7-18-13 9:15 AM EDT | Email Article

CONWAY, Ark., July 18, 2013 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (Nasdaq:HOMB), parent company of Centennial Bank, today announced second quarter net income of $17.7 million, or $0.31 diluted earnings per common share, compared to $15.5 million of net income, or $0.27 diluted earnings per common share (split adjusted) for the same quarter in 2012. The Company increased its second quarter earnings by $2.2 million or 14.0% for the three months ended June 30, 2013 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 second quarter of 2013 was $0.32 compared to $0.28 diluted earnings per common share excluding intangible amortization (split adjusted) for the same period in 2012.

"The second quarter's record net income is another exceptional achievement for Home BancShares," said John Allison, Chairman. "We also continue to exhibit strong capital levels, which remain considerably above the regulators' capital requirements. These strong reserves placed us in a position to participate in an opportunity like the recently announced Liberty Bank market acquisition. Merging these two similarly sized Arkansas-based companies with comparable cultures and history is a game-changer for Home BancShares. We are confidently optimistic of the Company's continued bright future when Liberty gets on board."

Randy Sims, Chief Executive Officer, added, "For the ninth consecutive quarter in the Company's history, we have again reported the most profitable quarter, increasing net income by $111,000 or 0.6% from our previously reported record earnings. Not only did the Company display an outstanding return on average assets of 1.71% for the second quarter of 2013, but we also improved our net interest margin by 53 basis points when comparing the second quarter of 2013 to the second quarter of 2012."

Operating Highlights

Net interest income for the second quarter of 2013 increased 14.5% to $44.8 million from $39.2 million during the second quarter of 2012. For the second quarter of 2013, the effective yield on non-covered loans and covered loans was 6.04% and 10.78%, respectively. Net interest margin, on a fully taxable equivalent basis, was 5.18% for the quarter just ended compared to 4.65% in the second quarter of 2012, an increase of 53 basis points. The Company was able to expand its net interest margin because of its ability to improve pricing on interest bearing deposits combined with additional yield on FDIC loss sharing loans which more than offset the lower interest rates on newly originated loans in the loan portfolio during this historically low rate environment.

The Company reported $9.8 million of non-interest income for the second quarter of 2013, compared to $11.1 million for the second quarter of 2012. The most important components of the second quarter non-interest income were $4.1 million from service charges on deposits accounts, $3.5 million from other service charges and fees, $1.6 million from mortgage lending income, $750,000 from other income, $444,000 from insurance commissions, $441,000 from gain on sale of other real estate owned, and $394,000 from gain on sale of assets offset by the $2.3 million of net amortization on the FDIC indemnification asset.

Non-interest expense for the second quarter of 2013 was $25.9 million compared to $24.4 million for the second quarter of 2012. For the second quarter of 2013, our efficiency ratio was 45.0% which was an improvement of 124 basis points from the same period of the previous year.

Financial Condition

Total non-covered loans were $2.34 billion at June 30, 2013 compared to $2.33 billion at December 31, 2012. Total covered loans were $329.8 million at June 30, 2013 compared to $384.9 million at December 31, 2012. Total deposits were $3.33 billion at June 30, 2013 compared to $3.48 billion at December 31, 2012. Total assets were $4.09 billion at June 30, 2013 compared to $4.24 billion at December 31, 2012.

Non-performing non-covered loans were $31.0 million as of June 30, 2013, of which $22.8 million were located in Florida. Non-performing non-covered loans as a percent of total non-covered loans were 1.33% as of June 30, 2013 compared to 1.17% as of December 31, 2012. Non-performing non-covered assets were $47.2 million as of June 30, 2013, of which $28.4 million were located in Florida. Non-performing non-covered assets as a percent of total non-covered assets were 1.30% as of both June 30, 2013 and December 31, 2012.

The Company's allowance for loan losses for non-covered loans was $40.5 million at June 30, 2013, or 1.73% of total non-covered loans, compared to $45.2 million, or 1.94% of total non-covered loans, at December 31, 2012. As of June 30, 2013 and December 31, 2012, the allowance for loan losses for non-covered loans plus discount for credit losses on non-covered loans acquired to total non-covered loans plus discount for credit losses on non-covered loans acquired was 4.99% and 5.26%, respectively. As of June 30, 2013 and December 31, 2012, the Company's allowance for loan losses for non-covered loans was 130% and 166% of its total non-performing non-covered loans, respectively.

