Home BancShares in Conway, Ark., added $16.7 million to its loan-loss allowance to cover potential losses from Hurricane Helene.
The hurricane made landfall late last month. The specific loan-loss reserve was recorded in the third quarter.
“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,” John Allison, Home’s chairman, said in the release.
“We will also be evaluating the impact of Hurricane Milton which … marched straight across the state of Florida in our footprint,” he added. “This event could result in a substantial increase to hurricane-related loan reserves for the fourth quarter.”