T1 Energy Welcomes Key Additions to Leadership Team
G1 Dallas
AUSTIN, Texas and NEW YORK, April 28, 2025 (GLOBE NEWSWIRE) -- T1 Energy Inc. (NYSE: TE) ('T1,' 'T1 Energy,' or the 'Company') announced the additions of Andy Munro as Chief Legal Officer and Russell Gold as Executive Vice President of Strategic Communications, effective May 1st. The appointments add to T1's already deep energy expertise as it builds a vertically integrated, solar and storage manufacturing and technology leader in the United States.
'We are excited to welcome Andy and Russell to the T1 senior leadership team,' said Daniel Barcelo, T1's Chief Executive Officer and Chairman of the Board. 'Andy and Russell are respected leaders and prominent voices in the solar energy industry. Their additions underscore T1's aspiration to build a leader in the U.S. solar-plus-storage market and highlight our ability to attract key talent.'
Andy Munro brings more than 30 years of legal and management experience to T1 Energy, having spent the last decade working in the solar energy, manufacturing, and technology industry. Mr. Munro joins T1 from SOLARCYCLE, a pioneer in solar panel recycling, technology, and manufacturing. Previously, he served as Chief Legal and Policy Officer at Calypso Energy, a U.S. solar cell and module manufacturing and technology company, and General Counsel at Qcells North America, a leader in U.S. solar manufacturing, technology, and development. Prior to that, Mr. Munro worked at the law firm of Latham & Watkins, where he focused on complex commercial, corporate and financing transactions for technology companies. Mr. Munro holds a J.D. from Harvard Law School and a B.A. in Economics/Business from UCLA.
'I believe the future of energy depends on a strong and innovative American solar manufacturing and technology industry and I am passionate about building a U.S.-based solar supply chain. I look forward to expanding T1's operations and building a preeminent American solar energy manufacturing and technology company,' said Mr. Munro.
Russell Gold joins T1 Energy after a distinguished career as both an author and journalist, most recently for Texas Monthly, which followed a 21-year tenure as an investigative reporter focused on the energy industry for the Wall Street Journal. He is a two-time Pulitzer Prize finalist and a two-time winner of the Gerlad Loeb Award for Distinguished Business and Financial Journalism. Mr. Gold is the author of Superpower: One Man's Quest to Transform American Energy, and The Boom, which was nominated for the FT Goldman Sachs Business Book of the Year prize. He graduated from Columbia University with a B.A. in History.
'I am enthusiastic about joining the T1 Energy team and getting a chance to help shape the future of American energy,' said Mr. Gold. 'The challenge of our time is to build a domestic, affordable, and renewable energy system and T1 is at the forefront of that effort.'
About T1 Energy
T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.
To learn more about T1, please visit www.T1energy.com and follow us on social media.
Investor contact:
Jeffrey SpittelEVP, Investor Relations and Corporate Developmentjeffrey.spittel@T1energy.comTel: +1 409 599-5706
Media contact:
Amy JaickSVP, Communicationsamy.jaick@T1energy.comTel: +1 973 713-5585
Cautionary Statement Concerning Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to the Company's aspiration to build a vertically integrated solar and storage manufacturing leader in the United States, ability to attract key talent, and plans to expand its operations; the growth of a U.S.-based solar energy industry; and the Company's effort to build a domestic, affordable, and renewable energy system. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company's expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption 'Risk Factors' in (i) T1's annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the 'SEC') on March 31, 2025, (ii) T1's post-effective amendment no. 1 to the Registration Statement on Form S-3 filed with the SEC on January 4, 2024, and (iii) T1's Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023. All of the above referenced filings are available on the SEC's website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.
T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1's website in the 'Investor Relations' section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1's website and social media channels on a regular basis, in addition to following T1's press releases, SEC filings, and public conference calls and webcasts. The contents of T1's website and its and Daniel Barcelo's social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
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The earnings call can be accessed with the listen-only dial-in phone number: 833-470-1428 (code: 937395). Shareholders and other interested parties may also listen to this conference call via simultaneous internet broadcast. For a link to the webcast, go to The replay will be archived for at least 12 months and will be available approximately one hour after the call. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $61 billion in assets. Synovus provides commercial and consumer banking and a full suite of specialized products and services, including wealth services, treasury management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. As of June 30, 2025, Synovus has 244 branches in Georgia, Alabama, Florida, South Carolina and Tennessee. Synovus is a Great Place to Work-Certified Company. Learn more about Synovus at Forward-Looking Statements This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus' use of words such as "believes," "anticipates," "expects," "may," "will," "assumes," "should," "predicts," "could," "would," "intends," "targets," "estimates," "projects," "plans," "potential" and other similar words and expressions of the future or otherwise regarding the outlook for Synovus' future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations regarding our future operating and financial performance; expectations on our growth strategy, expense and revenue initiatives, capital management, balance sheet management, and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus' management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus' ability to control or predict. These forward-looking statements are based upon information presently known to Synovus' management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus' filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended Dec. 31, 2024, under the captions "Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors" and in Synovus' quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law. Synovus INCOME STATEMENT DATA (Unaudited) (Dollars in thousands, except per share data) Six Months Ended June 30, 2025 2024 '25 vs '24 % Change Interest income $ 1,538,407 $ 1,583,952 (3 )% Interest expense 624,462 730,108 (14 ) Net interest income 913,945 853,844 7 Provision for (reversal of) credit losses 14,166 80,384 (82 ) Net interest income after provision for credit losses 899,779 773,460 16 Non-interest revenue: Service charges on deposit accounts 48,372 44,720 8 Fiduciary and asset management fees 40,249 38,741 4 Card fees 41,359 38,904 6 Brokerage revenue 41,107 43,164 (5 ) Mortgage banking income 7,773 7,362 6 Capital markets income 19,901 21,704 (8 ) Income from bank-owned life insurance 18,363 15,444 19 Investment securities gains (losses), net — (256,660 ) nm Other non-interest revenue 33,477 36,658 (9 ) Total non-interest revenue 250,601 (9,963 ) nm Non-interest expense: Salaries and other personnel expense 377,692 367,928 3 Net occupancy, equipment, and software expense 97,241 93,223 4 Third-party processing and other services 45,409 42,041 8 Professional fees 19,976 23,286 (14 ) FDIC insurance and other regulatory fees 16,078 30,312 (47 ) Restructuring charges (reversals) (1,220 ) 866 nm Other operating expenses 68,559 66,886 3 Total non-interest expense 623,735 624,542 — Income before income taxes 526,645 138,955 279 Income tax expense 114,654 29,565 288 Net income 411,991 109,390 277 Less: Net income (loss) attributable to noncontrolling interest (738 ) (1,089 ) 32 Net income attributable to Synovus Financial Corp. 412,729 110,479 274 Less: Preferred stock dividends 22,718 19,398 17 Net income available to common shareholders $ 390,011 $ 91,081 328 % Net income per common share, basic $ 2.79 $ 0.62 350 % Net income per common share, diluted 2.77 0.62 347 Cash dividends declared per common share 0.78 0.76 3 Return on average assets * 1.39 % 0.37 % 102 bps Return on average common equity * 16.11 4.07 nm Weighted average common shares outstanding, basic 139,783 145,998 (4 )% Weighted average common shares outstanding, diluted 140,770 146,568 (4 ) nm - not meaningful bps - basis points * - ratios are annualized Amounts may not total due to rounding Synovus INCOME STATEMENT DATA (Unaudited) (Dollars in thousands, except per share data) 2025 2024 