CONWAY, Ark., April 19, 2012 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (Nasdaq:HOMB), parent company of Centennial Bank, today announced first quarter earnings of $14.5 million, or $0.51 diluted earnings per common share, compared to $12.0 million of net income available to common shareholders, or $0.42 diluted earnings per common share for the same quarter in 2011. The Company increased its first quarter net income by $2.5 million or 20.4% for the three months ended March 31, 2012 compared to the same period of the previous year.
Because acquisitions are growth and capital management strategies, earnings excluding amortization of intangibles after-tax are useful in evaluating the Company. Diluted earnings per common share excluding intangible amortization for the first quarter of 2012 was $0.52 compared to $0.44 diluted earnings per common share excluding intangible amortization for the same period in 2011.
"The record earnings reported during the first quarter are outstanding for Home BancShares," said John Allison, Chairman. "We have strong reserves and our capital continues to remain well above the regulators' capital requirements leaving us open for both FDIC and market acquisition transaction opportunities."
Randy Sims, Chief Executive Officer, added, "The first quarter of 2012 is the most profitable quarter in the history of Home BancShares, Inc. We are also pleased with reporting record net interest income, improvements in our non-performing non-covered assets as well as a 507 basis point improvement in our core efficiency ratio from the first quarter of 2011 to the first quarter of 2012."
Operating Highlights
Net interest income for the first quarter of 2012 was a quarterly record for the Company, increasing 5.8% to $36.5 million from $34.5 million during the first quarter of 2011. For the first quarter of 2012, the effective yield on non-covered loans and covered loans was 6.21% and 7.78%, respectively. Net interest margin, on a fully taxable equivalent basis, was 4.65% for the quarter just ended compared to 4.61% in the first quarter of 2011, an increase of 4 basis points. The Company's ability to improve pricing on its loan portfolio and interest bearing deposits allowed the Company to improve net interest margin.
The Company reported $10.1 million of non-interest income for the first quarter of 2012, compared to $10.0 million for the first quarter of 2011. The most significant components of the first quarter non-interest income were $3.5 million from service charges on deposits accounts, $3.0 million from other service charges and fees, $904,000 from mortgage lending income, $670,000 of accretion on the FDIC indemnification asset, $551,000 from insurance commissions and $257,000 increase in cash value of life insurance.
Non-interest expense for the first quarter of 2012 was $24.4 million compared to $23.9 million for the first quarter of 2011. This increase is primarily associated with additional costs from the Vision acquisition. For the first quarter of 2012, our core efficiency ratio was 46.12% or improved by 507 basis points from the same period of the previous year.
Financial Condition
Total non-covered loans were $2.05 billion at March 31, 2012 compared to $1.76 billion at December 31, 2011. Total covered loans were $455.4 million at March 31, 2012 compared to $481.7 million at December 31, 2011. Total deposits were $3.38 billion at March 31, 2012 compared to $2.86 billion at December 31, 2011. Total assets were $4.15 billion at March 31, 2012 compared to $3.60 billion at December 31, 2011.
Non-performing non-covered loans were $27.7 million as of March 31, 2012, of which $21.3 million were located in Florida. Non-performing non-covered loans as a percent of total non-covered loans were 1.35% as of March 31, 2012 compared to 1.56% as of December 31, 2011. Non-performing non-covered assets were $42.4 million as of March 31, 2012, of which $24.3 million were located in Florida. Non-performing non-covered assets as a percent of total non-covered assets were 1.22% as of March 31, 2012 compared to the 1.53% reported for December 31, 2011. As of March 31, 2012, no assets acquired in the Vision transaction were non-performing.
The Company's allowance for loan losses was $51.0 million at March 31, 2012, or 2.49% of total non-covered loans, compared to $52.1 million, or 2.96% of total non-covered loans, at December 31, 2011. As of March 31, 2012 and December 31, 2011, the allowance for loan losses plus acquisition discount to total non-covered loans plus acquisition discount was 3.30% and 3.10%, respectively. As of March 31, 2012, the Company's allowance for loan losses was 184% of its total non-performing non-covered loans compared to 190% as of December 31, 2011.
Stockholders' equity was $480.5 million at March 31, 2012 compared to $474.1 million at December 31, 2011, an increase of $6.5 million. Book value per common share was $17.11 at March 31, 2012 compared to $16.77 at December 31, 2011.
