CORRECTION – HOMB Run in '24. Company Completes Texas Loan Cleanup and Cleans the Asset Bases for '25, While Hitting New Records of $1 Billion in Revenue and $400 Million in Earnings

Core Insights - Home BancShares, Inc. achieved record quarterly earnings of $100.6 million and annual earnings of $400 million, marking a significant milestone for the company [1][3][5]. Financial Performance - The company reported total revenue of $258.4 million for Q4 2024, an increase from $258.0 million in Q3 2024 [2]. - Net income for Q4 2024 was $100.6 million, or $0.51 diluted earnings per share, compared to $100.0 million in Q3 2024 [2][5]. - The adjusted net income for Q4 2024 was $99.8 million, or $0.50 per share [5]. - The pre-tax, pre-provision net income (PPNR) for Q4 2024 was $146.2 million, slightly down from $148.0 million in Q3 2024 [2]. Asset Quality and Credit Losses - The company recorded an additional $16.7 million in credit loss expense due to Hurricanes Helene and Milton, bringing the total hurricane reserve to $33.4 million [6]. - Non-performing loans to total loans were 0.67% as of December 31, 2024, compared to 0.68% at September 30, 2024 [16]. - The allowance for credit losses on loans was $275.9 million, or 1.87% of total loans, down from 2.11% at September 30, 2024 [20]. Capital and Liquidity - Stockholders' equity increased to $3.96 billion at December 31, 2024, primarily due to a $61.8 million increase in retained earnings [20]. - The company paid off a $700 million advance from the Federal Reserve's Bank Term Funding Program, which improved the net interest margin by six basis points [8]. Operational Highlights - The net interest margin for Q4 2024 was 4.39%, up from 4.28% in Q3 2024 [7]. - Total loans receivable were $14.76 billion at December 31, 2024, a slight decrease from $14.82 billion at September 30, 2024 [14]. - Total deposits increased to $17.15 billion at December 31, 2024, compared to $16.71 billion at September 30, 2024 [14]. Non-Interest Income and Expenses - Non-interest income for Q4 2024 was $41.2 million, with significant contributions from service charges and fees [11]. - Non-interest expenses totaled $112.2 million, with salaries and employee benefits being the largest component at $60.8 million [12].