Home BancShares Q1 EPS $0.40 beats estimates; acquires Happy Bancshares; redeems $300M notes

HOME BANCSHARES INC

2022-Q1 EPS reported $0.40

Net income $64.9M ($0.40 diluted EPS) vs. Q1 2021 $91.6M ($0.55); revenue $161.8M down from $193.4M.
Completed acquisition of Happy Bancshares ($6.76B assets) on April 1, 2022, adding 62 Texas branches.
Redeemed $300M of 5.625% subordinated notes due 2027 on April 15; issued $300M 3.125% notes due 2032 in Q1.
Loan growth of $216.6M in Q1, including $242.2M marine loan portfolio purchase from LendingClub Bank.
Net interest margin 3.21% (down from 3.42% in Q4 2021) due to excess liquidity and new sub debt dilution.

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