51 % 20.41 % 20.67 %expense,outsourcedspecial projectexpense, merger andacquisitionexpenses,FDIC Small BankAssessment Credit,hurricaneexpense andBOLI redemption tax:(ROTCE, as adjusted)(non-GAAP)^(1)

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

Home BancShares, Inc.Selected Financial Information(Unaudited)

Quarter Ended Year Ended (Dollars andshares in Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, thousands,except per 2020 2020 2020 2020 2019 2020 2019 share data) Efficiency 39.64 % 39.56 % 44.93 % 46.82 % 41.26 % 42.63 % 40.34 %ratioEfficiencyratio, as 40.67 % 40.08 % 39.38 % 41.37 % 41.14 % 40.36 % 40.55 %adjusted(non-GAAP)^(1)Net interest 4.00 % 3.92 % 4.11 % 4.22 % 4.24 % 4.02 % 4.29 %margin - FTENet interestmargin - FTE,excluding PPP 3.97 % 3.98 % 4.16 % 4.22 % 4.24 % 4.04 % 4.29 %loans(non-GAAP)^(1)Fully taxableequivalent $ 1,778 $ 1,576 $ 1,434 $ 1,227 $ 1,322 $ 6,015 $ 5,255 adjustmentTotal revenue 181,910 176,089 173,690 162,652 167,812 694,341 662,733 (net)Pre-tax netincome,excludingprovision forcredit 107,669 104,377 102,732 92,178 96,470 406,956 386,946 losses andunfundedcommitmentexpense (PPNR)(non-GAAP)^(1)Pre-tax netincome to 59.19 % 51.32 % 47.25 % -1.49 % 57.49 % 40.00 % 58.19 %total revenue(net)P5[NR](Pre-tax,pre-provision,profit 59.19 % 59.28 % 59.15 % 56.67 % 57.49 % 58.61 % 58.39 %percentage)(PPNR to totalrevenue (net))(non-GAAP)^(1)Net income,excludingprovision forcredit losses 81,794 79,661 78,084 70,382 73,262 309,921 290,522 andunfundedcommitmentexpenseReturn onaverage assets(pre-tax netincome,excludingprovision for 2.60 % 2.50 % 2.53 % 2.45 % 2.56 % 2.52 % 2.57 %credit lossesand unfundedcommitmentexpense)(non-GAAP)^(1)Return onaverageassets,excludingprovisionfor credit 1.97 % 1.91 % 1.92 % 1.87 % 1.94 % 1.92 % 1.93 %losses andunfundedcommitmentexpense(non-GAAP)^(1)Total purchaseaccounting 5,736 6,957 7,036 7,647 9,133 27,376 35,890 accretionAveragepurchase 49,563 55,835 62,822 69,365 91,869 59,406 114,521 accountingloan discounts OTHEROPERATING EXPENSES Advertising $ 1,076 $ 902 $ 795 $ 1,226 $ 1,340 $ 3,999 $ 4,687 Merger andacquisition - - - 711 - 711 - expensesAmortization 1,421 1,420 1,486 1,517 1,565 5,844 6,324 of intangiblesElectronicbanking 2,282 2,426 2,054 1,715 1,870 8,477 7,525 expenseDirectors' 359 429 412 424 396 1,624 1,602 feesDue from bankservice 254 259 239 223 289 975 1,081 chargesFDIC and state 1,493 1,607 1,846 1,548 1,635 6,494 4,468 assessmentHurricane - - - - - - 897 expenseInsurance 795 766 711 746 790 3,018 2,846 Legal and 790 1,235 1,278 919 1,633 4,222 5,017 accountingOtherprofessional 1,528 1,661 1,735 3,226 3,189 8,150 10,213 feesOperating 440 460 553 535 469 1,988 2,021 suppliesPostage 315 328 313 327 327 1,283 1,266 Telephone 347 321 310 324 312 1,302 1,210 Unfunded - - 9,214 7,775 - 16,989 - commitmentsOther expense 5,147 3,900 4,352 4,505 6,058 17,904 20,840 Total otheroperating $ 16,247 $ 15,714 $ 25,298 $ 25,721 $ 19,873 $ 82,980 $ 69,997 expenses

(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)

Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, (Dollars in 2020 2020 2020 2020 2019 thousands) BALANCE SHEET RATIOS Total loans to 88.17 % 90.37 % 90.73 % 98.87 % 96.38 %total depositsCommon equity 15.89 % 15.35 % 14.75 % 15.65 % 16.71 %to assetsTangible commonequity to 10.41 % 9.88 % 9.35 % 9.79 % 10.80 %tangible assets(non-GAAP)^(1) LOANS RECEIVABLE Real estate Commercial real estate loansNon-farm/ $ 4,429,060 $ 4,342,141 $ 4,325,795 $ 4,357,007 $ 4,412,769 non-residentialConstruction/land 1,562,298 1,748,928 1,818,151 1,892,394 1,776,689 developmentAgricultural 114,431 89,476 105,554 89,630 88,400 Residentialreal estate loansResidential 1-4 1,536,257 1,665,628 1,730,716 1,775,610 1,819,221 familyMultifamily 536,538 491,380 482,635 411,960 488,278 residentialTotal real 8,178,584 8,337,553 8,462,851 8,526,601 8,585,357 estateConsumer 864,690 883,568 851,344 852,174 511,909 Commercial and 1,896,442 2,161,818 2,228,816 1,759,752 1,528,003 industrialAgricultural 66,869 85,365 80,023 64,582 63,644 Other 214,136 223,166 332,709 181,873 180,797 Loans $ 11,220,721 $ 11,691,470 $ 11,955,743 $ 11,384,982 $ 10,869,710 receivable PaycheckProtectionProgram (PPP)loans (included 691,747 848,745 848,628 - - in totalloansreceivable) ALLOWANCE FOR CREDIT LOSSES Balance,beginning of $ 248,224 $ 238,340 $ 228,923 $ 102,122 $ 104,304 periodImpact ofadopting ASC - - - 43,988 - 326Allowance forcredit losses - - - 357 - on acquiredloansLoans charged 3,040 4,599 2,582 4,265 2,631 offRecoveries ofloans 289 483 558 740 449 previouslycharged offNet loans(recovered)/ 2,751 4,116 2,024 3,525 2,182 charged offProvision forcredit loss - - 14,000 11,441 76,672 - loansProvision forcredit loss - - - - 9,309 - acquired loansTotal creditloss expenseexcludingprovision for - 14,000 11,441 85,981 - credit loss -investmentsecuritiesBalance, end of $ 245,473 $ 248,224 $ 238,340 $ 228,923 $ 102,122 period Net(recoveries)charge-offs to 0.10 % 0.14 % 0.07 % 0.13 % 0.08 %average totalloansAllowance forcredit losses 2.19 % 2.12 % 1.99 % 2.01 % 0.94 %to total loansAllowance forcredit lossesto total loans, 2.33 % 2.29 % 2.15 % 2.01 % 0.94 %excluding PPPloans NON-PERFORMING ASSETS Non-performing loansNon-accrual $ 64,528 $ 65,148 $ 52,074 $ 52,131 $ 47,607 loansLoans past due 9,610 8,635 7,824 7,760 7,238 90 days or moreTotalnon-performing 74,138 73,783 59,898 59,891 54,845 loansOthernon-performing assetsForeclosedassets held for 4,420 4,322 6,292 8,204 9,143 sale, netOthernon-performing - 247 247 447 447 assetsTotal othernon-performing 4,420 4,569 6,539 8,651 9,590 assetsTotalnon-performing $ 78,558 $ 78,352 $ 66,437 $ 68,542 $ 64,435 assets Allowance forcredit lossesfor loans to 331.10 % 336.42 % 397.91 % 382.23 % 186.20 %non-performingloansNon-performingloans to total 0.66 % 0.63 % 0.50 % 0.53 % 0.50 %loansNon-performingassets to total 0.48 % 0.47 % 0.39 % 0.44 % 0.43 %assets