Stock Repurchase Program
During the first quarter of 2012, the Company repurchased a total of 205,600 shares with a weighted average stock price of $25.29. The Company believes the stock repurchased at this price is an exceptional investment. The first quarter earnings were used to fund this repurchase.
Vision Acquisition
As of February 17, 2012, the Company acquired seventeen branch locations in the Gulf Coast communities of Baldwin County, Alabama, and the Florida Panhandle through the acquisition of Vision Bank. This acquisition included total assets of $529.5 million, total loans (after discount) of $340.3 million, cash and due from banks of $140.2 million, goodwill of $17.4 million, fixed assets of $12.5 million, deferred taxes of $11.2 million, core deposit intangible of $3.2 million and total deposits of $524.4 million. The fair value discount on the $355.8 of gross loans was $15.5 million.
Branches
Presently, the Company is evaluating opportunities but has no firm commitments for additional de novo branch locations. After the Vision acquisition the Company now has 47 branches in Arkansas, 46 branches in Florida and 8 branches in Alabama.
Conference Call
Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, April 19, 2012. Interested parties can listen to this call by calling 1-877-317-6789 and asking for the Home BancShares conference call. A replay of the call will be available by calling 1- 877-344-7529, Passcode: 10011578, which will be available until April 27, 2012 at 8:00 a.m. CT (9:00 ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com under "Investor Relations" for 12 months.
General
This release contains forward-looking statements regarding the Company's plans, expectations, goals and outlook for the future. 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 of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors, including, but not limited to, economic conditions, credit quality, interest rates, loan demand, the ability to successfully integrate new acquisitions and changes in the assumptions used in making the forward-looking statements, could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect Home BancShares, Inc.'s financial results are included in its Annual Report on Form 10-K for the year ended December 31, 2011 filed with the Securities and Exchange Commission.
Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Our 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 locations in central Arkansas, north central Arkansas, southern Arkansas, the Florida Keys, southwestern Florida, central Florida, the Florida Panhandle and south Alabama. The Company's common stock is traded through the NASDAQ Global Select Market under the symbol "HOMB."
| Home BancShares, Inc. | |||||
| Consolidated End of Period Balance Sheets | |||||
| (Unaudited) | |||||
| Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | |
| (In thousands) | 2012 | 2011 | 2011 | 2011 | 2011 |
| ASSETS | |||||
| Cash and due from banks | $ 76,837 | $ 57,337 | $ 48,748 | $ 48,207 | $ 58,123 |
| Interest-bearing deposits with other banks | 269,401 | 126,967 | 104,053 | 231,667 | 201,834 |
| Cash and cash equivalents | 346,238 | 184,304 | 152,801 | 279,874 | 259,957 |
| Federal funds sold | 1,375 | 1,100 | 3,670 | 7,595 | 1,175 |
