updated 4/21/2011 9:16:14 AM ET 2011-04-21T13:16:14

CONWAY, Ark., April 21, 2011 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (Nasdaq:HOMB), parent company of Centennial Bank, today announced first quarter earnings of $12.7 million, or $0.42 diluted earnings per common share, compared to $12.9 million, or $0.43 diluted earnings per common share for the same quarter in 2010. During the first quarter of 2010, we acquired Old Southern Bank and Key West Bank through FDIC-assisted acquisitions. Excluding the $5.7 million after-tax bargain purchase gains on these acquisitions, the Company increased its first quarter base net income by $5.5 million or $76.4% for the three months ended March 31, 2011 compared to the same period of the previous year.

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 earnings per common share for the first quarter of 2011 was $0.44 compared to $0.44 cash diluted earnings per common share for the same period in 2010.

"The first quarter of 2011 developed into a great quarter for the Company," said John Allison, Chairman. "True to form, we continue to sustain healthy reserves as well as remaining at capital levels considerably above the regulators' capital requirements. This leaves us well positioned to take advantage of opportunistic FDIC deals as they become available."

"We are pleased with our performance in the first quarter of 2011," said Randy Sims, Chief Executive Officer. "During the quarter just ended, we saw our net interest margin improve 35 basis points over the first quarter of 2010 as well as significant improvements in the non-performing non-covered loans and non-performing non-covered assets when compared to those during 2010. The progress made by our associates in improving asset quality was impressive."

Operating Highlights

Net interest income for the first quarter of 2011 was a quarterly record for the Company, increasing 38.7% to $34.5 million compared to $24.9 million for the first quarter of 2010. For the first quarter of 2011, the effective yield on non-covered loans and covered loans was 6.38% and 6.90%, respectively. Net interest margin, on a fully taxable equivalent basis, was 4.61% in the quarter just ended compared to 4.26% in the first quarter of 2010, an increase of 35 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 $10.0 million of non-interest income for the first quarter of 2011, compared to $16.6 million for the first quarter of 2010. The most significant components of the first quarter non-interest income were $3.2 million from service charges on deposits accounts, $2.3 million from other service charges and fees, $1.8 million of accretion on the FDIC indemnification asset, $645,000 from mortgage lending income, $607,000 from insurance commissions, $259,000 gain on sale of SBA loans and $239,000 increase in cash value of life insurance, $308,000 gain (included in other income) on life insurance proceeds of a former bank director offset by the $94,000 from a loss on sale of OREO. Excluding the $9.3 million pre-tax bargain purchase gains on the Old Southern Bank and Key West Bank acquisitions, the Company increased first quarter non-interest income by $2.7 million or $37.3% for the three months ended March 31, 2011 compared to the same period of the previous year.

Non-interest expense for the first quarter of 2011 was $23.9 million compared to $18.6 million for the first quarter of 2010. This increase is primarily the result of increasing the asset size of our Company by 20.4% from the first quarter of 2010 to the first quarter of 2011. Our core efficiency ratio improved 22 basis points to 51.19% for the first quarter of 2011 from the 51.41% reported in the first quarter of 2010.  

Financial Condition

Total non-covered loans were $1.85 billion at March 31, 2011 compared to $1.89 billion at December 31, 2010.  Total covered loans were $566.5 million at March 31, 2011 compared to $575.8 million at December 31, 2010. Total deposits were $2.92 billion at March 31, 2011 compared to $2.96 billion at December 31, 2010. Total assets were $3.71 billion at March 31, 2011 compared to $3.76 billion at December 31, 2010.

Non-performing non-covered loans were $33.5 million as of March 31, 2011, of which $19.3 million were located in Florida. Non-performing non-covered loans as a percent of total non-covered loans were 1.81% as of March 31, 2011 compared to 2.62% as of December 31, 2010. Non-performing non-covered assets were $51.4 million as of March 31, 2011, of which $26.4 million were located in Florida. Non-performing non-covered assets as a percent of total non-covered assets were 1.78% as of March 31, 2011 compared to the 2.08% reported for December 31, 2010. 

