Home BancShares, Inc. Announces Record Net Income of $63.0 Million for 2012
Home BancShares, Inc. Announces Record Net Income of $63.0 Million for 2012
CONWAY, Ark., Jan. 17, 2013 (GLOBE NEWSWIRE) -- Home BancShares, Inc.
(Nasdaq:HOMB), parent company of Centennial Bank, today announced record net
income for the year ended December 31, 2012 of $63.0 million compared to $54.7
million for the year ended 2011. Diluted earnings per share for the year ended
2012 were $2.23 per share compared to $1.85 per share for 2011, an increase of
$0.38 per share or 20.5%.
For the fourth quarter of 2012, the Company recorded record quarterly net
income of $16.9 million, or $0.60 diluted earnings per common share, compared
to $14.2 million of net income, or $0.50 diluted earnings per common share for
the same quarter in 2011, an increase of $0.10 per share or 20.0%.
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 fourth quarter of 2012 was $0.62 compared to $0.51 diluted earnings
per common share excluding intangible amortization for the same period in
2011.
"The record net income reported for 2012 is an exceptional achievement for our
Company," said John Allison, Chairman. "The hard work this year to expand
earnings was successful. Not only did we reach annual record earnings during
2012, but we also achieved record earnings each quarter consecutively during
the year. Throughout the year, we continued to keep our traditionally strong
capital levels considerably above the regulators' capital requirements. It is
possible, therefore, to remain in a position to benefit from opportunistic
deals as they are presented."
Randy Sims, Chief Executive Officer, added, "This quarter the Company
increased its earnings above our previously recorded record earnings by
$844,000 or 5.2%. During the fourth quarter of 2012, we improved our net
interest margin 13 basis points when compared to the fourth quarter of 2011.
The achievements reached during 2012 are no doubt impressive and encouraging
for the year ahead."
Operating Highlights
Net interest income for the fourth quarter of 2012 increased 16.9% to $41.3
million from $35.3 million during the fourth quarter of 2011. For the fourth
quarter of 2012, the effective yield on non-covered loans and covered loans
was 6.03% and 7.83%, respectively. Net interest margin, on a fully taxable
equivalent basis, was 4.86% for the quarter just ended compared to 4.73% in
the fourth quarter of 2011, an increase of 13 basis points. The Company's
ability to improve pricing on interest bearing deposits and hold the changes
of interest rates on loans to a minimum allowed the Company to improve net
interest margin.
The Company reported $16.2 million of non-interest income for the fourth
quarter of 2012, compared to $12.2 million for the fourth quarter of 2011. The
most important components of the fourth quarter non-interest income were $5.2
million from gain on acquisition, $4.1 million from service charges on
deposits accounts, $3.1 million from other service charges and fees, $1.5
million from mortgage lending income, $635,000 in dividends, $368,000 from
insurance commissions, $229,000 of accretion on the FDIC indemnification asset
and $121,000 gain on sale of OREO. The $635,000 in dividends includes a
non-recurring dividend of approximately $463,000 from our investment in a
private equity and venture capital firm which invests in small and lower
middle market companies located in Arkansas and across the Midwest and
Southeast United States.
Non-interest expense for the fourth quarter of 2012 was $29.6 million compared
to $23.3 million for the fourth quarter of 2011. Excluding merger expenses,
non-interest expense only increased 5.5% when compared to 17.7% in asset
growth. For the fourth quarter of 2012, our core efficiency ratio was 44.40%
or improved by 436 basis points from the same period of the previous year.
Financial Condition
Total non-covered loans were $2.33 billion at December 31, 2012 compared to
$1.76 billion at December 31, 2011. Total covered loans were $384.9 million at
December 31, 2012 compared to $481.7 million at December 31, 2011. Total
deposits were $3.48 billion at December 31, 2012 compared to $2.86 billion at
December 31, 2011. Total assets were $4.24 billion at December 31, 2012
compared to $3.60 billion at December 31, 2011.
