updated 1/20/2011 9:16:31 AM ET 2011-01-20T14:16:31

CONWAY, Ark., Jan. 20, 2011 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (Nasdaq:HOMB), parent company of Centennial Bank, today announced net income for the year ended December 31, 2010 of $17.6 million compared to $26.8 million for the year ended 2009. Diluted earnings per share for the year ended 2010 were $0.52, compared to $1.02 for 2009.

For the fourth quarter of 2010, the Company recorded a net loss of $13.8 million, or $0.51 diluted loss per share compared to net income of $7.9 million, or $0.25 diluted earnings per share for the same period in 2009.

Because acquisitions are a growth and a capital management strategy, cash earnings (net income excluding amortization of intangibles after-tax) are useful in evaluating the Company. Cash diluted loss per share for the fourth quarter of 2010 was $0.49 compared to $0.26 diluted earnings per share for the same period in 2009.

During the fourth quarter of 2010, the Company experienced several financial items that it pre-announced on January 3, 2010. Among these items include $25.2 million in pre-tax bargain purchase gains from two FDIC-assisted acquisitions, a $53.4 million charge for impairment to certain loans which resulted in the Company recording a fourth quarter of 2010 provision for loan losses of $63.0 million, a $3.6 million charge to investment securities as a result of an apparent fraud on bonds sold in Arkansas and $2.2 million of merger expenses from our two fourth quarter FDIC-assisted acquisitions. The combined financial impact of these items to the Company on an after-tax basis is a loss of $26.5 million or $0.93 diluted loss per share.

"Due to our conservative stance, we have maintained strong capital and reserves for difficult times like these. Our sound balance sheet affords us the ability to take these charge-offs and provisions without raising additional capital," said John Allison, Chairman. "We have remained extremely well capitalized through the years. Even after these charge-offs and provisions, we will continue to have capital levels considerably above the capital requirement of our regulators."

"While we are displeased with the recent credit quality issues, we are optimistic of the improvements in base earnings our Company is continuing to accumulate," said Randy Sims, Chief Executive Officer. "We are expecting the FDIC-assisted acquisitions completed during 2010 will continue to provide progress in our base earnings into future periods. We are pleased with the $0.49 diluted earnings per share bargain purchase gain on the two acquisitions completed during the fourth quarter. This positive improvement is just one of the benefits of our acquisition strategy with the long-standing goal of sustained growth in earnings." 

Operating Highlights

Net interest income for the fourth quarter of 2010 was a quarterly record for the Company, increasing 38.5% to $33.4 million compared to $24.1 million for the fourth quarter of 2009. Net interest margin, on a fully taxable equivalent basis, was 4.19% in the quarter just ended compared to 4.14% in the fourth quarter of 2009, an increase of 5 basis points. During 2010, the Company has been able to improve pricing on its deposits and minimize the decline of interest rates on earning assets allowing the Company to improve net interest margin. During the fourth quarter of 2010, the Company reversed approximately $745,000 of interest income related to accrued interest on the loans charged-off and the fraudulent bonds. This reversal reduced the Company's fourth quarter net interest margin by 10 basis points.  

The Company reported $31.9 million of non-interest income for the fourth quarter of 2010, compared to $7.6 million for the fourth quarter of 2009. The most significant components of the fourth quarter non-interest income were $25.2 million bargain purchase gains, $3.3 million from service charges on deposits accounts, $2.0 million from other service charges and fees, $1.9 million of accretion on the FDIC indemnification asset, $1.3 million from mortgage lending income, $358,000 gain on sale of OREO and $277,000 increase in cash value of life insurance offset by the $3.6 million loss on fraudulent securities. Excluding the bargain purchase gains and loss on securities, non-interest income for the fourth quarter of 2010 increased 36.9% from the fourth quarter of 2009.

