EXHIBIT 99.1

Home BancShares, Inc. Announces a 55.9% Increase in First Quarter Net Income

CONWAY, Ark., April 19, 2018 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NASDAQ:HOMB), parent company of Centennial Bank, today announced a quarterly profit of $73.1 million for the first quarter of 2018 compared to $46.9 million, for the same quarter in 2017, which represents a $26.2 million or 55.9% increase.  Diluted earnings per share for the first quarter of 2018 was $0.42 per share compared to $0.33 per share for 2017, representing an increase of $0.09 per share or 27.3% for the first quarter of 2018 when compared to the same quarter in the prior year.

“Our first quarter earnings were $73.1 million and $97.0 million before taxes, both of which are records for Home,” said John Allison, Chairman. “We achieved an impressive return on average assets of 2.08%, which combined with our 37.83% efficiency ratio, has us positioned for another year of solid returns for our shareholders.”

Tracy French, Centennial Bank President and Chief Executive Officer, added, “We are pleased to deliver strong financial results for the first quarter while continuing to maintain high asset quality.  We maintained a non-performing assets to total assets ratio below 50 basis points and originated over $575 million in loans during the quarter. In addition, our conversion teams completed the system conversion of Stonegate during the quarter which will provide opportunity for continued efficiencies.”

“We are proud to report our most profitable quarter in the Company’s history,” said Randy Sims, Home BancShares, Inc. Chief Executive Officer.  “Diluted earnings per share for the quarter were $0.42 per share which was an increase of $0.09 or 27.3% from the first quarter of 2017. With outstanding performance results such as these, our shareholders can remain confident that we continue to focus on providing them with solid returns.”

Operating Highlights

Net interest margin, on a fully taxable equivalent basis, was 4.46% for the quarter just ended compared to 4.70% for the same quarter in 2017 and compared to 4.47% for the fourth quarter of 2017.  Net interest margin for the first quarter of 2018 includes accretion income of $10.6 million and average purchase accounting loan discounts of $164.1 million, compared to accretion income of $7.6 million and average purchase accounting loan discounts of $102.9 million for the first quarter of 2017.  Accretion yield decreased approximately $1.8 million from $12.4 million for the fourth quarter of 2017 to $10.6 million for first quarter of 2018.

During the first quarter of 2018, the Company recorded a provision for loan loss of $1.6 million compared to $3.9 million in the first quarter of 2017.  For the first quarter of 2018, net charge-offs were $1.7 million compared to net charge-offs of $3.6 million for the first quarter of 2017.

The Company reported $25.8 million of non-interest income for the first quarter of 2018, compared to $22.7 million, excluding gain on acquisitions for the first quarter of 2017.  The most important components of the first quarter non-interest income were $10.2 million from other service charges and fees, $6.1 million from service charges on deposits accounts, $2.7 million from mortgage lending income, $3.7 million from other income and $877,000 from dividends from FHLB, FRB, Bankers’ Bank & other.  

Non-interest expense for the first quarter of 2018 was $63.4 million compared to $55.1 million for the first quarter of 2017.  Excluding $6.7 million in merger expenses during the first quarter of 2017, non-interest expense increased $15.0 million from $48.4 million for the first quarter of 2017 to $63.4 million for the first quarter of 2018.  This increase excluding merger expenses is primarily the result of $7.6 million growth in salaries and employee benefits expense and $2.3 million growth in occupancy and equipment expense resulting from the acquisition of Stonegate Bank in the 3rd quarter of 2017.  For the first quarter of 2018, our efficiency ratio improved to 37.83% from the 40.76% reported for first quarter of 2017. 

Financial Condition

Total loans receivable were $10.33 billion at March 31, 2018 and December 31, 2017.  Total deposits were $10.40 billion at March 31, 2018 compared to $10.39 billion at December 31, 2017.  Total assets were $14.32 billion at March 31, 2018 compared to $14.45 billion at December 31, 2017.

During the first quarter of 2018, Centennial CFG produced $63.8 million of organic loan growth, while the legacy footprints experienced a decline of $69.3 million.  Centennial CFG had loans of $1.51 billion at March 31, 2018.

Non-performing loans at March 31, 2018 were $14.5 million, $34.9 million, $42,000 and zero in the Arkansas, Florida, Alabama and Centennial CFG markets, respectively, for a total of $49.5 million.  Non-performing loans as a percent of total loans were 0.48% as of March 31, 2018 compared to 0.43% as of December 31, 2017.  Non-performing assets at March 31, 2018 were $25.2 million, $43.0 million, $1.4 million and zero in the Arkansas, Florida and Alabama and Centennial CFG markets, respectively, for a total of $69.6 million.  Non-performing assets as a percent of total assets were 0.49% as of March 31, 2018 compared to 0.44% as of December 31, 2017.  