Non-performing non-covered loans were $27.3 million as of December 31, 2012,
of which $15.2 million were located in Florida. Non-performing non-covered
loans as a percent of total non-covered loans were 1.17% as of December 31,
2012 compared to 1.56% as of December 31, 2011. Non-performing non-covered
assets were $47.8 million as of December 31, 2012, of which $23.2 million were
located in Florida. Non-performing non-covered assets as a percent of total
non-covered assets were 1.30% as of December 31, 2012 compared to the 1.53%
reported for December 31, 2011.
The Company's allowance for loan losses for non-covered loans was $45.2
million at December 31, 2012, or 1.94% of total non-covered loans, compared to
$52.1 million, or 2.96% of total non-covered loans, at December 31, 2011. As
of December 31, 2012 and December 31, 2011, 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 5.26% and 3.10%, respectively. As of December
31, 2012 and December 31, 2011, the Company's allowance for loan losses for
non-covered loans was 166% and 190% of its total non-performing non-covered
loans, respectively.
Stockholders' equity was $515.5 million at December 31, 2012 compared to
$474.1 million at December 31, 2011, an increase of $41.4 million. Book value
per common share was $18.34 at December 31, 2012 compared to $16.77 at
December 31, 2011.
Stock Repurchase Program
During the fourth quarter of 2012, the Company repurchased a total of 203,404
shares with a weighted average stock price of $34.33. For 2012, the Company
repurchased a total of 455,448 shares with a weighted average stock price of
$29.72. The Company believes the stock repurchased at these prices is a good
investment. The 2012 earnings were used to fund these repurchases.
Branches
Presently, the Company is evaluating opportunities but has no firm commitments
for additional de novo branch locations. During December, the Company closed
two branches acquired in the Vision acquisition—one in Florida and one in
Alabama. These branch closures were completed to eliminate repetitive branches
and maximize profitability from the Vision transaction. During the first part
of January 2013, one branch in south Arkansas was closed. It is anticipated
three to four branches will close in the Tallahassee, FL area early in the
second quarter of 2013. The Company currently has 46 branches in Arkansas, 54
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, January 17, 2013. 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: 10022263, which will be available until January 25,
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 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)
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
(In thousands) 2012 2012 2012 2012 2011
ASSETS
Cash and due from $ 101,972 $ 86,381 $ 71,078 $ 76,837 $ 57,337
banks
Interest-bearing
deposits with other 129,883 69,248 287,452 269,401 126,967
banks
Cash and cash 231,855 155,629 358,530 346,238 184,304
equivalents
Federal funds sold 17,148 1,775 575 1,375 1,100
Investment securities 726,223 755,197 712,820 759,959 671,221
- available for sale
Loans receivable not
covered by loss 2,331,199 2,076,248 2,035,487 2,046,108 1,760,086
share
Loans receivable
covered by FDIC loss 384,884 407,416 432,422 455,435 481,739
share
