CONWAY, Ark., Jan. 14, 2026 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) ("Home" or the "Company"), parent company of Centennial Bank, released quarterly earnings today.
Quarterly Highlights
Metric Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
--------------- -------------- -------------- -------------- -------------- ----------------
Net income $118.2 million $123.6 million $118.4 million $115.2 million $100.6 million
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Net income, as
adjusted
(non-GAAP)(1) $117.9 million $119.7 million $114.6 million $111.9 million $99.8 million
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Total revenue
(net) $282.1 million $277.7 million $271.0 million $260.1 million $258.4 million
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Income before
income taxes $153.3 million $159.3 million $152.0 million $147.2 million $129.5 million
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Pre-tax,
pre-provision,
net income
(PPNR)
(non-GAAP)(1) $167.7 million $162.8 million $155.0 million $147.2 million $146.2 million
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PPNR, as
adjusted
(non-GAAP)(1) $167.1 million $157.7 million $150.4 million $142.8 million $145.2 million
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Pre-tax net
income to
total revenue
(net) 54.35% 57.38% 56.08% 56.58% 50.11%
Pre-tax net
income, as
adjusted, to
total revenue
(net)
(non-GAAP)(1) 54.14% 55.53% 54.39% 54.91% 49.74%
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P5(NR)
(Pre-tax,
pre-provision,
profit
percentage)
(PPNR to total
revenue (net))
(non-GAAP)(1) 59.46% 58.64% 57.19% 56.58% 56.57%
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P5(NR) , as
adjusted
(non-GAAP)(1) 59.25% 56.80% 55.49% 54.91% 56.20%
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ROA 2.06% 2.17% 2.08% 2.07% 1.77%
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ROA, as
adjusted
(non-GAAP)(1) 2.05% 2.10% 2.02% 2.01% 1.76%
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NIM 4.61% 4.56% 4.44% 4.44% 4.39%
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Purchase
accounting
accretion $1.3 million $1.3 million $1.2 million $1.4 million $1.6 million
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ROE 11.04% 11.91% 11.77% 11.75% 10.13%
--------------- -------------- -------------- -------------- -------------- --------------
ROE, as
adjusted
(non-GAAP)(1) 11.01% 11.54% 11.39% 11.41% 10.05%
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ROTCE
(non-GAAP)(1) 16.65% 18.28% 18.26% 18.39% 15.94%
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ROTCE, as
adjusted
(non-GAAP)(1) 16.60% 17.70% 17.68% 17.87% 15.82%
--------------- -------------- -------------- -------------- -------------- --------------
Diluted
earnings per
share $0.60 $0.63 $0.60 $0.58 $0.51
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Diluted
earnings per
share, as
adjusted
(non-GAAP)(1) $0.60 $0.61 $0.58 $0.56 $0.50
Non-performing
assets to
total assets 0.55% 0.56% 0.60% 0.56% 0.63%
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Common equity
tier 1
capital 16.3% 16.1% 15.6% 15.4% 15.1%
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Leverage 14.1% 13.8% 13.4% 13.3% 13.0%
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Tier 1 capital 16.3% 16.1% 15.6% 15.4% 15.1%
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Total
risk-based
capital 19.1% 18.9% 19.3% 19.1% 18.7%
--------------- -------------- -------------- -------------- -------------- --------------
Allowance for
credit losses
to total
loans 1.90% 1.87% 1.86% 1.87% 1.87%
--------------- -------------- -------------- -------------- -------------- --------------
Book value per
share $21.88 $21.41 $20.71 $20.40 $19.92
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Tangible book
value per
share
(non-GAAP)(1) $14.60 $14.13 $13.44 $13.15 $12.68
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Dividends per
share $0.21 $0.20 $0.20 $0.195 $0.195
--------------- -------------- -------------- -------------- -------------- --------------
Shareholder
buyback
yield(2) 0.27% 0.18% 0.49% 0.53% 0.05%
--------------- -------------- -------------- -------------- -------------- --------------
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
(2) Calculation of this metric is included in the schedules accompanying this release.
"HOMB delivered a record $475.4 million in annual income, driven by strong fourth-quarter results: a sub-40% efficiency ratio, $400.2 million in loan growth, robust margin and resolution of the Texas lawsuit which provided additional income. These accomplishments underscore our commitment to operational excellence and shareholder value," said John Allison, Chairman.
Quarterly Financial Performance Trends
Dollar amounts presented below in thousands.
Net income increased steadily through PPNR continued its upward trajectory
the first three quarters of 2025, throughout 2025, reflecting strong
reaching a peak of $123.6 million in underlying earnings power. PPNR
Q3. Net income, as adjusted (non-GAAP)(1) grew from $146.2
(non-GAAP)(1) followed a similar million at Q4 2024 to $167.7 million
trend, ending the year at $117.9 at Q4 2025. PPNR, as adjusted,
million. In Q4, net income was $118.2 (non-GAAP)(1) increased to $167.1
million, as the Company recorded million in Q4 2025 from $145.2
$14.4 million in provision for credit million in Q4 2024. This consistent
losses primarily due to $400.2 growth highlights the strength of our
million in 4th quarter loan growth. operations and reinforces our ability
The full-year performance reflects to deliver sustained profitability
strong profitability and disciplined and create long-term shareholder
financial management. value.
Total revenue (net) demonstrated Interest expense declined steadily
steady quarterly growth throughout throughout 2025, decreasing from
2025. Total revenue (net) increased $105.6 million in Q4 2024 to $92.0
from $258.4 million in Q4 2024 to million in Q4 2025. Non-interest
$260.1 million in Q1 2025, followed expense remained relatively stable,
by $271.0 million in Q2 and $277.7 ranging from $112.2 million in Q4
million in Q3. By Q4 2025, it reached 2024 to $114.4 million in Q4 2025,
$282.1 million, reflecting continued with a peak of $116.0 million in Q2
momentum and strong performance 2025, primarily due to legal claims
across the year. expense. The overall trend reflects
effective management of interest
costs while maintaining consistent
non-interest expense levels.
ROA demonstrated strong improvement The chart below underscores the
in 2025, rising from 1.77% in Q4 2024 Company's strong and consistent
to a peak of 2.17% in Q3 2025. ROA, performance in managing operating
as adjusted, (non-GAAP)(1) followed a expenses, as reflected in its
similar trend, reaching 2.10% in Q3 efficiency ratio over the past five
2025. Despite a slight moderation in quarters. The efficiency ratio is a
Q4 2025 resulting from the provision key metric that measures how
for credit losses, both measures effectively the Company converts its
ended the year above 2.0%, reflecting revenue into net income by comparing
continued strength in asset non-interest expenses to total
utilization and profitability. These revenue. A lower efficiency ratio
results underscore our ability to indicates greater operational
deliver superior returns and position efficiency and cost discipline, which
the Company for sustained growth. are essential for sustaining
profitability and enhancing
shareholder value.
The tables below present additional key financial
metrics over the past five quarters, including net
interest margin $(NIM)$, yield on interest-earning assets,
rate on interest-bearing liabilities, and net interest
spread. These metrics are fundamental indicators of
the Company's profitability and operational efficiency.
Annual Financial Performance Trends
Dollar and share amounts presented below in thousands.