The Company’s allowance for loan losses was $110.2 million at March 31, 2018, or 1.07% of total loans, compared to $110.3 million, or 1.07% of total loans, at December 31, 2017. As of March 31, 2018 and December 31, 2017, the Company’s allowance for loan losses was 223% and 247% of its total non-performing loans, respectively.

Stockholders’ equity was $2.24 billion at March 31, 2018 compared to $2.20 billion at December 31, 2017, an increase of $33.9 million. The increase in stockholders’ equity is primarily associated with the $54.9 million increase in retained earnings offset by $16.9 million of comprehensive loss and the repurchase of $7.1 million of our common stock during the first quarter of 2018. Book value per common share was $12.89 at March 31, 2018 compared to $12.70 at December 31, 2017.  Tangible book value per common share was $7.27 at March 31, 2018 compared to $7.07 at December 31, 2017, an annualized increase of 11.47%. 

Branches

In an effort to achieve efficiencies primarily from our acquisitions, during the first quarter, the Company closed five branches in the Central Florida Region, one branch in the South Florida Region and six branches in the Southeast Florida Region.  The Company currently has 76 branches in Arkansas, 76 branches in Florida, 5 branches in Alabama and one branch in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, April 19, 2018.  We encourage all participants to pre-register for the conference call using the following link:  http://dpregister.com/10118074.  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: 10118074, which will be available until April 26, 2018 at 10:59 p.m. CT (11:59 ET).  Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com under “Investor Relations” for 12 months.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures--including earnings, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted; return on average common equity excluding intangible amortization; efficiency ratio, as adjusted; tangible book value per common share; and the tangible common equity to tangible assets ratio--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.  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 contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements.  These factors include, but are not limited to, the following:  economic conditions, credit quality, interest rates, loan demand, the ability to successfully integrate new acquisitions, increased regulatory requirements as a result of our exceeding $10 billion in total assets, legislative and regulatory changes, technological changes and cybersecurity risks, competition from other financial institutions, 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, 2017 filed with the SEC on February 27, 2018.

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

FOR MORE INFORMATION CONTACT:

Jennifer C. Floyd
Chief Accounting Officer & Investor Relations Officer
Home BancShares, Inc.
(501) 339-2929

 Home BancShares, Inc.  
 Consolidated End of Period Balance Sheets  
 (Unaudited)  
       
  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  
(In thousands)  2018    2017    2017    2017    2017   
       
ASSETS      
       
Cash and due from banks$  185,479 $  166,915 $  197,953 $  147,041 $  163,662  
Interest-bearing deposits with other banks   325,122    469,018    354,367    313,447    253,427  
Cash and cash equivalents   510,601    635,933    552,320    460,488    417,089  
Federal funds sold   1,825    24,109    4,545    -     1,700  
Investment securities - available-for-sale   1,693,018    1,663,517    1,575,685    1,400,431    1,250,590  
Investment securities - held-to-maturity   213,731    224,756    234,945    254,161    276,599  
Loans receivable   10,325,736    10,331,188    10,286,193    7,834,475    7,849,645  
Allowance for loan losses   (110,212)   (110,266)   (111,620)   (80,138)   (80,311) 
Loans receivable, net   10,215,524    10,220,922    10,174,573    7,754,337    7,769,334  
Bank premises and equipment, net   235,607    237,439    239,990    207,071    212,813  
Foreclosed assets held for sale   20,134    18,867    21,701    18,789    17,315  
Cash value of life insurance   147,424    146,866    146,158    97,684    97,223  
Accrued interest receivable   45,361    45,708    41,071    32,445    32,413  
Deferred tax asset, net   78,328    76,564    121,787    68,368    67,063  
Goodwill   927,949    927,949    929,129    420,941    420,941  
Core deposit and other intangibles   47,726    49,351    50,982    21,019    21,885  
Other assets   186,001    177,779    163,081    136,494    132,503  
Total assets $  14,323,229 $  14,449,760 $  14,255,967 $  10,872,228 $  10,717,468  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY      
       
