Home BancShares Sets Aside $16.7 Million in Reserves for Helene Losses, Evaluates Milton Damage-July 2024-www.financetom.com

Home BancShares Sets Aside $16.7 Million in Reserves for Helene Losses, Evaluates Milton Damage

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Home BancShares Sets Aside $16.7 Million in Reserves for Helene Losses, Evaluates Milton Damage

Oct 11, 2024 6:26 AM

09:05 AM EDT, 10/11/2024 (MT Newswires) -- Home BancShares ( HOMB ) said Friday it has set aside $16.7 million in reserves of for possible loan losses related to Hurricane Helene for Q3.

"Due to the widespread devastation of Helene, it will take time to get clarity from customers on damages incurred, needed deferrals or potential losses on a little over $1 billion worth of loans in the path of the storm," said John Allison, Home BancShares' ( HOMB ) chairman.

Allison said the bank is evaluating the impact of Hurricane Milton, which made landfall on Oct. 9. "This event could result in a substantial increase to hurricane related loan reserves for the fourth quarter," he said

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