Net income has shown consistent Diluted earnings per share (DEPS)
growth over the past four years. In demonstrated strong growth over the
2022, net income was $305.3 million, past four years, rising from $1.57 in
increasing by 29% to $392.9 million 2022 to $2.41 in 2025, an increase of
in 2023. Growth continued in 2024 53%. Year-over-year, DEPS grew 24% in
with net income reaching $402.2 2023, 4% in 2024, and accelerated to
million, a 2% increase from the prior 20% in 2025, reflecting improved
year. In 2025, net income rose profitability. Shares outstanding
significantly to $475.4 million, declined steadily during the same
representing an 18% year-over-year period, moving from 203.4 million in
increase and marking the highest 2022 to 196.4 million in 2025, a
level in the period. reduction of approximately 3.5%,
which contributed to the increase in
per-share earnings. This combination
of higher earnings and reduced share
count underscores the Company's
commitment to enhancing shareholder
value.
Operating Highlights
Net income for the three-month period ended December 31, 2025 was $118.2 million, or $0.60 diluted earnings per share. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $117.9 million(1) and $0.60 per share(1) , respectively, for the three months ended December 31, 2025.
Our net interest margin was 4.61% and 4.56% for the three-month periods ended December 31, 2025 and September 30, 2025, respectively. The yield on loans was 7.30% and 7.39% for the three months ended December 31, 2025 and September 30, 2025, respectively, as average loans increased from $15.22 billion to $15.51 billion. The rate on interest bearing deposits decreased to 2.47% as of December 31, 2025, from 2.62% as of September 30, 2025, while average interest-bearing deposits increased from $13.32 billion to $13.47 billion.
During the fourth quarter of 2025, there was $2.6 million of event interest income compared to $1.5 million of event interest income for the third quarter of 2025. The increase in event income was accretive to the net interest margin by two basis points. Purchase accounting accretion on acquired loans was $1.3 million for both of the three-month periods ended December 31, 2025 and September 30, 2025, and average purchase accounting loan discounts were $13.8 million and $15.0 million for the three-month periods ended December 31, 2025 and September 30, 2025, respectively.
Net interest income on a fully taxable equivalent basis was $233.8 million for the three-month period ended December 31, 2025, and $229.1 million for the three-month period ended September 30, 2025. This increase in net interest income for the three-month period ended December 31, 2025, was the result of a $5.3 million decrease in interest expense, which was partially offset by a $565,000 decrease in interest income. The $5.3 million decrease in interest expense was due to a $4.2 million decrease in interest expense on deposits, a $648,000 decrease in interest expense on subordinated debt and a $393,000 decrease in interest expense on FHLB and other borrowed funds. The $565,000 decrease in interest income was primarily the result of a $1.8 million decrease in income from deposits with other banks and a $427,000 decrease in income from investments. These reductions were partially offset by a $1.7 million increase in loan income.
The Company reported $50.5 million of non-interest income for the fourth quarter of 2025. The most important components of non-interest income were $12.8 million from other income, $11.1 million from other service charges and fees, $10.5 million from service charges on deposit accounts, $5.1 million from trust fees, $4.7 million in mortgage lending income, $2.7 million from dividends from FHLB, FRB, FNBB and other, $1.4 million from the increase in cash value of life insurance and $1.2 million from the fair value adjustment for marketable securities. Included within other income was $4.9 million income from a recovery on a lawsuit.
Non-interest expense for the fourth quarter of 2025 was $114.4 million. The most important components of non-interest expense were $62.9 million salaries and employee benefits expense, $27.8 million in other operating expense, $14.4 million in occupancy and equipment expenses, $8.7 million in data processing expenses and $580,000 in merger and acquisition expenses. For the fourth quarter of 2025, our efficiency ratio was 39.54%, and our efficiency ratio, as adjusted (non-GAAP), was 39.53%(1) (.)
Financial Condition
Total loans receivable were $15.69 billion at December 31, 2025, compared to $15.29 billion at September 30, 2025. Total loans receivable of $15.69 billion were a record for the Company. Total deposits were $17.48 billion at December 31, 2025, compared to $17.33 billion at September 30, 2025. Total assets were $22.88 billion at December 31, 2025, compared to $22.71 billion at September 30, 2025.
During the fourth quarter of 2025, the Company had a $400.2 million increase in loans. Our community banking footprint experienced $164.3 million in organic loan growth during the quarter ended December 31, 2025, and Centennial CFG experienced $235.9 million of organic loan growth and had loans of $2.01 billion at December 31, 2025.
Non-performing loans to total loans were 0.54% and 0.56% at December 31, 2025 and September 30, 2025, respectively. Non-performing assets to total assets were 0.55% and 0.56% at December 31, 2025 and September 30, 2025, respectively. Net loans charged-off were $2.5 million and $2.9 million for the three months ended December 31, 2025 and September 30, 2025, respectively. The charge-off detail by region for the quarters ended December 31, 2025 and September 30, 2025 can be seen below.
For the Three Months Ended December 31, 2025
---------------------------------------------------------------------------------------------
Shore
Centennial Premier
(in thousands) Texas Arkansas CFG Finance Florida Alabama Total
------ ---------- ---------- ---------- --------- --------- ---------
Charge-offs $ 600 $ 1,420 $ -- $400 $ 542 $ 101 $3,063
Recoveries (345) (195) -- (4) (49) (4) (597)
---- ----- --------- --- --- ---- ---- -----
Net charge-offs
(recoveries) $ 255 $ 1,225 $ -- $396 $ 493 $ 97 $2,466
==== ===== ========= === ==== ==== ==== =====
For the Three Months Ended September 30, 2025
--------------------------------------------------------------------------------------------------
Shore
Centennial Premier
(in thousands) Texas Arkansas CFG Finance Florida Alabama Total
-------- ---------- ---------- ---------- --------- ----------- ----------
Charge-offs $ 2,496 $ 605 $ -- $735 $ 807 $ 8 $ 4,651
Recoveries (1,451) (225) -- (5) (47) (3) (1,731)
------ ----- --------- --- --- ---- --- ------
Net charge-offs
(recoveries) $ 1,045 $ 380 $ -- $730 $ 760 $ 5 $ 2,920
====== ===== ========= === ==== ==== === ======
At December 31, 2025, non-performing loans were $85.0 million, and non-performing assets were $124.8 million. At September 30, 2025, non-performing loans were $85.2 million, and non-performing assets were $126.5 million.
The table below shows the non-performing loans and non-performing assets by region as of December 31, 2025:
Shore
Centennial Premier
(in thousands) Texas Arkansas CFG Finance Florida Alabama Total
------- ---------- ----------- -------- ------- --------- --------
Non-accrual
loans $24,234 $ 18,234 $ 787 $ 10,048 $24,645 $ 54 $ 78,002
Loans 90+ days
past due 2,383 291 -- 3,286 1,020 -- 6,980
------ ------ ---------- ------- ------ ----- -------
Total
non-performing
loans 26,617 18,525 787 13,334 25,665 54 84,982
Foreclosed
assets held for
sale 15,988 771 22,812 -- 260 -- 39,831
Total other
non-performing
assets 15,988 771 22,812 -- 260 -- 39,831
------ ------ ---------- ------- ------ ----- -------
Total
non-performing
assets $42,605 $ 19,296 $ 23,599 $ 13,334 $25,925 $ 54 $124,813
====== ====== ========== ======= ====== ===== =======
The table below shows the non-performing loans and non-performing assets by region as September 30, 2025:
Shore
Centennial Premier
(in thousands) Texas Arkansas CFG Finance Florida Alabama Total
------- ---------- ----------- -------- ------- --------- --------
Non-accrual
loans $25,701 $ 19,102 $ 787 $ 10,472 $24,867 $ 158 $ 81,087
Loans 90+ days
past due 3,167 704 -- -- 254 -- 4,125
------ ------ ---------- ------- ------ ----- -------
Total
non-performing
loans 28,868 19,806 787 10,472 25,121 158 85,212
Foreclosed
assets held for
sale 16,711 972 22,812 -- 768 -- 41,263
Total other
non-performing
assets 16,711 972 22,812 -- 768 -- 41,263
------ ------ ---------- ------- ------ ----- -------
Total
non-performing
assets $45,579 $ 20,778 $ 23,599 $ 10,472 $25,889 $ 158 $126,475
====== ====== ========== ======= ====== ===== =======
The Company's allowance for credit losses on loans was $297.6 million at December 31, 2025, or 1.90% of total loans, compared to the allowance for credit losses on loans of $285.6 million, or 1.87% of total loans, at September 30, 2025. As of December 31, 2025 and September 30, 2025, the Company's allowance for credit losses on loans was 350.17% and 335.22% of its total non-performing loans, respectively.