The Company's allowance for loan losses was $53.6 million at March 31, 2011, or 2.90% of total non-covered loans, compared to $53.3 million, or 2.82% of total non-covered loans, at December 31, 2010. As of March 31, 2011, the Company's allowance for loan losses was 160% of its total non-performing non-covered loans compared to 108% as of December 31, 2010.

Stockholders' equity was $488.3 million at March 31, 2011 compared to $476.9 million at December 31, 2010, an increase of $11.4 million. Book value per common share was $15.41 at March 31, 2011 compared to $15.02 at December 31, 2010. 

Branches

During the first quarter of 2011, the Company completed seven strategic branch closures. These include one branch in Port St. Joe and one grocery store branch in each of the Crawfordville and Blountstown locations. The remaining four strategic branch closures during the first quarter are branches associated with the acquisition of Gulf State Community Bank in 2010. The Company expects one additional branch closure during the second quarter associated with the Gulf State acquisition. 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, April 21, 2011. 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: 449689, which will be available until April 29, 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, 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) 
           
 (In thousands)  Mar. 31,

2011 
Dec. 31,

2010 
Sep. 30, 

2010 
Jun. 30,

2010 
Mar. 31,

2010 
           
           
ASSETS          
           
Cash and due from banks   $ 58,123  $ 49,927  $ 39,894  $ 34,912  $ 36,237
Interest-bearing deposits with other banks   201,834  237,605  168,173  153,302  156,772
Cash and cash equivalents   259,957  287,532  208,067  188,214  193,009
Federal funds sold   1,175  27,848  800  8,665  11,207
Investment securities - available for sale   510,019  469,864  380,717  346,621  362,710
Loans receivable not covered by loss share   1,849,302  1,892,374  1,955,263  1,965,489  1,959,666
Loans receivable covered by FDIC loss share   566,463  575,776  408,239  218,283  225,885
Allowance for loan losses   (53,591)  (53,348)  (43,784)  (43,614)  (42,845)
Loans receivable, net   2,362,174  2,414,802  2,319,718  2,140,158  2,142,706
Bank premises and equipment, net   90,413  81,939  74,860  75,314  69,997
Foreclosed assets held for sale not covered by loss share   17,877  11,626  12,695  11,638  17,610
Foreclosed assets held for sale covered by FDIC loss share   21,079  21,568  18,563  7,420  8,672
FDIC indemnification asset   224,075  227,258  176,844  83,262  85,818
Cash value of life insurance   51,815  51,970  51,694  51,366  51,019
Accrued interest receivable   15,337  16,176  15,269  13,071  14,854
Deferred tax asset, net   23,193  18,586  13,080  9,652  11,035
Goodwill   59,663  59,663  59,663  53,039  53,039
Core deposit and other intangibles   10,734  11,447  8,402  6,406  6,989
Mortgage servicing rights   --   --   --   --   872
Other assets   58,042  62,367  51,765  44,063  47,169
Total assets   $ 3,705,553  $ 3,762,646  $ 3,392,137  $ 3,038,889  $ 3,076,706
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
Liabilities          
Deposits:           
Demand and non-interest-bearing   $ 447,245  $ 392,622  $ 368,822  $ 337,073  $ 354,663
Savings and interest-bearing transaction accounts   1,112,948  1,108,309  926,746  833,912  863,988
Time deposits   1,357,338  1,460,867  1,268,868  1,015,507  1,002,437
Total deposits   2,917,531  2,961,798  2,564,436  2,186,492  2,221,088
Federal funds purchased   --   --   --   --   -- 
Securities sold under agreements to repurchase   69,834  74,459  73,015  62,869  55,403
FHLB borrowed funds   150,247  177,270  187,393  232,416  254,548
Accrued interest payable and other liabilities   35,285  27,863  24,494  22,558  21,360
Subordinated debentures   44,331  44,331  44,331  47,439  47,462
Total liabilities   3,217,228  3,285,721  2,893,669  2,551,774  2,599,861
           