| Investment securities - available for sale | 759,959 | 671,221 | 610,522 | 541,534 | 510,019 |
| Loans receivable not covered by loss share | 2,046,108 | 1,760,086 | 1,826,373 | 1,812,718 | 1,849,302 |
| Loans receivable covered by FDIC loss share | 455,435 | 481,739 | 511,326 | 548,236 | 566,463 |
| Allowance for loan losses | (51,014) | (52,129) | (54,508) | (56,784) | (53,591) |
| Loans receivable, net | 2,450,529 | 2,189,696 | 2,283,191 | 2,304,170 | 2,362,174 |
| Bank premises and equipment, net | 100,674 | 88,465 | 89,894 | 90,128 | 90,413 |
| Foreclosed assets held for sale not covered by loss share | 14,634 | 16,660 | 16,541 | 19,855 | 17,877 |
| Foreclosed assets held for sale covered by FDIC loss share | 39,744 | 35,178 | 32,183 | 21,941 | 21,079 |
| FDIC indemnification asset | 181,884 | 193,856 | 201,211 | 211,383 | 224,075 |
| Cash value of life insurance | 52,955 | 52,700 | 52,422 | 52,101 | 51,815 |
| Accrued interest receivable | 15,845 | 15,551 | 15,038 | 12,338 | 15,337 |
| Deferred tax asset, net | 34,680 | 22,850 | 21,998 | 22,265 | 21,420 |
| Goodwill | 77,090 | 59,663 | 59,663 | 59,663 | 59,663 |
| Core deposit and other intangibles | 11,180 | 8,620 | 9,325 | 10,030 | 10,734 |
| Other assets | 61,165 | 64,253 | 73,707 | 61,592 | 58,042 |
| Total assets | $ 4,147,952 | $ 3,604,117 | $ 3,622,166 | $ 3,694,469 | $ 3,703,780 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| Liabilities | |||||
| Deposits: | |||||
| Demand and non-interest-bearing | $ 583,951 | $ 464,581 | $ 479,512 | $ 462,275 | $ 447,245 |
| Savings and interest-bearing transaction accounts | 1,514,812 | 1,189,098 | 1,143,335 | 1,122,034 | 1,112,948 |
| Time deposits | 1,281,636 | 1,204,352 | 1,262,202 | 1,315,484 | 1,357,338 |
| Total deposits | 3,380,399 | 2,858,031 | 2,885,049 | 2,899,793 | 2,917,531 |
| Federal funds purchased | -- | -- | -- | -- | -- |
| Securities sold under agreements to repurchase | 72,531 | 62,319 | 62,407 | 65,632 | 69,834 |
| FHLB borrowed funds | 142,753 | 142,777 | 142,901 | 150,124 | 150,247 |
| Accrued interest payable and other liabilities | 27,403 | 22,593 | 24,339 | 30,140 | 33,512 |
| Subordinated debentures | 44,331 | 44,331 | 44,331 | 44,331 | 44,331 |
| Total liabilities | 3,667,417 | 3,130,051 | 3,159,027 | 3,190,020 | 3,215,455 |
| Stockholders' equity | |||||
| Preferred stock | -- | -- | -- | 49,547 | 49,502 |
| Common stock | 281 | 283 | 283 | 285 | 285 |
| Capital surplus | 421,006 | 425,649 | 425,852 | 433,306 | 433,130 |
| Retained earnings | 51,800 | 40,130 | 28,218 | 15,766 | 4,428 |
| Accumulated other comprehensive income (loss) | 7,448 | 8,004 | 8,786 | 5,545 | 980 |
| Total stockholders' equity | 480,535 | 474,066 | 463,139 | 504,449 | 488,325 |
| Total liabilities and stockholders' equity | $ 4,147,952 | $ 3,604,117 | $ 3,622,166 | $ 3,694,469 | $ 3,703,780 |
| Home BancShares, Inc. | ||||||||
| Consolidated Statements of Income | ||||||||
| (Unaudited) | ||||||||
| Quarter Ended | Three Months Ended | |||||||
| Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Mar. 31, | Mar. 31, | ||
| (In thousands) | 2012 | 2011 | 2011 | 2011 | 2011 | 2012 | 2011 | |
| Interest income | ||||||||
| Loans | $ 38,506 | $ 38,110 | $ 39,199 | $ 39,690 | $ 38,955 | $ 38,506 | $ 38,955 | |