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

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

Three Months Ended December 31, 2020 September 30, 2020 Average Income/ Yield Average Income/ Yield / /(Dollars in Balance Expense Rate Balance Expense Rate thousands) ASSETS Earning assets Interest-bearingbalances due from $ 1,029,047 $ 270 0.10 % $ 926,754 $ 252 0.11 %banksFederal funds sold 5 - 0.00 % 124 - 0.00 %Investmentsecurities - 1,615,214 6,900 1.70 % 1,618,058 7,227 1.78 %taxableInvestmentsecurities - 798,402 6,550 3.26 % 672,067 5,731 3.39 %non-taxable - FTELoans receivable - 11,457,713 153,614 5.33 % 11,758,143 154,999 5.24 %FTETotalinterest-earning 14,900,381 167,334 4.47 % 14,975,146 168,209 4.47 %assetsNon-earning assets 1,592,685 1,619,349 Total assets $ 16,493,066 $ 16,594,495 LIABILITIES ANDSHAREHOLDERS' EQUITYLiabilities Interest-bearing liabilitiesSavings andinterest-bearing $ 8,109,111 $ 5,813 0.29 % $ 7,937,412 $ 6,651 0.33 %transactionaccountsTime deposits 1,483,049 4,783 1.28 % 1,745,279 6,549 1.49 %Totalinterest-bearing 9,592,160 10,596 0.44 % 9,682,691 13,200 0.54 %depositsFederal funds - - 0.00 % - - 0.00 %purchasedSecurities soldunder agreement to 156,198 208 0.53 % 157,172 237 0.60 %repurchaseFHLB borrowed 400,001 1,917 1.91 % 464,799 2,235 1.91 %fundsSubordinated 370,232 4,810 5.17 % 370,038 4,823 5.19 %debenturesTotalinterest-bearing 10,518,591 17,531 0.66 % 10,674,700 20,495 0.76 %liabilitiesNon-interestbearing liabilitiesNon-interest 3,279,708 3,259,501 bearing depositsOther liabilities 137,516 146,502 Total liabilities 13,935,815 14,080,703 Shareholders' 2,557,251 2,513,792 equityTotal liabilitiesand shareholders' $ 16,493,066 $ 16,594,495 equityNet interest 3.81 % 3.71 %spreadNet interestincome and margin $ 149,803 4.00 % $ 147,714 3.92 %- FTE

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

Year Ended December 31, 2020 December 31, 2019 Average Income/ Yield Average Income/ Yield / /(Dollars in Balance Expense Rate Balance Expense Rate thousands) ASSETS Earning assets Interest-bearingbalances due from $ 921,189 $ 1,849 0.20 % $ 254,548 $ 5,188 2.04 %banksFederal funds sold 1,330 21 1.58 % 1,421 34 2.39 %Investmentsecurities - 1,653,159 32,596 1.97 % 1,663,512 41,406 2.49 %taxableInvestmentsecurities - 577,444 21,263 3.68 % 379,232 17,026 4.49 %non-taxable - FTELoans receivable - 11,504,123 626,249 5.44 % 10,961,599 659,589 6.02 %FTETotalinterest-earning 14,657,245 681,978 4.65 % 13,260,312 723,243 5.45 %assetsNon-earning assets 1,480,049 1,768,188 Total assets $ 16,137,294 $ 15,028,500 LIABILITIES ANDSHAREHOLDERS' EQUITYLiabilities Interest-bearing liabilitiesSavings andinterest-bearing $ 7,686,621 $ 36,085 0.47 % $ 6,674,493 $ 77,194 1.16 %transactionaccountsTime deposits 1,756,138 27,026 1.54 % 1,972,040 36,910 1.87 %Totalinterest-bearing 9,442,759 63,111 0.67 % 8,646,533 114,104 1.32 %depositsFederal funds 1,557 13 0.83 % 2,895 54 1.87 %purchasedSecurities soldunder agreement to 151,573 1,167 0.77 % 149,665 2,544 1.70 %repurchaseFHLB borrowed 534,608 9,506 1.78 % 848,969 17,209 2.03 %fundsSubordinated 369,943 19,611 5.30 % 369,175 20,860 5.65 %debenturesTotalinterest-bearing 10,500,440 93,408 0.89 % 10,017,237 154,771 1.55 %liabilitiesNon-interestbearing liabilitiesNon-interest 2,998,560 2,489,254 bearing depositsOther liabilities 135,094 111,156 Total liabilities 13,634,094 12,617,647 Shareholders' 2,503,200 2,410,853 equityTotal liabilitiesand shareholders' $ 16,137,294 $ 15,028,500 equityNet interest 3.76 % 3.90 %spreadNet interestincome and margin $ 588,570 4.02 % $ 568,472 4.29 %- FTE