Shareholders' equity was $4.30 billion at December 31, 2025, which increased approximately $81.9 million from September 30, 2025. The net increase in shareholders' equity is primarily associated with the $77.0 million increase in retained earnings and the $17.2 million decrease in accumulated other comprehensive loss. This was partially offset by the $14.9 million in stock repurchases for the quarter. Book value per common share was $21.88 at December 31, 2025, compared to $21.41 at September 30, 2025. Tangible book value per common share (non-GAAP) was $14.60(1) at December 31, 2025, compared to $14.13(1) at September 30, 2025. Book value per common share, as of December 31, 2025, was a record for the Company.
Stock Repurchases and Dividends
During the three-month period ended December 31, 2025, the Company repurchased 540,706 shares of common stock, which equated to a shareholder buyback yield of 0.27%(2) . In comparison, during the three-month period ended September 30, 2025, the Company repurchased 350,000 shares of common stock, which equated to a shareholder buyback yield of 0.18%(2) . The Company defines shareholder buyback yield as the percentage of the Company's market capitalization spent on share repurchases. It reflects how much the Company is returning to the shareholders by reducing the number of outstanding shares, and it is calculated by dividing the Company's total share repurchase cost for the period by the Company's total market capitalization at the beginning of the period.
In addition, during the quarter ended December 31, 2025, the Company paid a dividend of $0.21 per share. This cash dividend represented a $0.01 per share, or 5.0%, increase over the $0.20 cash dividend paid during the third quarter of 2025.
Branches
The Company currently has 75 branches in Arkansas, 78 branches in Florida, 59 branches in Texas, 5 branches in Alabama and one branch in New York City.
Acquisition
The Company's previously announced acquisition of Mountain Commerce Bancshares, Inc. ("MCBI") and its bank subsidiary, Mountain Commerce Bank, is currently expected to close during the first half of 2026 and is subject to the approval of the shareholders of each company, regulatory approvals and other customary closing conditions.
Conference Call
Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, January 15, 2026. 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/310151620. 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/LE9zwo3kK6J6SjV2b5r4rf2GdIxxCyTzC0Q. 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 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 1-833-470-1428, Passcode: 099220. A replay of the call will be available by calling 1-866-813-9403, Passcode: 784585, which will be available until January 22, 2026, at 10:59 p.m. CT. 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.
Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company's management uses these non-GAAP financial measures--including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; efficiency ratio, as adjusted; tangible book value per common share and tangible common equity to tangible assets--to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions that management believes are not indicative of the Company's primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
(2) Calculation of this metric is included in the schedules accompanying this release.
General
This release contains forward-looking statements regarding the Company's plans, expectations, goals and outlook for the future, including future financial results. 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 or phrases like "may," "plan," "propose," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would" and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including any future impacts from inflation or changes in tariffs or trade policies; the possibility that the proposed acquisition of MCBI does not close when expected or at all because required regulatory, shareholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; the possibility that such transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the risk that the benefits from the transaction 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, 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 MCBI operate; the ability to promptly and effectively integrate the businesses of Home and MCBI; 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, complete and successfully integrate additional acquisitions; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; 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; the impacts of recent or future adverse weather events, including hurricanes, and other natural disasters; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; 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, 2024, filed with the SEC on February 27, 2025.
Additional Important Information and Where to Find It
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval with respect to the proposed business combination transaction involving Home and MCBI. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful. In connection with the proposed acquisition, Home has filed with the SEC a Registration Statement on Form S-4 (the "Registration Statement") to register the shares of Home common stock to be issued to shareholders of MCBI in connection with the transaction. The Registration Statement, when it is declared effective by the SEC, will include a Proxy Statement of MCBI and a Prospectus of Home, as well as other relevant materials regarding the proposed merger transaction involving Home and MCBI. INVESTORS AND SECURITY HOLDERS OF MCBI ARE ADVISED TO READ THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED MERGER TRANSACTION. Investors and security holders may obtain free copies of these documents, once they are filed, and other documents filed with the SEC on the SEC's website at http://www.sec.gov. Investors and security holders may also obtain free copies of the documents filed with the SEC by Home at Home's website at http://www.homebancshares.com, Investor Relations, or by contacting Donna Townsell, by telephone at (501) 328-4625.
Participants in Solicitation
Home and MCBI and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of MCBI in connection with the merger transaction. Information about the directors and executive officers of Home and their ownership of Home common stock is set forth in the proxy statement for Home's 2025 Annual Meeting of Shareholders, as filed with the SEC on Schedule 14A on March 7, 2025. Information about the directors and executive officers of MCBI and their ownership of MCBI common stock will be set forth in the Proxy Statement/Prospectus included in the Registration Statement. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy Statement/Prospectus regarding the merger transaction. Free copies of this document may be obtained as described in the preceding paragraph when it becomes available.