Allowance for loan (50,632) (54,440) (56,511) (51,014) (52,129)
losses
Loans receivable, 2,665,451 2,429,224 2,411,398 2,450,529 2,189,696
net
Bank premises and 113,883 105,131 100,694 100,674 88,465
equipment, net
Foreclosed assets
held for sale not 20,393 14,942 14,481 14,634 16,660
covered by loss
share
Foreclosed assets
held for sale covered 31,526 31,799 35,008 39,744 35,178
by FDIC loss share
FDIC indemnification 139,646 153,758 162,439 181,884 193,856
asset
Cash value of life 59,219 53,366 53,167 52,955 52,700
insurance
Accrued interest 16,305 14,872 14,834 15,845 15,551
receivable
Deferred tax asset, 46,998 33,680 31,115 34,680 22,850
net
Goodwill 85,681 77,090 77,090 77,090 59,663
Core deposit and 12,061 9,792 10,486 11,180 8,620
other intangibles
Other assets 75,741 51,654 73,768 61,165 64,253
Total assets $ 4,242,130 $ 3,887,909 $ 4,056,405 $ 4,147,952 $ 3,604,117
LIABILITIES AND
STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Demand and $ 666,414 $ 596,746 $ 597,374 $ 583,951 $ 464,581
non-interest-bearing
Savings and
interest-bearing 1,784,047 1,527,829 1,521,869 1,514,812 1,189,098
transaction accounts
Time deposits 1,032,991 1,007,894 1,174,286 1,281,636 1,204,352
Total deposits 3,483,452 3,132,469 3,293,529 3,380,399 2,858,031
Federal funds -- -- -- -- --
purchased
Securities sold under
agreements to 66,278 61,499 66,620 72,531 62,319
repurchase
FHLB borrowed funds 130,388 130,506 140,523 142,753 142,777
Accrued interest
payable and other 17,672 24,590 15,967 27,403 22,593
liabilities
Subordinated 28,867 28,867 44,331 44,331 44,331
debentures
Total liabilities 3,726,657 3,377,931 3,560,970 3,667,417 3,130,051
Stockholders' equity
Common stock 281 282 281 281 283
Capital surplus 416,354 420,595 420,538 421,006 425,649
Retained earnings 86,837 77,190 64,478 51,800 40,130
Accumulated other 12,001 11,911 10,138 7,448 8,004
comprehensive income
Total stockholders' 515,473 509,978 495,435 480,535 474,066
equity
Total liabilities and $ 4,242,130 $ 3,887,909 $ 4,056,405 $ 4,147,952 $ 3,604,117
stockholders' equity
Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
Quarter Ended Year Ended
Dec. Sep. Jun. Mar. Dec. Dec. 31, Dec. 31,
31, 30, 30, 31, 31,
(In thousands) 2012 2012 2012 2012 2011 2012 2011
Interest income
Loans $ 41,203 $ 39,285 $ 40,365 $ 38,506 $ 38,110 $ 159,359 $ 155,954
Investment
securities
Taxable 2,708 2,598 3,060 2,860 2,451 11,226 9,244
Tax-exempt 1,544 1,541 1,534 1,535 1,562 6,154 6,179
Deposits - other 52 115 127 85 87 379 418
banks
Federal funds 9 3 3 2 2 17 11
sold
Total interest 45,516 43,542 45,089 42,988 42,212 177,135 171,806
income
Interest
expense
Interest on 2,877 3,288 4,164 4,660 5,084 14,989 22,968
deposits
Federal funds 1 -- -- -- -- 1 --
purchased
FHLB borrowed 1,030 1,040 1,134 1,160 1,172 4,364 4,940
funds
Securities sold
under agreements 79 107 111 110 99 407 483
to repurchase
Subordinated 247 482 521 524 540 1,774 2,160
debentures
Total interest 4,234 4,917 5,930 6,454 6,895 21,535 30,551
expense
Net interest 41,282 38,625 39,159 36,534 35,317 155,600 141,255
income
Provision for 1,250 167 1,333 -- 2,250 2,750 3,500
loan losses
Net interest
income 40,032 38,458 37,826 36,534 33,067 152,850 137,755
after provision
for loan losses
Non-interest
income
Service charges
on deposit 4,062 3,834 3,668 3,505 3,659 15,069 14,087