Second Quarter Second Quarter First Quarter Fourth Quarter Third Quarter Second Quarter '25 vs '24 % Change Interest income $ 771,642 766,765 799,130 810,507 801,242 (4 )% Interest expense 312,081 312,381 344,137 369,767 366,244 (15 ) Net interest income 459,561 454,384 454,993 440,740 434,998 6 Provision for (reversal of) credit losses 3,245 10,921 32,867 23,434 26,404 (88 ) Net interest income after provision for credit losses 456,316 443,463 422,126 417,306 408,594 12 Non-interest revenue: Service charges on deposit accounts 25,258 23,114 23,244 23,683 22,907 10 Fiduciary and asset management fees 20,332 19,917 21,373 19,714 19,728 3 Card fees 20,132 21,227 19,577 18,439 19,418 4 Brokerage revenue 20,748 20,359 20,907 20,810 20,457 1 Mortgage banking income 4,435 3,338 2,665 4,033 3,944 12 Capital markets income 12,960 6,941 12,070 10,284 15,077 (14 ) Income from bank-owned life insurance 10,279 8,084 10,543 8,442 8,097 27 Investment securities gains (losses), net — — — — (256,660 ) nm Other non-interest revenue 19,991 13,486 15,208 18,575 18,181 10 Total non-interest revenue 134,135 116,466 125,587 123,980 (128,851 ) 204 Non-interest expense: Salaries and other personnel expense 192,182 185,510 184,725 184,814 179,407 7 Net occupancy, equipment, and software expense 48,589 48,652 47,251 46,977 46,415 5 Third-party processing and other services 23,535 21,874 22,158 21,552 21,783 8 Professional fees 10,197 9,779 11,949 10,854 15,655 (35 ) FDIC insurance and other regulatory fees 7,534 8,544 8,227 7,382 6,493 16 Restructuring charges (reversals) 72 (1,292 ) 37 1,219 (658 ) nm Other operating expenses 33,592 34,967 34,964 40,892 32,706 3 Total non-interest expense 315,701 308,034 309,311 313,690 301,801 5 Income (loss) before income taxes 274,750 251,895 238,402 227,596 (22,058 ) nm Income tax expense (benefit) 57,631 57,023 49,025 46,912 (7,378 ) nm Net income (loss) 217,119 194,872 189,377 180,684 (14,680 ) nm Less: Net income (loss) attributable to noncontrolling interest (596 ) (142 ) (1,049 ) (871 ) (652 ) 9 Net income (loss) attributable to Synovus Financial Corp. 217,715 195,014 190,426 181,555 (14,028 ) nm Less: Preferred stock dividends 11,395 11,323 11,578 11,927 9,713 17 Net income (loss) available to common shareholders $ 206,320 183,691 178,848 169,628 (23,741 ) nm Net income (loss) per common share, basic $ 1.49 1.31 1.26 1.19 (0.16 ) nm Net income (loss) per common share, diluted 1.48 1.30 1.25 1.18 (0.16 ) nm Cash dividends declared per common share 0.39 0.39 0.38 0.38 0.38 3 Return on average assets * 1.46 % 1.32 1.25 1.21 (0.10 ) 156 bps Return on average common equity * 16.71 15.48 14.75 14.38 (2.14 ) nm Weighted average common shares outstanding, basic 138,891 140,684 141,555 143,144 145,565 (5 )% Weighted average common shares outstanding, diluted 139,502 141,775 142,694 143,979 145,565 (4 ) nm - not meaningful bps - basis points * - ratios are annualized Amounts may not total due to rounding Synovus BALANCE SHEET DATA June 30, 2025 December 31, 2024 June 30, 2024 (Unaudited) (In thousands, except share data) ASSETS Interest-earning deposits with banks and other cash and cash equivalents $ 2,820,054 $ 2,977,667 $ 2,263,545 Federal funds sold and securities purchased under resale agreements 32,262 16,320 31,063 Cash, cash equivalents, and restricted cash 2,852,316 2,993,987 2,294,608 Investment securities held to maturity 2,502,639 2,581,469 2,668,068 Investment securities available for sale 7,798,824 7,551,018 7,043,681 Loans held for sale (includes $45,136, $33,448 and $41,823 measured at fair value, respectively) 153,037 90,111 139,323 Loans, net of deferred fees and costs 43,536,716 42,609,028 43,093,397 Allowance for loan losses (464,831 ) (486,845 ) (485,101 ) Loans, net 43,071,885 42,122,183 42,608,296 Cash surrender value of bank-owned life insurance 1,150,853 1,139,988 1,125,928 Premises, equipment, and software, net 378,739 383,724 375,455 Goodwill 480,440 480,440 480,440 Other intangible assets, net 29,063 34,318 40,114 Other assets 2,638,989 2,856,406 2,830,430 Total assets $ 61,056,785 $ 60,233,644 $ 59,606,343 LIABILITIES AND EQUITY Liabilities: Deposits: Non-interest-bearing deposits $ 11,658,129 $ 11,596,119 $ 11,655,811 Interest-bearing deposits 38,266,878 39,499,240 38,539,967 Total deposits 49,925,007 51,095,359 50,195,778 Federal funds purchased and securities sold under repurchase agreements, and other short-term borrowings 85,327 131,728 97,020 Long-term debt 3,909,478 1,733,109 2,283,767 Other liabilities 1,498,331 2,007,197 1,953,106 Total liabilities 55,418,143 54,967,393 54,529,671 Equity: Shareholders' equity: Preferred stock - no par value. Authorized 100,000,000 shares; issued 22,000,000 537,145 537,145 537,145 Common stock - $1.00 par value. Authorized 342,857,142 shares; issued 172,702,630, 172,185,507 and 171,935,817 respectively; outstanding 138,781,530, 141,165,908 and 144,149,614 respectively 172,703 172,186 171,936 Additional paid-in capital 3,992,061 3,986,729 3,965,751 Treasury stock, at cost; 33,921,100, 31,019,599, and 27,786,203 shares, respectively (1,359,113 ) (1,216,827 ) (1,066,239 ) Accumulated other comprehensive income (loss), net (739,221 ) (970,765 ) (1,050,374 ) Retained earnings 3,014,111 2,736,089 2,495,387 Total Synovus Financial Corp. shareholders' equity 5,617,686 5,244,557 5,053,606 Noncontrolling interest in subsidiary 20,956 21,694 23,066 Total equity 5,638,642 5,266,251 5,076,672 Total liabilities and equity $ 61,056,785 $ 60,233,644 $ 59,606,343 Synovus AVERAGE BALANCES, INTEREST, AND YIELDS/RATES (Unaudited) Second Quarter 2025 First Quarter 2025 Second Quarter 2024 (dollars in thousands) Average Balance Interest Yield/ Rate Average Balance Interest Yield/ Rate Average Balance Interest Yield/ Rate Assets Interest earning assets: Commercial loans(1)(2) $ 34,539,952 $ 550,768 6.39 % $ 34,262,226 $ 543,485 6.43 % $ 35,006,497 $ 593,715 6.82 % Consumer loans(1) 8,278,835 108,705 5.26 8,244,161 106,344 5.19 8,358,325 109,206 5.23 Less: Allowance for loan losses (474,658 ) — — (480,023 ) — — (492,640 ) — — Loans, net 42,344,129 659,473 6.25 42,026,364 649,829 6.26 42,872,182 702,921 6.59 Total investment securities(3) 10,734,276 93,720 3.49 10,759,512 93,352 3.47 10,373,792 78,891 3.04 Interest-earning deposits with other banks 1,531,139 16,525 4.27 2,054,292 22,172 4.32 1,248,460 16,641 5.28 Federal funds sold and securities purchased under resale agreements 29,766 219 2.91 20,162 131 2.60 23,493 159 2.68 Mortgage loans held for sale 38,913 582 5.98 24,267 373 6.15 37,364 666 7.13 Other loans held for sale 88,348 516 2.31 69,049 384 2.23 96,180 466 1.92 Other earning assets(4) 196,539 2,269 4.61 178,344 2,101 4.71 198,515 2,849 5.75 Total interest earning assets 54,963,110 773,304 5.64 % 55,131,990 768,342 5.65 % 54,849,986 802,593 5.89 % Cash and due from banks 461,767 499,201 531,604 Premises and equipment 381,260 384,258 376,293 Cash surrender value of bank-owned life insurance 1,147,894 1,142,943 1,121,764 Other assets(5) 2,623,082 2,718,154 2,367,202 Total assets $ 59,577,113 $ 59,876,546 $ 59,246,849 Liabilities and Equity Interest-bearing liabilities: Interest-bearing demand deposits $ 11,534,256 63,656 2.21 % $ 11,613,495 62,811 2.19 % $ 10,789,288 68,809 2.57 % Money market accounts 14,322,197 98,275 2.75 13,900,933 92,897 2.71 12,617,120 99,380 3.17 Savings deposits 994,159 355 0.14 994,127 320 0.13 1,036,321 304 0.12 Time deposits 7,205,998 62,047 3.45 7,777,767 71,055 3.71 8,382,774 93,431 4.48 Brokered deposits 4,760,027 53,976 4.55 4,905,909 55,242 4.57 5,483,298 73,830 5.42 Federal funds purchased and securities sold under repurchase agreements 62,543 186 1.17 75,252 208 1.11 114,595 570 1.97 Other short-term borrowings — — — — — — 108,946 1,530 5.55 Long-term debt 2,111,647 33,586 6.35 1,773,203 29,848 6.74 1,666,731 28,390 6.79 Total interest-bearing liabilities 40,990,827 312,081 3.05 % 41,040,686 312,381 3.09 % 40,199,073 366,244 3.66 % Non-interest-bearing demand deposits 11,386,117 11,406,048 12,099,256 Other liabilities 1,689,533 2,058,727 1,932,822 Total equity 5,510,636 5,371,085 5,015,698 Total liabilities and equity $ 59,577,113 $ 59,876,546 $ 59,246,849 Net interest income and net interest margin, taxable equivalent(6) $ 461,223 3.37 % $ 455,961 3.35 % $ 436,349 3.20 % Less: taxable-equivalent adjustment 1,662 1,577 1,351 Net interest income $ 459,561 $ 454,384 $ 434,998 (1) Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: Second Quarter 2025 — $11.5 million, First Quarter 2025 — $13.2 million, and Second Quarter 2024 — $12.3 million. (2) Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis. (3) Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly. (4) Includes trading account assets and FHLB and Federal Reserve Bank Stock. (5) Includes average net unrealized gains (losses) on investment securities available for sale of $(394.9) million, $(473.3) million, and $(727.6) million for the Second Quarter 2025, First Quarter 2025, and Second Quarter 2024, respectively. (6) The net interest margin