Stockholders' equity was $533.5 million at June 30, 2013 compared to $515.5 million at December 31, 2012, an increase of $18.0 million. Book value per common share was $9.49 at June 30, 2013 compared to $9.17 (split adjusted) at December 31, 2012.

Branches

During the second quarter, the Company opened a loan production office in Pensacola, Florida and subsequently converted it to a full-service branch. As a result of our acquisition of Premier Bank in the fourth quarter of 2012, three branches closed in the Tallahassee, FL area during the second quarter of 2013. In addition, the Company opened one de novo branch location on Highway 30A in Seagrove, Florida during the first part of July and has plans to open two additional de novo branches in the Florida Panhandle during the third quarter of 2013.

Upon completion of the Liberty Bank transaction announced at the end of the second quarter, Centennial Bank will have 46 additional branch locations across Northeast Arkansas, Northwest Arkansas and Western Arkansas. The acquisition is expected to close late in the third quarter or early in the fourth quarter of 2013 and is subject to Home and Liberty shareholder approval, regulatory approval, and other conditions set forth in the merger agreement.

The Company currently has 46 branches in Arkansas, 53 branches in Florida and 7 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, July 18, 2013. Interested parties can listen to this call by calling 1-888-317-6016 and asking for the Home BancShares conference call. A replay of the call will be available by calling 1-877-344-7529, Passcode: 10029906, which will be available until July 26, 2013 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 is included in its Annual Report on Form 10-K for the year ended December 31, 2012 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. Upon completion of the Liberty Bank transaction, Centennial Bank will have additional locations in Northeast Arkansas, Northwest Arkansas and Western Arkansas. 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) Jun. 30, 
2013 
Mar. 31, 
2013 
Dec. 31, 
2012 
Sep. 30, 
2012 
Jun. 30, 
2012
           
ASSETS          
           
Cash and due from banks   $ 75,148  $ 95,604  $ 101,972  $ 86,381  $ 71,078
Interest-bearing deposits with other banks   97,576  206,753  129,883  69,248  287,452
Cash and cash equivalents   172,724  302,357  231,855  155,629  358,530
Federal funds sold   2,475  2,850  17,148  1,775  575
Investment securities - available for sale   736,406  724,929  726,223  755,197  712,820
Loans receivable not covered by loss share   2,339,242  2,309,146  2,331,199  2,076,248  2,035,487
Loans receivable covered by FDIC loss share   329,802  358,669  384,884  407,416  432,422
Allowance for loan losses   (41,450)  (45,935)  (50,632)  (54,440)  (56,511)
Loans receivable, net   2,627,594  2,621,880  2,665,451  2,429,224  2,411,398
Bank premises and equipment, net   119,737  117,534  113,883  105,131  100,694
Foreclosed assets held for sale not covered by loss share   15,985  18,861  20,393  14,942  14,481
Foreclosed assets held for sale covered by FDIC loss share   27,073  29,928  31,526  31,799  35,008
FDIC indemnification asset   116,071  126,275  139,646  153,758  162,439
Cash value of life insurance   59,401  59,185  59,219  53,366  53,167
Accrued interest receivable   14,424  14,367  16,305  14,872  14,834
Deferred tax asset, net   46,655  40,907  46,998  33,680  31,115
Goodwill   85,681  85,681  85,681  77,090  77,090
Core deposit and other intangibles   10,457  11,259  12,061  9,792  10,486
Other assets   56,654  69,494  75,741  51,654  73,768
Total assets   $ 4,091,337  $ 4,225,507  $ 4,242,130  $ 3,887,909  $ 4,056,405
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
Liabilities          
Deposits:           
Demand and non-interest-bearing   $ 733,374  $ 717,830  $ 666,414  $ 596,746  $ 597,374
Savings and interest-bearing transaction accounts   1,735,280  1,810,957  1,784,047  1,527,829  1,521,869
Time deposits   856,581  936,649  1,032,991  1,007,894  1,174,286
Total deposits   3,325,235  3,465,436  3,483,452  3,132,469  3,293,529
Federal funds purchased   --   --   --   --   -- 
Securities sold under agreements to repurchase   73,461  77,194  66,278  61,499  66,620
FHLB borrowed funds   130,251  130,369  130,388  130,506  140,523
Accrued interest payable and other liabilities   25,787  21,020  17,672  24,590  15,967
Subordinated debentures   3,093  3,093  28,867  28,867  44,331
Total liabilities   3,557,827  3,697,112  3,726,657  3,377,931  3,560,970
           