accounts
Other service
charges and 3,062 3,119 3,223 3,024 2,554 12,428 9,929
fees
Mortgage lending 1,461 1,550 1,277 904 904 5,192 2,993
income
Insurance 368 512 438 551 351 1,869 1,856
commissions
Income from 133 112 129 88 121 462 448
title services
Increase in cash
value of life 202 200 214 257 279 873 1,128
insurance
Dividends from
FHLB, FRB, 635 182 175 175 174 1,167 680
bankers' bank &
other
Gain on 5,205 -- -- -- -- 5,205 --
acquisitions
Gain on sale of -- 206 198 -- -- 404 259
SBA loans
Gain (loss) on
sale of premises (30) (5) 359 -- (6) 324 73
& equip, net
Gain (loss) on 121 (222) 159 (107) 394 (49) (638)
OREO, net
Gain (loss) on (1) -- (9) 19 2,243 9 2,248
securities, net
FDIC
indemnification 229 373 449 670 903 1,721 5,517
accretion
Other income 740 765 773 1,017 606 3,295 2,729
Total
non-interest 16,187 10,626 11,053 10,103 12,182 47,969 41,309
income
Non-interest
expense
Salaries and
employee 12,348 11,652 11,903 11,386 10,376 47,289 42,825
benefits
Occupancy and 3,712 3,805 3,552 3,431 3,274 14,500 14,197
equipment
Data processing 1,331 1,137 1,371 1,091 994 4,930 4,601
expense
Other operating 12,186 7,387 7,598 8,478 8,625 35,649 33,099
expenses
Total
non-interest 29,577 23,981 24,424 24,386 23,269 102,368 94,722
expense
Income before 26,642 25,103 24,455 22,251 21,980 98,451 84,342
income taxes
Income tax 9,703 9,008 8,965 7,753 7,813 35,429 29,601
expense
Net income 16,939 16,095 15,490 14,498 14,167 63,022 54,741
Preferred stock
dividends &
accretion of -- -- -- -- -- -- 1,828
discount on
preferred stock
Net income
available to $ 16,939 $ 16,095 $ 15,490 $ 14,498 $ 14,167 $ 63,022 $ 52,913
common
shareholders
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
Quarter Ended Year Ended
(Dollars and Dec. Sep. Jun. Mar. Dec. Dec. Dec.
shares in 31, 30, 30, 31, 31, 31, 31,
thousands,
except per 2012 2012 2012 2012 2011 2012 2011
share data)
PER SHARE
DATA
Diluted
earnings per $ 0.60 $ 0.57 $ 0.55 $ 0.51 $ 0.50 $ 2.23 $ 1.85
common share
Diluted
earnings per
common share 0.62 0.58 0.57 0.52 0.51 2.29 1.91
excluding
intangible
amortization
Basic
earnings per 0.60 0.58 0.55 0.51 0.50 2.24 1.86
common share
Dividends per
share - 0.260 0.120 0.100 0.100 0.080 0.580 0.268
common
Book value
per common 18.34 18.10 17.64 17.11 16.77 18.34 16.77
share
Tangible book
value per 14.86 15.01 14.53 13.96 14.35 14.86 14.35
common share
STOCK
INFORMATION
Average
common shares 28,073 28,150 28,095 28,230 28,274 28,137 28,416
outstanding
Average
diluted 28,244 28,341 28,283 28,411 28,459 28,315 28,612
shares
outstanding
End of period
common shares 28,107 28,181 28,079 28,091 28,276 28,107 28,276
outstanding
ANNUALIZED
PERFORMANCE
METRICS
Return on
average 1.67% 1.61% 1.53% 1.52% 1.56% 1.58% 1.50%
assets
Return on
average
assets 1.75% 1.69% 1.61% 1.60% 1.64% 1.66% 1.57%
excluding
intangible
amortization
Return on
average
assets
excluding
intangible
amortization,
provision for
loan losses, 2.88% 2.69% 2.67% 2.64% 2.81% 2.72% 2.53%
merger
expenses,
bargain
purchase gain
and income
taxes (Core
ROA)
Return on
average 13.19% 12.78% 12.80% 12.21% 12.06% 12.75% 11.77%
common
equity
Return on
average
tangible
common equity 16.46% 15.88% 16.05% 15.03% 14.57% 15.87% 14.39%
excluding
intangible
amortization