Non-interest expense for the fourth quarter of 2010 was $26.2 million compared to $16.3 million for the fourth quarter of 2009. This increase is primary the result of increasing the asset size of our Company by 40.1% during 2010 plus the merger expenses associated with the acquisitions. Our efficiency ratio improved 10.1 points to 38.3% for the fourth quarter of 2010 from the 48.4% reported in the fourth quarter of 2009.  This improvement is primarily associated with the bargain purchase gains during the fourth quarter offset by additional costs associated with our acquisitions during 2010.

Financial Condition

Total non-covered loans were $1.89 billion at December 31, 2010 compared to $1.95 billion at December 31, 2009.  Total deposits were $2.96 billion at December 31, 2010 compared to $1.84 billion at December 31, 2009. Total assets were $3.76 billion at December 31, 2010 compared to $2.68 billion at December 31, 2009.

Non-performing non-covered loans were $49.5 million as of December 31, 2010, of which $26.1 million were located in Florida. Non-performing non-covered loans as a percent of total non-covered loans were 2.62% as of December 31, 2010 compared to 2.05% as of December 31, 2009. Non-performing non-covered assets were $61.2 million as of December 31, 2010, of which $32.5 million were located in Florida. Non-performing non-covered assets as a percent of total non-covered assets were 2.08% as of December 31, 2010 compared to the 2.12% reported for December 31, 2009. 

The Company's allowance for loan losses was $53.3 million at December 31, 2010, or 2.83% of total non-covered loans, compared to $43.0 million, or 2.20% of total non-covered loans, at December 31, 2009. As of December 31, 2010, the Company's allowance for loan losses was 108% of its total non-performing non-covered loans equal to the 108% as of December 31, 2009.

Stockholders' equity was $476.9 million at December 31, 2010 compared to $465.0 million at December 31, 2009, an increase of $11.9 million. Book value per common share was $15.02 at December 31, 2010 compared to $14.71 at December 31, 2009.

New Branches

During 2010, Centennial Bank entered into six loss sharing agreements with the FDIC. Through these six transactions, the Company has added a total of thirty-six branch locations in Florida. These branch locations include one in the Florida Keys, six in the Greater Orlando MSA, and twenty-nine in the Florida Panhandle, which contains seven locations in the Panama City MSA and ten locations in the Tallahassee MSA. The Company is currently evaluating the branch locations acquired from the FDIC. Although the Company plans to keep most of the acquired branches, final determinations are still in progress.  The Company anticipates five to six strategic branch closures to occur during the first part of 2011. Presently, the Company is evaluating additional opportunities but has no firm commitments for any additional de novo branch locations.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, January 20, 2010. 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: 447013, which will be available until January 28, 2011 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, estimates regarding impairment charges, the ability to recover some portion of the impaired indebtedness 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, 2009, and in its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010 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, and the Florida Panhandle. 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) 
           
   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31, 
 (In thousands)   2010   2010   2010   2010   2009 
           