is calculated by dividing annualized net interest income- TE by average total interest earning assets. Synovus AVERAGE BALANCES, INTEREST, AND YIELDS/RATES (Unaudited) Six Months Ended June 30, 2025 2024 (dollars in thousands) Average Balance Interest Yield/ Rate Average Balance Interest Yield/ Rate Assets Interest earning assets: Commercial loans(1)(2) $ 34,401,857 $ 1,094,253 6.41 % $ 34,975,147 $ 1,177,174 6.77 % Consumer loans(1) 8,261,594 215,049 5.23 8,396,215 218,773 5.23 Less: Allowance for loan losses (477,326 ) — — (486,893 ) — — Loans, net 42,186,125 1,309,302 6.25 42,884,469 1,395,947 6.54 Total investment securities(3) 10,746,824 187,072 3.48 10,761,017 150,797 2.80 Interest-earning deposits with other banks 1,791,271 38,697 4.30 1,219,372 32,548 5.28 Federal funds sold and securities purchased under resale agreements 24,990 350 2.78 29,586 425 2.84 Mortgage loans held for sale 31,631 955 6.04 33,569 1,161 6.92 Other loans held for sale 78,752 900 2.27 57,323 549 1.89 Other earning assets(4) 187,492 4,370 4.66 198,954 5,187 5.23 Total interest earning assets 55,047,085 $ 1,541,646 5.65 % 55,184,290 $ 1,586,614 5.78 % Cash and due from banks 480,381 528,178 Premises and equipment 382,751 373,335 Cash surrender value of bank-owned life insurance 1,145,432 1,118,233 Other assets(5) 2,670,354 1,930,505 Total assets $ 59,726,003 $ 59,134,541 Liabilities and Equity Interest-bearing liabilities: Interest-bearing demand deposits $ 11,573,656 $ 126,467 2.20 % $ 10,689,814 $ 134,224 2.53 % Money market accounts 14,112,729 191,172 2.73 12,721,753 202,509 3.20 Savings deposits 994,143 675 0.14 1,046,704 591 0.11 Time deposits 7,490,303 133,102 3.58 8,142,812 179,924 4.44 Brokered deposits 4,832,565 109,218 4.56 5,610,371 151,172 5.42 Federal funds purchased and securities sold under repurchase agreements 68,863 394 1.14 114,076 1,218 2.11 Other short-term borrowings — — — 90,361 2,485 5.44 Long-term debt 1,943,360 63,434 6.53 1,715,736 57,985 6.74 Total interest-bearing liabilities 41,015,619 $ 624,462 3.07 % 40,131,627 $ 730,108 3.66 % Non-interest-bearing demand deposits 11,396,028 12,085,463 Other liabilities 1,873,110 1,857,741 Total equity 5,441,246 5,059,710 Total liabilities and equity $ 59,726,003 $ 59,134,541 Net interest income, taxable equivalent net interest margin(6) $ 917,184 3.36 % $ 856,506 3.12 % Less: taxable-equivalent adjustment 3,239 2,662 Net interest income $ 913,945 $ 853,844 (1) Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: 2025 — $24.8 million and 2024 — $22.9 million. (2) Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis. (3) Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly. (4) Includes trading account assets and FHLB and Federal Reserve Bank Stock. (5) Includes average net unrealized gains/(losses) on investment securities available for sale of $(433.9) million and $(1.04) billion for the six months ended June 30, 2025 and 2024, respectively. (6) The net interest margin is calculated by dividing annualized net interest income - TE by average total interest earning assets. Synovus LOANS OUTSTANDING BY TYPE (Unaudited) Total Loans Total Loans Linked Quarter Total Loans Year/Year (Dollars in thousands) Loan Type June 30, 2025 March 31, 2025 % Change June 30, 2024 % Change Commercial, Financial, and Agricultural $ 15,238,812 $ 14,611,712 4 % $ 14,519,608 5 % Owner-Occupied 7,859,532 7,701,627 2 8,017,004 (2 ) Total Commercial & Industrial 23,098,344 22,313,339 4 22,536,612 2 Multi-Family 4,162,623 4,182,886 — 4,288,436 (3 ) Hotels 1,822,720 1,831,937 (1 ) 1,802,076 1 Office Buildings 1,677,966 1,724,113 (3 ) 1,801,945 (7 ) Shopping Centers 1,325,773 1,268,683 4 1,298,967 2 Warehouses 883,586 848,530 4 865,359 2 Other Investment Property 1,436,852 1,409,752 2 1,271,266 13 Total Investment Properties 11,309,520 11,265,901 — 11,328,049 — 1-4 Family Construction 209,509 189,027 11 171,335 22 1-4 Family Investment Mortgage 327,369 324,411 1 381,212 (14 ) Total 1-4 Family Properties 536,878 513,438 5 552,547 (3 ) Commercial Development 58,627 68,227 (14 ) 65,994 (11 ) Residential Development 77,001 75,240 2 67,231 15 Land Acquisition 157,664 148,752 6 201,666 (22 ) Land and Development 293,292 292,219 — 334,891 (12 ) Total Commercial Real Estate 12,139,690 12,071,558 1 12,215,487 (1 ) Consumer Mortgages 5,246,940 5,269,505 — 5,371,164 (2 ) Home Equity 1,852,884 1,839,185 1 1,812,940 2 Credit Cards 194,630 178,522 9 178,889 9 Other Consumer Loans 1,004,228 976,629 3 978,305 3 Total Consumer 8,298,682 8,263,841 — 8,341,298 (1 ) Total $ 43,536,716 $ 42,648,738 2 % $ 43,093,397 1 % NON-PERFORMING LOANS COMPOSITION (Unaudited) Total Non-performing Loans Total Non-performing Loans Linked Quarter Total Non-performing Loans Year/Year (Dollars in thousands) Loan Type June 30, 2025 March 31, 2025 % Change June 30, 2024 % Change Commercial, Financial, and Agricultural $ 110,181 $ 125,570 (12 )% $ 120,107 (8 )% Owner-Occupied 19,128 18,226 5 50,977 (62 ) Total Commercial & Industrial 129,309 143,796 (10 ) 171,084 (24 ) Multi-Family 211 112 88 1,718 (88 ) Office Buildings 55,634 64,423 (14 ) 7,350 nm Shopping Centers 503 511 (2 ) 541 (7 ) Warehouses 131 145 (10 ) 177 (26 ) Other Investment Property 1,044 885 18 1,782 (41 ) Total Investment Properties 57,523 66,076 (13 ) 11,568 397 1-4 Family Construction — 145 nm 311 nm 1-4 Family Investment Mortgage 2,386 2,432 (2 ) 2,749 (13 ) Total 1-4 Family Properties 2,386 2,577 (7 ) 3,060 (22 ) Commercial Development 47 48 (2 ) — nm Residential Development — — nm 303 (100 ) Land Acquisition 1,307 1,363 (4 ) 606 116 Land and Development 1,354 1,411 (4 ) 909 49 Total Commercial Real Estate 61,263 70,064 (13 ) 15,537 294 Consumer Mortgages 43,476 48,859 (11 ) 48,352 (10 ) Home Equity 17,713 18,302 (3 ) 14,947 19 Other Consumer Loans 5,654 5,608 1 6,186 (9 ) Total Consumer 66,843 72,769 (8 ) 69,485 (4 ) Total $ 257,415 $ 286,629 (10 )% $ 256,106 1 % Synovus CREDIT QUALITY DATA (Unaudited) (Dollars in thousands) 2025 2024 Second Quarter Second First Fourth Third Second '25 vs '24 Quarter Quarter Quarter Quarter Quarter % Change Non-performing Loans (NPLs) $ 257,415 286,629 309,164 312,964 256,106 1 % Other Real Estate and Other Assets 1,198 563 385 386 823 46 Non-performing Assets (NPAs) 258,613 287,192 309,549 313,350 256,929 1 Allowance for Loan Losses (ALL) 464,831 478,207 486,845 484,985 485,101 (4 ) Reserve for Unfunded Commitments 48,975 50,655 52,462 49,556 53,058 (8 ) Allowance for Credit Losses (ACL) 513,806 528,862 539,307 534,541 538,159 (5 ) Net Charge-Offs - Quarter 18,301 21,366 28,101 27,052 34,485 Net Charge-Offs - YTD 39,667 21,366 133,994 105,893 78,841 Net Charge-Offs / Average Loans - Quarter(1) 0.17 % 0.20 0.26 0.25 0.32 Net Charge-Offs / Average Loans - YTD(1) 0.19 0.20 0.31 0.33 0.36 NPLs / Loans 0.59 0.67 0.73 0.73 0.59 NPAs / Loans, ORE and specific other assets 0.59 0.67 0.73 0.73 0.60 ACL/Loans 1.18 1.24 1.27 1.24 1.25 ALL/Loans 1.07 1.12 1.14 1.12 1.13 ACL/NPLs 199.60 184.51 174.44 170.80 210.13 ALL/NPLs 180.58 166.84 157.47 154.96 189.41 Past Due Loans over 90 days and Still Accruing $ 40,065 40,886 48,592 4,359 4,460 nm As a Percentage of Loans Outstanding 0.09 % 0.10 0.11 0.01 0.01 Total Past Due Loans and Still Accruing $ 104,267 93,493 108,878 97,229 129,759 (20 ) As a Percentage of Loans Outstanding 0.24 % 0.22 0.26 0.23 0.30 (1) Ratio is annualized. SELECTED CAPITAL INFORMATION (1) (Unaudited) (Dollars in thousands) June 30, 2025 December 31, 2024 June 30, 2024 Common Equity Tier 1 Capital Ratio 10.91 % 10.84 10.60 Tier 1 Capital Ratio 12.01 11.96 11.72 Total Risk-Based Capital Ratio 13.74 13.81 13.56 Tier 1 Leverage Ratio 9.86 9.55 9.44 Total Synovus Financial Corp. shareholders' equity as a Percentage of Total Assets 9.20 8.71 8.48 Tangible Common Equity Ratio(2) 7.55 7.02 6.76 Book Value Per Common Share(3) $ 36.61 33.35 31.33 Tangible Book Value Per Common Share(4) 32.94 29.70 27.72 (1) Current quarter regulatory capital information is preliminary. (2) See "Non-GAAP Financial Measures" for applicable reconciliation. (3) Book Value Per Common Share consists of Total Synovus Financial Corp. shareholders' equity less Preferred Stock divided by total common shares outstanding. (4) Tangible Book Value Per Common Share consists of Total Synovus Financial Corp. shareholders' equity less Preferred Stock and less the carrying value of goodwill and other intangible assets divided by total common shares outstanding. Non-GAAP Financial Measures The measures entitled adjusted non-interest revenue, non-interest expense; adjusted revenue taxable equivalent (TE); adjusted tangible efficiency ratio; adjusted pre-provision net revenue (PPNR); adjusted return on average assets; adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; and tangible common equity ratio are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are total non-interest revenue; total non-interest expense; total revenue; efficiency ratio-TE; PPNR; return on average assets; net income available to common shareholders; diluted earnings per share; return on average common equity; and the ratio of total Synovus Financial Corp. shareholders' equity to total assets, respectively. Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus' operating results, financial strength, the performance of its business, and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted non-interest revenue and adjusted revenue (TE) are measures used by management to evaluate non-interest revenue and total revenue exclusive of net investment securities gains (losses), fair value adjustments on non-qualified deferred compensation and other items not indicative of ongoing operations that could impact period-to-period comparisons. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income available to common shareholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common equity, and adjusted PPNR are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus' performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity ratio is used by stakeholders to assess our capital position. The computations of these measures are set forth in the tables below. Reconciliation of Non-GAAP Financial Measures (dollars in thousands) 2Q25 1Q25 2Q24 Adjusted non-interest revenue Total non-interest revenue $ 134,135 $ 116,466 $ (128,851 ) Investment securities (gains) losses, net — — 256,660 Fair value adjustment on non-qualified deferred compensation (3,275 ) 816 (561 ) Adjusted non-interest revenue $ 130,860 $ 117,282 $ 127,248 Adjusted non-interest expense Total non-interest expense $ 315,701 $ 308,034 $ 301,801 Restructuring (charges) reversals (72 ) 1,292 658 Valuation adjustment to Visa derivative — (2,200 ) — Fair value adjustment on non-qualified deferred compensation (3,275 ) 816 (561 ) Adjusted non-interest expense $ 312,354 $ 307,942 $ 301,898 Reconciliation of Non-GAAP Financial Measures, continued (dollars in thousands) 2Q25 1Q25 2Q24 Adjusted revenue (TE) and tangible efficiency ratio Adjusted non-interest expense $ 312,354 $ 307,942 $ 301,898 Amortization of intangibles (2,627 ) (2,627 ) (2,907 ) Adjusted tangible non-interest expense $ 309,727 $ 305,315 $ 298,991 Net interest income $ 459,561 $ 454,384 $ 434,998 Tax equivalent adjustment 1,662 1,577 1,351 Net interest income (TE) 461,223 455,961 436,349 Net interest income $ 459,561 $ 454,384 $ 434,998 Total non-interest revenue 134,135 116,466 (128,851 ) Total revenue $ 593,696 $ 570,850 $ 306,147 Tax equivalent adjustment 1,662 1,577 1,351 Total TE revenue 595,358 572,427 307,498 Investment securities losses (gains), net — — 256,660 Fair value adjustment on non-qualified deferred compensation (3,275 ) 816 (561 ) Adjusted revenue (TE) $ 592,083 $ 573,243 $ 563,597 Efficiency ratio-TE 53.03 % 53.81 % 98.15 % Adjusted tangible efficiency ratio 52.31 53.26 53.05 Adjusted pre-provision net revenue Net interest income $ 459,561 $ 454,384 $ 434,998 Total non-interest revenue 134,135 116,466 (128,851 ) Total non-interest expense (315,701 ) (308,034 ) (301,801 ) Pre-provision net revenue (PPNR) $ 277,995 $ 262,816 $ 4,346 Adjusted revenue (TE) $ 592,083 $ 573,243 $ 563,597 Adjusted non-interest expense (312,354 ) (307,942 ) (301,898 ) Adjusted PPNR $ 279,729 $ 265,301 $ 261,699 Reconciliation of Non-GAAP Financial Measures, continued (dollars in thousands) 2Q25 1Q25 2Q24 Adjusted return on average assets (annualized) Net income (loss) $ 217,119 $ 194,872 $ (14,680 ) Restructuring charges (reversals) 72 (1,292 ) (658 ) Valuation adjustment to Visa derivative — 2,200 — Investment securities losses (gains), net — — 256,660 Tax effect of adjustments(1) (17 ) (219 ) (62,644 ) Adjusted net income $ 217,174 $ 195,561 $ 178,678 Net income (loss) annualized $ 870,862 $ 790,314 $ (59,043 ) Adjusted net income annualized $ 871,083 $ 793,109 $ 718,639 Total average assets $ 59,577,113 $ 59,876,546 $ 59,246,849 Return on average assets (annualized) 1.46 % 1.32 % (0.10 )% Adjusted return on average assets (annualized) 1.46 1.32 1.21 Adjusted net income available to common shareholders and adjusted diluted earnings per share Net income (loss) available to common shareholders $ 206,320 $ 183,691 $ (23,741 ) Restructuring charges (reversals) 72 (1,292 ) (658 ) Valuation adjustment to Visa derivative — 2,200 — Investment securities losses (gains), net — — 256,660 Tax effect of adjustments(1) (17 ) (219 ) (62,644 ) Adjusted net income available to common shareholders $ 206,375 $ 184,380 $ 169,617 Weighted average common shares outstanding, diluted(2) 139,502 141,775 145,565 Diluted earnings per share $ 1.48 $ 1.30 $ (0.16 ) Adjusted diluted earnings per share 1.48 1.30 1.16 (1) An assumed marginal tax rate of 24.2% for 2Q25 and 1Q25 and 24.5% for 2Q24 was applied. (2) Diluted shares of 146,034 (in thousands) used to calculate 2Q24 adjusted diluted earnings per share. Reconciliation of Non-GAAP Financial Measures, continued (dollars in thousands) 2Q25 1Q25 2Q24 Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized) Net income (loss) available to common shareholders $ 206,320 $ 183,691 $ (23,741 ) Restructuring charges (reversals) 72 (1,292 ) (658 ) Valuation adjustment to Visa derivative — 2,200 — Investment securities losses (gains), net — — 256,660 Tax effect of adjustments(1) (17 ) (219 ) (62,644 ) Adjusted net income available to common shareholders $ 206,375 $ 184,380 $ 169,617 Adjusted net income available to common shareholders annualized $ 827,768 $ 747,763 $ 682,196 Amortization of intangibles, tax effected, annualized 7,993 8,082 8,831 Adjusted net income available to common shareholders excluding amortization of intangibles annualized $ 835,761 $ 755,845 $ 691,027 Net income (loss) available to common shareholders annualized $ 827,547 $ 744,969 $ (95,486 ) Amortization of intangibles, tax effected, annualized 7,993 8,082 8,831 Net income (loss) available to common shareholders excluding amortization of intangibles annualized $ 835,540 $ 753,051 $ (86,655 ) Total average Synovus Financial Corp. shareholders' equity less preferred stock $ 4,952,297 $ 4,812,279 $ 4,455,198 Average goodwill (480,440 ) (480,440 ) (480,902 ) Average other intangible assets, net (30,398 ) (32,966 ) (41,547 ) Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock $ 4,441,459 $ 4,298,873 $ 3,932,749 Return on average common equity (annualized) 16.71 % 15.48 % (2.14 )% Adjusted return on average common equity (annualized) 16.71 15.54 15.31 Return on average tangible common equity (annualized) 18.81 17.52 (2.20 ) Adjusted return on average tangible common equity (annualized) 18.82 17.58 17.57 (1) An assumed marginal tax rate of 24.2% for 2Q25 and 1Q25 and 24.5% for 2Q24 was applied. (dollars in thousands) June 30, 2025 December 31, 2024 June 30, 2024 Tangible common equity ratio Total assets $ 61,056,785 $ 60,233,644 $ 59,606,343 Goodwill (480,440 ) (480,440 ) (480,440 ) Other intangible assets, net (29,063 ) (34,318 ) (40,114 ) Tangible assets $ 60,547,282 $ 59,718,886 $ 59,085,789 Total Synovus Financial Corp. shareholders' equity $ 5,617,686 $ 5,244,557 $ 5,053,606 Goodwill (480,440 ) (480,440 ) (480,440 ) Other intangible assets, net (29,063 ) (34,318 ) (40,114 ) Preferred Stock, no par value (537,145 ) (537,145 ) (537,145 ) Tangible common equity $ 4,571,038 $ 4,192,654 $ 3,995,907 Total Synovus Financial Corp. shareholders' equity to total assets ratio 9.20 % 8.71 % 8.48 % Tangible common equity ratio 7.55 7.02 6.76 Amounts may not total due to rounding View source version on Contacts Media Contact Audria BeltonMedia Relationsmedia@ Investor Contact Jennifer H. 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Consistency, Strength & Earnings Power Remain the Story at HOMB
CONWAY, Ark., July 16, 2025 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB) ('Home' or the 'Company'), parent company of Centennial Bank, released quarterly earnings today. Quarterly Highlights Metric Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Net income $118.4 million $115.2 million $100.6 million $100.0 million $101.5 million Net income, as adjusted (non-GAAP)(1) $114.6 million $111.9 million $99.8 million $99.0 million $103.9 million Total revenue (net) $271.0 million $260.1 million $258.4 million $258.0 million $254.6 million Income before income taxes $152.0 million $147.2 million $129.5 million $129.1 million $133.4 million Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) $155.0 million $147.2 million $146.2 million $148.0 million $141.4 million PPNR, as adjusted (non-GAAP)(1) $150.4 million $142.8 million $145.2 million $146.6 million $141.9 million Pre-tax net income to total revenue (net) 56.08% 56.58% 50.11% 50.03% 52.40% Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1) 54.39% 54.91% 49.74% 49.49% 52.59% P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 57.19% 56.58% 56.57% 57.35% 55.54% P5NR, as adjusted (non-GAAP)(1) 55.49% 54.91% 56.20% 56.81% 55.73% ROA 2.08% 2.07% 1.77% 1.74% 1.79% ROA, as adjusted (non-GAAP)(1) 2.02% 2.01% 1.76% 1.72% 1.83% NIM 4.44% 4.44% 4.39% 4.28% 4.27% Purchase accounting accretion $1.2 million $1.4 million $1.6 