Liabilities      
 Deposits:      
Demand and non-interest-bearing$  2,473,602 $  2,385,252 $  2,555,465 $  1,957,677 $  1,862,996  
Savings and interest-bearing transaction accounts   6,437,408    6,476,819    6,341,883    4,335,456    4,274,194  
Time deposits   1,485,605    1,526,431    1,551,422    1,474,255    1,430,017  
Total deposits   10,396,615    10,388,502    10,448,770    7,767,388    7,567,207  
 Federal funds purchased   -     -     -     -     -   
 Securities sold under agreements to repurchase   150,315    147,789    149,531    133,741    123,793  
 FHLB and other borrowed funds   1,115,061    1,299,188    1,044,333    1,099,478    1,455,040  
 Accrued interest payable and other liabilities   54,845    41,959    38,782    37,751    69,125  
 Subordinated debentures   368,212    368,031    367,835    357,838    60,735  
Total liabilities    12,085,048    12,245,469    12,049,251    9,396,196    9,275,900  
       
Stockholders' equity       
Common stock   1,736    1,736    1,737    1,431    1,434  
Capital surplus   1,671,141    1,675,318    1,674,642    940,821    948,982  
Retained earnings   585,586    530,658    526,448    527,338    490,142  
Accumulated other comprehensive (loss) income   (20,282)   (3,421)   3,889    6,442    1,010  
Total stockholders' equity    2,238,181    2,204,291    2,206,716    1,476,032    1,441,568  
Total liabilities and stockholders' equity $  14,323,229 $  14,449,760 $  14,255,967 $  10,872,228 $  10,717,468  
                 

 

 Home BancShares, Inc.  
 Consolidated Statements of Income  
 (Unaudited)  
          
  Quarter Ended   Three Months Ended  
  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,   Mar. 31,  Mar. 31,  
(In thousands)   2018   2017   2017    2017   2017     2018   2017   
          
Interest income          
Loans$  148,065$  147,426$  113,269 $  112,732$  105,762  $  148,065$  105,762  
Investment securities         
Taxable   8,970   7,793   7,071    6,434   5,478     8,970   5,478  
Tax-exempt   3,006   3,025   3,032    2,966   2,944     3,006   2,944  
Deposits - other banks   929   736   538    727   308     929   308  
Federal funds sold   6   1   3    4   2     6   2  
          
Total interest income   160,976   158,981   123,913    122,863   114,494     160,976   114,494  
          
Interest expense          
Interest on deposits   14,806   12,946   8,535    6,810   5,486     14,806   5,486  
Federal funds purchased   1   1   -     -    -      1   -   
FHLB borrowed funds   4,580   3,806   3,408    3,710   3,589     4,580   3,589  
Securities sold under agreements to repurchase   376   325   232    196   165     376   165  
Subordinated debentures   5,004   4,934   4,969    4,795   439     5,004   439  
          
Total interest expense   24,767   22,012   17,144    15,511   9,679     24,767   9,679  
          
Net interest income    136,209   136,969   106,769    107,352   104,815     136,209   104,815  
Provision for loan losses   1,600   4,926   35,023    387   3,914     1,600   3,914  
Net interest income after          
provision for loan losses 134,609 132,043 71,746  106,965 100,901   134,609   100,901  
          
Non-interest income          
Service charges on deposit accounts   6,075   6,566   6,408    5,966   5,982     6,075   5,982  
Other service charges and fees   10,155   10,144   8,490    8,576   8,917     10,155   8,917  
Trust fees   446   548   365    309   456     446   456  
Mortgage lending income   2,657   3,573   3,172    3,750   2,791     2,657   2,791  
Insurance commissions   679   466   472    465   545     679   545  
Increase in cash value of life insurance   654   738   478    463   310     654   310  
Dividends from FHLB, FRB, Bankers' Bank & other   877   1,030   834    472   1,149     877   1,149  
Gain on acquisitions   -    -    -     -    3,807     -    3,807  
Gain (loss) on SBA loans   182   -    163    387   188     182   188  
Gain (loss) on branches, equipment and other assets, net   7   2   (1,337)   431   (56)    7   (56) 
Gain (loss) on OREO, net   405   176   335    393   121     405   121  
Gain (loss) on securities, net   -    1,193   136    380   423     -    423  
Other income   3,668   2,856   1,941    2,825   1,837     3,668   1,837  
          
Total non-interest income   25,805   27,292   21,457    24,417   26,470     25,805   26,470  
          
Non-interest expense          
Salaries and employee benefits   35,014   35,404   28,510    28,034   27,421     35,014   27,421  
Occupancy and equipment   8,983   9,009   7,887    7,034   6,681     8,983   6,681  
Data processing expense   3,986   3,559   2,853    2,863   2,723     3,986   2,723  
Other operating expenses   15,397   15,246   31,596    13,072   18,316     15,397   18,316  
          