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)
Dec. 31, Sep. 30, Jun. 30, Mar. 31,
(In thousands) 2025 2025 2025 2025 Dec. 31, 2024
------------------------- ------------ ------------ ------------ ------------ --------------
ASSETS
Cash and due from banks $ 237,224 $ 284,750 $ 291,344 $ 319,747 $ 281,063
Interest-bearing deposits
with other banks 430,113 516,170 809,729 975,983 629,284
---------- ---------- ---------- ---------- ----------
Cash and cash
equivalents 667,337 800,920 1,101,073 1,295,730 910,347
Federal funds sold 3,000 3,625 2,600 6,275 3,725
Investment securities -
available-for-sale, net
of allowance for credit
losses 2,871,931 2,924,496 2,899,968 3,003,320 3,072,639
Investment securities -
held-to-maturity, net of
allowance for credit
losses 1,259,262 1,264,200 1,265,292 1,269,896 1,275,204
---------- ---------- ---------- ---------- ----------
Total investment
securities 4,131,193 4,188,696 4,165,260 4,273,216 4,347,843
Loans receivable 15,686,209 15,285,972 15,180,624 14,952,116 14,764,500
Allowance for credit
losses (297,583) (285,649) (281,869) (279,944) (275,880)
---------- ---------- ---------- ---------- ----------
Loans receivable, net 15,388,626 15,000,323 14,898,755 14,672,172 14,488,620
Bank premises and
equipment, net 369,324 374,515 379,729 384,843 386,322
Foreclosed assets held
for sale 39,831 41,263 41,529 39,680 43,407
Cash value of life
insurance 220,469 219,075 218,113 221,621 219,786
Accrued interest
receivable 108,939 110,702 107,732 115,983 120,129
Deferred tax asset, net 148,022 155,963 174,323 170,120 186,697
Goodwill 1,398,253 1,398,253 1,398,253 1,398,253 1,398,253
Core deposit intangible 32,293 34,231 36,255 38,280 40,327
Other assets 374,592 380,236 383,400 376,030 345,292
---------- ---------- ---------- ---------- ----------
Total assets $22,881,879 $22,707,802 $22,907,022 $22,992,203 $22,490,748
========== ========== ========== ========== ==========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Liabilities
Deposits:
Demand and
non-interest-bearing $ 3,868,405 $ 3,880,101 $ 4,024,574 $ 4,079,289 $ 4,006,115
Savings and
interest-bearing
transaction accounts 11,792,828 11,500,921 11,571,949 11,586,106 11,347,850
Time deposits 1,818,724 1,946,674 1,891,909 1,876,096 1,792,332
---------- ---------- ---------- ---------- ----------
Total deposits 17,479,957 17,327,696 17,488,432 17,541,491 17,146,297
Securities sold under
agreements to
repurchase 155,803 145,998 140,813 161,401 162,350
FHLB and other borrowed
funds 500,250 550,500 550,500 600,500 600,750
Accrued interest payable
and other liabilities 169,733 189,551 203,004 207,154 181,080
Subordinated debentures 279,265 279,093 438,957 439,102 439,246
---------- ---------- ---------- ---------- ----------
Total liabilities 18,585,008 18,492,838 18,821,706 18,949,648 18,529,723
========== ========== ========== ========== ==========
Shareholders' equity
Common stock 1,964 1,969 1,972 1,982 1,989
Capital surplus 2,201,923 2,214,211 2,221,576 2,246,312 2,272,794
Retained earnings 2,258,871 2,181,911 2,097,712 2,018,801 1,942,350
Accumulated other
comprehensive loss (165,887) (183,127) (235,944) (224,540) (256,108)
---------- ---------- ---------- ---------- ----------
Total shareholders'
equity 4,296,871 4,214,964 4,085,316 4,042,555 3,961,025
---------- ---------- ---------- ---------- ----------
Total liabilities and
shareholders'
equity $22,881,879 $22,707,802 $22,907,022 $22,992,203 $22,490,748
========== ========== ========== ========== ==========
Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
Quarter Ended Year Ended
---------------------------------------------------- --------------------------
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31,
(In thousands) 2025 2025 2025 2025 2024 2025 Dec. 31, 2024
--------------- -------- --------- --------- --------- --------- ----------- -------------
Interest
income:
Loans $285,491 $283,165 $276,041 $270,784 $278,409 $1,115,481 $1,100,004
Investment
securities
Taxable 25,860 26,326 26,444 27,433 28,943 106,063 125,765
Tax-exempt 7,834 7,743 7,626 7,650 7,704 30,853 30,980
Deposits -
other banks 4,405 6,242 8,951 6,620 7,585 26,218 42,773
Federal funds
sold 41 56 53 55 73 205 255
------- ------- ------- ------- ------- --------- ---------
Total interest
income 323,631 323,532 319,115 312,542 322,714 1,278,820 1,299,777
------- ------- ------- ------- ------- --------- ---------
Interest
expense:
Interest on
deposits 83,739 87,962 88,489 86,786 90,564 346,976 376,638
Federal funds
purchased -- -- -- -- -- -- 1
FHLB and other
borrowed
funds 4,985 5,378 5,539 5,902 9,541 21,804 52,455
Securities
sold under
agreements to
repurchase 962 1,019 1,012 1,074 1,346 4,067 5,448
Subordinated
debentures 2,359 3,007 4,123 4,124 4,121 13,613 16,461
------- ------- ------- ------- ------- --------- ---------
Total interest
expense 92,045 97,366 99,163 97,886 105,572 386,460 451,003
------- ------- ------- ------- ------- --------- ---------
Net interest
income 231,586 226,166 219,952 214,656 217,142 892,360 848,774
Provision for
credit losses
on loans 14,400 6,700 3,000 -- 16,700 24,100 48,400
Recovery of
credit losses
on unfunded
commitments -- (1,000) -- -- -- (1,000) --
Recovery of
credit losses
on investment
securities -- (2,194) -- -- -- (2,194) (330)
------- ------- ------- ------- ------- --------- ---------
Total credit
loss expense 14,400 3,506 3,000 -- 16,700 20,906 48,070
------- ------- ------- ------- ------- --------- ---------
Net interest
income after
credit loss
expense 217,186 222,660 216,952 214,656 200,442 871,454 800,704
------- ------- ------- ------- ------- --------- ---------
Non-interest
income:
Service
charges on
deposit
accounts 10,480 10,486 9,552 9,650 9,935 40,168 39,223
Other service
charges and
fees 11,148 12,130 12,643 10,689 11,651 46,610 43,009
Trust fees 5,121 4,600 5,234 4,760 4,526 19,715 18,717
Mortgage
lending
income 4,680 4,691 4,780 3,599 3,518 17,750 15,789
Insurance
commissions 460 574 589 535 483 2,158 2,151
Increase in
cash value of
life
insurance 1,400 1,404 1,415 1,842 1,215 6,061 4,850
Dividends from
FHLB, FRB,
FNBB & other 2,678 2,658 2,657 2,718 2,820 10,711 11,462
Gain on SBA
loans 308 46 -- 288 218 642 617
Gain (loss) on
branches,
equipment and
other assets,
net 11 (66) 972 (163) 26 754 2,102
Gain (loss) on
OREO, net 203 (1) 13 (376) (2,423) (161) (2,272)
Fair value
adjustment
for
marketable
securities 1,173 1,020 (238) 442 850 2,397 2,971
Other income 12,838 13,963 13,462 11,442 8,403 51,705 29,955
------- ------- ------- ------- ------- --------- ---------
Total
non-interest
income 50,500 51,505 51,079 45,426 41,222 198,510 168,574
------- ------- ------- ------- ------- --------- ---------
Non-interest
expense:
Salaries and
employee
benefits 62,891 63,804 64,318 61,855 60,824 252,868 241,022
Occupancy and