Stockholders' equity           
Common stock   562  281  281  282  281
Capital surplus   416,795  416,741  416,354  420,595  420,538
Retained earnings   114,172  100,730  86,837  77,190  64,478
Accumulated other comprehensive income   1,981  10,643  12,001  11,911  10,138
Total stockholders' equity   533,510  528,395  515,473  509,978  495,435
Total liabilities and stockholders' equity   $ 4,091,337  $ 4,225,507  $ 4,242,130  $ 3,887,909  $ 4,056,405
   
 
 Home BancShares, Inc. 
 Consolidated Statements of Income 
 (Unaudited) 
               
     Quarter Ended  Six Months Ended 
 (In thousands) Jun. 30,
2013 
Mar. 31, 
2013 
Dec. 31, 
2012 
Sep. 30, 
2012 
 Jun. 30,
2012 
 Jun. 30,
2013 
Jun. 30, 
2012 
               
               
Interest income               
Loans   $ 44,036  $ 44,159  $ 41,203  $ 39,285  $ 40,365  $ 88,195  $ 78,871
Investment securities               
Taxable   2,490  2,403  2,708  2,598  3,060  4,893  5,920
Tax-exempt   1,467  1,481  1,544  1,541  1,534  2,948  3,069
Deposits - other banks   86  98  52  115  127  184  212
Federal funds sold   6  7  9  3  3  13  5
               
Total interest income   48,085  48,148  45,516  43,542  45,089  96,233  88,077
               
Interest expense               
Interest on deposits   2,129  2,485  2,877  3,288  4,164  4,614  8,824
Federal funds purchased   --   --   1  --   --   --   -- 
FHLB borrowed funds   1,012  1,004  1,030  1,040  1,134  2,016  2,294
Securities sold under agreements to repurchase   86  80  79  107  111  166  221
Subordinated debentures   17  230  247  482  521  247  1,045
               
Total interest expense   3,244  3,799  4,234  4,917  5,930  7,043  12,384
               
Net interest income   44,841  44,349  41,282  38,625  39,159  89,190  75,693
Provision for loan losses   850  --   1,250  167  1,333  850  1,333
Net interest income after provision for loan losses   43,991  44,349  40,032  38,458  37,826  88,340  74,360
               
Non-interest income               
Service charges on deposit accounts   4,088  3,709  4,062  3,834  3,668  7,797  7,173
Other service charges and fees   3,479  3,437  3,062  3,119  3,223  6,916  6,247
Mortgage lending income   1,619  1,372  1,461  1,550  1,277  2,991  2,181
Insurance commissions   444  679  368  512  438  1,123  989
Income from title services   136  109  133  112  129  245  217
Increase in cash value of life insurance   218  180  202  200  214  398  471
Dividends from FHLB, FRB, bankers' bank & other   401  175  635  182  175  576  350
Gain on acquisitions   --   --   5,205  --   --   --   -- 
Gain on sale of SBA loans   --   56  --   206  198  56  198
Gain (loss) on sale of premises & equip, net   394  15  (30)  (5)  359  409  359
Gain (loss) on OREO, net   441  86  121  (222)  159  527  52
Gain (loss) on securities, net   111  --   (1)  --   (9)  111  10
FDIC indemnification accretion/amortization, net   (2,283)  (1,992)  229  373  449  (4,275)  1,119
Other income   757  1,199  740  765  773  1,956  1,790
               