Total non-interest expense   63,380   63,218   70,846    51,003   55,141     63,380   55,141  
          
Income before income taxes    97,034   96,117   22,357    80,379   72,230     97,034   72,230  
Income tax expense   23,970   72,808   7,536    30,282   25,374     23,970   25,374  
Net income $  73,064$  23,309$  14,821 $  50,097$  46,856  $  73,064$  46,856  
          

 

 Home BancShares, Inc. 
 Selected Financial Information 
 (Unaudited) 
         
  Quarter Ended   Three Months Ended 
  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,   Mar. 31,  Mar. 31, 
(Dollars and shares in thousands, except per share data)  2018   2017   2017   2017   2017    2018   2017  
         
PER SHARE DATA        
         
Diluted earnings per common share$  0.42 $  0.13 $  0.10 $  0.35 $  0.33  $  0.42 $  0.33 
Diluted earnings per common share excluding gain on acquisitions, merger expenses, FDIC loss share buy-out expense, reduced provision for loan losses as a result of a significant loan recovery, hurricane expenses & effect of tax rate change (non-GAAP)(1)   0.42    0.35    0.32    0.35    0.33     0.42    0.33 
Basic earnings per common share   0.42    0.13    0.10    0.35    0.33     0.42    0.33 
Dividends per share - common   0.1100    0.1100    0.1100    0.0900    0.0900     0.1100    0.0900 
Book value per common share   12.89    12.70    12.71    10.32    10.05     12.89    10.05 
Tangible book value per common share (non-GAAP)(1)   7.27    7.07    7.06    7.23    6.96     7.27    6.96 
         
         
STOCK INFORMATION        
         
Average common shares outstanding   173,761    173,641    144,238    143,282    141,785     173,761    141,785 
Average diluted shares outstanding   174,383    174,349    144,987    144,116    142,492     174,383    142,492 
End of period common shares outstanding   173,603    173,633    173,666    143,071    143,442     173,603    143,442 
         
         
ANNUALIZED PERFORMANCE METRICS        
         
Return on average assets 2.08% 0.66% 0.54% 1.86% 1.86%  2.08% 1.86%
Return on average assets excluding gain on acquisitions, merger expenses, FDIC loss share buy-out expense, reduced provision for loan losses as a result of a significant loan recovery, hurricane expenses & effect of tax rate change (non-GAAP)(1) 2.08% 1.69% 1.70% 1.88% 1.88%  2.08% 1.88%
Return on average assets excluding intangible amortization (non-GAAP)(1) 2.27% 0.73% 0.59% 1.96% 1.96%  2.27% 1.96%
Return on average assets excluding intangible amortization, provision for loan losses, gain on acquisitions, merger expenses, FDIC loss share buy-out expense, hurricane expenses and income taxes (ROA, as adjusted) (non-GAAP)(1) 3.07% 3.10% 2.94% 3.19% 3.31%  3.07% 3.31%
Return on average common equity 13.38% 4.17% 3.88% 13.83% 13.85%  13.38% 13.85%
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1) 24.33% 7.78% 5.80% 20.09% 20.08%  24.33% 20.08%
Efficiency ratio 37.83% 37.05% 53.77% 37.48% 40.76%  37.83% 40.76%
Efficiency ratio, as adjusted (non-GAAP)(1) 37.97% 37.35% 39.12% 37.29% 36.96%  37.97% 36.96%
Net interest margin - FTE 4.46% 4.47% 4.40% 4.50% 4.70%  4.46% 4.70%
Fully taxable equivalent adjustment$  1,209 $  1,983 $  1,846 $  2,016 $  2,011  $  1,209 $  2,011 
Total revenue   186,781    186,273    145,370    147,280    140,964     186,781    140,964 
Total purchase accounting accretion   10,608    12,397    7,174    8,497    7,652     10,608    7,652 
Average purchase accounting loan discounts   164,122    178,027    97,978    104,384    102,906     164,122    102,906 
         
         
OTHER OPERATING EXPENSES        
         
Advertising$  962 $  898 $  795 $  812 $  698  $  962 $  698 
Merger and acquisition expenses   -     -     18,227    789    6,727     -     6,727 
FDIC loss share buy-out expense   -     -     -     -     -      -     -  
Amortization of intangibles   1,626    1,631    906    866    804     1,626    804 
Electronic banking expense   1,878    1,777    1,712    1,654    1,519     1,878    1,519 
Directors' fees   330    313    309    324    313     330    313 
Due from bank service charges   219    254    472    456    420     219    420 
FDIC and state assessment   1,608    1,476    1,293    1,182    1,288     1,608    1,288 
Insurance   887    814    577    543    578     887    578 
Legal and accounting   778    1,194    698    474    627     778    627 
Other professional fees   1,639    1,537    1,436    1,233    1,153     1,639    1,153 
Operating supplies   600    602    432    477    467     600    467 
Postage   344    323    280    295    286     344    286 
Telephone   373    347    305    398    324     373    324 
Other expense   4,153    4,080    4,154    3,569    3,112     4,153    3,112 
         