ASSETS          
           
Cash and due from banks   $ 49,927  $ 39,894  $ 34,912  $ 36,237  $ 39,970
Interest-bearing deposits with other banks   237,605  168,173  153,302  156,772  133,520
Cash and cash equivalents   287,532  208,067  188,214  193,009  173,490
Federal funds sold   27,848  800  8,665  11,207  11,760
Investment securities - available for sale   469,864  380,717  346,621  362,710  322,115
Loans receivable not covered by loss share   1,887,129  1,955,263  1,965,489  1,959,666  1,950,285
Loans receivable covered by FDIC loss share   575,776  408,239  218,283  225,885  -- 
Allowance for loan losses   (53,348)  (43,784)  (43,614)  (42,845)  (42,968)
Loans receivable, net   2,409,557  2,319,718  2,140,158  2,142,706  1,907,317
Bank premises and equipment, net   81,939  74,860  75,314  69,997  70,810
Foreclosed assets held for sale not covered by loss share   11,626  12,695  11,638  17,610  16,484
Foreclosed assets held for sale covered by FDIC loss share   21,568  18,563  7,420  8,672  -- 
FDIC indemnification asset   227,258  176,844  83,262  85,818  -- 
Cash value of life insurance   51,970  51,694  51,366  51,019  52,176
Accrued interest receivable   16,176  15,269  13,071  14,854  13,137
Deferred tax asset, net   11,679  13,080  9,652  11,035  14,777
Goodwill   59,663  59,663  53,039  53,039  53,039
Core deposit and other intangibles   11,447  8,402  6,406  6,989  4,698
Mortgage servicing rights   --   --   --   872  1,090
Other assets   74,519  51,765  44,063  47,169  43,972
Total assets   $ 3,762,646  $ 3,392,137  $ 3,038,889  $ 3,076,706  $ 2,684,865
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
Liabilities          
Deposits:           
Demand and non-interest-bearing   $ 392,622  $ 368,822  $ 337,073  $ 354,663  $ 302,228
Savings and interest-bearing transaction accounts   1,108,309  926,746  833,912  863,988  714,744
Time deposits   1,460,867  1,268,868  1,015,507  1,002,437  818,451
Total deposits   2,961,798  2,564,436  2,186,492  2,221,088  1,835,423
Federal funds purchased   --   --   --   --   -- 
Securities sold under agreements to repurchase   74,459  73,015  62,869  55,403  62,000
FHLB borrowed funds   177,270  187,393  232,416  254,548  264,360
Accrued interest payable and other liabilities   27,863  24,494  22,558  21,360  10,625
Subordinated debentures   44,331  44,331  47,439  47,462  47,484
Total liabilities   3,285,721  2,893,669  2,551,774  2,599,861  2,219,892
           
Stockholders' equity           
Preferred stock   49,456  49,411  49,366  49,320  49,275
Common stock   285  284  283  257  257
Capital surplus   432,962  432,668  431,343  363,870  363,519
Retained earnings   (6,079)  9,934  2,580  62,414  51,746
Accumulated other comprehensive gain (loss)   301  6,171  3,543  984  176
Total stockholders' equity   476,925  498,468  487,115  476,845  464,973
Total liabilities and stockholders' equity   $ 3,762,646  $ 3,392,137  $ 3,038,889  $ 3,076,706  $ 2,684,865
           
RATIOS          
Total loans to total deposits  83.16% 92.16% 99.88% 98.40% 106.26%
Common equity to assets  11.4% 13.2% 14.4% 13.9% 15.5%
Tangible common equity to tangible assets  9.7% 11.5% 12.7% 12.2% 13.6%
 
 
 Home BancShares, Inc. 
 Consolidated Statements of (Loss) Income 
 (Unaudited) 
               
   Quarter Ended   Year Ended 
   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,   Dec. 31,   Dec. 31, 
(In thousands)   2010   2010   2010   2010   2009   2010   2009 
               
Interest income               
Loans   $ 39,187  $ 35,673  $ 33,136  $ 29,866  $ 29,625  $ 137,862  $ 118,208
Investment securities               
Taxable   1,688  1,802  1,935  1,627  1,646  7,052  8,319
Tax-exempt   1,292  1,492  1,500  1,479  1,491  5,763  5,595
Deposits - other banks   150  92  81  85  89  408  116
Federal funds sold   24  3  5  5  3  37  15
               
Total interest income   42,341  39,062  36,657  33,062  32,854  151,122  132,253
               
Interest expense               
Interest on deposits   6,816  6,319  5,872  5,295  5,704  24,302  27,442
Federal funds purchased   --   --   --   --   --   --   6
FHLB borrowed funds   1,461  1,854  2,082  2,177  2,338  7,574  9,466
Securities sold under agreements to repurchase   148  137  118  94  116  497  477
Subordinated debentures   539  599  600  597  594  2,335  2,552
               
