Item 5. Market for Registrant’s Common Equity
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is listed on the New York Stock Exchange under the symbol “HOMB.” As of February 7, 2025, there were approximately 1,506 stockholders of record of the Company’s common stock.
Our policy is to declare regular quarterly dividends based upon our earnings, financial position, capital improvements and such other factors deemed relevant by the Board of Directors. We currently expect to continue declaring and paying quarterly cash dividends comparable to our historical quarterly dividend payments. Our dividend policy is subject to change, however, and the payment of dividends is not necessarily dependent upon the availability of earnings and future financial condition. Information regarding regulatory restrictions on our ability to pay dividends is discussed in “Supervision and Regulation – Payment of Dividends.”
During the three months ended December 31, 2024, the Company utilized a portion of its stock repurchase program most recently amended and approved by the Board of Directors on January 22, 2021. The following table sets forth information with respect to purchases made by or on behalf of the Company of shares of the Company’s common stock during the periods indicated:
Issuer Purchases of Equity Securities
Period Number of
Shares
Purchased
Average Price
Paid Per Share
Purchased Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (1)
October 1 through October 31, 2024 95,764 $ 26.38 95,764 13,244,493
November 1 through November 30, 2024 — — — 13,244,493
December 1 through December 31, 2024 — — — 13,244,493
Total 95,764 95,764
(1) The above described stock repurchase program has no expiration date .
On January 17, 2025, the Board of Directors (the “Board”) of the Company authorized an increase in the shares of the Company’s common stock available for repurchase under its stock repurchase program, which was originally approved by the Board in January 2008 and most recently amended in January 2021, to renew the authorization to 20,000,000 shares. As of January 17, 2025, a total of approximately 13,244,493 shares remained available for repurchase under the existing repurchase authorization, resulting in an increase of 6,755,507 shares of common stock available for repurchase.
36
Table of Contents
Performance Graph
Below is a graph which summarizes the cumulative return earned by the Company’s stockholders since December 31, 2019, compared with the cumulative total return on the Russell 2000 Index and S&P U.S. BMI Banks Index. This presentation assumes that the fair value of the investment in the Company's common stock and each index was $100.00 on December 31, 2019 and that the subsequent dividends were reinvested.
Period Ending
Index 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24
Home BancShares, Inc. 100.00 102.30 130.83 125.94 144.61 166.26
Russell 2000 Index 100.00 119.96 137.74 109.59 128.14 142.93
S&P U.S. BMI Banks Index 100.00 87.24 118.61 98.38 107.32 143.68
37
Table of Contents
Item 6. SELECTED FINANCIAL DATA.
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
38
Table of Contents
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.
39
Table of Contents