Total other operating expenses $  15,397 $  15,246 $  31,596 $  13,072 $  18,316  $  15,397 $  18,316 
         
         
(1) Calculation of this metric and the reconciliation to GAAP is included in the schedules accompanying this release. 

 

 Home BancShares, Inc.  
 Selected Financial Information  
 (Unaudited)  
       
  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  
(Dollars in thousands)   2018    2017    2017    2017    2017   
       
BALANCE SHEET RATIOS      
       
Total loans to total deposits 99.32% 99.45% 98.44% 100.86% 103.73% 
Common equity to assets 15.63% 15.25% 15.48% 13.58% 13.45% 
Tangible common equity to tangible assets (non-GAAP)(1) 9.46% 9.11% 9.24% 9.91% 9.72% 
       
       
LOANS RECEIVABLE      
       
Real estate      
Commercial real estate loans      
Non-farm/non-residential$  4,658,209 $  4,600,117 $  4,532,402 $ 3,368,663 $3,462,773  
Construction/land development 1,641,834  1,700,491  1,648,923  1,315,309  1,217,519  
Agricultural   81,151    82,229    88,295    78,260    79,940  
Residential real estate loans      
Residential 1-4 family   1,915,346    1,970,311    1,968,688   1,513,888   1,493,133  
Multifamily residential   464,194    441,303    497,910    398,781    404,815  
Total real estate   8,760,734    8,794,451    8,736,218    6,674,901    6,658,180  
Consumer   40,842    46,148    51,515    38,424    41,893  
Commercial and industrial   1,324,173    1,297,397    1,296,485  994,827  1,013,403  
Agricultural   50,770    49,815    57,489    69,697    69,307  
Other   149,217    143,377    144,486    56,626    66,862  
Loans receivable$ 10,325,736 $ 10,331,188 $ 10,286,193 $ 7,834,475 $ 7,849,645  
    -     -     -     -     -   
Discount for credit losses on purchased loans$  137,404 $  146,557 $  158,001 $  95,627 $  104,464  
Purchased loans, net of discount for credit losses on purchased loans   3,232,004    3,464,990    3,653,079    1,355,922    1,375,210  
       
       
ALLOWANCE FOR LOAN LOSSES      
       
Balance, beginning of period$  110,266 $  111,620 $  80,138 $  80,311 $  80,002  
Loans charged off   2,540    6,936    4,424    1,405    4,706  
Recoveries of loans previously charged off   886    656    883    845    1,101  
Net loans (recovered)/charged off   1,654    6,280    3,541    560    3,605  
Provision for loan losses   1,600    4,926    35,023    387    3,914  
Balance, end of period$  110,212 $  110,266 $  111,620 $  80,138 $  80,311  
    -     -     -     -     -   
Net (recoveries) charge-offs to average total loans 0.06% 0.24% 0.18% 0.03% 0.19% 
Allowance for loan losses to total loans 1.07% 1.07% 1.09% 1.02% 1.02% 
       
       
NON-PERFORMING ASSETS      
       
Non-performing loans      
Non-accrual loans$  36,266 $  34,032 $  34,794 $  32,426 $  43,810  
Loans past due 90 days or more   13,223    10,665    29,183    14,442    15,388  
Total non-performing loans   49,489    44,697    63,977    46,868    59,198  
Other non-performing assets      
Foreclosed assets held for sale, net   20,134    18,867    21,701    18,789    17,315  
Other non-performing assets   3    3    3    3    3  
Total other non-performing assets   20,137    18,870    21,704    18,792    17,318  
Total non-performing assets$  69,626 $  63,567 $  85,681 $  65,660 $  76,516  
       
Allowance for loan losses for loans to non-performing loans 222.70% 246.70% 174.47% 170.99% 135.67% 
Non-performing loans to total loans 0.48% 0.43% 0.62% 0.60% 0.75% 
Non-performing assets to total assets 0.49% 0.44% 0.60% 0.60% 0.71% 
       
       
 (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 
  March 31, 2018   December 31, 2017 
  Average  Income/  Yield/   Average  Income/  Yield/ 
(Dollars in thousands)  Balance  Expense  Rate   Balance  Expense  Rate 
        