million $1.9 million $1.9 million ROE 11.77% 11.75% 10.13% 10.23% 10.73% ROE, as adjusted (non-GAAP)(1) 11.39% 11.41% 10.05% 10.12% 10.98% ROTCE (non-GAAP)(1) 18.26% 18.39% 15.94% 16.26% 17.29% ROTCE, as adjusted (non-GAAP)(1) 17.68% 17.87% 15.82% 16.09% 17.69% Diluted earnings per share $0.60 $0.58 $0.51 $0.50 $0.51 Diluted earnings per share, as adjusted (non-GAAP)(1) $0.58 $0.56 $0.50 $0.50 $0.52 Non-performing assets to total assets 0.60% 0.56% 0.63% 0.63% 0.56% Common equity tier 1 capital 15.6% 15.4% 15.1% 14.7% 14.4% Leverage 13.4% 13.3% 13.0% 12.5% 12.3% Tier 1 capital 15.6% 15.4% 15.1% 14.7% 14.4% Total risk-based capital 19.3% 19.1% 18.7% 18.3% 18.0% Allowance for credit losses to total loans 1.86% 1.87% 1.87% 2.11% 2.00% Book value per share $20.71 $20.40 $19.92 $19.91 $19.30 Tangible book value per share (non-GAAP)(1) $13.44 $13.15 $12.68 $12.67 $12.08 Dividends per share $0.20 $0.195 $0.195 $0.195 $0.18 Shareholder buyback yield(2) 0.49% 0.53% 0.05% 0.56% 0.67% (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. "I am once again very pleased with our quarterly results. Diluted EPS of $0.60 and net income of $118.4 million are both records for HOMB. The ongoing, consistent performance from our bankers led to numerous other records being set in the second quarter, further highlighting that strength is no accident," said John Allison, Chairman & CEO of HOMB. Stock Repurchases and Dividends During the three-month period ended June 30, 2025, the Company repurchased 1.0 million shares of common stock, which equated to a shareholder buyback yield of 0.49%(1). In comparison, during the three-month period ended March 31, 2025, the Company repurchased 1.0 million shares of common stock, which equated to a shareholder buyback yield of 0.53%(1). 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 June 30, 2025, the Company paid a dividend of $0.20 per share. This cash dividend represented a $0.005 per share, or 2.6%, increase over the $0.195 cash dividend paid during the first quarter of 2025. Operating Highlights Net income for the three-month period ended June 30, 2025 was $118.4 million, or $0.60 diluted earnings per share, both of which were records for the Company. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $114.6 million(2) and $0.58 per share(2), respectively, for the three months ended June 30, 2025. Our net interest margin was 4.44% for both of the three-month periods ended June 30, 2025 and March 31, 2025. The yield on loans was 7.36% and 7.38% for the three months ended June 30, 2025 and March 31, 2025, respectively, as average loans increased from $14.89 billion to $15.06 billion. Additionally, the rate on interest bearing deposits decreased to 2.64% as of June 30, 2025, from 2.67% as of March 31, 2025, while average interest-bearing deposits increased from $13.20 billion to $13.43 billion. During the second quarter of 2025, there was $516,000 of event interest income compared to $1.3 million of event interest income for the first quarter of 2025. Purchase accounting accretion on acquired loans was $1.2 million and $1.4 million for the three-month periods ended June 30, 2025 and March 31, 2025, respectively, and average purchase accounting loan discounts were $16.2 million and $17.5 million for the three-month periods ended June 30, 2025 and March 31, 2025, respectively. Net interest income on a fully taxable equivalent basis was $222.5 million for the three-month period ended June 30, 2025, and $217.2 million for the three-month period ended March 31, 2025. This increase in net interest income for the three-month period ended June 30, 2025, was the result of a $6.6 million increase in interest income, partially offset by a $1.3 million increase in interest expense. The $6.6 million increase in interest income was primarily the result of a $5.3 million increase in loan income and a $2.3 million increase in income from deposits with other banks, partially offset by a $1.0 million decrease in investment income. The $1.3 million increase in interest expense was due to a $1.7 million increase in interest expense on deposits, partially offset by a $363,000 decrease in FHLB and other borrowed funds. The Company reported $51.1 million of non-interest income for the second quarter of 2025. The most important components of non-interest income were $13.5 million from other income, $12.6 million from other service charges and fees, $9.6 million from service charges on deposit accounts, $5.2 million from trust fees, $4.8 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 $972,000 from the gain on sale of branches, equipment and other assets, net. Included within other income was $3.5 million in special income from equity investments and $885,000 in legal fee reimbursements. Non-interest expense for the second quarter of 2025 was $116.0 million. The most important components of non-interest expense were $64.3 million from salaries and employee benefits, $29.3 million in other operating expense, $14.0 million in occupancy and equipment expenses and $8.4 million in data processing expenses. Included within other expense was $3.3 million in legal claims expense, which was partially offset by a $1.5 million FDIC assessment reduction. For the second quarter of 2025, our efficiency ratio was 41.68%, and our efficiency ratio, as adjusted (non-GAAP), was 42.01%(2). Financial Condition Total loans receivable were $15.18 billion at June 30, 2025, compared to $14.95 billion at March 31, 2025. Total loans receivable of $15.18 billion were a record for the Company. Total deposits were $17.49 billion at June 30, 2025, compared to $17.54 billion at March 31, 2025. Total assets were $22.91 billion at June 30, 2025, compared to $22.99 billion at March 31, 2025. During the second quarter of 2025, the Company had a $228.5 million increase in loans. Our community banking footprint experienced $106.8 million in organic loan growth during the quarter ended June 30, 2025, and Centennial CFG experienced $121.7 million of organic loan growth and had loans of $1.83 billion at June 30, 2025. Non-performing loans to total loans were 0.63% and 0.60% at June 30, 2025 and March 31, 2025, respectively. Non-performing assets to total assets were 0.60% and 0.56% at June 30, 2025 and March 31, 2025, respectively. Net loans charged-off were $1.1 million for the three months ended June 30, 2025, and net loans recovered were $4.1 million for the three months ended March 31, 2025. The charge-off detail by region for the quarters ended June 30, 2025 and March 31, 2025 can be seen below. For the Three Months Ended June 30, 2025 (in thousands) Texas Arkansas Centennial CFG Shore Premier Finance Florida Alabama Total Charge-offs $ 2,588 $ 462 $ 181 $ 582 $ 245 $ 13 $ 4,071 Recoveries (2,172 ) (223 ) — (22 ) (577 ) (2 ) (2,996 ) Net charge-offs (recoveries) $ 416 $ 239 $ 181 $ 560 $ (332 ) $ 11 $ 1,075 For the Three Months Ended March 31, 2025 (in thousands) Texas Arkansas Centennial CFG Shore Premier Finance Florida Alabama Total Charge-offs $ 444 $ 474 $ — $ 53 $ 2,479 $ 8 $ 3,458 Recoveries (6,514 ) (228 ) (658 ) (3 ) (117 ) (2 ) (7,522 ) Net (recoveries) charge-offs $ (6,070 ) $ 246 $ (658 ) $ 50 $ 2,362 $ 6 $ (4,064 ) At June 30, 2025, non-performing loans were $96.3 million, and non-performing assets were $137.8 million. At March 31, 2025, non-performing loans were $89.6 million, and non-performing assets were $129.4 million. The table below shows the non-performing loans and non-performing assets by region as June 30, 2025: (in thousands) Texas Arkansas Centennial CFG Shore Premier Finance Florida Alabama Total Non-accrual loans 22,487 16,276 787 11,716 37,833 162 89,261 Loans 90+ days past due 3,557 2,341 — — 1,133 — 7,031 Total non-performing loans 26,044 18,617 787 11,716 38,966 162 96,292 Foreclosed assets held for sale 17,259 863 22,842 — 565 — 41,529 Other non-performing assets — — — — — — — Total other non-performing assets 17,259 863 22,842 — 565 — 41,529 Total non-performing assets 43,303 19,480 23,629 11,716 39,531 162 137,821 The table below shows the non-performing loans and non-performing assets by region as March 31, 2025: (in thousands) Texas Arkansas Centennial CFG Shore Premier Finance Florida Alabama Total Non-accrual loans 23,694 15,214 2,766 5,444 39,108 157 86,383 Loans 90+ days past due 3,264 — — — — — 3,264 Total non-performing loans 26,958 15,214 2,766 5,444 39,108 157 89,647 Foreclosed assets held for sale 15,357 1,052 22,820 — 451 — 39,680 Other non-performing assets 63 — — — — — 63 Total other non-performing assets 15,420 1,052 22,820 — 451 — 39,743 Total non-performing assets 42,378 16,266 25,586 5,444 39,559 157 129,390 The Company's allowance for credit losses on loans was $281.9 million at June 30, 2025, or 1.86% of total loans, compared to the allowance for credit losses on loans of $279.9 million, or 1.87% of total loans, at March 31, 2025. As of June 30, 2025 and March 31, 2025, the Company's allowance for credit losses on loans was 292.72% and 312.27% of its total non-performing loans, respectively. Stockholders' equity was $4.09 billion at June 30, 2025, which increased approximately $42.8 million from March 31, 2025. The net increase in stockholders' equity is primarily associated with the $78.9 million increase in retained earnings, which was partially offset by the $11.4 million increase in accumulated other comprehensive loss and the $27.5 million in stock repurchases for the quarter. Book value per common share was $20.71 at June 30, 2025, compared to $20.40 at March 31, 2025. Tangible book value per common share (non-GAAP) was $13.44(2) at June 30, 2025, compared to $13.15(2) at March 31, 2025. Book value per common share and tangible book value per common share, as of June 30, 2025, were both records for the Company. Branches The Company currently has 75 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 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 p.m. ET) on Thursday, July 17, 2025. 