Total interest expense   8,964  8,909  8,672  8,163  8,752  34,708  39,943
               
Net interest income   33,377  30,153  27,985  24,899  24,102  116,414  92,310
Provision for loan losses   63,000  3,000  3,750  3,100  3,850  72,850  11,150
Net interest (loss) income after provision for loan losses   (29,623)  27,153  24,235  21,799  20,252  43,564  81,160
               
Non-interest income               
Service charges on deposit accounts   3,325  3,551  3,583  3,141  3,759  13,600  14,551
Other service charges and fees   2,018  1,816  1,899  1,638  1,527  7,371  6,857
Mortgage lending income   1,289  760  650  412  555  3,111  2,738
Mortgage servicing income   --   --   154  160  164  314  726
Insurance commissions   276  248  309  347  253  1,180  881
Income from title services   110  98  148  107  134  463  575
Increase in cash value of life insurance   277  330  348  428  435  1,383  1,981
Dividends from FHLB, FRB & bankers' bank   142  151  142  126  120  561  440
Gain on acquisitions   25,150  --   --   9,334  --   34,484  -- 
Gain on sale of SBA loans   --   --   18  --   51  18  51
Gain (loss) on sale of premises & equip, net   (129)  2  12  207  4  92  (29)
Gain (loss) on OREO, net   358  (1,063)  (404)  159  97  (950)  (44)
Gain (loss) on securities, net   (3,606)  (37)  --   --   4  (3,643)  1
FDIC indemnification accretion   1,877  1,895  663  73  --   4,508  -- 
Other income   790  556  698  513  448  2,557  1,931
               
Total non-interest income   31,877  8,307  8,220  16,645  7,551  65,049  30,659
               
Non-interest expense               
Salaries and employee benefits   11,630  9,637  9,080  8,534  7,672  38,881  33,035
Occupancy and equipment   4,128  3,264  2,973  2,799  2,549  13,164  10,599
Data processing expense   849  848  954  862  834  3,513  3,214
Other operating expenses   9,555  7,545  5,983  6,360  5,260  29,443  26,035
               
Total non-interest expense   26,162  21,294  18,990  18,555  16,315  85,001  72,883
               
(Loss) income before income taxes   (23,908)  14,166  13,465  19,889  11,488  23,612  38,936
Income tax (benefit) expense   (10,101)  4,606  4,508  7,008  3,607  6,021  12,130
Net (loss) income   (13,807)  9,560  8,957  12,881  7,881  17,591  26,806
Preferred stock dividends & accretion of discount on preferred stock   670  670  670  670  670  2,680  2,576
Net (loss) income available to common shareholders   $ (14,477)  $ 8,890  $ 8,287  $ 12,211  $ 7,211  $ 14,911  $ 24,230
 
 
 Home BancShares, Inc. 
 Selected Financial Information 
 (Unaudited) 
               
   Quarter Ended   Year Ended 
(Dollars and shares in thousands,   Dec. 31,   Sept. 30,   Jun. 30,   Mar. 31,   Dec. 31,   Dec. 31,   Dec. 31, 
 except per share data)   2010   2010   2010   2010   2009   2010   2009 
               
PER SHARE DATA              
               
Diluted (loss) earnings per common share   $ (0.51)  $ 0.31  $ 0.29  $ 0.43  $ 0.25  $ 0.52  $ 1.02
Diluted cash (loss) earnings per common share   (0.49)  0.33  0.30  0.44  0.26  0.58  1.06
Basic (loss) earnings per common share   (0.51)  0.32  0.29  0.43  0.25  0.53  1.03
Dividends per share - common   0.0540  0.0540  0.0540  0.0545  0.0545  0.2165  0.2182
Book value per common share   15.02  15.79  15.44  15.11  14.71  15.02  14.71
Tangible book value per common share   12.52  13.40  13.35  12.99  12.66  12.52  12.66
               