Stockholders' equity           
Preferred stock   49,502  49,456  49,411  49,366  49,320
Common stock   285  285  284  283  257
Capital surplus   433,130  432,962  432,668  431,343  363,870
Retained earnings   4,428  (6,079)  9,934  2,580  62,414
Accumulated other comprehensive income (loss)   980  301  6,171  3,543  984
Total stockholders' equity   488,325  476,925  498,468  487,115  476,845
Total liabilities and stockholders' equity   $ 3,705,553  $ 3,762,646  $ 3,392,137  $ 3,038,889  $ 3,076,706
 
 Home BancShares, Inc. 
 Consolidated Statements of Income (Loss) 
 (Unaudited) 
               
   Quarter Ended   Year Ended 
 (In thousands)  Mar. 31,

2011 
Dec. 31,

2010 
Sep. 30,

2010 
Jun. 30,

2010 
Mar. 31,

2010 
Mar. 31,

2011 
Mar. 31,

2010 
               
               
Interest income               
Loans   $ 38,955  $ 39,187  $ 35,673  $ 33,136  $ 29,866  $ 38,955  $ 29,866
Investment securities               
Taxable   2,160  1,688  1,802  1,935  1,627  2,160  1,627
Tax-exempt   1,528  1,292  1,492  1,500  1,479  1,528  1,479
Deposits - other banks   105  150  92  81  85  105  85
Federal funds sold   7  24  3  5  5  7  5
               
Total interest income   42,755  42,341  39,062  36,657  33,062  42,755  33,062
               
Interest expense               
Interest on deposits   6,260  6,816  6,319  5,872  5,295  6,260  5,295
Federal funds purchased   --   --   --   --   --   --   -- 
FHLB borrowed funds   1,291  1,461  1,854  2,082  2,177  1,291  2,177
Securities sold under agreements to repurchase   139  148  137  118  94  139  94
Subordinated debentures   538  539  599  600  597  538  597
               
Total interest expense   8,228  8,964  8,909  8,672  8,163  8,228  8,163
               
Net interest income   34,527  33,377  30,153  27,985  24,899  34,527  24,899
Provision for loan losses   1,250  63,000  3,000  3,750  3,100  1,250  3,100
Net interest income (loss) after provision for loan losses   33,277  (29,623)  27,153  24,235  21,799  33,277  21,799
               
Non-interest income               
Service charges on deposit accounts   3,151  3,325  3,551  3,583  3,141  3,151  3,141
Other service charges and fees   2,284  2,018  1,816  1,899  1,638  2,284  1,638
Mortgage lending income   645  1,289  760  650  412  645  412
Mortgage servicing income   --   --   --   154  160  --   160
Insurance commissions   607  276  248  309  347  607  347
Income from title services   91  110  98  148  107  91  107
Increase in cash value of life insurance   239  277  330  348  428  239  428
Dividends from FHLB, FRB & bankers' bank   141  142  151  142  126  141  126
Gain on acquisitions   --   25,150  --   --   9,334  --   9,334
Gain on sale of SBA loans   259  --   --   18  --   259  -- 
Gain (loss) on sale of premises & equip, net   (4)  (129)  2  12  207  (4)  207
Gain (loss) on OREO, net   (94)  358  (1,063)  (404)  159  (94)  159
Gain (loss) on securities, net   --   (3,606)  (37)  --   --   --   -- 
FDIC indemnification accretion   1,837  1,877  1,895  663  73  1,837  73
Other income   884  790  556  698  513  884  513
               