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: 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: 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: 171523. A replay of the call will be available by calling 1-866-813-9403, Passcode: 539251, which will be available until July 24, 2025, at 11:59 p.m. CT. Internet access to the call will be available live or in recorded version on the Company's website at 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 or 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 is included in the schedules accompanying this release. (2) Calculation of this metric and the reconciliation to GAAP are 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 ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; 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. FOR MORE INFORMATION CONTACT:Donna TownsellDirector of Investor RelationsHome BancShares, Inc.(501) 328-4625 Home BancShares, Inc. Consolidated End of Period Balance Sheets (Unaudited) (In thousands) Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 ASSETS Cash and due from banks $ 291,344 $ 319,747 $ 281,063 $ 265,408 $ 229,209 Interest-bearing deposits with other banks 809,729 975,983 629,284 752,269 829,507 Cash and cash equivalents 1,101,073 1,295,730 910,347 1,017,677 1,058,716 Federal funds sold 2,600 6,275 3,725 6,425 — Investment securities - available-for-sale, net of allowance for credit losses 2,899,968 3,003,320 3,072,639 3,270,620 3,344,539 Investment securities - held-to-maturity, net of allowance for credit losses 1,265,292 1,269,896 1,275,204 1,277,090 1,278,853 Total investment securities 4,165,260 4,273,216 4,347,843 4,547,710 4,623,392 Loans receivable 15,180,624 14,952,116 14,764,500 14,823,979 14,781,457 Allowance for credit losses (281,869 ) (279,944 ) (275,880 ) (312,574 ) (295,856 ) Loans receivable, net 14,898,755 14,672,172 14,488,620 14,511,405 14,485,601 Bank premises and equipment, net 379,729 384,843 386,322 388,776 383,691 Foreclosed assets held for sale 41,529 39,680 43,407 43,040 41,347 Cash value of life insurance 218,113 221,621 219,786 219,353 218,198 Accrued interest receivable 107,732 115,983 120,129 118,871 120,984 Deferred tax asset, net 174,323 170,120 186,697 176,629 195,041 Goodwill 1,398,253 1,398,253 1,398,253 1,398,253 1,398,253 Core deposit intangible 36,255 38,280 40,327 42,395 44,490 Other assets 383,400 376,030 345,292 352,583 350,192 Total assets $ 22,907,022 $ 22,992,203 $ 22,490,748 $ 22,823,117 $ 22,919,905 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Deposits: Demand and non-interest-bearing $ 4,024,574 $ 4,079,289 $ 4,006,115 $ 3,937,168 $ 4,068,302 Savings and interest-bearing transaction accounts 11,571,949 11,586,106 11,347,850 10,966,426 11,150,516 Time deposits 1,891,909 1,876,096 1,792,332 1,802,116 1,736,985 Total deposits 17,488,432 17,541,491 17,146,297 16,705,710 16,955,803 Securities sold under agreements to repurchase 140,813 161,401 162,350 179,416 137,996 FHLB and other borrowed funds 550,500 600,500 600,750 1,300,750 1,301,050 Accrued interest payable and other liabilities 203,004 207,154 181,080 238,058 230,011 Subordinated debentures 438,957 439,102 439,246 439,394 439,542 Total liabilities 18,821,706 18,949,648 18,529,723 18,863,328 19,064,402 Stockholders' equity Common stock 1,972 1,982 1,989 1,989 1,997 Capital surplus 2,221,576 2,246,312 2,272,794 2,272,100 2,295,893 Retained earnings 2,097,712 2,018,801 1,942,350 1,880,562 1,819,412 Accumulated other comprehensive loss (235,944 ) (224,540 ) (256,108 ) (194,862 ) (261,799 ) Total stockholders' equity 4,085,316 4,042,555 3,961,025 3,959,789 3,855,503 Total liabilities and stockholders' equity $ 22,907,022 $ 22,992,203 $ 22,490,748 $ 22,823,117 $ 22,919,905 Home BancShares, Inc. Consolidated Statements of Income (Unaudited) Quarter Ended Six Months Ended (In thousands) Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Jun. 30, 2025 Jun. 30, 2024 Interest income: Loans $ 276,041 $ 270,784 $ 278,409 $ 281,977 $ 274,324 $ 546,825 $ 539,618 Investment securities Taxable 26,444 27,433 28,943 31,006 32,587 53,877 65,816 Tax-exempt 7,626 7,650 7,704 7,704 7,769 15,276 15,572 Deposits - other banks 8,951 6,620 7,585 12,096 12,564 15,571 23,092 Federal funds sold 53 55 73 62 59 108 120 Total interest income 319,115 312,542 322,714 332,845 327,303 631,657 644,218 Interest expense: Interest on deposits 88,489 86,786 90,564 97,785 95,741 175,275 188,289 Federal funds purchased — — — 1 — — — FHLB and other borrowed funds 5,539 5,902 9,541 14,383 14,255 11,441 28,531 Securities sold under agreements to repurchase 1,012 1,074 1,346 1,335 1,363 2,086 2,767 Subordinated debentures 4,123 4,124 4,121 4,121 4,122 8,247 8,219 Total interest expense 99,163 97,886 105,572 117,625 115,481 197,049 227,806 Net interest income 219,952 214,656 217,142 215,220 211,822 434,608 416,412 Provision for credit losses on loans 3,000 — 16,700 18,200 8,000 3,000 13,500 Provision for (recovery of) credit losses on unfunded commitments — — — 1,000 — — (1,000 ) Recovery of credit losses on investment securities — — — (330 ) — — — Total credit loss expense 3,000 — 16,700 & 18,870 8,000 3,000 12,500 Net interest income after credit loss expense 216,952 214,656 200,442 196,350 203,822 431,608 403,912 Non-interest income: Service charges on deposit accounts 9,552 9,650 9,935 9,888 9,714 19,202 19,400 Other service charges and fees 12,643 10,689 11,651 10,490 10,679 23,332 20,868 Trust fees 5,234 4,760 4,526 4,403 4,722 9,994 9,788 Mortgage lending income 4,780 3,599 3,518 4,437 4,276 8,379 7,834 Insurance commissions 589 535 483 595 565 1,124 1,073 Increase in cash value of life insurance 1,415 1,842 1,215 1,161 1,279 3,257 2,474 Dividends from FHLB, FRB, FNBB & other 2,657 2,718 2,820 2,637 2,998 5,375 6,005 Gain on SBA loans — 288 218 145 56 288 254 Gain (loss) on branches, equipment and other assets, net 972 (163 ) 26 32 2,052 809 2,044 Gain (loss) on OREO, net 13 (376 ) (2,423 ) 85 49 (363 ) 66 Fair value adjustment for marketable securities (238 ) 442 850 1,392 (274 ) 204 729 Other income 13,462 11,442 8,403 7,514 6,658 24,904 14,038 Total non-interest income 51,079 45,426 41,222 42,779 42,774 96,505 84,573 Non-interest expense: Salaries and employee benefits 64,318 61,855 60,824 58,861 60,427 126,173 121,337 Occupancy and equipment 14,023 14,425 14,526 14,546 14,408 28,448 28,959 Data processing expense 8,364 8,558 9,324 9,088 8,935 16,922 18,082 Other operating expenses 29,335 28,090 27,536 27,550 29,415 57,425 56,303 Total non-interest expense 116,040 112,928 112,210 110,045 113,185 228,968 224,681 Income before income taxes 151,991 147,154 129,454 129,084 133,411 299,145 263,804 Income tax expense 33,588 31,945 28,890 29,046 31,881 65,533 62,165 Net income $ 118,403 $ 115,209 $ 100,564 $ 100,038 $ 101,530 $ 233,612 $ 201,639 Home BancShares, Inc. Selected Financial Information (Unaudited) Quarter Ended Six Months Ended (Dollars and shares in thousands, except per share data) Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Jun. 30, 2025 Jun. 30, 2024 PER SHARE DATA Diluted earnings per common share $ 0.60 $ 0.58 $ 0.51 $ 0.50 $ 0.51 $ 1.18 $ 1.00 Diluted earnings per common share, as adjusted (non-GAAP)(1) 0.58 0.56 0.50 0.50 0.52 1.14 1.01 Basic earnings per common share 0.60 0.58 0.51 0.50 0.51 1.18 1.00 Dividends per share - common 0.20 0.195 0.195 0.195 0.18 0.395 0.36 Shareholder buyback yield(2) 0.49 % 0.53 % 0.05 % 0.56 % 0.67 % 1.02 % 1.12 % Book value per common share $ 20.71 $ 20.40 $ 19.92 $ 19.91 $ 19.30 $ 20.71 $ 19.30 Tangible book value per common share (non-GAAP)(1) 13.44 13.15 12.68 12.67 12.08 13.44 12.08 STOCK INFORMATION Average common shares outstanding 197,532 198,657 198,863 199,380 200,319 198,091 200,765 Average diluted shares outstanding 197,765 198,852 198,973 199,461 200,465 198,289 200,909 End of period common shares outstanding 197,239 198,206 198,882 198,879 199,746 197,239 199,746 ANNUALIZED PERFORMANCE METRICS Return on average assets (ROA) 2.08 % 2.07 % 1.77 % 1.74 % 1.79 % 2.08 % 1.78 % Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1) 