STOCK INFORMATION              
               
Average common shares outstanding   28,443  28,403  28,320  28,278  28,196  28,361  23,627
Average diluted shares outstanding   28,659  28,644  28,586  28,530  28,433  28,600  23,884
End of period common shares outstanding   28,452  28,434  28,344  28,288  28,259  28,452  28,259
               
ANNUALIZED PERFORMANCE RATIOS              
               
Return on average assets  -1.45% 1.15% 1.17% 1.90% 1.17% 0.55% 1.03%
Cash return on average assets  -1.43% 1.22% 1.25% 1.98% 1.24% 0.61% 1.10%
Return on average common equity  -12.77% 7.81% 7.69% 11.84% 6.95% 3.41% 7.45%
Cash return on average tangible common equity  -14.64% 9.55% 9.30% 14.07% 8.40% 4.40% 9.49%
Efficiency ratio  38.27% 52.14% 49.39% 42.44% 48.39% 44.41% 55.98%
Core efficiency ratio  52.24% 47.20% 47.59% 51.41% 49.30% 49.62% 53.96%
Net interest margin - FTE  4.19% 4.35% 4.30% 4.26% 4.14% 4.27% 4.09%
Fully taxable equivalent adjustment   950  1,084  1,067  1,050  1,106  4,151  3,917
               
RECONCILIATION OF CASH (LOSS) EARNINGS              
               
GAAP net (loss) income available to common shareholders   $ (14,477)  $ 8,890  $ 8,287  $ 12,211  $ 7,211  $ 14,911  $ 24,230
Intangible amortization after-tax   501  410  354  291  281  1,556  1,125
Cash (loss) earnings   $ (13,976)  $ 9,300  $ 8,641  $ 12,502  $ 7,492  $ 16,467  $ 25,355
               
GAAP diluted (loss) earnings per share   $ (0.51)  $ 0.31  $ 0.29  $ 0.43  $ 0.25  $ 0.52  $ 1.02
Intangible amortization after-tax   0.02  0.02  0.01  0.01  0.01  0.06  0.04
Diluted cash (loss) earnings per share   $ (0.49)  $ 0.33  $ 0.30  $ 0.44  $ 0.26  $ 0.58  $ 1.06
               
OTHER OPERATING EXPENSES              
               
Advertising   $ 682  $ 532  $ 453  $ 366  $ 591  $ 2,033  $ 2,614
Merger and acquisition expenses   2,195  1,653  258  1,059  (129)  5,165  1,511
Amortization of intangibles   825  674  583  479  462  2,561  1,849
Amortization of mortgage servicing rights   --   --   218  218  218  436  801
Electronic banking expense   506  495  496  477  465  1,974  2,903
Directors' fees   177  176  181  145  226  679  986
Due from bank service charges   104  142  103  90  103  439  414
FDIC and state assessment   884  908  986  898  862  3,676  4,689
Insurance   315  309  296  300  274  1,220  1,120
Legal and accounting   450  426  356  388  38  1,620  915
Mortgage servicing expense   (6)  4  76  84  78  158  303
Other professional fees   460  385  368  313  300  1,526  1,087
Operating supplies   270  226  207  186  215  889  837
Postage   194  167  164  150  153  675  665
Telephone   294  240  152  138  145  824  668
Other expense   2,205  1,208  1,086  1,069  1,259  5,568  4,673
               
Total other operating expenses   $ 9,555  $ 7,545  $ 5,983  $ 6,360  $ 5,260  $ 29,443  $ 26,035
 
 
 Home BancShares, Inc. 
 Selected Financial Information 
 (Unaudited) 
           
   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31, 
 (Dollars in thousands)   2010   2010   2010   2010   2009 
           