Efficiency 49.21% 46.24% 46.22% 49.75% 46.40% 47.88% 49.13%
ratio
Core
efficiency 44.40% 45.63% 46.87% 46.12% 48.76% 45.73% 49.65%
ratio
Net interest 4.86% 4.65% 4.65% 4.65% 4.73% 4.70% 4.69%
margin - FTE
Fully taxable
equivalent $ 1,122 $ 1,112 $ 1,126 $ 1,115 $ 1,130 $ 4,475 $ 4,467
adjustment
Total 61,703 54,168 56,142 53,091 54,394 225,104 213,115
revenue
EARNINGS
EXCLUDING
INTANGIBLE
AMORTIZATION
GAAP net
income
available to $ 16,939 $ 16,095 $ 15,490 $ 14,498 $ 14,167 $ 63,022 $ 52,913
common
shareholders
Intangible
amortization 452 421 422 383 428 1,678 1,718
after-tax
Earnings
excluding $ 17,391 $ 16,516 $ 15,912 $ 14,881 $ 14,595 $ 64,700 $ 54,631
intangible
amortization
GAAP diluted
earnings per $ 0.60 $ 0.57 $ 0.55 $ 0.51 $ 0.50 $ 2.23 $ 1.85
share
Intangible
amortization 0.02 0.01 0.02 0.01 0.01 0.06 0.06
after-tax
Diluted
earnings per
share $ 0.62 $ 0.58 $ 0.57 $ 0.52 $ 0.51 $ 2.29 $ 1.91
excluding
intangible
amortization
OTHER
OPERATING
EXPENSES
Advertising $ 549 $ 534 $ 904 $ 460 $ 1,224 $ 2,447 $ 4,270
Merger and
acquisition 5,169 296 -- 1,692 134 7,157 145
expenses
Amortization
of 743 694 694 630 705 2,761 2,827
intangibles
Electronic
banking 845 809 728 793 695 3,175 2,733
expense
Directors' 196 206 193 212 217 807 811
fees
Due from bank
service 124 137 159 116 118 536 496
charges
FDIC and
state 571 588 516 638 1,070 2,313 4,283
assessment
Insurance 501 448 424 401 447 1,774 1,673
Legal and 225 231 287 322 327 1,065 1,603
accounting
Other
professional 392 411 354 498 450 1,655 1,954
fees
Operating 299 280 291 264 297 1,134 1,168
supplies
Postage 216 219 240 221 212 896 942
Telephone 282 270 276 246 221 1,074 977
Other 2,074 2,264 2,532 1,985 2,508 8,855 9,217
expense
Total other
operating $ 12,186 $ 7,387 $ 7,598 $ 8,478 $ 8,625 $ 35,649 $ 33,099
expenses
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
(Dollars in thousands) 2012 2012 2012 2012 2011
BALANCE SHEET RATIOS
Total loans to total 77.97% 79.29% 74.93% 74.00% 78.44%
deposits
Common equity to 12.2% 13.1% 12.2% 11.6% 13.2%
assets
Tangible common equity 10.1% 11.1% 10.3% 9.7% 11.5%
to tangible assets
ALLOWANCE FOR LOAN
LOSSES
Non-Covered
Balance, beginning of $ 47,292 $ 49,846 $ 51,014 $ 52,129 $ 54,508
period
Loans charged off 3,739 3,984 1,601 1,469 5,143
Recoveries of loans 367 1,430 433 354 514
previously charged off
Net loans charged off 3,372 2,554 1,168 1,115 4,629
Provision for loan 1,250 -- -- -- 2,250
losses
Balance, end of period $ 45,170 $ 47,292 $ 49,846 $ 51,014 $ 52,129
Discount for credit
losses on non-covered 81,717 14,712 16,112 17,154 2,513
loans acquired
Net charge-offs on
loans not covered by 0.61% 0.50% 0.23% 0.23% 1.02%
loss share to average
non-covered loans
Allowance for loan
losses for non-covered 1.94% 2.28% 2.45% 2.49% 2.96%
loans to total
non-covered loans
Allowance for loan
losses for non-covered
loans plus discount for
credit losses on
non-covered loans 5.26% 2.97% 3.21% 3.30% 3.10%
acquired to total
non-covered loans plus
discount for credit
losses on non-covered
loans acquired
Covered
Balance, beginning of $ 7,148 $ 6,665 $ -- $ -- $ --
period
Loans charged off 1,688 354 -- -- --
Recoveries of loans 2 -- -- -- --
previously charged off
Net loans charged off 1,686 354 -- -- --
Provision for loan
losses before benefit -- 837 6,665 -- --
attributable to FDIC