equipment 14,434 14,828 14,023 14,425 14,526 57,710 58,031
Data
processing
expense 8,653 8,871 8,364 8,558 9,324 34,446 36,494
Merger and
acquisition
expenses 580 -- -- -- -- 580 --
Other
operating
expenses 27,805 27,335 29,335 28,090 27,536 112,565 111,389
------- ------- ------- ------- ------- --------- ---------
Total
non-interest
expense 114,363 114,838 116,040 112,928 112,210 458,169 446,936
------- ------- ------- ------- ------- --------- ---------
Income before
income taxes 153,323 159,327 151,991 147,154 129,454 611,795 522,342
Income tax
expense 35,098 35,723 33,588 31,945 28,890 136,354 120,101
------- ------- ------- ------- ------- --------- ---------
Net income $118,225 $123,604 $118,403 $115,209 $100,564 $ 475,441 $ 402,241
======= ======= ======= ======= ======= ========= =========
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
Quarter Ended Year Ended
--------------------------------------------------------------------- ----------------------------
(Dollars and shares
in thousands, except Sep. 30, Jun. 30, Mar. 31, Dec. 31, Dec. 31,
per share data) Dec. 31, 2025 2025 2025 2025 2024 2025 Dec. 31, 2024
-------------------- ------------- ------------ ------------ ------------ ------------ ------------ --------------
PER SHARE DATA
Diluted earnings per
common share $ 0.60 $ 0.63 $ 0.60 $ 0.58 $ 0.51 $ 2.41 $ 2.01
Diluted earnings per common
share, as adjusted
(non-GAAP)(1) 0.60 0.61 0.58 0.56 0.50 2.35 2.01
Basic earnings per common
share 0.60 0.63 0.60 0.58 0.51 2.41 2.01
Dividends per share -
common 0.21 0.20 0.20 0.195 0.195 0.805 0.75
Shareholder buyback
yield(2) 0.27% 0.18% 0.49% 0.53% 0.05% 1.46% 1.69%
Book value per common
share $ 21.88 $ 21.41 $ 20.71 $ 20.40 $ 19.92 $ 21.88 $ 19.92
Tangible book value per
common share
(non-GAAP)(1) 14.60 14.13 13.44 13.15 12.68 14.60 12.68
STOCK INFORMATION
Average common shares
outstanding 196,553 197,078 197,532 198,657 198,863 197,448 199,939
Average diluted shares
outstanding 196,764 197,288 197,765 198,852 198,973 197,651 200,069
End of period common shares
outstanding 196,357 196,889 197,239 198,206 198,882 196,357 198,882
ANNUALIZED
PERFORMANCE METRICS
Return on average assets
(ROA) 2.06% 2.17% 2.08% 2.07% 1.77% 2.10% 1.77%
Return on average assets,
as adjusted: (ROA, as
adjusted) (non-GAAP)(1) 2.05% 2.10% 2.02% 2.01% 1.76% 2.05% 1.77%
Return on average assets
excluding intangible
amortization
(non-GAAP)(1) 2.22% 2.34% 2.25% 2.24% 1.92% 2.26% 1.92%
Return on average assets,
as adjusted, excluding
intangible amortization
(non-GAAP)(1) 2.22% 2.27% 2.18% 2.18% 1.91% 2.21% 1.92%
Return on average common
equity $(ROE)$ 11.04% 11.91% 11.77% 11.75% 10.13% 11.61% 10.43%
Return on average common
equity, as adjusted: (ROE,
as adjusted)
(non-GAAP)(1) 11.01% 11.54% 11.39% 11.41% 10.05% 11.33% 10.42%
Return on average tangible
common equity (ROTCE)
(non-GAAP)(1) 16.65% 18.28% 18.26% 18.39% 15.94% 17.87% 16.66%
Return on average tangible
common equity, as
adjusted: (ROTCE, as
adjusted) (non-GAAP)(1) 16.60% 17.70% 17.68% 17.87% 15.82% 17.44% 16.64%
Return on average tangible
common equity excluding
intangible amortization
(non-GAAP)(1) 16.85% 18.51% 18.50% 18.64% 16.18% 18.10% 16.92%
Return on average tangible
common equity, as
adjusted, excluding
intangible amortization
(non-GAAP)(1) 16.80% 17.93% 17.92% 18.12% 16.07% 17.67% 16.91%
(1) Calculation of this metric and the reconciliation
to GAAP are included in the schedules accompanying
this release.
(2) Calculation of this metric is included in the
schedules accompanying this release.
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
Quarter Ended Year Ended
--------------------------------------------------------------------- ------------------------------
Sep. 30, Jun. 30, Mar. 31, Dec. 31,
(Dollars in thousands) Dec. 31, 2025 2025 2025 2025 2024 Dec. 31, 2025 Dec. 31, 2024
----------------------- ------------- ------------ ------------ ------------ ------------ -------------- --------------
Efficiency ratio 39.54% 40.21% 41.68% 42.22% 42.24% 40.88% 42.74%
Efficiency ratio, as adjusted
(non-GAAP)(1) 39.53% 40.95% 42.01% 42.84% 42.00% 41.29% 42.65%
Net interest margin - FTE
(NIM) 4.61% 4.56% 4.44% 4.44% 4.39% 4.51% 4.27%
Fully taxable equivalent
adjustment $ 2,252 $ 2,916 $ 2,526 $ 2,534 $ 2,398 $ 10,228 $ 8,534
Total revenue (net) 282,086 277,671 271,031 260,082 258,364 1,090,870 1,017,348
Pre-tax, pre-provision, net
income (PPNR) (non-GAAP)(1) 167,723 162,833 154,991 147,154 146,154 632,701 570,412
PPNR, as adjusted
(non-GAAP)(1) 167,130 157,704 150,404 142,821 145,209 618,059 567,385
Pre-tax net income to total
revenue (net) 54.35% 57.38% 56.08% 56.58% 50.11% 56.08% 51.34%
Pre-tax net income, as
adjusted, to total revenue
(net) (non-GAAP)(1) 54.14% 55.53% 54.39% 54.91% 49.74% 54.74% 51.05%
P5(NR) (Pre-tax,
pre-provision, profit
percentage) (PPNR to total
revenue (net)) (non-GAAP)(1) 59.46% 58.64% 57.19% 56.58% 56.57% 58.00% 56.07%
P5(NR) , as adjusted
(non-GAAP)(1) 59.25% 56.80% 55.49% 54.91% 56.20% 56.66% 55.77%
Total purchase
accounting accretion $ 1,265 $ 1,272 $ 1,233 $ 1,378 $ 1,610 $ 5,148 $ 8,133
Average purchase accounting
loan discounts 13,753 15,009 16,219 17,493 19,090 15,626 21,882
OTHER OPERATING
EXPENSES
Advertising $ 2,114 $ 2,149 $ 2,054 $ 1,928 $ 1,941 $ 8,245 $ 7,097
Amortization of intangibles 1,938 2,024 2,025 2,047 2,068 8,034 8,443
Electronic banking expense 3,288 3,357 3,172 3,055 3,307 12,872 13,444
Directors' fees 388 405 431 452 356 1,676 1,639
Due from bank service charges 324 404 283 281 271 1,292 1,131
FDIC and state assessment 2,970 3,245 1,636 3,387 3,216 11,238 15,388
Insurance 1,044 1,110 1,049 999 900 4,202 3,634
Legal and accounting 1,362 1,061 2,360 3,641 2,361 8,424 8,961
Other professional fees 2,168 2,083 2,211 1,947 1,736 8,409 8,142
Operating supplies 759 773 711 711 711 2,954 2,680
Postage 564 538 488 503 518 2,093 2,060
Telephone 382 367 419 436 438 1,604 1,807
Other expense 10,504 9,819 12,496 8,703 9,713 41,522 36,963
------- --- ------- --- ------- --- ------- --- ------- --- --------- --- ---------
Total other
operating
expenses $ 27,805 $ 27,335 $ 29,335 $ 28,090 $ 27,536 $ 112,565 $ 111,389
=== ======= === ======= === ======= === ======= === ======= === ========= === =========
(1) Calculation of this metric and the reconciliation
to GAAP are included in the schedules accompanying
this release.
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
(Dollars in thousands) Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024
------------------------------ ---------------- --------------- --------------- --------------- -----------------
BALANCE SHEET RATIOS
Total loans to total deposits 89.74% 88.22% 86.80% 85.24% 86.11%
Common equity to assets 18.78% 18.56% 17.83% 17.58% 17.61%
Tangible common equity to tangible
assets (non-GAAP)(1) 13.36% 13.08% 12.35% 12.09% 11.98%
.