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

Quarter Ended Year Ended (Dollars and shares Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31, in thousands,except per share 2020 2020 2020 2020 2019 2020 2019 data) EARNINGS, AS ADJUSTED GAAP net incomeavailable to common $ 81,794 $ 69,320 $ 62,827 $ 507 $ 73,262 $ 214,448 $ 289,539 shareholders (A)Pre-tax adjustments Fair value adjustmentfor marketable (4,271 ) 1,350 (919 ) 5,818 - 1,978 - securitiesSpecial dividend from - (3,181 ) - (7,004 ) (861 ) (10,185 ) (2,995 )equity investmentProvision for credit - 14,000 11,441 86,823 - 112,264 1,325 lossesBranch write-off - - 981 - - 981 - expenseUnfunded commitment - - 9,214 7,775 - 16,989 - expenseOutsourced special - - - 1,092 631 1,092 1,531 project expenseMerger and - - - 711 - 711 - acquisition expensesFDIC Small Bank - - - - - - (2,291 )Assessment CreditHurricane expenses - - - - - - 897 Total pre-tax (4,271 ) 12,169 20,717 95,215 (230 ) 123,830 (1,533 )adjustmentsTax-effect of (1,116 ) 3,181 5,414 24,884 (59 ) 32,363 (396 )adjustmentsAdjustments after-tax (3,155 ) 8,988 15,303 70,331 (171 ) 91,467 (1,137 )BOLI redemption tax - - - - - - 3,667 Total adjustments (3,155 ) 8,988 15,303 70,331 (171 ) 91,467 2,530 after-tax (B)Earnings, as adjusted $ 78,639 $ 78,308 $ 78,130 $ 70,838 $ 73,091 $ 305,915 $ 292,069 (C) Average dilutedshares outstanding 165,119 165,200 165,163 166,014 166,696 165,373 167,804 (D) GAAP diluted earnings $ 0.50 $ 0.42 $ 0.38 $ - $ 0.44 $ 1.30 $ 1.73 per share: (A/D)Adjustments (0.02 ) 0.05 0.09 0.43 - 0.55 0.01 after-tax: (B/D)Diluted earnings percommon share, asadjusted,excludingfair valueadjustment formarketablesecurities,specialdividendfrom equityinvestment, provisionfor creditlosses,branch write-off $ 0.48 $ 0.47 $ 0.47 $ 0.43 $ 0.44 $ 1.85 $ 1.74 expense, unfundedcommitmentexpense,outsourced specialproject expense,mergerandacquisitionexpenses, FDIC SmallBank AssessmentCredit,hurricaneexpense and BOLIredemption tax: (C/D) ANNUALIZED RETURN ON AVERAGE ASSETS Return on average 1.97 % 1.66 % 1.55 % 0.01 % 1.94 % 1.33 % 1.93 %assets: (A/G)Return on averageassets excluding fairvalue adjustmentformarketablesecurities, specialdividend fromequityinvestment,provision for creditlosses, branchwrite-offexpense,unfunded commitmentexpense, 1.90 % 1.88 % 1.93 % 1.88 % 1.94 % 1.90 % 1.94 %outsourcedspecialproject expense,merger andacquisitionexpenses,FDIC SmallBank AssessmentCredit, hurricaneexpenseand BOLIredemption tax: (ROA,as adjusted) ((A+F)/G)Return on averageassets (pre-tax netincome,excludingprovision 2.60 % 2.50 % 2.53 % 2.45 % 2.56 % 2.52 % 2.57 %for credit losses andunfundedcommitmentexpense):(B/G)Return on averageassets, excludingprovision for 1.97 % 1.91 % 1.92 % 1.87 % 1.94 % 1.92 % 1.93 %creditlosses andunfunded commitmentexpense: (C/G)Return on averageassets excludingintangible 2.13 % 1.80 % 1.68 % 0.05 % 2.12 % 1.45 % 2.10 %amortization: ((A+E)/(G-H)) GAAP net incomeavailable to common $ 81,794 $ 69,320 $ 62,827 $ 507 $ 73,262 $ 214,448 $ 289,539 shareholders (A)Pre-tax net income,excluding provisionfor credit $ 107,669 $ 104,377 $ 102,732 $ 92,178 $ 96,470 $ 406,956 $ 386,946 lossesand unfundedcommitment expense(B)Net income, excludingprovision for creditlosses andunfunded $ 81,794 $ 79,661 $ 78,084 $ 70,382 $ 73,262 $ 309,921 $ 290,522 commitment expense(C)Amortization of 1,421 1,420 1,486 1,517 1,565 5,844 6,324 intangibles (D)Amortization ofintangibles after-tax 1,049 1,049 1,098 1,121 1,161 4,317 4,691 (E)Adjustments after-tax (3,155 ) 8,988 15,303 70,331 (171 ) 91,467 2,530 (F)Average assets (G) 16,493,066 16,594,495 16,319,206 15,133,475 14,944,368 16,137,294 15,028,500 Average goodwill,core deposits & other 1,004,432 1,005,864 1,007,307 999,004 995,721 1,004,157 998,090 intangibleassets(H)