2.02 % 2.01 % 1.76 % 1.72 % 1.83 % 2.02 % 1.79 % Return on average assets excluding intangible amortization (non-GAAP)(1) 2.25 % 2.24 % 1.92 % 1.88 % 1.94 % 2.25 % 1.93 % Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1) 2.18 % 2.18 % 1.91 % 1.86 % 1.98 % 2.18 % 1.94 % Return on average common equity (ROE) 11.77 % 11.75 % 10.13 % 10.23 % 10.73 % 11.76 % 10.69 % Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1) 11.39 % 11.41 % 10.05 % 10.12 % 10.98 % 11.40 % 10.76 % Return on average tangible common equity (ROTCE) (non-GAAP)(1) 18.26 % 18.39 % 15.94 % 16.26 % 17.29 % 18.33 % 17.26 % Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1) 17.68 % 17.87 % 15.82 % 16.09 % 17.69 % 17.77 % 17.38 % Return on average tangible common equity excluding intangible amortization (non-GAAP)(1) 18.50 % 18.64 % 16.18 % 16.51 % 17.56 % 18.57 % 17.53 % Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1) 17.92 % 18.12 % 16.07 % 16.34 % 17.97 % 18.02 % 17.66 % (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 BancShares, Inc. Selected Financial Information (Unaudited) Quarter Ended Six Months Ended (Dollars in thousands) Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Jun. 30, 2025 Jun. 30, 2024 Efficiency ratio 41.68 % 42.22 % 42.24 % 41.42 % 43.17 % 41.94 % 43.69 % Efficiency ratio, as adjusted (non-GAAP)(1) 42.01 % 42.84 % 42.00 % 41.66 % 42.59 % 42.42 % 43.50 % Net interest margin - FTE (NIM) 4.44 % 4.44 % 4.39 % 4.28 % 4.27 % 4.44 % 4.20 % Fully taxable equivalent adjustment $ 2,526 $ 2,534 $ 2,398 $ 2,616 $ 2,628 $ 5,060 $ 3,520 Total revenue (net) 271,031 260,082 258,364 257,999 254,596 531,113 500,985 Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) 154,991 147,154 146,154 147,954 141,411 302,145 276,304 PPNR, as adjusted (non-GAAP)(1) 150,404 142,821 145,209 146,562 141,886 293,225 275,614 Pre-tax net income to total revenue (net) 56.08 % 56.58 % 50.11 % 50.03 % 52.40 % 56.32 % 52.66 % Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1) 54.39 % 54.91 % 49.74 % 49.49 % 52.59 % 54.64 % 52.52 % P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 57.19 % 56.58 % 56.57 % 57.35 % 55.54 % 56.89 % 55.15 % P5NR, as adjusted (non-GAAP)(1) 55.49 % 54.91 % 56.20 % 56.81 % 55.73 % 55.21 % 55.01 % Total purchase accounting accretion $ 1,233 $ 1,378 $ 1,610 $ 1,878 $ 1,873 $ 2,611 $ 4,645 Average purchase accounting loan discounts 16,219 17,493 19,090 20,832 22,788 16,873 23,813 OTHER OPERATING EXPENSES Advertising $ 2,054 $ 1,928 $ 1,941 $ 1,810 $ 1,692 $ 3,982 $ 3,346 Amortization of intangibles 2,025 2,047 2,068 2,095 2,140 4,072 4,280 Electronic banking expense 3,172 3,055 3,307 3,569 3,412 6,227 6,568 Directors' fees 431 452 356 362 423 883 921 Due from bank service charges 283 281 271 302 282 564 558 FDIC and state assessment 1,636 3,387 3,216 3,360 5,494 5,023 8,812 Insurance 1,049 999 900 926 905 2,048 1,808 Legal and accounting 2,360 3,641 2,361 1,902 2,617 6,001 4,698 Other professional fees 2,211 1,947 1,736 2,062 2,108 4,158 4,344 Operating supplies 711 711 711 673 613 1,422 1,296 Postage 488 503 518 522 497 991 1,020 Telephone 419 436 438 455 444 855 914 Other expense 12,496 8,703 9,713 9,512 8,788 21,199 17,738 Total other operating expenses $ 29,335 $ 28,090 $ 27,536 $ 27,550 $ 29,415 $ 57,425 $ 56,303 (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this BancShares, Inc. Selected Financial Information (Unaudited) (Dollars in thousands) Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 BALANCE SHEET RATIOS Total loans to total deposits 86.80 % 85.24 % 86.11 % 88.74 % 87.18 % Common equity to assets 17.83 % 17.58 % 17.61 % 17.35 % 16.82 % Tangible common equity to tangible assets (non-GAAP)(1) 12.35 % 12.09 % 11.98 % 11.78 % 11.23 % . LOANS RECEIVABLE Real estate Commercial real estate loans Non-farm/non-residential $ 5,553,182 $ 5,588,681 $ 5,426,780 $ 5,496,536 $ 5,599,925 Construction/land development 2,695,561 2,735,760 2,736,214 2,741,419 2,511,817 Agricultural 315,926 335,437 336,993 335,965 345,461 Residential real estate loans Residential 1-4 family 2,138,990 1,947,872 1,956,489 1,932,352 1,910,143 Multifamily residential 620,439 576,089 496,484 482,648 509,091 Total real estate 11,324,098 11,183,839 10,952,960 10,988,920 10,876,437 Consumer 1,218,834 1,227,745 1,234,361 1,219,197 1,189,386 Commercial and industrial 2,107,326 2,045,036 2,022,775 2,084,667 2,242,072 Agricultural 323,457 314,323 367,251 352,963 314,600 Other 206,909 181,173 187,153 178,232 158,962 Loans receivable $ 15,180,624 $ 14,952,116 $ 14,764,500 $ 14,823,979 $ 14,781,457 ALLOWANCE FOR CREDIT LOSSES Balance, beginning of period $ 279,944 $ 275,880 $ 312,574 $ 295,856 $ 290,294 Loans charged off 4,071 3,458 53,959 2,001 3,098 Recoveries of loans previously charged off 2,996 7,522 565 519 660 Net loans charged off (recovered) 1,075 (4,064 ) 53,394 1,482 2,438 Provision for credit losses - loans 3,000 — 16,700 18,200 8,000 Balance, end of period $ 281,869 $ 279,944 $ 275,880 $ 312,574 $ 295,856 Net charge-offs (recoveries) to average total loans 0.03 % (0.11 )% 1.44 % 0.04 % 0.07 % Allowance for credit losses to total loans 1.86 % 1.87 % 1.87 % 2.11 % 2.00 % NON-PERFORMING ASSETS Non-performing loans Non-accrual loans $ 89,261 $ 86,383 $ 93,853 $ 95,747 $ 78,090 Loans past due 90 days or more 7,031 3,264 5,034 5,356 8,251 Total non-performing loans 96,292 89,647 98,887 101,103 86,341 Other non-performing assets Foreclosed assets held for sale, net 41,529 39,680 43,407 43,040 41,347 Other non-performing assets — 63 63 63 63 Total other non-performing assets 41,529 39,743 43,470 43,103 41,410 Total non-performing assets $ 137,821 $ 129,390 $ 142,357 $ 144,206 $ 127,751 Allowance for credit losses for loans to non-performing loans 292.72 % 312.27 % 278.99 % 309.16 % 342.66 % Non-performing loans to total loans 0.63 % 0.60 % 0.67 % 0.68 % 0.58 % Non-performing assets to total assets 0.60 % 0.56 % 0.63 % 0.63 % 0.56 % (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this BancShares, Inc. Consolidated Net Interest Margin (Unaudited) Three Months Ended June 30, 2025 March 31, 2025 (Dollars in thousands) Average Balance Income/ Expense Yield/ Rate Average Balance Income/ Expense Yield/ Rate ASSETS Earning assets Interest-bearing balances due from banks $ 813,833 $ 8,951 4.41 % $ 611,962 $ 6,620 4.39 % Federal funds sold 4,878 53 4.36 % 5,091 55 4.38 % Investment securities - taxable 3,095,764 26,444 3.43 % 3,179,290 27,433 3.50 % Investment securities - non-taxable - FTE 1,113,044 10,033 3.62 % 1,135,783 10,061 3.59 % Loans receivable - FTE 15,055,414 276,160 7.36 % 14,893,912 270,907 7.38 % Total interest-earning assets 20,082,933 321,641 6.42 % 19,826,038 315,076 6.45 % Non-earning assets 2,714,805 2,722,797 Total assets $ 22,797,738 $ 22,548,835 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Interest-bearing liabilities Savings and interest-bearing transaction accounts $ 11,541,641 $ 71,042 2.47 % $ 11,402,688 $ 69,672 2.48 % Time deposits 1,886,147 17,447 3.71 % 1,801,503 17,114 3.85 % Total interest-bearing deposits 13,427,788 88,489 2.64 % 13,204,191 86,786 2.67 % Federal funds purchased 46 — — % — — — % Securities sold under agreement to repurchase 143,752 1,012 2.82 % 155,861 1,074 2.79 % FHLB and other borrowed funds 566,984 5,539 3.92 % 600,681 5,902 3.98 % Subordinated debentures 439,027 4,123 3.77 % 439,173 4,124 3.81 % Total interest-bearing liabilities 14,577,597 99,163 2.73 % 14,399,906 97,886 2.76 % Non-interest bearing liabilities Non-interest bearing deposits 3,981,901 3,980,944 Other liabilities 202,085 190,314 Total liabilities 18,761,583 18,571,164 Shareholders' equity 4,036,155 3,977,671 Total liabilities and shareholders' equity $ 22,797,738 $ 22,548,835 Net interest spread 3.69 % 3.69 % Net interest income and margin - FTE $ 222,478 4.44 % $ 217,190 4.44 % Home BancShares, Inc. Consolidated Net Interest Margin (Unaudited) Six Months Ended June 30, 2025 June 30, 2024 (Dollars in thousands) Average Balance Income/ Expense Yield/ Rate Average Balance Income/ Expense Yield/ Rate ASSETS Earning assets Interest-bearing balances due from banks $ 713,455 $ 15,571 4.40 % $ 865,686 $ 23,092 5.36 % Federal funds sold 4,984 108 4.37 % 4,718 120 5.11 % Investment securities - taxable 3,137,296 53,877 3.46 % 3,459,639 65,816 3.83 % Investment securities - non-taxable - FTE 1,124,351 20,094 3.60 % 1,221,431 18,896 3.11 % Loans receivable - FTE 14,975,109 547,067 7.37 % 14,568,029 539,814 7.45 % Total interest-earning assets 19,955,195 636,717 6.43 % 20,119,503 647,738 6.47 % Non-earning assets 2,718,779 2,660,101 Total assets $ 22,673,974 $ 22,779,604 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Interest-bearing liabilities Savings and interest-bearing transaction accounts $ 11,472,548 $ 140,713 2.47 % $ 11,078,749 $ 153,525 2.79 % Time deposits 1,844,059 34,562 3.78 % 1,708,902 34,764 4.09 % Total interest-bearing deposits 13,316,607 175,275 2.65 % 12,787,651 188,289 2.96 % Federal funds purchased 23 — — % 17 — — % Securities sold under agreement to repurchase 149,773 2,086 