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential $ 5,290,112 $ 5,494,492 $ 5,553,182 $ 5,588,681 $ 5,426,780
Construction/land development 2,726,993 2,709,197 2,695,561 2,735,760 2,736,214
Agricultural 332,412 331,301 315,926 335,437 336,993
Residential real estate
loans
Residential 1-4 family 2,134,334 2,142,375 2,138,990 1,947,872 1,956,489
Multifamily residential 1,140,911 716,595 620,439 576,089 496,484
---------- --- ---------- --- ---------- --- ---------- --- ----------
Total real estate 11,624,762 11,393,960 11,324,098 11,183,839 10,952,960
Consumer 1,253,746 1,233,523 1,218,834 1,227,745 1,234,361
Commercial and industrial 2,222,401 2,100,268 2,107,326 2,045,036 2,022,775
Agricultural 359,879 346,167 323,457 314,323 367,251
Other 225,421 212,054 206,909 181,173 187,153
---------- --- ---------- --- ---------- --- ---------- --- ----------
Loans receivable $ 15,686,209 $ 15,285,972 $ 15,180,624 $ 14,952,116 $ 14,764,500
=== ========== === ========== === ========== === ========== === ==========
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period $ 285,649 $ 281,869 $ 279,944 $ 275,880 $ 312,574
Loans charged off 3,063 4,651 4,071 3,458 53,959
Recoveries of loans previously
charged off 597 1,731 2,996 7,522 565
---------- --- ---------- --- ---------- --- ---------- --- ----------
Net loans charged off (recovered) 2,466 2,920 1,075 (4,064) 53,394
Provision for credit losses - loans 14,400 6,700 3,000 -- 16,700
---------- --- ---------- --- ---------- --- ---------- --- ----------
Balance, end of period $ 297,583 $ 285,649 $ 281,869 $ 279,944 $ 275,880
=== ========== === ========== === ========== === ========== === ==========
Net charge-offs (recoveries) to
average total loans 0.06% 0.08% 0.03% (0.11)% 1.44%
Allowance for credit losses to total
loans 1.90% 1.87% 1.86% 1.87% 1.87%
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans $ 78,002 $ 81,087 $ 89,261 $ 86,383 $ 93,853
Loans past due 90 days or more 6,980 4,125 7,031 3,264 5,034
---------- --- ---------- --- ---------- --- ---------- --- ----------
Total non-performing loans 84,982 85,212 96,292 89,647 98,887
---------- --- ---------- --- ---------- --- ---------- --- ----------
Other non-performing assets
Foreclosed assets held for sale,
net 39,831 41,263 41,529 39,680 43,407
Other non-performing assets -- -- -- 63 63
---------- --- ---------- --- ---------- --- ---------- --- ----------
Total other non-performing
assets 39,831 41,263 41,529 39,743 43,470
---------- --- ---------- --- ---------- --- ---------- --- ----------
Total non-performing
assets $ 124,813 $ 126,475 $ 137,821 $ 129,390 $ 142,357
=== ========== === ========== === ========== === ========== === ==========
Allowance for credit losses for loans
to non-performing loans 350.17% 335.22% 292.72% 312.27% 278.99%
Non-performing loans to total loans 0.54% 0.56% 0.63% 0.60% 0.67%
Non-performing assets to total assets 0.55% 0.56% 0.60% 0.56% 0.63%
(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
------------------------------------------------------------
December 31, 2025 September 30, 2025
----------------------------- -----------------------------
Average Income/ Yield/ Average Income/ Yield/
(Dollars in thousands) Balance Expense Rate Balance Expense Rate
------------------------------ ----------- -------- ------ ----------- -------- ------
ASSETS
Earning assets
Interest-bearing balances
due from banks $ 450,187 $ 4,405 3.88% $ 567,617 $ 6,242 4.36%
Federal funds sold 4,177 41 3.89% 5,142 56 4.32%
Investment securities -
taxable 3,001,146 25,860 3.42% 3,039,247 26,326 3.44%
Investment securities -
non-taxable - FTE 1,166,233 10,240 3.48% 1,115,834 10,201 3.63%
Loans receivable - FTE 15,506,534 285,337 7.30% 15,216,448 283,623 7.39%
---------- ------- ---------- -------
Total interest-earning
assets 20,128,277 325,883 6.42% 19,944,288 326,448 6.49%
------- -------
Non-earning assets 2,658,575 2,694,650
---------- ----------
Total assets $22,786,852 $22,638,938
========== ==========
LIABILITIES AND SHAREHOLDERS'
EQUITY
Liabilities
Interest-bearing liabilities
Savings and
interest-bearing
transaction accounts $11,613,721 $ 67,534 2.31% $11,408,316 $ 70,406 2.45%
Time deposits 1,858,205 16,205 3.46% 1,911,703 17,556 3.64%
---------- ------- ---------- -------
Total
interest-bearing
deposits 13,471,926 83,739 2.47% 13,320,019 87,962 2.62%
Federal funds
purchased -- -- --% 11 -- --%
Securities sold under
agreement to
repurchase 148,791 962 2.57% 145,883 1,019 2.77%
FHLB and other borrowed
funds 518,188 4,985 3.82% 550,501 5,378 3.88%
Subordinated debentures 279,180 2,359 3.35% 338,757 3,007 3.52%
---------- ------- ---------- -------
Total interest-bearing
liabilities 14,418,085 92,045 2.53% 14,355,171 97,366 2.69%
------- -------
Non-interest bearing
liabilities
Non-interest bearing
deposits 3,926,307 3,956,826
Other liabilities 193,604 211,057
---------- ----------
Total liabilities 18,537,996 18,523,054
Shareholders' equity 4,248,856 4,115,884
---------- ----------
Total liabilities and
shareholders' equity $22,786,852 $22,638,938
========== ==========
Net interest spread 3.89% 3.80%
Net interest income and margin
- FTE $233,838 4.61% $229,082 4.56%
======= =======
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Year Ended
----------------------------------------------------------------
December 31, 2025 December 31, 2024
------------------------------- -------------------------------
Average Income/ Yield/ Average Income/ Yield/
(Dollars in thousands) Balance Expense Rate Balance Expense Rate
------------------------------ ----------- ---------- ------ ----------- ---------- ------
ASSETS
Earning assets
Interest-bearing balances due
from banks $ 610,338 $ 26,218 4.30% $ 819,445 $ 42,773 5.22%
Federal funds sold 4,821 205 4.25% 5,035 255 5.06%
Investment securities -
taxable 3,078,265 106,063 3.45% 3,400,325 125,765 3.70%
Investment securities -
non-taxable - FTE 1,132,761 40,535 3.58% 1,190,033 39,057 3.28%
Loans receivable - FTE 15,169,888 1,116,027 7.36% 14,675,001 1,100,461 7.50%
---------- --------- ---------- ---------
Total
interest-earning
assets 19,996,073 1,289,048 6.45% 20,089,839 1,308,311 6.51%
--------- ---------
Non-earning assets 2,697,522 2,664,541
---------- ----------
Total assets $22,693,595 $22,754,380
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Interest-bearing liabilities
Savings and
interest-bearing
transaction accounts $11,491,941 $ 278,654 2.42% $11,078,003 $ 304,976 2.75%