Total non-interest income   10,040  31,877  8,307  8,220  16,645  10,040  16,645
               
Non-interest expense               
Salaries and employee benefits   11,078  11,630  9,637  9,080  8,534  11,078  8,534
Occupancy and equipment   3,713  4,128  3,264  2,973  2,799  3,713  2,799
Data processing expense   1,285  972  848  954  862  1,285  862
Other operating expenses   7,785  9,432  7,545  5,983  6,360  7,785  6,360
               
Total non-interest expense   23,861  26,162  21,294  18,990  18,555  23,861  18,555
               
Income (loss) before income taxes   19,456  (23,908)  14,166  13,465  19,889  19,456  19,889
Income tax expense (benefit)   6,740  (10,101)  4,606  4,508  7,008  6,740  7,008
Net income (loss)   12,716  (13,807)  9,560  8,957  12,881  12,716  12,881
Preferred stock dividends & accretion of discount on preferred stock   670  670  670  670  670  670  670
Net income (loss) available to common shareholders   $ 12,046  $ (14,477)  $ 8,890  $ 8,287  $ 12,211  $ 12,046  $ 12,211
 
 
 Home BancShares, Inc. 
 Selected Financial Information 
 (Unaudited) 
               
   Quarter Ended   Year Ended 
(Dollars and shares in thousands,

except per share data) 
Mar. 31,

2011 
Dec. 31,

2010 
Sept. 30, 

2010 
Jun. 30,

2010 
Mar. 31,

2010 
Mar. 31,

2011 
Mar. 31,

2010 
               
PER SHARE DATA              
               
Diluted earnings (loss) per common share   $ 0.42  $ (0.51)  $ 0.31  $ 0.29  $ 0.43  $ 0.42  $ 0.43
Diluted cash earnings (loss) per common share   0.44  (0.49)  0.33  0.30  0.44  0.44  0.44
Basic earnings (loss) per common share   0.42  (0.51)  0.32  0.29  0.43  0.42  0.43
Dividends per share - common   0.0540  0.0540  0.0540  0.0540  0.0545  0.0540  0.0545
Book value per common share   15.41  15.02  15.79  15.44  15.11  15.41  15.11
Tangible book value per common share   12.93  12.52  13.40  13.35  12.99  12.93  12.99
               
STOCK INFORMATION              
               
Average common shares outstanding   28,469  28,443  28,403  28,320  28,278  28,469  28,278
Average diluted shares outstanding   28,672  28,659  28,644  28,586  28,530  28,672  28,530
End of period common shares outstanding   28,483  28,452  28,434  28,344  28,288  28,483  28,288
               
ANNUALIZED PERFORMANCE RATIOS              
               
Return on average assets  1.40% -1.45% 1.15% 1.17% 1.90% 1.40% 1.90%
Cash return on average assets  1.47% -1.43% 1.22% 1.25% 1.98% 1.47% 1.98%
Return on average common equity  11.35% -12.77% 7.81% 7.69% 11.84% 11.35% 11.84%
Cash return on average tangible common equity  14.07% -14.64% 9.55% 9.30% 14.07% 14.07% 14.07%
Efficiency ratio  50.68% 38.27% 52.14% 49.39% 42.44% 50.68% 42.44%
Core efficiency ratio  51.19% 52.24% 47.20% 47.59% 51.41% 51.19% 51.41%
Net interest margin - FTE  4.61% 4.19% 4.35% 4.30% 4.26% 4.61% 4.26%
Fully taxable equivalent adjustment   1,108  950  1,084  1,067  1,050  1,108  1,050
               
RECONCILIATION OF CASH EARNINGS (LOSS)              
               
GAAP net income (loss) available to 

common shareholders 
 $ 12,046  $ (14,477)  $ 8,890  $ 8,287  $ 12,211  $ 12,046  $ 12,211
Intangible amortization after-tax   433  501  410  354  291  433  291
Cash earnings (loss)   $ 12,479  $ (13,976)  $ 9,300  $ 8,641  $ 12,502  $ 12,479  $ 12,502
               