loss share agreements
Benefit attributable to
FDIC loss share -- (670) (5,332) -- --
agreements
Net provision for loan -- 167 1,333 -- --
losses
Increase in FDIC -- 670 5,332 -- --
indemnification asset
Balance, end of period $ 5,462 $ 7,148 $ 6,665 $ -- $ --
Total Allowance for $ 50,632 $ 54,440 $ 56,511 $ 51,014 $ 52,129
Loan Losses
NON-PERFORMING ASSETS
NOT COVERED BY LOSS
SHARE
Non-performing
non-covered loans
Non-accrual non-covered $ 21,336 $ 20,183 $ 24,810 $ 27,425 $ 26,496
loans
Non-covered loans past 5,937 2,424 1,326 289 993
due 90 days or more
Total non-performing 27,273 22,607 26,136 27,714 27,489
non-covered loans
Other non-performing
non-covered assets
Non-covered foreclosed
assets held for sale, 20,393 14,942 14,481 14,634 16,660
net
Other non-performing 164 1 79 71 8
non-covered assets
Total other
non-performing 20,557 14,943 14,560 14,705 16,668
non-covered assets
Total non-performing $ 47,830 $ 37,550 $ 40,696 $ 42,419 $ 44,157
non-covered assets
Allowance for loan
losses for non-covered 165.62% 209.19% 190.72% 184.07% 189.64%
loans to non-performing
non-covered loans
Non-performing
non-covered loans to 1.17% 1.09% 1.28% 1.35% 1.56%
total non-covered
loans
Non-performing
non-covered assets to 1.30% 1.14% 1.19% 1.22% 1.53%
total non-covered
assets
Home BancShares, Inc.
Loan Information
(Unaudited)
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
(Dollars in thousands) 2012 2012 2012 2012 2011
LOANS NOT COVERED BY LOSS
SHARE
Real estate
Commercial real estate
loans
Non-farm/non-residential $ 1,019,039 $ 887,895 $ 856,334 $ 780,520 $ 698,986
Construction/land 254,800 282,269 269,371 413,093 361,846
development
Agricultural 32,513 28,403 28,570 28,120 28,535
Residential real estate
loans
Residential 1-4 family 549,269 473,412 481,018 471,439 349,543
Multifamily residential 129,742 105,369 106,206 65,226 56,909
Total real estate 1,985,363 1,777,348 1,741,499 1,758,398 1,495,819
Consumer 37,462 35,433 37,146 38,254 37,923
Commercial and 256,908 200,160 197,278 196,165 176,276
industrial
Agricultural 19,825 36,239 31,741 21,275 21,784
Other 31,641 27,068 27,823 32,016 28,284
Loans receivable not $ 2,331,199 $ 2,076,248 $ 2,035,487 $ 2,046,108 $ 1,760,086
covered by loss share
LOANS COVERED BY LOSS
SHARE
Real estate
Commercial real estate
loans
Non-farm/non-residential $ 164,723 $ 175,195 $ 187,802 $ 179,360 $ 189,380
Construction/land 66,713 71,958 74,989 99,996 103,535
development
Agricultural 2,282 2,289 2,737 3,092 3,155
Residential real estate
loans
Residential 1-4 family 125,625 130,425 136,498 139,819 148,692
Multifamily residential 9,567 10,062 10,216 9,077 8,933
Total real estate 368,910 389,929 412,242 431,344 453,695
Consumer 39 70 71 549 334
Commercial and 14,668 16,878 19,541 22,843 26,884
industrial
Agricultural -- -- -- -- --
Other 1,267 539 568 699 826
Loans receivable covered $ 384,884 $ 407,416 $ 432,422 $ 455,435 $ 481,739
by loss share
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Three Months Ended
December 31, 2012 September 30, 2012
Average Income/ Yield/ Average Income/ Yield/
(Dollars in Balance Expense Rate Balance Expense Rate
thousands)
ASSETS
Earning assets
Interest-bearing
balances due from $ 97,308 $ 51 0.21% $ 192,192 $ 115 0.24%
banks
Federal funds 15,061 9 0.24% 3,749 3 0.32%
sold