LOANS NOT COVERED BY LOSS SHARE          
           
Real estate           
Commercial real estate loans           
Non-farm/non-residential   $ 801,324  $ 824,041  $ 823,465  $ 822,252  $ 808,983
Construction/land development   347,834  366,302  365,779  363,738  368,723
Agricultural   26,798  27,019  26,989  30,943  33,699
Residential real estate loans           
Residential 1-4 family   371,381  377,843  376,196  381,451  382,504
Multifamily residential   59,319  59,032  65,147  63,602  62,609
Total real estate   1,606,656  1,654,237  1,657,576  1,661,986  1,656,518
Consumer   51,642  35,729  33,566  33,206  39,084
Commercial and industrial   184,014  215,245  222,403  231,867  219,847
Agricultural   16,549  23,177  23,307  12,122  10,280
Other   28,268  26,875  28,637  20,485  24,556
 Loans receivable not covered by loss share   1,887,129  1,955,263  1,965,489  1,959,666  1,950,285
           
ALLOWANCE FOR LOAN LOSSES          
           
Balance, beginning of period   $ 43,784  $ 43,614  $ 42,845  $ 42,968  $ 41,210
Loans charged off   53,634  3,047  4,052  3,720  2,639
Recoveries of loans previously charged off   198  217  1,071  497  547
Net loans charged off   53,436  2,830  2,981  3,223  2,092
Provision for loan losses   63,000  3,000  3,750  3,100  3,850
Balance, end of period   $ 53,348  $ 43,784  $ 43,614  $ 42,845  $ 42,968
           
Net charge-offs to average non-covered loans  10.84% 0.57% 0.61% 0.67% 0.42%
Allowance for loan losses to total non-covered loans  2.83% 2.24% 2.22% 2.19% 2.20%
           
NON-PERFORMING ASSETS          
NOT COVERED BY LOSS SHARE          
           
Non-performing non-covered loans           
Non-accrual non-covered loans   $ 48,924  $ 41,412  $ 38,069  $ 33,907  $ 37,056
Non-covered loans past due 90 days or more   578  162  53  3,915  2,889
Total non-performing non-covered loans   49,502  41,574  38,122  37,822  39,945
Other non-performing non-covered assets           
Non-covered foreclosed assets held for sale, net   11,626  12,695  11,638  17,610  16,484
Other non-performing non-covered assets   77  87  307  394  371
Total other non-performing non-covered assets   11,703  12,782  11,945  18,004  16,855
Total non-performing non-covered assets   $ 61,205  $ 54,356  $ 50,067  $ 55,826  $ 56,800
           
Allowance for loan losses to non-performing non-covered loans  107.77% 105.32% 114.41% 113.28% 107.57%
Non-performing non-covered loans to total non-covered loans  2.62% 2.13% 1.94% 1.93% 2.05%
Non-performing non-covered assets to total non-covered assets  2.08% 1.95% 1.83% 2.03% 2.12%
 
 
 Home BancShares, Inc. 
 Consolidated Net Interest Margin 
 (Unaudited) 
             
   Three Months Ended 
   December 31, 2010   September 30, 2010 
   Average   Income/   Yield/   Average   Income/   Yield/ 
 (Dollars in thousands)   Balance   Expense   Rate   Balance   Expense   Rate 
             
ASSETS            
Earning assets             
Interest-bearing balances due from banks   $ 249,666  $ 150 0.24%  $ 177,230  $ 92 0.21%
Federal funds sold   23,406  24 0.41%  4,674  3 0.25%
Investment securities - taxable   305,880  1,688 2.19%  212,083  1,802 3.37%
Investment securities - non-taxable - FTE   143,361  2,095 5.80%  145,355  2,414 6.59%
Loans receivable - FTE   2,524,429  39,334 6.18%  2,312,684  35,835 6.15%
Total interest-earning assets   3,246,742  43,291 5.29%  2,852,026  40,146 5.58%
Non-earning assets   526,685      449,710    
Total assets   $ 3,773,427      $ 3,301,736    
             