Total non-interest income   9,805  9,025  16,187  10,626  11,053  18,830  21,156
               
Non-interest expense               
Salaries and employee benefits   12,957  12,952  12,348  11,652  11,903  25,909  23,289
Occupancy and equipment   3,894  3,594  3,712  3,805  3,552  7,488  6,983
Data processing expense   1,231  1,510  1,331  1,137  1,371  2,741  2,462
Other operating expenses   7,773  7,807  12,186  7,387  7,598  15,580  16,076
               
Total non-interest expense   25,855  25,863  29,577  23,981  24,424  51,718  48,810
               
Income before income taxes   27,941  27,511  26,642  25,103  24,455  55,452  46,706
Income tax expense   10,282  9,963  9,703  9,008  8,965  20,245  16,718
Net income available to all shareholders   $ 17,659  $ 17,548  $ 16,939  $ 16,095  $ 15,490  $ 35,207  $ 29,988
 
 
 Home BancShares, Inc. 
 Selected Financial Information 
 (Unaudited) 
                 
   Quarter Ended    Six Months Ended 
(Dollars and shares in thousands, 
except per share data) 
Jun. 30, 
2013
Mar. 31, 
2013
Dec. 31, 
2012
Sep. 30, 
2012
Jun. 30, 
2012
 Jun. 30, 
2013
Jun. 30, 
2012
                 
PER SHARE DATA                
                 
Diluted earnings per common share   $ 0.31  $ 0.31  $ 0.30  $ 0.28  $ 0.27    $ 0.62  $ 0.53
Diluted earnings per common share excluding intangible amortization   0.32  0.32  0.31  0.29  0.28    0.64  0.54
Basic earnings per common share   0.32  0.31  0.30  0.29  0.28    0.63  0.53
Dividends per share - common   0.075  0.065  0.130  0.060  0.050    0.140  0.100
Book value per common share   9.49  9.40  9.17  9.05  8.82    9.49  8.82
Tangible book value per common share   7.78  7.67  7.43  7.51  7.26    7.78  7.26
                 
STOCK INFORMATION                
                 
Average common shares outstanding   56,234  56,222  56,145  56,299  56,190    56,228  56,325
Average diluted shares outstanding   56,577  56,535  56,486  56,680  56,566    56,555  56,691
End of period common shares outstanding   56,243  56,229  56,213  56,363  56,158    56,243  56,158
                 
ANNUALIZED PERFORMANCE METRICS                
                 
Return on average assets  1.71% 1.70% 1.67% 1.61% 1.53%   1.70% 1.53%
Return on average assets excluding intangible amortization  1.80% 1.79% 1.75% 1.69% 1.61%   1.79% 1.60%
Return on average assets excluding intangible amortization, provision for loan losses, merger expenses, bargain purchase gain, gain on life insurance proceeds and income taxes (Core ROA)  2.93% 2.77% 2.88% 2.69% 2.67%   2.85% 2.66%
Return on average common equity  13.27% 13.68% 13.19% 12.78% 12.80%   13.47% 12.51%
Return on average tangible common equity excluding intangible amortization  16.65% 17.29% 16.46% 15.88% 16.05%   16.97% 15.54%
Efficiency ratio  44.98% 46.03% 49.21% 46.24% 46.22%   45.50% 47.92%
Core efficiency ratio  45.76% 46.39% 44.40% 45.63% 46.87%   46.07% 46.51%
Net interest margin - FTE  5.18% 5.15% 4.86% 4.65% 4.65%   5.16% 4.65%
Fully taxable equivalent adjustment   $ 1,051  $ 1,075  $ 1,122  $ 1,112  $ 1,126    $ 2,126  $ 2,241
Total revenue   57,890  57,173  61,703  54,168  56,142    115,063  109,233
                 
EARNINGS EXCLUDING                
INTANGIBLE AMORTIZATION                
                 
GAAP net income available to common shareholders   $ 17,659  $ 17,548  $ 16,939  $ 16,095  $ 15,490    $ 35,207  $ 29,988
Intangible amortization after-tax   488  487  452  421  422    975  805
Earnings excluding intangible amortization   $ 18,147  $ 18,035  $ 17,391  $ 16,516  $ 15,912    $ 36,182  $ 30,793
                 