Investment
securities - 581,840 2,708 1.85% 573,083 2,598 1.80%
taxable
Investment
securities - 165,957 2,518 6.04% 160,252 2,512 6.24%
non-taxable - FTE
Loans receivable - 2,608,090 41,351 6.31% 2,468,151 39,426 6.35%
FTE
Total
interest-earning 3,468,256 46,637 5.35% 3,397,427 44,654 5.23%
assets
Non-earning 571,264 578,519
assets
Total assets $ $
4,039,520 3,975,946
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Liabilities
Interest-bearing
liabilities
Savings and
interest-bearing $ $ 784 0.19% $ $ 774 0.20%
transaction 1,632,053 1,523,346
accounts
Time deposits 1,028,938 2,093 0.81% 1,095,268 2,514 0.91%
Total
interest-bearing 2,660,991 2,877 0.43% 2,618,614 3,288 0.50%
deposits
Federal funds 392 -- 0.00% 15 -- 0.00%
purchased
Securities sold
under agreement to 62,913 79 0.50% 64,779 107 0.66%
repurchase
FHLB borrowed 130,427 1,030 3.14% 131,599 1,040 3.14%
funds
Subordinated 28,867 247 3.40% 41,978 482 4.57%
debentures
Total
interest-bearing 2,883,590 4,233 0.58% 2,856,985 4,917 0.68%
liabilities
Non-interest
bearing
liabilities
Non-interest 620,806 597,287
bearing deposits
Other liabilities 24,089 20,695
Total liabilities 3,528,485 3,474,967
Shareholders' 511,035 500,979
equity
Total liabilities $ $
and shareholders' 4,039,520 3,975,946
equity
Net interest 4.77% 4.55%
spread
Net interest
income and margin $ 42,404 4.86% $ 39,737 4.65%
- FTE
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Year Ended
December 31, 2012 December 31, 2011
Average Income/ Yield/ Average Income/ Yield/
(Dollars in Balance Expense Rate Balance Expense Rate
thousands)
ASSETS
Earning assets
Interest-bearing
balances due $ 165,862 $ 379 0.23% $ 178,476 $ 418 0.23%
from banks
Federal funds 7,175 17 0.24% 5,735 11 0.19%
sold
Investment
securities - 580,826 11,226 1.93% 400,152 9,244 2.31%
taxable
Investment
securities - 158,231 10,023 6.33% 150,776 10,017 6.64%
non-taxable -
FTE
Loans receivable 2,490,901 159,965 6.42% 2,369,216 156,583 6.61%
- FTE
Total
interest-earning 3,402,995 181,610 5.34% 3,104,355 176,273 5.68%
assets
Non-earning 575,728 553,901
assets
Total assets $ $
3,978,723 3,658,256
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Liabilities
Interest-bearing
liabilities
Savings and
interest-bearing $ $ 3,572 0.24% $ $ 5,084 0.45%
transaction 1,501,093 1,132,798
accounts
Time deposits 1,148,072 11,417 0.99% 1,318,868 17,884 1.36%
Total
interest-bearing 2,649,165 14,989 0.57% 2,451,666 22,968 0.94%
deposits
Federal funds 273 1 0.37% 12 -- 0.00%
purchased
Securities sold
under agreement 67,040 407 0.61% 66,851 4,940 7.39%
to repurchase
FHLB borrowed 136,312 4,364 3.20% 150,146 483 0.32%
funds
Subordinated 39,852 1,774 4.45% 44,331 2,160 4.87%
debentures
Total
interest-bearing 2,892,642 21,535 0.74% 2,713,006 30,551 1.13%
liabilities
Non-interest
bearing
liabilities
Non-interest 569,017 443,781
bearing deposits
Other 22,946 26,870
liabilities
Total 3,484,605 3,183,657
liabilities
Shareholders' 494,118 474,599
equity
Total
liabilities and $ $
shareholders' 3,978,723 3,658,256
equity
Net interest 4.60% 4.55%
spread
Net interest
income and $ 160,075 4.70% $ 145,722 4.69%
margin - FTE
CONTACT: Brian S. Davis
Chief Accounting Officer &
Investor Relations Officer
Home BancShares, Inc.
(501) 328-4770
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