| Investment securities | ||||||||
| Taxable | 2,860 | 2,451 | 2,429 | 2,204 | 2,160 | 2,860 | 2,160 | |
| Tax-exempt | 1,535 | 1,562 | 1,546 | 1,543 | 1,528 | 1,535 | 1,528 | |
| Deposits - other banks | 85 | 87 | 84 | 142 | 105 | 85 | 105 | |
| Federal funds sold | 2 | 2 | 1 | 1 | 7 | 2 | 7 | |
| Total interest income | 42,988 | 42,212 | 43,259 | 43,580 | 42,755 | 42,988 | 42,755 | |
| Interest expense | ||||||||
| Interest on deposits | 4,660 | 5,084 | 5,638 | 5,986 | 6,260 | 4,660 | 6,260 | |
| Federal funds purchased | -- | -- | -- | -- | -- | -- | -- | |
| FHLB borrowed funds | 1,160 | 1,172 | 1,250 | 1,227 | 1,291 | 1,160 | 1,291 | |
| Securities sold under agreements to repurchase | 110 | 99 | 120 | 125 | 139 | 110 | 139 | |
| Subordinated debentures | 524 | 540 | 539 | 543 | 538 | 524 | 538 | |
| Total interest expense | 6,454 | 6,895 | 7,547 | 7,881 | 8,228 | 6,454 | 8,228 | |
| Net interest income | 36,534 | 35,317 | 35,712 | 35,699 | 34,527 | 36,534 | 34,527 | |
| Provision for loan losses | -- | 2,250 | -- | -- | 1,250 | -- | 1,250 | |
| Net interest income after provision for loan losses | 36,534 | 33,067 | 35,712 | 35,699 | 33,277 | 36,534 | 33,277 | |
| Non-interest income | ||||||||
| Service charges on deposit accounts | 3,505 | 3,659 | 3,638 | 3,639 | 3,151 | 3,505 | 3,151 | |
| Other service charges and fees | 3,024 | 2,554 | 2,489 | 2,602 | 2,284 | 3,024 | 2,284 | |
| Mortgage lending income | 904 | 904 | 783 | 661 | 645 | 904 | 645 | |
| Insurance commissions | 551 | 351 | 428 | 470 | 607 | 551 | 607 | |
| Income from title services | 88 | 121 | 126 | 110 | 91 | 88 | 91 | |
| Increase in cash value of life insurance | 257 | 279 | 323 | 287 | 239 | 257 | 239 | |
| Dividends from FHLB, FRB & bankers' bank | 175 | 174 | 184 | 181 | 141 | 175 | 141 | |
| Gain on sale of SBA loans | -- | -- | -- | -- | 259 | -- | 259 | |
| Gain (loss) on sale of premises & equip, net | -- | (6) | 6 | 77 | (4) | -- | (4) | |
| Gain (loss) on OREO, net | (107) | 394 | 69 | (1,007) | (94) | (107) | (94) | |
| Gain (loss) on securities, net | 19 | 2,243 | 5 | -- | -- | 19 | -- | |
| FDIC indemnification accretion | 670 | 903 | 1,314 | 1,463 | 1,837 | 670 | 1,837 | |
| Other income | 1,017 | 606 | 595 | 644 | 884 | 1,017 | 884 | |
| Total non-interest income | 10,103 | 12,182 | 9,960 | 9,127 | 10,040 | 10,103 | 10,040 | |
| Non-interest expense | ||||||||
| Salaries and employee benefits | 11,386 | 10,376 | 10,691 | 10,680 | 11,078 | 11,386 | 11,078 | |
| Occupancy and equipment | 3,431 | 3,274 | 3,562 | 3,648 | 3,713 | 3,431 | 3,713 | |
| Data processing expense | 1,091 | 994 | 1,185 | 1,137 | 1,285 | 1,091 | 1,285 | |
| Other operating expenses | 8,478 | 8,625 | 8,298 | 8,391 | 7,785 | 8,478 | 7,785 | |
| Total non-interest expense | 24,386 | 23,269 | 23,736 | 23,856 | 23,861 | 24,386 | 23,861 | |
| Income before income taxes | 22,251 | 21,980 | 21,936 | 20,970 | 19,456 | 22,251 | 19,456 | |
| Income tax expense | 7,753 | 7,813 | 7,624 | 7,424 | 6,740 | 7,753 | 6,740 | |
| Net income | 14,498 | 14,167 | 14,312 | 13,546 | 12,716 | 14,498 | 12,716 | |
| Preferred stock dividends & accretion of discount on preferred stock | -- | -- | 488 | 670 | 670 | -- | 670 | |
| Net income available to common shareholders | $ 14,498 | $ 14,167 | $ 13,824 | $ 12,876 | $ 12,046 | $ 14,498 | $ 12,046 | |