ASSETS       
Earning assets       
Interest-bearing balances due from banks$  245,815$  9291.53% $  225,889$  7361.29%
Federal funds sold   9,682   60.25%    21,580   10.02%
Investment securities - taxable   1,560,464   8,9702.33%    1,504,433   7,7932.06%
Investment securities - non-taxable - FTE   345,217   3,9974.70%    352,690   4,9055.52%
Loans receivable - FTE   10,325,439   148,2835.82%    10,234,713   147,5295.72%
Total interest-earning assets   12,486,617   162,1855.27%    12,339,305   160,9645.18%
Non-earning assets   1,747,752      1,774,631  
Total assets$ 14,234,369   $ 14,113,936  
        
LIABILITIES AND SHAREHOLDERS' EQUITY       
Liabilities       
Interest-bearing liabilities       
Savings and interest-bearing transaction accounts$  6,409,585$  11,2420.71% $  6,329,858$  9,7320.61%
Time deposits   1,513,854   3,5640.95%    1,532,201   3,2140.83%
Total interest-bearing deposits   7,923,439   14,8060.76%    7,862,059   12,9460.65%
Federal funds purchased   78   15.20%    304   11.31%
Securities sold under agreement to repurchase   152,716   3761.00%    149,849   3250.86%
FHLB borrowed funds   1,150,091   4,5801.62%    1,005,989   3,8061.50%
Subordinated debentures   368,124   5,0045.51%    367,935   4,9345.32%
Total interest-bearing liabilities   9,594,448   24,7671.05%    9,386,136   22,0120.93%
Non-interest bearing liabilities       
Non-interest bearing deposits   2,381,259      2,473,853  
Other liabilities   44,360      35,398  
Total liabilities   12,020,067      11,895,387  
Shareholders' equity   2,214,302      2,218,549  
Total liabilities and shareholders' equity$ 14,234,369   $ 14,113,936  
Net interest spread  4.22%   4.25%
Net interest income and margin - FTE $  137,4184.46%  $  138,9524.47%
        

 

 Home BancShares, Inc.  
 Consolidated Net Interest Margin  
 (Unaudited)  
         
  Year Ended  
  March 31, 2018   March 31, 2017  
  Average  Income/  Yield/   Average  Income/  Yield/  
(Dollars in thousands)  Balance  Expense  Rate   Balance  Expense  Rate  
         
ASSETS        
Earning assets        
Interest-bearing balances due from banks$  245,815$  9291.53% $  170,500$  3080.73% 
Federal funds sold   9,682   60.25%    1,182   20.69% 
Investment securities - taxable   1,560,464   8,9702.33%    1,110,166   5,4782.00% 
Investment securities - non-taxable - FTE   345,217   3,9974.70%    347,085   4,7865.59% 
Loans receivable - FTE   10,325,439   148,2835.82%    7,585,565   105,9315.66% 
Total interest-earning assets   12,486,617   162,1855.27%    9,214,498   116,5055.13% 
Non-earning assets   1,747,752      984,346   
Total assets$ 14,234,369   $ 10,198,844   
         
LIABILITIES AND SHAREHOLDERS' EQUITY        
Liabilities        
Interest-bearing liabilities        
Savings and interest-bearing transaction accounts$  6,409,585$  11,2420.71% $  4,138,813$  3,3770.33% 
Time deposits   1,513,854   3,5640.95%    1,357,300   2,1090.63% 
Total interest-bearing deposits   7,923,439   14,8060.76%    5,496,113   5,4860.40% 
Federal funds purchased   78   15.20%    -    - 0.00% 
Securities sold under agreement to repurchase   152,716   3761.00%    124,094   1650.54% 
FHLB borrowed funds   1,150,091   4,5801.62%    1,373,217   3,5891.06% 
Subordinated debentures   368,124   5,0045.51%    60,819   4392.93% 
Total interest-bearing liabilities   9,594,448   24,7671.05%    7,054,243   9,6790.56% 
Non-interest bearing liabilities        
Non-interest bearing deposits   2,381,259      1,716,452   
Other liabilities   44,360      56,419   
Total liabilities   12,020,067      8,827,114   
Shareholders' equity   2,214,302      1,371,730   
Total liabilities and shareholders' equity$ 14,234,369   $ 10,198,844   
Net interest spread  4.22%   4.57% 
Net interest income and margin - FTE $  137,4184.46%  $  106,8264.70% 
             

 

 Home BancShares, Inc. 
 Non-GAAP Reconciliations 
 (Unaudited) 
         