Time deposits 1,864,674 68,322 3.66% 1,747,302 71,662 4.10%
---------- --------- ---------- ---------
Total
interest-bearing
deposits 13,356,615 346,976 2.60% 12,825,305 376,638 2.94%
Federal funds purchased 14 -- --% 20 1 5.00%
Securities sold under
agreement to
repurchase 148,545 4,067 2.74% 165,965 5,448 3.28%
FHLB and other borrowed
funds 558,839 21,804 3.90% 1,197,662 52,455 4.38%
Subordinated debentures 373,500 13,613 3.64% 439,539 16,461 3.75%
---------- --------- ---------- ---------
Total
interest-bearing
liabilities 14,437,513 386,460 2.68% 14,628,491 451,003 3.08%
--------- ---------
Non-interest bearing
liabilities
Non-interest bearing
deposits 3,961,332 4,029,684
Other liabilities 199,307 238,528
---------- ----------
Total liabilities 18,598,152 18,896,703
Shareholders' equity 4,095,443 3,857,677
---------- ----------
Total liabilities and
shareholders' equity $22,693,595 $22,754,380
========== ==========
Net interest spread 3.77% 3.43%
Net interest income and margin
- FTE $ 902,588 4.51% $ 857,308 4.27%
========= =========
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
Quarter Ended Year Ended
------------------------------------------------------------------------------------ --------------------------------
(Dollars and shares
in thousands, except
per share data) Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2024
-------------------- ---------------- --------------- --------------- --------------- --------------- --------------- ---------------
NET INCOME
(EARNINGS), AS
ADJUSTED
GAAP net income
available to common
shareholders $(A)$ $ 118,225 $ 123,604 $ 118,403 $ 115,209 $ 100,564 $ 475,441 $ 402,241
Pre-tax adjustments
Merger and acquisition
expense 580 -- -- -- -- 580 --
Gain on retirement of
subordinated debt -- (1,882) -- -- -- (1,882) --
FDIC special assessment -- -- (1,516) -- -- (1,516) 2,260
BOLI death benefits -- (187) (1,243) -- (95) (1,430) (257)
Gain on sale of premises
and equipment -- -- (983) -- -- (983) (2,059)
Fair value adjustment for
marketable securities (1,173) (1,020) 238 (442) (850) (2,397) (2,971)
Special income from
equity investment -- -- (3,498) (3,891) -- (7,389) --
Legal fee reimbursement -- -- (885) -- -- (885) --
Legal claims expense -- -- 3,300 -- -- 3,300 --
Recoveries on historic
losses -- (2,040) -- -- -- (2,040) --
---------- --- ---------- --- ---------- --- ---------- --- ---------- --- ---------- --- ----------
Total pre-tax adjustments (593) (5,129) (4,587) (4,333) (945) (14,642) (3,027)
Tax-effect of adjustments (231) (1,207) (817) (1,059) (208) (3,314) (688)
Deferred tax asset
write-down -- -- -- -- -- -- 2,030
---------- --- ---------- --- ---------- --- ---------- --- ---------- --- ---------- --- ----------
Total adjustments after-tax
$(B)$ (362) (3,922) (3,770) (3,274) (737) (11,328) (309)
---------- --- ---------- --- ---------- --- ---------- --- ---------- --- ---------- --- ----------
Net income, as
adjusted (C) $ 117,863 $ 119,682 $ 114,633 $ 111,935 $ 99,827 $ 464,113 $ 401,932
=== ========== === ========== === ========== === ========== === ========== === ========== === ==========
Average diluted shares
outstanding $(D)$ 196,764 197,288 197,765 198,852 198,973 197,651 200,069
GAAP diluted earnings
per share: (A/D) $ 0.60 $ 0.63 $ 0.60 $ 0.58 $ 0.51 $ 2.41 $ 2.01
Adjustments after-tax:
(B/D) 0.00 (0.02) (0.02) (0.02) (0.01) (0.06) 0.00
---------- --- ---------- --- ---------- --- ---------- --- ---------- --- ---------- --- ----------
Diluted earnings
per common share,
as adjusted:
(C/D) $ 0.60 $ 0.61 $ 0.58 $ 0.56 $ 0.50 $ 2.35 $ 2.01
=== ========== === ========== === ========== === ========== === ========== === ========== === ==========
ANNUALIZED RETURN ON
AVERAGE ASSETS
Return on average assets:
(A/E) 2.06% 2.17% 2.08% 2.07% 1.77% 2.10% 1.77%
Return on average assets,
as adjusted: (ROA, as
adjusted) ((A+D)/E) 2.05% 2.10% 2.02% 2.01% 1.76% 2.05% 1.77%
Return on average assets
excluding intangible
amortization:
((A+C)/(E-F)) 2.22% 2.34% 2.25% 2.24% 1.92% 2.26% 1.92%
Return on average assets,
as adjusted, excluding
intangible amortization:
((A+C+D)/(E-F)) 2.22% 2.27% 2.18% 2.18% 1.91% 2.21% 1.92%
GAAP net income
available to common
shareholders (A) $ 118,225 $ 123,604 $ 118,403 $ 115,209 $ 100,564 $ 475,441 $ 402,241
Amortization of intangibles
(B) 1,938 2,024 2,025 2,047 2,068 8,034 8,443
Amortization of intangibles
after-tax (C) 1,466 1,529 1,530 1,547 1,563 6,072 6,345
Adjustments after-tax (D) (362) (3,922) (3,770) (3,274) (737) (11,328) (309) Average assets $(E)$ 22,786,852 22,638,938 22,797,738 22,548,835 22,565,077 22,693,595 22,754,380 Average goodwill & core deposit intangible $(F)$ 1,431,479 1,433,474 1,435,480 1,437,515 1,439,566 1,434,468 1,442,713 Home BancShares, Inc. Non-GAAP Reconciliations (Unaudited) Quarter Ended Year Ended ------------------------------------------------------------------------------ ------------------------------ (Dollars in thousands) Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2024 ----------------------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- ANNUALIZED RETURN ON AVERAGE COMMON EQUITY Return on average common equity: (A/D) 11.04% 11.91% 11.77% 11.75% 10.13% 11.61% 10.43% Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D) 11.01% 11.54% 11.39% 11.41% 10.05% 11.33% 10.42% Return on average tangible common equity: (ROTCE) (A/(D-E)) 16.65% 18.28% 18.26% 18.39% 15.94% 17.87% 16.66% Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E)) 16.60% 17.70% 17.68% 17.87% 15.82% 17.44% 16.64% Return on average tangible common equity excluding intangible amortization: (B/(D-E)) 16.85% 18.51% 18.50% 18.64% 16.18% 18.10% 16.92% Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E)) 16.80% 17.93% 17.92% 18.12% 16.07% 17.67% 16.91% GAAP net income available to common shareholders (A) $ 118,225 $ 123,604 $ 118,403 $ 115,209 $ 100,564 $ 475,441 $ 402,241 Earnings excluding intangible amortization (B) 119,691 125,133 119,933 116,756 102,127 481,513 408,586 Adjustments after-tax (C) (362) (3,922) (3,770) (3,274) (737) (11,328) (309) Average common equity (D) 4,248,856 4,115,884 4,036,155 3,977,671 3,950,176 4,095,443 3,857,677 Average goodwill & core deposits intangible (E) 1,431,479 1,433,474 1,435,480 1,437,515 1,439,566 1,434,468 1,442,713 EFFICIENCY RATIO & P5NR Efficiency ratio: ((D-G)/(B+C+E)) 39.54% 40.21% 41.68% 42.22% 42.24% 40.88% 42.74% Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H)) 39.53% 