| Home BancShares, Inc. | ||||||||
| Selected Financial Information | ||||||||
| (Unaudited) | ||||||||
| Quarter Ended | Three Months Ended | |||||||
| (Dollars and shares in thousands, except per share data) | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Mar. 31, | Mar. 31, | |
| 2012 | 2011 | 2011 | 2011 | 2011 | 2012 | 2011 | ||
| PER SHARE DATA | ||||||||
| Diluted earnings per common share | $ 0.51 | $ 0.50 | $ 0.48 | $ 0.45 | $ 0.42 | $ 0.51 | $ 0.42 | |
| Diluted earnings per common share excluding intangible amortization | 0.52 | 0.51 | 0.50 | 0.46 | 0.44 | 0.52 | 0.44 | |
| Basic earnings per common share | 0.51 | 0.50 | 0.48 | 0.46 | 0.42 | 0.51 | 0.42 | |
| Dividends per share - common | 0.1000 | 0.0800 | 0.0800 | 0.0540 | 0.0540 | 0.1000 | 0.0540 | |
| Book value per common share | 17.11 | 16.77 | 16.39 | 15.96 | 15.41 | 17.11 | 15.41 | |
| Tangible book value per common share | 13.96 | 14.35 | 13.95 | 13.52 | 12.93 | 13.96 | 12.93 | |
| STOCK INFORMATION | ||||||||
| Average common shares outstanding | 28,230 | 28,274 | 28,434 | 28,491 | 28,469 | 28,230 | 28,469 | |
| Average diluted shares outstanding | 28,411 | 28,459 | 28,633 | 28,690 | 28,672 | 28,411 | 28,672 | |
| End of period common shares outstanding | 28,091 | 28,276 | 28,259 | 28,496 | 28,483 | 28,091 | 28,483 | |
| ANNUALIZED PERFORMANCE METRICS | ||||||||
| Return on average assets | 1.52% | 1.56% | 1.56% | 1.47% | 1.40% | 1.52% | 1.40% | |
| Return on average assets excluding intangible amortization | 1.60% | 1.64% | 1.64% | 1.54% | 1.47% | 1.60% | 1.47% | |
| Return on average common equity | 12.21% | 12.06% | 12.00% | 11.64% | 11.35% | 12.21% | 11.35% | |
| Return on average tangible common equity excluding intangible amortization | 15.03% | 14.57% | 14.59% | 14.28% | 14.07% | 15.03% | 14.07% | |
| Efficiency ratio | 49.75% | 46.40% | 49.23% | 50.39% | 50.68% | 49.75% | 50.68% | |
| Core efficiency ratio | 46.12% | 48.76% | 49.31% | 49.39% | 51.19% | 46.12% | 51.19% | |
| Net interest margin - FTE | 4.65% | 4.73% | 4.75% | 4.69% | 4.61% | 4.65% | 4.61% | |
| Fully taxable equivalent adjustment | $ 1,115 | $ 1,130 | $ 1,112 | $ 1,117 | $ 1,108 | $ 1,115 | $ 1,108 | |
| Total revenue | 53,091 | 54,394 | 53,219 | 52,707 | 52,795 | 53,091 | 52,795 | |
| EARNINGS EXCLUDING INTANGIBLE AMORTIZATION | ||||||||
| GAAP net income available to common shareholders | $ 14,498 | $ 14,167 | $ 13,824 | $ 12,876 | $ 12,046 | $ 14,498 | $ 12,046 | |
| Intangible amortization after-tax | 383 | 428 | 429 | 428 | 433 | 383 | 433 | |
| Earnings excluding intangible amortization | $ 14,881 | $ 14,595 | $ 14,253 | $ 13,304 | $ 12,479 | $ 14,881 | $ 12,479 | |
| GAAP diluted earnings per share | $ 0.51 | $ 0.50 | $ 0.48 | $ 0.45 | $ 0.42 | $ 0.51 | $ 0.42 | |
| Intangible amortization after-tax | 0.01 | 0.01 | 0.02 | 0.01 | 0.02 | 0.01 | 0.02 | |
| Diluted earnings per share excluding intangible amortization | $ 0.52 | $ 0.51 | $ 0.50 | $ 0.46 | $ 0.44 | $ 0.52 | $ 0.44 | |
| OTHER OPERATING EXPENSES | ||||||||
| Advertising | $ 460 | $ 1,224 | $ 1,033 | $ 1,015 | $ 998 | $ 460 | $ 998 | |
| Merger and acquisition expenses | 1,692 | 134 | -- | -- | 11 | 1,692 | 11 | |
| Amortization of intangibles | 630 | 705 | 705 | 704 | 713 | 630 | 713 | |