  Quarter Ended   Three Months Ended 
(Dollars and shares in thousands,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,   Mar. 31,  Mar. 31, 
except per share data)   2018    2017    2017    2017    2017     2018    2017  
         
EARNINGS, AS ADJUSTED        
         
GAAP net income available to common shareholders (A)$  73,064 $  23,309 $  14,821 $  50,097 $  46,856  $  73,064 $  46,856 
Adjustments        
Gain on acquisitions   -     -     -     -     (3,807)    -     (3,807)
Merger and acquisition expenses   -     -     18,227    789    6,727     -     6,727 
FDIC loss share buy-out expense   -     -     -     -     -      -     -  
Reduced provision for loan losses as a result of a significant loan recovery   -     -     -     -     -      -     -  
Hurricane expenses(2)   -     -     33,445    -     -      -     -  
Effect of tax rate change   -     36,935    -     -     -      -     -  
Total adjustments   -     36,935    51,672    789    2,920     -     2,920 
Tax-effect of adjustments(3)   -     -     20,045    199    2,382     -     2,382 
Adjustments after-tax (B)   -     36,935    31,627    590    538     -     538 
Earnings, as adjusted (C)$  73,064 $  60,244 $  46,448 $  50,687 $  47,394  $  73,064 $  47,394 
         
Average diluted shares outstanding (D)   174,383    174,349    144,987    144,116    142,492     174,383    142,492 
     
GAAP diluted earnings per share: A/D$  0.42 $  0.13 $  0.10 $  0.35 $  0.33  $  0.42 $  0.33 
Adjustments after-tax: B/D   -     0.22    0.22    -     -      -     -  
Diluted earnings per common share excluding gain on acquisitions, merger expenses, FDIC loss share buy-out expense, reduced provision for loan losses as a result of a significant loan recovery, hurricane expenses & effect of tax rate change: C/D$  0.42 $  0.35 $  0.32 $  0.35 $  0.33  $  0.42 $  0.33 
    -     -     -     -     -      -     -  
         
ANNUALIZED RETURN ON AVERAGE ASSETS        
         
Return on average assets: A/H 2.08% 0.66% 0.54% 1.86% 1.86%  2.08% 1.86%
Return on average assets excluding gain on acquisitions, merger expenses, FDIC loss share buy-out expense, reduced provision for loan losses as a result of a significant loan recovery, hurricane expenses & effect of tax rate change: (A+F)/H 2.08% 1.69% 1.70% 1.88% 1.88%  2.08% 1.88%
Return on average assets excluding intangible amortization: (A+C)/(H-I) 2.27% 0.73% 0.59% 1.96% 1.96%  2.27% 1.96%
Return on average assets excluding intangible amortization, provision for loan losses, gain on acquisitions, merger expenses, FDIC loss share buy-out expense, hurricane expenses and income taxes (ROA, as adjusted): (A+B+D+E+G)/(H-I) 3.07% 3.10% 2.94% 3.19% 3.31%  3.07% 3.31%
         
GAAP net income available to common shareholders (A)$  73,064 $  23,309 $  14,821 $  50,097 $  46,856  $  73,064 $  46,856 
Amortization of intangibles (B)   1,626    1,631    906    866    804     1,626    804 
Amortization of intangibles after-tax (C)   1,201    991    551    526    489     1,201    489 
Provision for loan losses excluding hurricane provision (D)   1,600    4,926    2,134    387    3,914     1,600    3,914 
Total adjustments (E)   -     36,935    51,672    789    2,920     -     2,920 
Adjustments after-tax (F)   -     36,935    31,627    590    538     -     538 
Income tax expense excluding effect of tax rate change (G)   23,970    35,873    7,536    30,282    25,374     23,970    25,374 
Average assets (H)   14,234,369    14,113,936    10,853,559    10,793,770    10,198,844     14,234,369    10,198,844 
Average goodwill, core deposits & other intangible assets (I)   976,451    979,209    462,799    442,380    415,699     976,451    415,699 
         
         
 (2)  Hurricane expenses includes $32,889 of provision for loan losses and $556 of damage expense related to Hurricane Irma. 
 (3)  Effective tax rate of 39.225%, adjusted for non-taxable gain on acquisition and non-deductible merger-related costs. 
         