GAAP diluted earnings (loss) per share   $ 0.42  $ (0.51)  $ 0.31  $ 0.29  $ 0.43  $ 0.42  $ 0.43
Intangible amortization after-tax   0.02  0.02  0.02  0.01  0.01  0.02  0.01
Diluted cash earnings (loss) per share   $ 0.44  $ (0.49)  $ 0.33  $ 0.30  $ 0.44  $ 0.44  $ 0.44
               
OTHER OPERATING EXPENSES              
               
Advertising   $ 998  $ 682  $ 532  $ 453  $ 366  $ 998  $ 366
Merger and acquisition expenses   11  2,195  1,653  258  1,059  11  1,059
Amortization of intangibles   713  825  674  583  479  713  479
Amortization of mortgage servicing rights   --   --   --   218  218  --   218
Electronic banking expense   659  506  495  496  477  659  477
Directors' fees   185  177  176  181  145  185  145
Due from bank service charges   140  104  142  103  90  140  90
FDIC and state assessment   1,093  884  908  986  898  1,093  898
Insurance   371  315  309  296  300  371  300
Legal and accounting   447  450  426  356  388  447  388
Mortgage servicing expense   --   (6)  4  76  84  --   84
Other professional fees   413  460  385  368  313  413  313
Operating supplies   289  270  226  207  186  289  186
Postage   245  194  167  164  150  245  150
Telephone   263  294  240  152  138  263  138
Other expense   1,958  2,082  1,208  1,086  1,069  1,958  1,069
               
Total other operating expenses   $ 7,785  $ 9,432  $ 7,545  $ 5,983  $ 6,360  $ 7,785  $ 6,360
 
 
Home BancShares, Inc. 
Selected Financial Information 
(Unaudited) 
           
(Dollars in thousands)  Mar. 31,

2011 
Dec. 31,

2010 
Sep. 30,

2010 
Jun. 30, 

2010 
Mar. 31, 

2010 
           
BALANCE SHEET RATIOS          
           
Total loans to total deposits  82.80% 83.33% 92.16% 99.88% 98.40%
Common equity to assets  11.8% 11.4% 13.2% 14.4% 13.9%
Tangible common equity to tangible assets  10.1% 9.7% 11.5% 12.7% 12.2%
           
ALLOWANCE FOR LOAN LOSSES          
           
Balance, beginning of period   $ 53,348  $ 43,784  $ 43,614  $ 42,845  $ 42,968
Loans charged off   1,622  53,634  3,047  4,052  3,720
Recoveries of loans previously charged off   615  198  217  1,071  497
Net loans charged off   1,007  53,436  2,830  2,981  3,223
Provision for loan losses   1,250  63,000  3,000  3,750  3,100
Balance, end of period   $ 53,591  $ 53,348  $ 43,784  $ 43,614  $ 42,845
           
Net charge-offs to average non-covered loans  0.22% 10.84% 0.57% 0.61% 0.67%
Allowance for loan losses to total non-covered loans  2.90% 2.82% 2.24% 2.22% 2.19%
           
NON-PERFORMING ASSETS

NOT COVERED BY LOSS SHARE
         
           
Non-performing non-covered loans           
Non-accrual non-covered loans   $ 33,524  $ 48,924  $ 41,412  $ 38,069  $ 33,907
Non-covered loans past due 90 days or more   9  578  162  53  3,915
Total non-performing non-covered loans   33,533  49,502  41,574  38,122  37,822
Other non-performing non-covered assets           
Non-covered foreclosed assets held for sale, net   17,877  11,626  12,695  11,638  17,610
Other non-performing non-covered assets   15  77  87  307  394
Total other non-performing non-covered assets   17,892  11,703  12,782  11,945  18,004
Total non-performing non-covered assets   $ 51,425  $ 61,205  $ 54,356  $ 50,067  $ 55,826
           