GAAP diluted earnings per share   $ 0.31  $ 0.31  $ 0.30  $ 0.28  $ 0.27    $ 0.62  $ 0.53
Intangible amortization after-tax   0.01  0.01  0.01  0.01  0.01    0.02  0.01
Diluted earnings per share excluding intangible amortization   $ 0.32  $ 0.32  $ 0.31  $ 0.29  $ 0.28    $ 0.64  $ 0.54
                 
OTHER OPERATING EXPENSES                
                 
Advertising   $ 120  $ 693  $ 549  $ 534  $ 904    $ 813  $ 1,364
Merger and acquisition expenses   1  28  5,169  296  --     29  1,692
Amortization of intangibles   802  802  743  694  694    1,604  1,324
Electronic banking expense   960  863  845  809  728    1,823  1,521
Directors' fees   210  190  196  206  193    400  405
Due from bank service charges   168  133  124  137  159    301  275
FDIC and state assessment   677  630  571  588  516    1,307  1,154
Insurance   555  566  501  448  424    1,121  825
Legal and accounting   394  322  225  231  287    716  609
Other professional fees   490  473  392  411  354    963  852
Operating supplies   332  343  299  280  291    675  555
Postage   231  207  216  219  240    438  461
Telephone   291  303  282  270  276    594  522
Other expense   2,542  2,254  2,074  2,264  2,532    4,796  4,517
                 
Total other operating expenses   $ 7,773  $ 7,807  $ 12,186  $ 7,387  $ 7,598    $ 15,580  $ 16,076
 
Home BancShares, Inc. 
Selected Financial Information 
(Unaudited) 
           
         
(Dollars in thousands)Jun. 30, 
2013
Mar. 31, 
2013
Dec. 31, 
2012
Sep. 30, 
2012
Jun. 30, 
2012
           
BALANCE SHEET RATIOS          
           
Total loans to total deposits  80.27% 76.98% 77.97% 79.29% 74.93%
Common equity to assets  13.0% 12.5% 12.2% 13.1% 12.2%
Tangible common equity to tangible assets  10.9% 10.5% 10.1% 11.1% 10.3%
           
ALLOWANCE FOR LOAN LOSSES          
           
Non-Covered           
Balance, beginning of period   $ 42,302  $ 45,170  $ 47,292  $ 49,846  $ 51,014
Loans charged off   3,361  3,318  3,739  3,984  1,601
Recoveries of loans previously charged off   807  450  367  1,430  433
Net loans charged off   2,554  2,868  3,372  2,554  1,168
Provision for loan losses   750  --   1,250  --   -- 
Balance, end of period   $ 40,498  $ 42,302  $ 45,170  $ 47,292  $ 49,846
           
Discount for credit losses on non-covered loans acquired   80,322  80,305  81,717  14,712  16,112
Net charge-offs on loans not covered by loss share to average non-covered loans  0.45% 0.50% 0.61% 0.50% 0.23%
Allowance for loan losses for non-covered loans to total non-covered loans  1.73% 1.83% 1.94% 2.28% 2.45%
Allowance for loan losses for non-covered loans plus discount for credit losses on non-covered loans acquired to total non-covered loans plus discount for credit losses on non-covered loans acquired  4.99% 5.13% 5.26% 2.97% 3.21%
           
Covered          
Balance, beginning of period   $ 3,633  $ 5,462  $ 7,148  $ 6,665  $ -- 
Loans charged off   3,187  1,840  1,688  354  -- 
Recoveries of loans previously charged off   6  11  2  --   -- 
Net loans charged off   3,181  1,829  1,686  354  -- 
Provision for loan losses before benefit attributable to FDIC loss share agreements   500  --   --   837  6,665
Benefit attributable to FDIC loss share agreements   (100)  --   --   (670)  (5,332)
Net provision for loan losses   400  --   --   167  1,333
Increase in FDIC indemnificaton asset   100  --   --   670  5,332
Balance, end of period   $ 952  $ 3,633  $ 5,462  $ 7,148  $ 6,665
           
Total Allowance for Loan Losses   $ 41,450  $ 45,935  $ 50,632  $ 54,440  $ 56,511
           