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

Quarter Ended Year Ended Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31 Dec. 31, Dec. 31, (Dollars and shares inthousands, except per 2020 2020 2020 2020 2019 2020 2019 share data) ANNUALIZED RETURN ON AVERAGE COMMON EQUITY Return on average common 12.72 % 10.97 % 10.27 % 0.08 % 11.71 % 8.57 % 12.01 %equity: (A/D)Return on average commonequity excluding fairvalue adjustmentformarketablesecurities, specialdividend from equityinvestment,provisionfor credit losses, branchwrite-off expense,unfundedcommitment 12.23 % 12.39 % 12.77 % 11.48 % 11.68 % 12.22 % 12.11 %expense, outsourcedspecial project expense,mergerand acquisitionexpenses, FDIC Small BankAssessmentCredit,hurricaneexpense and BOLIredemption tax: (ROE, asadjusted)((A+C)/D)Return on averagetangible common equity: 20.96 % 18.29 % 17.40 % 0.14 % 19.55 % 14.31 % 20.49 %(A/(D-E))Return on averagetangible common equityexcluding 21.22 % 18.56 % 17.70 % 0.44 % 19.86 % 14.59 % 20.83 %intangibleamortization:(B/(D-E))Return on averagetangible common equityexcluding fairvalueadjustment formarketable securities,special dividendfromequity investment,provision for creditlosses, branchwrite-offexpense, 20.15 % 20.66 % 21.63 % 19.22 % 19.51 % 20.41 % 20.67 %unfunded commitmentexpense, outsourcedspecialproject expense,merger and acquisitionexpenses, FDIC SmallBank Assessment Credit,hurricane expense andBOLI redemptiontax:(ROTCE, as adjusted)((A+C)/(D-E)) GAAP net income availableto common shareholders $ 81,794 $ 69,320 $ 62,827 $ 507 $ 73,262 $ 214,448 $ 289,539 (A)Earnings excludingintangible amortization 82,843 70,369 63,925 1,628 74,423 218,765 294,230 (B)Adjustments after-tax (C) (3,155 ) 8,988 15,303 70,331 (171 ) 91,467 2,530 Average common equity (D) 2,557,251 2,513,792 2,459,941 2,481,104 2,482,406 2,503,200 2,410,853 Average goodwill, coredeposits & other 1,004,432 1,005,864 1,007,307 999,004 995,721 1,004,157 998,090 intangible assets (E) EFFICIENCY RATIO Efficiency ratio: ((C-E)/ 39.64 % 39.56 % 44.93 % 46.82 % 41.26 % 42.63 % 40.34 %(A+B+D))Efficiency ratio, asadjusted: ((C-E-G)/ 40.67 % 40.08 % 39.38 % 41.37 % 41.14 % 40.36 % 40.55 %(A+B+D-F)) Net interest income (A) $ 148,025 $ 146,138 $ 148,667 $ 139,725 $ 139,783 $ 582,555 $ 563,217 Non-interest income (B) 33,885 29,951 25,023 22,927 28,029 111,786 99,516 Non-interest expense (C) 74,241 71,712 80,172 78,249 71,342 304,374 275,787 Fully taxable equivalent 1,778 1,576 1,434 1,227 1,322 6,015 5,255 adjustment (D)Amortization of 1,421 1,420 1,486 1,517 1,565 5,844 6,324 intangibles (E) Adjustments: Non-interest income: Fair value adjustment for $ 4,271 $ (1,350 ) $ 919 $ (5,818 ) $ - $ (1,978 ) $ - marketable securitiesGain (loss) on OREO 150 470 235 277 159 1,132 757 Gain (loss) on branches,equipment and other 217 (27 ) 54 82 35 326 (3 )assets, netSpecial dividend from - 3,181 - 7,004 861 10,185 2,995 equity investmentGain (loss) on securities - - - - (2 ) - (2 )Total non-interest income $ 4,638 $ 2,274 $ 1,208 $ 1,545 $ 1,053 $ 9,665 $ 3,747 adjustments (F) Non-interest expense: Branch write-off expense $ - $ - $ 981 $ - $ - $ 981 $ - Unfunded commitment - - 9,214 7,775 - 16,989 - expenseFDIC Small Bank - - - - - - (2,291 )Assessment CreditMerger Expenses - - - 711 - 711 - Hurricane damage expense - - - - - - 897 Outsourced special - - - 1,092 631 1,092 1,531 project expenseTotal non-interest $ - $ - $ 10,195 $ 9,578 $ 631 $ 19,773 $ 137 expense adjustments (G) ANNUALIZED NET INTEREST MARGIN Net interest margin: A/C 4.00 % 3.92 % 4.11 % 4.22 % 4.24 % 4.02 % 4.29 %Net interest margin,excluding PPP loans 3.97 % 3.98 % 4.16 % 4.22 % 4.24 % 4.04 % 4.29 %(non-GAAP): B/D Net interest income - FTE $ 149,803 $ 147,714 $ 150,101 $ 140,952 $ 141,105 $ 588,570 $ 568,472 (A)PPP loan interest & 8,841 5,943 4,450 - - 19,234 - discount accretion incomeNet interest income -FTE, excluding PPP loans $ 140,962 $ 141,771 $ 145,651 $ 140,952 $ 141,105 $ 569,336 $ 568,472 (non-GAAP) (B) Average interest-earning $ 14,900,381 $ 14,975,146 $ 14,678,465 $ 13,428,700 $ 13,188,508 $ 14,657,245 $ 13,260,312 assets (C)Average PPP loans 775,861 821,977 585,946 - - 547,328 - Average interest-earningassets, excluding PPP $ 14,124,520 $ 14,153,169 $ 14,092,519 $ 13,428,700 $ 13,188,508 $ 14,109,917 $ 13,260,312 loans (non-GAAP) (D)