LIABILITIES AND SHAREHOLDERS' EQUITY            
Liabilities             
Interest-bearing liabilities             
Savings and interest-bearing transaction accounts   $ 1,077,241  $ 1,465 0.54%  $ 892,232  $ 1,388 0.62%
Time deposits   1,475,554  5,351 1.44%  1,211,551  4,931 1.61%
Total interest-bearing deposits   2,552,795  6,816 1.06%  2,103,783  6,319 1.19%
Federal funds purchased   --   --  0.00%  --   --  0.00%
Securities sold under agreement to repurchase   74,387  148 0.79%  68,595  137 0.79%
FHLB borrowed funds   180,343  1,461 3.21%  211,792  1,854 3.47%
Subordinated debentures   44,331  539 4.82%  46,623  599 5.10%
Total interest-bearing liabilities   2,851,856  8,964 1.25%  2,430,793  8,909 1.45%
Non-interest bearing liabilities             
Non-interest bearing deposits  390,108      346,105    
Other liabilities   32,126      23,688    
Total liabilities   3,274,090      2,800,586    
Shareholders' equity   499,337      501,150    
Total liabilities and shareholders' equity   $ 3,773,427      $ 3,301,736    
Net interest spread      4.04%     4.13%
Net interest income and margin - FTE     $ 34,327 4.19%    $ 31,237 4.35%
 
 
 Home BancShares, Inc. 
 Consolidated Net Interest Margin 
 (Unaudited) 
             
   Year Ended 
   December 31, 2010   December 31, 2009 
   Average   Income/   Yield/   Average   Income/   Yield/ 
(Dollars in thousands)   Balance   Expense   Rate   Balance   Expense   Rate 
             
ASSETS            
Earning assets             
Interest-bearing balances due from banks   $ 177,418  $ 408 0.23%  $ 48,701  $ 116 0.24%
Federal funds sold   15,500  37 0.24%  8,510  15 0.18%
Investment securities - taxable   232,578  7,052 3.03%  196,363  8,319 4.24%
Investment securities - non-taxable - FTE   141,066  9,323 6.61%  130,033  8,961 6.89%
Loans receivable - FTE   2,257,310  138,453 6.13%  1,971,712  118,759 6.02%
Total interest-earning assets   2,823,872  155,273 5.50%  2,355,319  136,170 5.78%
Non-earning assets   401,314      251,656    
Total assets   $ 3,225,186      $ 2,606,975    
             
LIABILITIES AND SHAREHOLDERS' EQUITY            
Liabilities             
Interest-bearing liabilities             
Savings and interest-bearing transaction accounts   $ 898,272  $ 5,242 0.58%  $ 675,377  $ 4,663 0.69%
Time deposits   1,140,383  19,060 1.67%  861,071  22,779 2.65%
Total interest-bearing deposits   2,038,655  24,302 1.19%  1,536,448  27,442 1.79%
Federal funds purchased   19  --  0.00%  2,924  6 0.21%
Securities sold under agreement to repurchase   64,694  497 0.77%  70,798  477 0.67%
FHLB borrowed funds   220,590  7,574 3.43%  280,162  9,466 3.38%
Subordinated debentures   46,462  2,335 5.03%  47,531  2,552 5.37%
Total interest-bearing liabilities   2,370,420  34,708 1.46%  1,937,863  39,943 2.06%
Non-interest bearing liabilities             
Non-interest bearing deposits  344,778      284,647    
Other liabilities   22,980      12,036    
Total liabilities   2,738,178      2,234,546    
Shareholders' equity   487,008      372,429    
Total liabilities and shareholders' equity   $ 3,225,186      $ 2,606,975    
Net interest spread      4.04%     3.72%
Net interest income and margin - FTE     $ 120,565 4.27%    $ 96,227 4.09%
CONTACT: Brian S. Davis
         Chief Accounting Officer &
         Investor Relations Officer
         Home BancShares, Inc.
         (501) 328-4770

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.94%
$30K home equity loan FICO 5.19%
$75K home equity loan FICO 4.58%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.40%
13.40%
Cash Back Cards 17.92%
17.91%
Rewards Cards 17.12%
17.11%
Source: Bankrate.com