NON-PERFORMING ASSETS          
NOT COVERED BY LOSS SHARE          
           
Non-performing non-covered loans           
Non-accrual non-covered loans   $ 17,798  $ 19,078  $ 21,336  $ 20,183  $ 24,810
Non-covered loans past due 90 days or more   13,243  6,692  5,937  2,424  1,326
Total non-performing non-covered loans   31,041  25,770  27,273  22,607  26,136
Other non-performing non-covered assets           
Non-covered foreclosed assets held for sale, net   15,985  18,861  20,393  14,942  14,481
Other non-performing non-covered assets   172  285  164  1  79
Total other non-performing non-covered assets   16,157  19,146  20,557  14,943  14,560
Total non-performing non-covered assets   $ 47,198  $ 44,916  $ 47,830  $ 37,550  $ 40,696
           
Allowance for loan losses for non-covered loans to non-performing non-covered loans  130.47% 164.15% 165.62% 209.19% 190.72%
Non-performing non-covered loans to total non-covered loans  1.33% 1.12% 1.17% 1.09% 1.28%
Non-performing non-covered assets to total non-covered assets  1.30% 1.21% 1.30% 1.14% 1.19%
 
Home BancShares, Inc. 
Loan Information 
(Unaudited) 
           
(Dollars in thousands)Jun. 30, 
2013 
Mar. 31, 
2013 
Dec. 31, 
2012 
Sep. 30, 
2012 
Jun. 30, 
2012
           
           
LOANS NOT COVERED BY LOSS SHARE          
           
Real estate           
Commercial real estate loans           
Non-farm/non-residential   $ 1,003,391  $ 1,014,301  $ 1,019,039  $ 887,895  $ 856,334
Construction/land development   281,994  254,673  254,800  282,269  269,371
Agricultural   31,119  34,288  32,513  28,403  28,570
Residential real estate loans           
Residential 1-4 family   528,260  531,698  549,269  473,412  481,018
Multifamily residential   120,899  122,998  129,742  105,369  106,206
Total real estate   1,965,663  1,957,958  1,985,363  1,777,348  1,741,499
Consumer   32,671  33,823  37,462  35,433  37,146
Commercial and industrial   287,351  269,463  256,908  200,160  197,278
Agricultural   26,462  16,573  19,825  36,239  31,741
Other   27,095  31,329  31,641  27,068  27,823
Loans receivable not covered by loss share   $ 2,339,242  $ 2,309,146  $ 2,331,199  $ 2,076,248  $ 2,035,487
           
LOANS COVERED BY LOSS SHARE          
           
Real estate           
Commercial real estate loans           
Non-farm/non-residential   $ 143,922  $ 155,345  $ 164,723  $ 175,195  $ 187,802
Construction/land development   56,447  58,384  66,713  71,958  74,989
Agricultural   1,784  2,256  2,282  2,289  2,737
Residential real estate loans           
Residential 1-4 family   107,612  120,246  125,625  130,425  136,498
Multifamily residential   10,644  9,443  9,567  10,062  10,216
Total real estate   320,409  345,674  368,910  389,929  412,242
Consumer   20  28  39  70  71
Commercial and industrial   8,193  11,712  14,668  16,878  19,541
Agricultural   --   --   --   --   -- 
Other   1,180  1,255  1,267  539  568
Loans receivable covered by loss share   $ 329,802  $ 358,669  $ 384,884  $ 407,416  $ 432,422
 
Home BancShares, Inc. 
Consolidated Net Interest Margin 
(Unaudited) 
             
  Three Months Ended 
  June 30, 2013  March 31, 2013 
(Dollars in thousands) Average
Balance 
Income/
Expense 
Yield/
Rate 
Average
Balance 
Income/
Expense 
Yield
/Rate 
             
ASSETS            
Earning assets             
Interest-bearing balances due from banks   $ 135,431  $ 86 0.25%  $ 148,744  $ 98 0.27%
Federal funds sold   10,169  6 0.24%  15,724  7 0.18%
Investment securities - taxable   572,997  2,490 1.74%  561,056  2,403 1.74%
Investment securities - non-taxable - FTE   172,439  2,394 5.57%  165,411  2,419 5.93%
Loans receivable - FTE   2,663,627  44,160 6.65%  2,684,376  44,296 6.69%
Total interest-earning assets   3,554,663  49,136 5.54%  3,575,311  49,223 5.58%
Non-earning assets   592,822      617,582    
Total assets   $ 4,147,485      $ 4,192,893    
             