| Electronic banking expense | 793 | 695 | 682 | 697 | 659 | 793 | 659 | |
| Directors' fees | 212 | 217 | 230 | 179 | 185 | 212 | 185 | |
| Due from bank service charges | 116 | 118 | 119 | 119 | 140 | 116 | 140 | |
| FDIC and state assessment | 638 | 1,070 | 1,062 | 1,058 | 1,093 | 638 | 1,093 | |
| Insurance | 401 | 447 | 447 | 408 | 371 | 401 | 371 | |
| Legal and accounting | 322 | 327 | 367 | 462 | 447 | 322 | 447 | |
| Other professional fees | 498 | 450 | 522 | 569 | 413 | 498 | 413 | |
| Operating supplies | 264 | 297 | 260 | 322 | 289 | 264 | 289 | |
| Postage | 221 | 212 | 243 | 242 | 245 | 221 | 245 | |
| Telephone | 246 | 221 | 234 | 259 | 263 | 246 | 263 | |
| Other expense | 1,985 | 2,508 | 2,394 | 2,357 | 1,958 | 1,985 | 1,958 | |
| Total other operating expenses | $ 8,478 | $ 8,625 | $ 8,298 | $ 8,391 | $ 7,785 | $ 8,478 | $ 7,785 | |
| Home BancShares, Inc. | |||||
| Selected Financial Information | |||||
| (Unaudited) | |||||
| Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | |
| (Dollars in thousands) | 2012 | 2011 | 2011 | 2011 | 2011 |
| BALANCE SHEET RATIOS | |||||
| Total loans to total deposits | 74.00% | 78.44% | 81.03% | 81.42% | 82.80% |
| Common equity to assets | 11.6% | 13.2% | 12.8% | 12.3% | 11.8% |
| Tangible common equity to tangible assets | 9.7% | 11.5% | 11.1% | 10.6% | 10.1% |
| ALLOWANCE FOR LOAN LOSSES | |||||
| Balance, beginning of period | $ 52,129 | $ 54,508 | $ 56,784 | $ 53,591 | $ 53,348 |
| Loans charged off | 1,469 | 5,143 | 6,370 | 1,560 | 1,622 |
| Recoveries of loans previously charged off | 354 | 514 | 4,094 | 4,753 | 615 |
| Net loans charged off | 1,115 | 4,629 | 2,276 | (3,193) | 1,007 |
| Provision for loan losses | -- | 2,250 | -- | -- | 1,250 |
| Balance, end of period | $ 51,014 | $ 52,129 | $ 54,508 | $ 56,784 | $ 53,591 |
| Net charge-offs to average non-covered loans | 0.23% | 1.02% | 0.50% | -0.70% | 0.22% |
| Allowance for loan losses to total non-covered loans | 2.49% | 2.96% | 2.98% | 3.13% | 2.90% |
| Allowance for loan losses plus acquisition discount to total non-covered loans plus acquisition discount | 3.30% | 3.10% | 3.18% | 3.40% | 3.00% |
| NON-PERFORMING ASSETS NOT COVERED BY LOSS SHARE | |||||
| Non-performing non-covered loans | |||||
| Non-accrual non-covered loans | $ 27,425 | $ 26,496 | $ 25,373 | $ 29,773 | $ 33,524 |
| Non-covered loans past due 90 days or more | 289 | 993 | 2,481 | 1,456 | 9 |
| Total non-performing non-covered loans | 27,714 | 27,489 | 27,854 | 31,229 | 33,533 |
| Other non-performing non-covered assets | |||||
| Non-covered foreclosed assets held for sale, net | 14,634 | 16,660 | 16,541 | 19,855 | 17,877 |
| Other non-performing non-covered assets | 71 | 8 | 222 | 9 | 15 |
| Total other non-performing non-covered assets | 14,705 | 16,668 | 16,763 | 19,864 | 17,892 |
| Total non-performing non-covered assets | $ 42,419 | $ 44,157 | $ 44,617 | $ 51,093 | $ 51,425 |
| Allowance for loan losses to non-performing non-covered loans | 184.07% | 189.64% | 195.69% | 181.83% | 159.82% |
| Non-performing non-covered loans to total non-covered loans | 1.35% | 1.56% | 1.53% | 1.72% | 1.81% |
| Non-performing non-covered assets to total non-covered assets | 1.22% | 1.53% | 1.55% | 1.75% | 1.78% |
| Home BancShares, Inc. | |||||
