HOME BANCSHARES INC
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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Item 6.
Summary Consolidated Financial Data
| As of or for the Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (Dollars and shares in thousands, except per share data) | |||
| Income statement data: | |||
| Total interest income | $1,299,777 | $1,175,053 | $877,766 |
| Total interest expense | 451,003 | 348,108 | 119,090 |
| Net interest income | 848,774 | 826,945 | 758,676 |
| Provision for (recovery of) credit losses | 48,070 | 12,133 | 63,585 |
| Net interest income after provision for credit losses | 800,704 | 814,812 | 695,091 |
| Non-interest income | 168,574 | 169,934 | 175,111 |
| Non-interest expense | 446,936 | 472,863 | 475,627 |
| Income before income taxes | 522,342 | 511,883 | 394,575 |
| Income tax expense | 120,101 | 118,954 | 89,313 |
| Net income | $402,241 | $392,929 | $305,262 |
| Per share data: | |||
| Basic earnings per common share | $2.01 | $1.94 | $1.57 |
| Diluted earnings per common share | 2.01 | 1.94 | 1.57 |
| Book value per common share | 19.92 | 18.81 | 17.33 |
| Tangible book value per common share (non-GAAP)(1)(2) | 12.68 | 11.63 | 10.17 |
| Dividends – common | 0.75 | 0.72 | 0.66 |
| Average common shares outstanding | 199,939 | 202,627 | 194,694 |
| Average diluted shares outstanding | 200,069 | 202,773 | 195,019 |
| Performance ratios: | |||
| Return on average assets | 1.77% | 1.77% | 1.35% |
| Return on average assets excluding intangible Amortization (non-GAAP)(3) | 1.92 | 1.93 | 1.47 |
| Return on average common equity | 10.43 | 10.82 | 9.17 |
| Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)(4) | 16.92 | 18.36 | 15.63 |
| Net interest margin(5) | 4.27 | 4.25 | 3.81 |
| Efficiency ratio | 42.74 | 46.21 | 49.53 |
| Efficiency ratio, as adjusted (non-GAAP)(6) | 42.65 | 45.24 | 44.55 |
| Asset quality: | |||
| Non-performing assets to total assets | 0.63 | 0.42 | 0.27 |
| Non-performing loans to total loans | 0.67 | 0.44 | 0.42 |
| Allowance for credit losses to non-performing loans | 278.99 | 449.66 | 475.99 |
| Allowance for credit losses to total loans | 1.87 | 2.00 | 2.01 |
| Net charge-offs to average total loans | 0.41 | 0.09 | 0.11 |
Summary Consolidated Financial Data – Continued
| As of the Years Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (Dollars and shares in thousands, except per share data) | ||
| Balance sheet data (period end): | ||
| Total assets | $22,490,748 | $22,656,658 |
| Investment securities – available-for-sale | 3,072,639 | 3,507,841 |
| Investment securities – held-to-maturity | 1,275,204 | 1,281,982 |
| Loans receivable | 14,764,500 | 14,424,728 |
| Allowance for credit losses | (275,880) | (288,234) |
| Intangible assets | 1,438,580 | 1,447,023 |
| Non-interest-bearing deposits | 4,006,115 | 4,085,501 |
| Total deposits | 17,146,297 | 16,787,711 |
| Subordinated debentures | 439,246 | 439,834 |
| Stockholders' equity | 3,961,025 | 3,791,075 |
| Capital ratios: | ||
| Common equity to assets | 17.61% | 16.73% |
| Tangible common equity to tangible assets (non-GAAP)(1)(7) | 11.98 | 11.05 |
| Common equity Tier 1 capital | 15.11 | 14.15 |
| Tier 1 leverage ratio(8) | 13.05 | 12.44 |
| Tier 1 risk-based capital ratio | 15.11 | 14.15 |
| Total risk-based capital ratio | 18.74 | 17.79 |
| Dividend payout - common | 37.29 | 37.13 |
(1)Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis.
(2)See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Table 27,” for the non-GAAP tabular reconciliation.
(3)See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Table 28,” for the non-GAAP tabular reconciliation.
(4)See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Table 29,” for the non-GAAP tabular reconciliation.
(5)Fully taxable equivalent (assuming an income tax rate of 24.6735% for 2022, 24.989% for 2023 and 24.433% for 2024).
(6)See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Table 31,” for the non-GAAP tabular reconciliation.
(7)See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Table 30,” for the non-GAAP tabular reconciliation.
(8)Leverage ratio is Tier 1 capital to quarterly average total assets less intangible assets and gross unrealized gains/losses on available-for-sale investment securities.
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