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

Quarter Ended Year Ended (Dollars andshares in Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31 Dec. 31, Dec. 31, thousands,except per share 2020 2020 2020 2020 2019 2020 2019 data) Pre-tax net $ 107,669 $ 90,377 $ 82,077 $ (2,420 ) $ 96,470 $ 277,703 $ 385,621 incomeProvision for - 14,000 11,441 86,823 - 112,264 1,325 credit lossesUnfundedcommitment - - 9,214 7,775 - 16,989 - expensePre-tax netincome,excludingprovision forcredit $ 107,669 $ 104,377 $ 102,732 $ 92,178 $ 96,470 $ 406,956 $ 386,946 losses andunfundedcommitmentexpense(PPNR) (A) Total revenue 181,910 176,089 173,690 162,652 167,812 694,341 662,733 (net) (B) Pre-tax netincome to total 59.19 % 51.32 % 47.25 % -1.49 % 57.49 % 40.00 % 58.19 %revenue (net)P5[NR] (Pre-tax,pre-provision,profit 59.19 % 59.28 % 59.15 % 56.67 % 57.49 % 58.61 % 58.39 %percentage)(PPNR to totalrevenue (net)) Quarter Ended Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, (Dollars in 2020 2020 2020 2020 2019 thousands) TANGIBLE BOOKVALUE PER COMMON SHARE Book value percommon share: (A $ 15.78 $ 15.38 $ 15.09 $ 14.72 $ 15.10 /B)Tangible bookvalue per common 9.70 9.30 8.99 8.61 9.12 share:((A-C-D)/B) Totalstockholders' $ 2,605,758 $ 2,540,799 $ 2,492,146 $ 2,430,271 $ 2,511,531 equity (A)End of periodcommon shares 165,095 165,163 165,206 165,148 166,373 outstanding (B)Goodwill (C) 973,025 973,025 973,025 973,025 958,408 Core deposit andother 30,728 32,149 33,569 35,055 36,572 intangibles (D) TANGIBLE COMMONEQUITY TO TANGIBLEASSETS Equity to 15.89 % 15.35 % 14.75 % 15.65 % 16.71 % assets: (B/A)Tangible commonequity totangible assets: 10.41 % 9.88 % 9.35 % 9.79 % 10.80 % ((B-C-D)/(A-C-D)) Total assets (A) $ 16,398,804 $ 16,549,758 $ 16,895,406 $ 15,531,732 $ 15,032,047 Totalstockholders' 2,605,758 2,540,799 2,492,146 2,430,271 2,511,531 equity (B)Goodwill (C) 973,025 973,025 973,025 973,025 958,408 Core deposit andother 30,728 32,149 33,569 35,055 36,572 intangibles (D)