| Loan Information | |||||
| (Unaudited) | |||||
| Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | |
| (Dollars in thousands) | 2012 | 2011 | 2011 | 2011 | 2011 |
| LOANS NOT COVERED BY LOSS SHARE | |||||
| Real estate | |||||
| Commercial real estate loans | |||||
| Non-farm/non-residential | $ 780,520 | $ 698,986 | $ 744,749 | $ 754,251 | $ 787,069 |
| Construction/land development | 413,093 | 361,846 | 366,926 | 363,310 | 351,704 |
| Agricultural | 28,120 | 28,535 | 26,683 | 26,826 | 25,760 |
| Residential real estate loans | |||||
| Residential 1-4 family | 471,439 | 349,543 | 353,110 | 348,402 | 359,714 |
| Multifamily residential | 65,226 | 56,909 | 59,974 | 48,803 | 55,987 |
| Total real estate | 1,758,398 | 1,495,819 | 1,551,442 | 1,541,592 | 1,580,234 |
| Consumer | 38,254 | 37,923 | 40,225 | 42,662 | 44,117 |
| Commercial and industrial | 196,165 | 176,276 | 170,695 | 173,285 | 175,969 |
| Agricultural | 21,275 | 21,784 | 35,238 | 25,929 | 18,746 |
| Other | 32,016 | 28,284 | 28,773 | 29,250 | 30,236 |
| Loans receivable not covered by loss share | $ 2,046,108 | $ 1,760,086 | $ 1,826,373 | $ 1,812,718 | $ 1,849,302 |
| LOANS COVERED BY LOSS SHARE | |||||
| Real estate | |||||
| Commercial real estate loans | |||||
| Non-farm/non-residential | $ 179,360 | $ 189,380 | $ 189,558 | $ 198,005 | $ 204,882 |
| Construction/land development | 99,996 | 103,535 | 117,143 | 128,015 | 129,562 |
| Agricultural | 3,092 | 3,155 | 3,413 | 4,108 | 5,808 |
| Residential real estate loans | |||||
| Residential 1-4 family | 139,819 | 148,692 | 158,701 | 166,136 | 171,281 |
| Multifamily residential | 9,077 | 8,933 | 9,010 | 9,113 | 9,173 |
| Total real estate | 431,344 | 453,695 | 477,825 | 505,377 | 520,706 |
| Consumer | 549 | 334 | 454 | 510 | 548 |
| Commercial and industrial | 22,843 | 26,884 | 32,183 | 41,423 | 44,038 |
| Agricultural | -- | -- | -- | -- | -- |
| Other | 699 | 826 | 864 | 926 | 1,171 |
| Loans receivable covered by loss share | $ 455,435 | $ 481,739 | $ 511,326 | $ 548,236 | $ 566,463 |
| Home BancShares, Inc. | |||||||
| Consolidated Net Interest Margin | |||||||
| (Unaudited) | |||||||
| Three Months Ended | |||||||
| March 31, 2012 | December 31, 2011 | ||||||
| Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||
| (Dollars in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | |
| ASSETS | |||||||
| Earning assets | |||||||
| Interest-bearing balances due from banks | $ 151,569 | $ 85 | 0.23% | $ 148,862 | $ 87 | 0.23% | |
| Federal funds sold | 2,964 | 2 | 0.27% | 2,768 | 2 | 0.29% | |
| Investment securities - taxable | 568,890 | 2,860 | 2.02% | 453,986 | 2,451 | 2.14% | |
| Investment securities - non-taxable - FTE | 151,289 | 2,495 | 6.63% | 151,337 | 2,537 | 6.65% | |
| Loans receivable - FTE | 2,384,860 | 38,661 | 6.52% | 2,301,303 | 38,265 | 6.60% | |
| Total interest-earning assets | 3,259,572 | 44,103 | 5.44% | 3,058,256 | 43,342 | 5.62% | |
| Non-earning assets | 567,043 | 550,614 | |||||
| Total assets | $ 3,826,615 | $ 3,608,870 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| Liabilities | |||||||
| Interest-bearing liabilities | |||||||
| Savings and interest-bearing transaction accounts | $ 1,328,139 | $ 1,011 | 0.31% | $ 1,169,947 | $ 1,039 | 0.35% | |