40.95% 42.01% 42.84% 42.00% 41.29% 42.65% Pre-tax net income to total revenue (net) (A/(B+C)) 54.35% 57.38% 56.08% 56.58% 50.11% 56.08% 51.34% Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C)) 54.14% 55.53% 54.39% 54.91% 49.74% 54.74% 51.05% Pre-tax, pre-provision, net income (PPNR) (B+C-D) $ 167,723 $ 162,833 $ 154,991 $ 147,154 $ 146,154 $ 632,701 $ 570,412 Pre-tax, pre-provision, net income, as adjusted (B+C-D+F) $ 167,130 $ 157,704 $ 150,404 $ 142,821 $ 145,209 $ 618,059 $ 567,385 P5(NR) (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C) 59.46% 58.64% 57.19% 56.58% 56.57% 58.00% 56.07% P5(NR) , as adjusted (B+C-D+F)/(B+C) 59.25% 56.80% 55.49% 54.91% 56.20% 56.66% 55.77% Pre-tax net income (A) $ 153,323 $ 159,327 $ 151,991 $ 147,154 $ 129,454 $ 611,795 $ 522,342 Net interest income (B) 231,586 226,166 219,952 214,656 217,142 892,360 848,774 Non-interest income (C) 50,500 51,505 51,079 45,426 41,222 198,510 168,574 Non-interest expense (D) 114,363 114,838 116,040 112,928 112,210 458,169 446,936 Fully taxable equivalent adjustment (E) 2,252 2,916 2,526 2,534 2,398 10,228 8,534 Total pre-tax adjustments (F) (593) (5,129) (4,587) (4,333) (945) (14,642) (3,027) Amortization of intangibles $(G)$ 1,938 2,024 2,025 2,047 2,068 8,034 8,443 Adjustments: Non-interest income: Gain on retirement of subordinated debt $ -- $ 1,882 $ -- $ -- $ -- $ 1,882 $ -- Fair value adjustment for marketable securities 1,173 1,020 (238) 442 850 2,397 2,971 Gain (loss) on OREO 203 (1) 13 (376) (2,423) (161) (2,272) Gain (loss) on branches, equipment and other assets, net 11 (66) 972 (163) 26 754 2,102 Special income from equity investment -- -- 3,498 3,891 -- 7,389 -- BOLI death benefits -- 187 1,243 -- 95 1,430 257 Legal expense reimbursement -- -- 885 -- -- 885 -- Recoveries on historic losses -- 2,040 -- -- -- 2,040 -- --- --------- --- --------- --- --------- --- --------- --- --------- --- --------- --- --------- Total non-interest income adjustments $(H)$ $ 1,387 $ 5,062 $ 6,373 $ 3,794 $ (1,452) $ 16,616 $ 3,058 --- --------- --- --------- --- --------- --- --------- --- --------- --- --------- --- --------- Non-interest expense: FDIC special assessment -- -- (1,516) -- -- (1,516) 2,260 Merger and acquisition expenses 580 -- -- -- -- 580 -- Legal claims expense -- -- 3,300 -- -- 3,300 -- Total non-interest expense adjustments (I) $ 580 $ -- $ 1,784 $ -- $ -- $ 2,364 $ 2,260 === ========= === ========= === ========= === ========= === ========= === ========= === ========= Home BancShares, Inc. Non-GAAP Reconciliations (Unaudited) Quarter Ended ----------------------------------------------------------------------------------- Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 --------------- --------------- --------------- --------------- --------------- TANGIBLE BOOK VALUE PER COMMON SHARE Book value per common share: (A/B) $ 21.88 $ 21.41 $ 20.71 $ 20.40 $ 19.92 Tangible book value per common share: ((A-C-D)/B) 14.60 14.13 13.44 13.15 12.68 Total shareholders' equity (A) $ 4,296,871 $ 4,214,964 $ 4,085,316 $ 4,042,555 $ 3,961,025 End of period common shares outstanding (B) 196,357 196,889 197,239 198,206 198,882 Goodwill (C) 1,398,253 1,398,253 1,398,253 1,398,253 1,398,253 Core deposit and other intangibles (D) 32,293 34,231 36,255 38,280 40,327 TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS Equity to assets: (B/A) 18.78% 18.56% 17.83% 17.58% 17.61%
Tangible common
equity to tangible
assets:
((B-C-D)/(A-C-D)) 13.36% 13.08% 12.35% 12.09% 11.98%
Total assets (A) $ 22,881,879 $ 22,707,802 $ 22,907,022 $ 22,992,203 $ 22,490,748
Total shareholders'
equity (B) 4,296,871 4,214,964 4,085,316 4,042,555 3,961,025
Goodwill (C) 1,398,253 1,398,253 1,398,253 1,398,253 1,398,253
Core deposit and
other intangibles
(D) 32,293 34,231 36,255 38,280 40,327
Home BancShares, Inc.
Shareholder Buyback Yield
(Unaudited)
Quarter Ended Year Ended
------------------------------------------------------------------------------- ------------------------------
(Dollars and shares
in thousands) Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2024
-------------------- --------------- -------------- -------------- -------------- -------------- -------------- --------------
SHAREHOLDER BUYBACK
YIELD
Shareholder buyback yield:
(A/B) 0.27% 0.18% 0.49% 0.53% 0.05% 1.46% 1.69%
Shares repurchased 541 350 1,000 1,000 96 2,891 3,522
Average price per
share $ 27.26 $ 28.34 $ 26.99 $ 29.67 $ 26.38 $ 28.13 $ 24.41
--- --------- --- --------- --- --------- --- --------- --- --------- --- --------- --- ---------
Principal cost 14,747 9,918 26,989 29,668 2,526 81,322 85,977
Excise tax 141 93 459 117 (72) 810 411
--------- --- --------- --- --------- --- --------- --- --------- --- --------- --- ---------
Total share
repurchase cost (A) $ 14,888 $ 10,011 $ 27,448 $ 29,785 $ 2,454 $ 82,132 $ 86,388
=== ========= === ========= === ========= === ========= === ========= === ========= === =========
Shares outstanding
beginning of period 196,889 197,239 198,206 198,882 198,879 198,882 201,526
Price per share
beginning of period $ 28.30 $ 28.46 $ 28.27 $ 28.30 $ 27.09 $ 28.30 $ 25.33
--- --------- --- --------- --- --------- --- --------- --- --------- --- --------- --- ---------
Market capitalization
beginning of period
(B) $ 5,571,959 $ 5,613,422 $ 5,603,284 $ 5,628,361 $ 5,387,632 $ 5,628,361 $ 5,104,654
=== ========= === ========= === ========= === ========= === ========= === ========= === =========
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/af336001-aea0-48d1-8f7a-848d15cbec31
https://www.globenewswire.com/NewsRoom/AttachmentNg/2da399f2-74c5-4e18-9bb6-b52cdf989bf4
https://www.globenewswire.com/NewsRoom/AttachmentNg/73627fe2-4baa-416d-9f4d-60e9d9239d98
https://www.globenewswire.com/NewsRoom/AttachmentNg/68915a92-2903-428f-9683-5fc5ea6cdf31
https://www.globenewswire.com/NewsRoom/AttachmentNg/f44bafda-abc5-49d8-a4cf-3ecdc5d8461e
https://www.globenewswire.com/NewsRoom/AttachmentNg/2268704e-b5ec-4578-ab80-702de6908e85
https://www.globenewswire.com/NewsRoom/AttachmentNg/c3ec0f31-ae05-4485-b75f-6ecfa3cb41fb
https://www.globenewswire.com/NewsRoom/AttachmentNg/484a76bd-62c9-4981-8be7-4351965a44e5
https://www.globenewswire.com/NewsRoom/AttachmentNg/082e46fc-4d08-46c5-af19-295dd8767584
https://www.globenewswire.com/NewsRoom/AttachmentNg/08fc0af0-0a6a-4892-b2d2-21b3db8a190f
(END) Dow Jones Newswires
January 14, 2026 17:15 ET (22:15 GMT)
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