Allowance for loan losses to non-performing

non-covered loans 
159.82% 107.77% 105.32% 114.41% 113.28%
Non-performing non-covered loans to total

non-covered loans 
1.81% 2.62% 2.13% 1.94% 1.93%
Non-performing non-covered assets to total

non-covered assets 
1.78% 2.08% 1.95% 1.83% 2.03%
 
 Home BancShares, Inc. 
 Loan Information 
 (Unaudited) 
           
 (Dollars in thousands)  Mar. 31,

2011 
Dec. 31, 

2010 
Sep. 30,

2010 
Jun. 30,

2010 
Mar. 31, 

2010 
           
LOANS NOT COVERED BY LOSS SHARE          
           
Real estate           
Commercial real estate loans           
Non-farm/non-residential   $ 787,069  $ 805,635  $ 824,041  $ 823,465  $ 822,252
Construction/land development   351,704  348,768  366,302  365,779  363,738
Agricultural   25,760  26,798  27,019  26,989  30,943
Residential real estate loans           
Residential 1-4 family   359,714  371,381  377,843  376,196  381,451
Multifamily residential   55,987  59,319  59,032  65,147  63,602
Total real estate   1,580,234  1,611,901  1,654,237  1,657,576  1,661,986
Consumer   44,117  51,642  35,729  33,566  33,206
Commercial and industrial   175,969  184,014  215,245  222,403  231,867
Agricultural   18,746  16,549  23,177  23,307  12,122
Other   30,236  28,268  26,875  28,637  20,485
Loans receivable not covered by loss share   $ 1,849,302  $ 1,892,374  $ 1,955,263  $ 1,965,489  $ 1,959,666
           
           
LOANS COVERED BY LOSS SHARE          
           
Real estate           
Commercial real estate loans           
Non-farm/non-residential   $ 204,882  $ 208,678  $ 142,571  $ 82,137  $ 77,787
Construction/land development   130,033  127,340  111,850  65,330  72,133
Agricultural   5,808  5,454  1,805  1,637  2,895
Residential real estate loans           
Residential 1-4 family   176,181  180,914  110,271  43,320  43,885
Multifamily residential   9,173  9,176  12,014  8,158  8,119
Total real estate   526,077  531,562  378,511  200,582  204,819
Consumer   417  498  215  271  347
Commercial and industrial   38,798  42,443  29,136  17,423  20,719
Agricultural   --   63  1  --   -- 
Other   1,171  1,210  376  7  -- 
Loans receivable covered by loss share   $ 566,463  $ 575,776  $ 408,239  $ 218,283  $ 225,885
 
 
 Home BancShares, Inc. 
 Consolidated Net Interest Margin 
 (Unaudited) 
             
   Three Months Ended 
   March 31, 2011   December 31, 2010 
 (Dollars in thousands)  Average

Balance 
Income/ 

Expense 
Yield/

Rate 
Average

Balance 
Income/

Expense 
Yield/

Rate 
             
ASSETS            
Earning assets             
Interest-bearing balances due from banks   $ 184,750  $ 105 0.23%  $ 249,666  $ 150 0.24%
Federal funds sold   16,441  7 0.17%  23,406  24 0.41%
Investment securities - taxable   345,053  2,160 2.54%  305,880  1,688 2.19%
Investment securities - non-taxable - FTE   148,292  2,474 6.77%  143,361  2,095 5.80%
Loans receivable - FTE   2,438,832  39,117 6.50%  2,524,429  39,334 6.18%
Total interest-earning assets   3,133,368  43,863 5.68%  3,246,742  43,291 5.29%
Non-earning assets   560,195      526,685    
Total assets   $ 3,693,563      $ 3,773,427    
             