 

 Home BancShares, Inc.  
 Non-GAAP Reconciliations  
 (Unaudited)  
          
  Quarter Ended   Three Months Ended  
 (Dollars and shares in thousands,  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,   Mar. 31,  Mar. 31,  
 except per share data)   2018    2017    2017    2017    2017     2018    2017   
          
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY         
          
Return on average common equity: A/C 13.38% 4.17% 3.88% 13.83% 13.85%  13.38% 13.85% 
Return on average tangible common equity excluding intangible amortization: (A+B)/(C-D) 24.33% 7.78% 5.80% 20.09% 20.08%  24.33% 20.08% 
          
          
GAAP net income available to common shareholders (A)$  73,064 $  23,309 $  14,821 $  50,097 $  46,856  $  73,064 $  46,856  
Amortization of intangibles after-tax (B)   1,201    991    551    526    489     1,201    489  
Average common equity (C)   2,214,302    2,218,549    1,513,829    1,453,099    1,371,730     2,214,302    1,371,730  
Average goodwill, core deposits & other intangible assets (D)   976,451    979,209    462,799    442,380    415,699     976,451    415,699  
          
          
EFFICIENCY RATIO         
          
Efficiency ratio:  ((C-E)/(A+B+D)) 37.83% 37.05% 53.77% 37.48% 40.76%  37.83% 40.76% 
Efficiency ratio, as adjusted:  ((C-E-G)/(A+B+D-F)) 37.97% 37.35% 39.12% 37.29% 36.96%  37.97% 36.96% 
     -     -     -     -      -     -   
Net interest income (A)$  136,209 $  136,969 $  106,769 $  107,352 $  104,815  $  136,209 $  104,815  
Non-interest income (B)   25,805    27,292    21,457    24,417    26,470     25,805    26,470  
Non-interest expense (C)   63,380    63,218    70,846    51,003    55,141     63,380    55,141  
Fully taxable equivalent adjustment (D)   1,209    1,983    1,846    2,016    2,011     1,209    2,011  
Amortization of intangibles (E)   1,626    1,631    906    866    804     1,626    804  
          
Adjustments:         
Non-interest income:         
Gain on acquisition$  -  $  -  $  -  $  -  $  3,807  $  -  $  3,807  
Gain (loss) on OREO   405    176    335    393    121     405    121  
Gain (loss) on SBA loans   182    -     163    387    188     182    188  
Gain (loss) on branches, equipment and other assets, net   7    2    (1,337)   431    (56)    7    (56) 
Gain (loss) on securities   -     1,193    136    380    423     -     423  
Recoveries on historic losses   -     -     -     -     -      -     -   
Total non-interest income adjustments (F)$  594 $  1,371 $  (703)$  1,591 $  4,483  $  594 $  4,483  
          
Non-interest expense:         
Merger Expenses$  -  $  -  $  18,227 $  789 $  6,727  $  -  $  6,727  
Hurricane damage expense   -     -     556    -     -      -     -   
Vacant properties write-downs   -     -     -     47    -      -     -   
Total non-interest expense adjustments (G)$  -  $  -  $  18,783 $  836 $  6,727  $  -  $  6,727  
          

 

 Home BancShares, Inc. 
 Non-GAAP Reconciliations 
 (Unaudited) 
      
  Mar. 31,  Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31, 
(Dollars in thousands)   2018    2017    2017    2017    2017  
      
TANGIBLE BOOK VALUE PER COMMON SHARE     
      
Book value per common share: A/B$  12.89 $  12.70 $  12.71 $  10.32 $  10.05 
Tangible book value per common share: (A-C-D)/B   7.27    7.07    7.06    7.23    6.96 
      
Total stockholders' equity (A)$  2,238,181 $  2,204,291 $  2,206,716 $  1,476,032 $  1,441,568 
End of period common shares outstanding (B)   173,603    173,633    173,666    143,071    143,442 
Goodwill (C)$  927,949 $  927,949 $  929,129 $  420,941 $  420,941 
Core deposit and other intangibles (D)   47,726    49,351    50,982    21,019    21,885 
      
      
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS     
      
Equity to assets: B/A 15.63% 15.25% 15.48% 13.58% 13.45%
Tangible common equity to tangible assets: (B-C-D)/(A-C-D) 9.46% 9.11% 9.24% 9.91% 9.72%
     -     -     -     -  
Total assets (A)$  14,323,229 $  14,449,760 $  14,255,967 $  10,872,228 $  10,717,468 
Total stockholders' equity (B)   2,238,181    2,204,291    2,206,716    1,476,032    1,441,568 
Goodwill (C)   927,949    927,949    929,129    420,941    420,941 
Core deposit and other intangibles (D)   47,726    49,351    50,982    21,019    21,885 
      



The following information was filed by Home Bancshares Inc (HOMB) on Thursday, April 19, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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