| Time deposits | 1,241,210 | 3,649 | 1.18% | 1,237,625 | 4,045 | 1.30% | |
| Total interest-bearing deposits | 2,569,349 | 4,660 | 0.73% | 2,407,572 | 5,084 | 0.84% | |
| Federal funds purchased | 382 | -- | 0.00% | 48 | -- | 0.00% | |
| Securities sold under agreement to repurchase | 69,051 | 110 | 0.64% | 61,656 | 99 | 0.64% | |
| FHLB borrowed funds | 142,761 | 1,160 | 3.27% | 142,807 | 1,172 | 3.26% | |
| Subordinated debentures | 44,331 | 524 | 4.75% | 44,331 | 540 | 4.83% | |
| Total interest-bearing liabilities | 2,825,874 | 6,454 | 0.92% | 2,656,414 | 6,895 | 1.03% | |
| Non-interest bearing liabilities | |||||||
| Non-interest bearing deposits | 497,634 | 461,044 | |||||
| Other liabilities | 25,563 | 25,344 | |||||
| Total liabilities | 3,349,071 | 3,142,802 | |||||
| Shareholders' equity | 477,544 | 466,068 | |||||
| Total liabilities and shareholders' equity | $ 3,826,615 | $ 3,608,870 | |||||
| Net interest spread | 4.52% | 4.59% | |||||
| Net interest income and margin - FTE | $ 37,649 | 4.65% | $ 36,447 | 4.73% | |||
| Home BancShares, Inc. | |||||||
| Consolidated Net Interest Margin | |||||||
| (Unaudited) | |||||||
| Three Months Ended | |||||||
| March 31, 2012 | March 31, 2011 | ||||||
| Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||
| (Dollars in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | |
| ASSETS | |||||||
| Earning assets | |||||||
| Interest-bearing balances due from banks | $ 151,569 | $ 85 | 0.23% | $ 184,750 | $ 105 | 0.23% | |
| Federal funds sold | 2,964 | 2 | 0.27% | 16,441 | 7 | 0.17% | |
| Investment securities - taxable | 568,890 | 2,860 | 2.02% | 345,053 | 2,160 | 2.54% | |
| Investment securities - non-taxable - FTE | 151,289 | 2,495 | 6.63% | 148,292 | 2,474 | 6.77% | |
| Loans receivable - FTE | 2,384,860 | 38,661 | 6.52% | 2,438,832 | 39,117 | 6.50% | |
| Total interest-earning assets | 3,259,572 | 44,103 | 5.44% | 3,133,368 | 43,863 | 5.68% | |
| Non-earning assets | 567,043 | 560,195 | |||||
| Total assets | $ 3,826,615 | $ 3,693,563 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| Liabilities | |||||||
| Interest-bearing liabilities | |||||||
| Savings and interest-bearing transaction accounts | $ 1,328,139 | $ 1,011 | 0.31% | $ 1,106,343 | $ 1,447 | 0.53% | |
| Time deposits | 1,241,210 | 3,649 | 1.18% | 1,402,558 | 4,813 | 1.39% | |
| Total interest-bearing deposits | 2,569,349 | 4,660 | 0.73% | 2,508,901 | 6,260 | 1.01% | |
| Federal funds purchased | 382 | -- | 0.00% | -- | -- | 0.00% | |
| Securities sold under agreement to repurchase | 69,051 | 110 | 0.64% | 71,057 | 139 | 0.79% | |
| FHLB borrowed funds | 142,761 | 1,160 | 3.27% | 159,178 | 1,291 | 3.29% | |
| Subordinated debentures | 44,331 | 524 | 4.75% | 44,331 | 538 | 4.92% | |
| Total interest-bearing liabilities | 2,825,874 | 6,454 | 0.92% | 2,783,467 | 8,228 | 1.20% | |
| Non-interest bearing liabilities | |||||||
| Non-interest bearing deposits | 497,634 | 407,126 | |||||
| Other liabilities | 25,563 | 23,031 | |||||
| Total liabilities | 3,349,071 | 3,213,624 | |||||
| Shareholders' equity | 477,544 | 479,939 | |||||
| Total liabilities and shareholders' equity | $ 3,826,615 | $ 3,693,563 | |||||
| Net interest spread | 4.52% | 4.48% | |||||
| Net interest income and margin - FTE | $ 37,649 | 4.65% | $ 35,635 | 4.61% | |||