LIABILITIES AND SHAREHOLDERS' EQUITY            
Liabilities             
Interest-bearing liabilities             
Savings and interest-bearing transaction accounts   $ 1,106,343  $ 1,447 0.53%  $ 1,077,241  $ 1,465 0.54%
Time deposits   1,402,558  4,813 1.39%  1,475,554  5,351 1.44%
Total interest-bearing deposits   2,508,901  6,260 1.01%  2,552,795  6,816 1.06%
Federal funds purchased   --   --  0.00%  --   --  0.00%
Securities sold under agreement to repurchase   71,057  139 0.79%  74,387  148 0.79%
FHLB borrowed funds   159,178  1,291 3.29%  180,343  1,461 3.21%
Subordinated debentures   44,331  538 4.92%  44,331  539 4.82%
Total interest-bearing liabilities   2,783,467  8,228 1.20%  2,851,856  8,964 1.25%
Non-interest bearing liabilities             
Non-interest bearing deposits  407,126      390,108    
Other liabilities   23,031      32,126    
Total liabilities   3,213,624      3,274,090    
Shareholders' equity   479,939      499,337    
Total liabilities and shareholders' equity   $ 3,693,563      $ 3,773,427    
Net interest spread      4.48%     4.04%
Net interest income and margin - FTE     $ 35,635 4.61%    $ 34,327 4.19%
 
 
Home BancShares, Inc. 
Consolidated Net Interest Margin 
(Unaudited) 
             
   Three Months Ended 
   March 31, 2011   March 31, 2010 
(Dollars in thousands)  Average

Balance 
Income/ 

Expense 
Yield/ 

Rate 
Average

Balance 
Income/

Expense 
Yield/

Rate 
             
ASSETS            
Earning assets             
Interest-bearing balances due from banks   $ 184,750  $ 105 0.23%  $ 137,747  $ 85 0.25%
Federal funds sold   16,441  7 0.17%  7,361  5 0.28%
Investment securities - taxable   345,053  2,160 2.54%  194,329  1,627 3.40%
Investment securities - non-taxable - FTE   148,292  2,474 6.77%  138,128  2,387 7.01%
Loans receivable - FTE   2,438,832  39,117 6.50%  1,993,626  30,008 6.10%
Total interest-earning assets   3,133,368  43,863 5.68%  2,471,191  34,112 5.60%
Non-earning assets   560,195      282,956    
Total assets   $ 3,693,563      $ 2,754,147    
             
LIABILITIES AND SHAREHOLDERS' EQUITY            
Liabilities             
Interest-bearing liabilities             
Savings and interest-bearing transaction accounts   $ 1,106,343  $ 1,447 0.53%  $ 756,412  $ 1,084 0.58%
Time deposits   1,402,558  4,813 1.39%  862,437  4,211 1.98%
Total interest-bearing deposits   2,508,901  6,260 1.01%  1,618,849  5,295 1.33%
Federal funds purchased   --   --  0.00%  44  --  0.00%
Securities sold under agreement to repurchase   71,057  139 0.79%  53,795  94 0.71%
FHLB borrowed funds   159,178  1,291 3.29%  247,514  2,177 3.57%
Subordinated debentures   44,331  538 4.92%  47,476  597 5.10%
Total interest-bearing liabilities   2,783,467  8,228 1.20%  1,967,678  8,163 1.68%
Non-interest bearing liabilities             
Non-interest bearing deposits  407,126      306,512    
Other liabilities   23,031      12,300    
Total liabilities   3,213,624      2,286,490    
Shareholders' equity   479,939      467,657    
Total liabilities and shareholders' equity   $ 3,693,563      $ 2,754,147    
Net interest spread      4.48%     3.92%
Net interest income and margin - FTE     $ 35,635 4.61%    $ 25,949 4.26%
CONTACT: Brian S. Davis
         Chief Accounting Officer &
         Investor Relations Officer
         Home BancShares, Inc.
         (501) 328-4770

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Home equity type Today +/- Chart
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