2.81 % 165,962 2,767 3.35 % FHLB and other borrowed funds 583,739 11,441 3.95 % 1,301,071 28,531 4.41 % Subordinated debentures 439,100 8,247 3.79 % 439,686 8,219 3.76 % Total interest-bearing liabilities 14,489,242 197,049 2.74 % 14,694,387 227,806 3.12 % Non-interest bearing liabilities Non-interest bearing deposits 3,981,425 4,050,787 Other liabilities 196,232 239,704 Total liabilities 18,666,899 18,984,878 Shareholders' equity 4,007,075 3,794,726 Total liabilities and shareholders' equity $ 22,673,974 $ 22,779,604 Net interest spread 3.69 % 3.35 % Net interest income and margin - FTE $ 439,668 4.44 % $ 419,932 4.20 %Home BancShares, Inc. Non-GAAP Reconciliations (Unaudited) Quarter Ended Six Months Ended (Dollars and shares in thousands, except per share data) Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Jun. 30, 2025 Jun. 30, 2024 EARNINGS, AS ADJUSTED GAAP net income available to common shareholders (A) $ 118,403 $ 115,209 $ 100,564 $ 100,038 $ 101,530 $ 233,612 $ 201,639 Pre-tax adjustments FDIC special assessment (1,516 ) — — — 2,260 (1,516 ) 2,260 BOLI death benefits (1,243 ) — (95 ) — — (1,243 ) (162 ) Gain on sale of premises and equipment (983 ) — — — (2,059 ) (983 ) (2,059 ) Fair value adjustment for marketable securities 238 (442 ) (850 ) (1,392 ) 274 (204 ) (729 ) Special income from equity investment (3,498 ) (3,891 ) — — — (7,389 ) — Legal fee reimbursement (885 ) — — — — (885 ) — Legal claims expense 3,300 — — — — 3,300 — Total pre-tax adjustments (4,587 ) (4,333 ) (945 ) (1,392 ) 475 (8,920 ) (690 ) Tax-effect of adjustments (817 ) (1,059 ) (208 ) (348 ) 119 (1,876 ) (132 ) Deferred tax asset write-down — — — — 2,030 — 2,030 Total adjustments after-tax (B) (3,770 ) (3,274 ) (737 ) (1,044 ) 2,386 (7,044 ) 1,472 Earnings, as adjusted (C) $ 114,633 $ 111,935 $ 99,827 $ 98,994 $ 103,916 $ 226,568 $ 203,111 Average diluted shares outstanding (D) 197,765 198,852 198,973 199,461 200,465 198,289 200,909 GAAP diluted earnings per share: (A/D) $ 0.60 $ 0.58 $ 0.51 $ 0.50 $ 0.51 $ 1.18 $ 1.00 Adjustments after-tax: (B/D) (0.02 ) (0.02 ) (0.01 ) 0.00 0.01 (0.04 ) 0.01 Diluted earnings per common share, as adjusted: (C/D) $ 0.58 $ 0.56 $ 0.50 $ 0.50 $ 0.52 $ 1.14 $ 1.01 ANNUALIZED RETURN ON AVERAGE ASSETS Return on average assets: (A/E) 2.08 % 2.07 % 1.77 % 1.74 % 1.79 % 2.08 % 1.78 % Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E) 2.02 % 2.01 % 1.76 % 1.72 % 1.83 % 2.02 % 1.79 % Return on average assets excluding intangible amortization: ((A+C)/(E-F)) 2.25 % 2.24 % 1.92 % 1.88 % 1.94 % 2.25 % 1.93 % Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F)) 2.18 % 2.18 % 1.91 % 1.86 % 1.98 % 2.18 % 1.94 % GAAP net income available to common shareholders (A) $ 118,403 $ 115,209 $ 100,564 $ 100,038 $ 101,530 $ 233,612 $ 201,639 Amortization of intangibles (B) 2,025 2,047 2,068 2,095 2,140 4,072 4,280 Amortization of intangibles after-tax (C) 1,530 1,547 1,563 1,572 1,605 3,077 3,210 Adjustments after-tax (D) (3,770 ) (3,274 ) (737 ) (1,044 ) 2,386 (7,044 ) 1,472 Average assets (E) 22,797,738 22,548,835 22,565,077 22,893,784 22,875,949 22,673,974 22,779,604 Average goodwill & core deposit intangible (F) 1,435,480 1,437,515 1,439,566 1,441,654 1,443,778 1,436,492 1,444,840 Home BancShares, Inc. Non-GAAP Reconciliations (Unaudited) Quarter Ended Six Months Ended (Dollars in thousands) Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Jun. 30, 2025 Jun. 30, 2024 ANNUALIZED RETURN ON AVERAGE COMMON EQUITY Return on average common equity: (A/D) 11.77 % 11.75 % 10.13 % 10.23 % 10.73 % 11.76 % 10.69 % Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D) 11.39 % 11.41 % 10.05 % 10.12 % 10.98 % 11.40 % 10.76 % Return on average tangible common equity: (ROTCE) (A/(D-E)) 18.26 % 18.39 % 15.94 % 16.26 % 17.29 % 18.33 % 17.26 % Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E)) 17.68 % 17.87 % 15.82 % 16.09 % 17.69 % 17.77 % 17.38 % Return on average tangible common equity excluding intangible amortization: (B/(D-E)) 18.50 % 18.64 % 16.18 % 16.51 % 17.56 % 18.57 % 17.53 % Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E)) 17.92 % 18.12 % 16.07 % 16.34 % 17.97 % 18.02 % 17.66 % GAAP net income available to common shareholders (A) $ 118,403 $ 115,209 $ 100,564 $ 100,038 $ 101,530 $ 233,612 $ 201,639 Earnings excluding intangible amortization (B) 119,933 116,756 102,127 101,610 103,135 236,689 204,849 Adjustments after-tax (C) (3,770 ) (3,274 ) (737 ) (1,044 ) 2,386 (7,044 ) 1,472 Average common equity (D) 4,036,155 3,977,671 3,950,176 3,889,712 3,805,800 4,007,075 3,794,726 Average goodwill & core deposits intangible (E) 1,435,480 1,437,515 1,439,566 1,441,654 1,443,778 1,436,492 1,444,840 EFFICIENCY RATIO & P5NR Efficiency ratio: ((D-G)/(B+C+E)) 41.68 % 42.22 % 42.24 % 41.42 % 43.17 % 41.94 % 43.69 % Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H)) 42.01 % 42.84 % 42.00 % 41.66 % 42.59 % 42.42 % 43.50 % Pre-tax net income to total revenue (net) (A/(B+C)) 56.08 % 56.58 % 50.11 % 50.03 % 52.40 % 56.32 % 52.66 % Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C)) 54.39 % 54.91 % 49.74 % 49.49 % 52.59 % 54.64 % 52.52 % Pre-tax, pre-provision, net income (PPNR) (B+C-D) $ 154,991 $ 147,154 $ 146,154 $ 147,954 $ 141,411 $ 302,145 $ 276,304 Pre-tax, pre-provision, net income, as adjusted (B+C-D+F) $ 150,404 $ 142,821 $ 145,209 $ 146,562 $ 141,886 $ 293,225 $ 275,614 P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C) 57.19 % 56.58 % 56.57 % 57.35 % 55.54 % 56.89 % 55.15 % P5NR, as adjusted (B+C-D+F)/(B+C) 55.49 % 54.91 % 56.20 % 56.81 % 55.73 % 55.21 % 55.01 % Pre-tax net income (A) $ 151,991 $ 147,154 $ 129,454 $ 129,084 $ 133,411 $ 299,145 $ 263,804 Net interest income (B) 219,952 214,656 217,142 215,220 211,822 434,608 416,412 Non-interest income (C) 51,079 45,426 41,222 42,779 42,774 96,505 84,573 Non-interest expense (D) 116,040 112,928 112,210 110,045 113,185 228,968 224,681 Fully taxable equivalent adjustment (E) 2,526 2,534 2,398 2,616 2,628 5,060 3,520 Total pre-tax adjustments (F) (4,587 ) (4,333 ) (945 ) (1,392 ) 475 (8,920 ) (690 ) Amortization of intangibles (G) 2,025 2,047 2,068 2,095 2,140 4,072 4,280 Adjustments: Non-interest income: Fair value adjustment for marketable securities $ (238 ) $ 442 $ 850 $ 1,392 $ (274 ) $ 204 $ 729 Gain (loss) on OREO 13 (376 ) (2,423 ) 85 49 (363 ) 66 Gain (loss) on branches, equipment and other assets, net 972 (163 ) 26 32 2,052 809 2,044 Special income from equity investment 3,498 3,891 — — — 7,389 — BOLI death benefits 1,243 — 95 — — 1,243 162 Legal expense reimbursement 885 — — — — 885 — Total non-interest income adjustments (H) $ 6,373 $ 3,794 $ (1,452 ) $ 1,509 $ 1,827 $ 10,167 $ 3,001 Non-interest expense: FDIC special assessment (1,516 ) — — — 2,260 (1,516 ) 2,260 Legal claims expense 3,300 — — — — 3,300 — Total non-interest expense adjustments (I) $ 1,784 $ — $ — $ — $ 2,260 $ 1,784 $ 2,260 Home BancShares, Inc. Non-GAAP Reconciliations (Unaudited) Quarter Ended Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 TANGIBLE BOOK VALUE PER COMMON SHARE Book value per common share: (A/B) $ 20.71 $ 20.40 $ 19.92 $ 19.91 $ 19.30 Tangible book value per common share: ((A-C-D)/B) 13.44 13.15 12.68 12.67 12.08 Total stockholders' equity (A) $ 4,085,316 $ 4,042,555 $ 3,961,025 $ 3,959,789 $ 3,855,503 End of period common shares outstanding (B) 197,239 198,206 198,882 198,879 199,746 Goodwill (C) 1,398,253 1,398,253 1,398,253 1,398,253 1,398,253 Core deposit and other intangibles (D) 36,255 38,280 40,327 42,395 44,490 TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS Equity to assets: (B/A) 17.83 % 17.58 % 17.61 % 17.35 % 16.82 % Tangible common equity to tangible assets: ((B-C-D)/(A-C-D)) 12.35 % 12.09 % 11.98 % 11.78 % 11.23 % Total assets (A) $ 22,907,022 $ 22,992,203 $ 22,490,748 $ 22,823,117 $ 22,919,905 Total stockholders' equity (B) 4,085,316 4,042,555 3,961,025 3,959,789 3,855,503 Goodwill (C) 1,398,253 1,398,253 1,398,253 1,398,253 1,398,253 Core deposit and other intangibles (D) 36,255 38,280 40,327 42,395 44,490 Home BancShares, Inc. Shareholder Buyback Yield (Unaudited) Quarter Ended Six Months Ended (Dollars and shares in thousands) Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Jun. 30, 2025 Jun. 30, 2024 SHAREHOLDER BUYBACK YIELD Shareholder buyback yield: (A/B) 0.49 % 0.53 % 0.05 % 0.56 % 0.67 % 1.02 % 1.12 % Shares repurchased 1,000 1,000 96 1,000 1,400 2,000 2,426 Average price per share $ 26.99 $ 29.67 $ 26.38 $ 26.90 $ 23.26 $ 28.33 $ 23.31 Principal cost 26,989 29,668 2,526 26,902 32,562 56,657 56,549 Excise tax 459 117 (72 ) 63 285 576 421 Total share repurchase cost (A) $ 27,448 $ 29,785 $ 2,454 $ 26,965 $ 32,847 $ 57,233 $ 56,970 Shares outstanding beginning of period 198,206 198,882 198,879 199,746 200,797 198,882 201,526 Price per share beginning of period $ 28.27 $ 28.30 $ 27.09 $ 23.96 $ 24.57 $ 28.30 $ 25.33 Market capitalization beginning of period (B) $ 5,603,284 $ 5,628,361 $ 5,387,632 $ 4,785,914 $ 4,933,582 $ 5,628,361 $ 5,104,654 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
