Home BancShares Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Home BancShares Inc. filed its Q1 2024 10-Q report detailing financial performance and position.</b>

AI Summary

HOME BANCSHARES INC (HOMB) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Home BancShares Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. The filing includes data related to deposit accounts and financial services. Key financial statement components such as common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are detailed for various periods.

Why It Matters

For investors and stakeholders tracking HOME BANCSHARES INC, this filing contains several important signals. This 10-Q provides investors with an updated view of Home BancShares' financial health and operational performance for the first quarter of 2024. The detailed financial data allows for comparison with previous periods and assessment of trends in deposits, equity, and other financial instruments.

Risk Assessment

Risk Level: low — HOME BANCSHARES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant new risks beyond those typically associated with banking operations.

Analyst Insight

Review the detailed financial statements within the 10-Q to understand changes in deposit levels, loan portfolios, and profitability compared to the previous quarter and year.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-03 — Filing Date (Filed as of date)
• 6022 — Standard Industrial Classification (SIC code for Commercial Banks)
• AR — State of Incorporation (State of incorporation)
• 1231 — Fiscal Year End (Fiscal year end date)

Key Players & Entities

• HOME BANCSHARES INC (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-03 (date) — Filing date
• AR (location) — State of incorporation and business address
• 719 HARKRIDER (address) — Business street address
• CONWAY (location) — Business city
• 72032 (postal_code) — Business ZIP code
• 501-339-2929 (phone_number) — Business phone number

FAQ

Industry Context

Home BancShares Inc. operates within the commercial banking industry, providing a range of financial services.

Regulatory Implications

As a publicly traded bank holding company, Home BancShares is subject to regulations from the SEC and banking authorities.

What Investors Should Do

1. Analyze the balance sheet for changes in total assets, liabilities, and equity from the prior quarter.
2. Examine the details of deposit accounts and other financial services to understand revenue drivers.
3. Review any disclosures related to investments in securities, such as government-sponsored enterprises debt securities and mortgage-backed securities.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing is a standard quarterly report (10-Q) and provides updated financial information compared to previous filings.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share HOMB New York Stock Exchange
• $10 billion — applies as a result of our having over $10 billion in total assets; legislation and regul

Filing Documents

• homb-20240331.htm (10-Q) — 4271KB
• homb-20240331xexx15.htm (EX-15) — 3KB
• homb-20240331x10qexx311.htm (EX-31.1) — 9KB
• homb-20240331x10qexx312.htm (EX-31.2) — 9KB
• homb-20240331x10qexx321.htm (EX-32.1) — 4KB
• homb-20240331x10qexx322.htm (EX-32.2) — 4KB
• 0001331520-24-000126.txt (&nbsp;) — 21307KB
• homb-20240331.xsd (EX-101.SCH) — 93KB
• homb-20240331_cal.xml (EX-101.CAL) — 151KB
• homb-20240331_def.xml (EX-101.DEF) — 467KB
• homb-20240331_lab.xml (EX-101.LAB) — 1014KB
• homb-20240331_pre.xml (EX-101.PRE) — 771KB
• homb-20240331_htm.xml (XML) — 5672KB

Financial Statements

Financial Statements Consolidated Balance Sheets – March 3 1 , 202 4 (Unaudited) and December 31, 202 3 4 Consolidated Statements of Income (Unaudited) – Three months ended March 3 1 , 202 4 and 202 3 5 Consolidated Statements of Comprehensive Income (Loss) (Unaudited) – Three months ended March 31 , 202 4 and 202 3 6 Consolidated Statements of Stockholders' Equity (Unaudited) – Three months ended March 3 1 , 202 4 and 202 3 7 -8 Consolidated Statements of Cash Flows (Unaudited) – Three months ended March 31 , 202 4 and 202 3 9 Condensed Notes to Consolidated Financial Statements (Unaudited) 10 -49 Report of Independent Registered Public Accounting Firm 50 Item 2:

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 51 -83 Item 3:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 83 -85 Item 4:

Controls and Procedures

Controls and Procedures 85 Part II: Other Information Item 1:

Legal Proceedings

Legal Proceedings 86 Item 1A:

Risk Factors

Risk Factors 86 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 86 Item 3: Defaults Upon Senior Securities 86 Item 4: Mine Safety Disclosures 86 Item 5: Other Information 86 Item 6: Exhibits 86 -87

Signatures

Signatures 88 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Some of our statements contained in this document, including matters discussed under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operation," are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to expectations, beliefs, projections, future financial performance, future plans and strategies, and anticipated events or trends, and include statements about the competitiveness of the banking industry, potential regulatory obligations, our entrance and expansion into other markets, including through potential acquisitions, our other business strategies and other statements that are not historical facts. Forward-looking statements are not guarantees of performance or results. When we use words like "may," "plan," "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. These forward-looking statements involve risks and uncertainties and are based on our beliefs and assumptions, and on the information available to us at the time that these disclosures were prepared. These forward-looking statements involve risks and uncertainties and may not be realized due to a variety of factors, including, but not limited to, the following: the effects of future local, regional, national and international economic conditions, including inflation or a decrease in commercial real estate and residential housing values; changes in the level of nonperforming assets and charge-offs, and credit risk generally; the risks of changes in interest rates or the level and composition of deposits, loan demand

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

: Financial Statements

Item 1: Financial Statements Home BancShares, Inc. Consolidated Balance Sheets (In thousands, except share data) March 31, 2024 December 31, 2023 (Unaudited) Assets Cash and due from banks $ 205,262 $ 226,363 Interest-bearing deposits with other banks 969,996 773,850 Cash and cash equivalents 1,175,258 1,000,213 Fed funds sold 5,200 5,100 Investment securities — available-for-sale, net of allowance for credit losses of $ 2,525 at both March 31, 2024 and December 31, 2023 (amortized cost of $ 3,763,609 and $ 3,840,927 at March 31, 2024 and December 31, 2023, respectively) 3,400,884 3,507,841 Investment securities — held-to-maturity, net of allowance for credit losses of $ 2,005 at both March 31, 2024 and December 31, 2023 1,280,586 1,281,982 Total investment securities 4,681,470 4,789,823 Loans receivable 14,513,673 14,424,728 Allowance for credit losses ( 290,294 ) ( 288,234 ) Loans receivable, net 14,223,379 14,136,494 Bank premises and equipment, net 389,618 393,300 Foreclosed assets held for sale 30,650 30,486 Cash value of life insurance 215,424 214,516 Accrued interest receivable 119,029 118,966 Deferred tax asset, net 202,882 197,164 Goodwill 1,398,253 1,398,253 Core deposit intangibles 46,630 48,770 Other assets 347,928 323,573 Total assets $ 22,835,721 $ 22,656,658 Liabilities and Stockholders' Equity Deposits: Demand and non-interest-bearing $ 4,115,603 $ 4,085,501 Savings and interest-bearing transaction accounts 11,047,258 11,050,347 Time deposits 1,703,269 1,651,863 Total deposits 16,866,130 16,787,711 Securities sold under agreements to repurchase 176,107 142,085 FHLB and other borrowed funds 1,301,050 1,301,300 Accrued interest payable and other liabilities 241,345 194,653 Subordinated debentures 439,688 439,834 Total liabilities 19,024,320 18,865,583 Stockholders' equity: Common stock, par value $ 0.01 ; shares authorized 300,000,000 in 2024 and 2023; shares issued and outstanding 200,796,852 in 2024 and 201,5

View Full Filing

View this 10-Q filing on SEC EDGAR