LIABILITIES AND SHAREHOLDERS' EQUITY            
Liabilities             
Interest-bearing liabilities             
Savings and interest-bearing transaction accounts   $ 1,779,269  $ 741 0.17%  $ 1,771,631  $ 814 0.19%
Time deposits   900,809  1,388 0.62%  986,787  1,671 0.69%
Total interest-bearing deposits   2,680,078  2,129 0.32%  2,758,418  2,485 0.37%
Federal funds purchased   1  --  0.00%  --   --  0.00%
Securities sold under agreement to repurchase   72,599  86 0.48%  69,664  80 0.47%
FHLB borrowed funds   130,282  1,012 3.12%  130,376  1,004 3.12%
Subordinated debentures   3,093  17 2.20%  27,149  230 3.44%
Total interest-bearing liabilities   2,886,053  3,244 0.45%  2,985,607  3,799 0.52%
Non-interest bearing liabilities             
Non-interest bearing deposits  704,847      668,222    
Other liabilities   22,939      18,769    
Total liabilities   3,613,839      3,672,598    
Shareholders' equity   533,646      520,295    
Total liabilities and shareholders' equity   $ 4,147,485      $ 4,192,893    
Net interest spread      5.09%     5.06%
Net interest income and margin - FTE     $ 45,892 5.18%    $ 45,424 5.15%
 
Home BancShares, Inc. 
Consolidated Net Interest Margin 
(Unaudited) 
               
  Six Months Ended 
  June 30, 2013    June 30, 2012 
(Dollars in thousands) Average
Balance 
Income/
Expense 
Yield/
Rate 
 Average
Balance 
Income/
Expense 
Yield/
Rate 
               
ASSETS              
Earning assets               
Interest-bearing balances due from banks   $ 143,153  $ 184 0.26%    $ 187,196  $ 212 0.23%
Federal funds sold   12,931  13 0.20%    4,920  5 0.20%
Investment securities - taxable   567,059  4,893 1.74%    584,238  5,920 2.04%
Investment securities - non-taxable - FTE   168,945  4,813 5.74%    153,303  4,993 6.55%
Loans receivable - FTE   2,673,952  88,456 6.67%    2,443,163  79,188 6.52%
Total interest-earning assets   3,566,040  98,359 5.56%    3,372,820  90,318 5.39%
Non-earning assets   603,930        576,573    
Total assets   $ 4,169,970        $ 3,949,393    
               
LIABILITIES AND SHAREHOLDERS' EQUITY              
Liabilities               
Interest-bearing liabilities               
Savings and interest-bearing transaction accounts   $ 1,775,486  $ 1,554 0.18%    $ 1,423,645  $ 2,014 0.28%
Time deposits   943,561  3,060 0.65%    1,234,986  6,810 1.11%
Total interest-bearing deposits   2,719,047  4,614 0.34%    2,658,631  8,824 0.67%
Federal funds purchased   --   --  0.00%    342  --  0.00%
Securities sold under agreement to repurchase   71,140  166 0.47%    70,268  221 0.63%
FHLB borrowed funds   130,328  2,016 3.12%    141,669  2,294 3.26%
Subordinated debentures   15,054  247 3.31%    44,331  1,045 4.74%
Total interest-bearing liabilities   2,935,569  7,043 0.48%    2,915,241  12,384 0.85%
Non-interest bearing liabilities               
Non-interest bearing deposits  686,636        528,547    
Other liabilities   20,757        23,507    
Total liabilities   3,642,962        3,467,295    
Shareholders' equity   527,008        482,098    
Total liabilities and shareholders' equity   $ 4,169,970        $ 3,949,393    
Net interest spread      5.08%       4.54%
Net interest income and margin - FTE     $ 91,316 5.16%      $ 77,934 4.65%
CONTACT: Brian S. Davis
         Chief Accounting Officer &
         Investor Relations Officer
         Home BancShares, Inc.
         (501) 328-4770

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GlobeNewswire, Inc. 2013
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Morningstar - - Home BancShares, Inc. Announces Record Quarterly Net Income of $17.7 Million
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