Home BancShares, Inc. Announces Record Third Quarter Net Income
More News related to HOMB
- Home BancShares, Inc. to Present at the Sandler O'Neill Conference
- Home BancShares, Inc. Declares the Maximum Cash Dividend Allowed for the Fourth Quarter of 2009
- Home BancShares, Inc. Announces Record Third Quarter Net Income
- Home BancShares, Inc. Announces Exercise of Over-Allotment Option
- Home BancShares (HOMB) Raises $98.3 Million Through Public Offering
More News related to Press Releases
- Worthington Industries (WOR) Approves $0.10 Per Share Quarterly Dividend - Annual Yield 3.30%
- Analog Devices (ADI) Declares $0.20 Quarterly Dividend; 2.8% Yield
- Haynes International (HAYN) Reports Q3 Loss of $0.25, Initiates Qtr Dividend
- United Bankshares (UBSI) Boosts Qtr. Dividend by 3.4% to $0.30, Yielding 6.95%
- Roper (ROP) Raises Qtr. Dividend by 15% to $0.095, Yielding 0.71%
CONWAY, Ark., Oct. 15, 2009 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (Nasdaq: HOMB), parent company of Centennial Bank, today announced record third quarter net income. Net income for the quarter ended September 30, 2009 was $7.2 million, a 10.3% increase over net income of $6.6 million for the third quarter of 2008. Diluted earnings per common share were $0.32 for both the third quarter of 2009 and 2008.
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 share were $0.33 and $0.34 for the third quarter of 2009 and 2008, respectively.
"This was a great quarter for our Company, especially considering the weak economy in our Florida market," said John Allison, Chairman. "There are a lot of positives for our Company; we have an improving efficiency ratio and net interest margin, healthy reserves and top of the line capital levels. Based upon the strong demand for our recent capital raise, the optimistic view we have in this company is also shared by others."
Operating Highlights
Net interest income for the third quarter of 2009 increased 8.3% to $23.7 million compared to $21.9 million for the third quarter of 2008. Net interest margin, on a fully taxable equivalent basis, was 4.26% in the quarter just ended compared to 3.82% in the third quarter of 2008, an increase of 44 basis points. The Company's third quarter 2009 net interest margin of 4.26% reflected an increase of 18 basis points from 4.08% in the second quarter of 2009. The Company's ability to improve pricing on our deposits and hold the decline of interest rates on loans to a minimum allowed the Company to improve net interest margin.
Non-interest income for the third quarter of 2009 was $7.6 million compared with $7.8 million of non-interest income for the third quarter of 2008, a decrease of $183,000 or 2.4%. The decrease in the third quarter of 2009 is primarily the result of a decline in mortgage origination volume, data processing fees and lower dividend yields.
Non-interest expense for the third quarter of 2009 was $17.1 million compared with $18.5 million for the third quarter of 2008. This marks a $1.4 million or 7.6% improvement when compared to the third quarter of 2008. Our core efficiency ratio improved 476 basis points to 51.44% for the third quarter of 2009 from the 56.20% reported in the second quarter of 2009. This improvement is associated with the on-going implementation of the efficiency study and the recently completed charter consolidation.
Financial Condition
Total loans were $1.97 billion at September 30, 2009 compared to $1.97 billion at September 30, 2008. Total deposits were $1.78 billion at September 30, 2009 compared to $1.91 billion at September 30, 2008. Total assets were $2.63 billion at September 30, 2009 compared to $2.65 billion at September 30, 2008.
Non-performing loans were $34.7 million as of September 30, 3009, of which $24.2 million were located in Florida. On a linked quarter basis, non-performing loans decreased approximately $600,000. Non-performing loans as a percent of total loans were 1.76% as of September 30, 2009 compared to 1.79% as of June 30, 2009. Non-performing assets were $53.9 million as of September 30, 2009, of which $36.7 million were located in Florida. Non-performing assets as a percent of total assets were 2.05% as of September 30, 2009 equal to the 2.05% reported for June 30, 2009. However, this is a 20 basis point improvement from the 2.25% we reported for August 31, 2009.
The Company's allowance for loan losses was $41.2 million at September 30, 2009, or 2.09% of total loans, compared to $36.4 million, or 1.85% of total loans, at September 30, 2008. As of September 30, 2009, the Company's allowance for loan losses equaled 119% of its total non-performing loans compared to 226% as of September 30, 2008.
Stockholders' equity was $446.5 million at September 30, 2009 compared to $291.0 million at September 30, 2008, an increase of $155.5 million. Book value per common share was $15.94 at September 30, 2009 compared to $14.68 at September 30, 2008.
New Branches
During 2009, the Company opened an Arkansas branch location in Heber Springs. 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, October 15, 2009. Interested parties can listen to this call by calling 1-800-860-2442 and asking for the Home BancShares conference call. A replay of the call will be available by calling 1-877-344-7529, Passcode: 434043, which will be available until October 23, 2009. 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 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 Form 10-K, filed with the Securities and Exchange Commission in March 2009.
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 and related financial services to businesses, real estate developers and investors, individuals and municipalities. Centennial Bank has locations in central Arkansas, north central Arkansas, southern Arkansas, the Florida Keys and southwestern Florida. 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)
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2009 2009 2009 2008 2008
---------- ---------- ---------- ---------- ----------
ASSETS
Cash and due
from banks $ 39,036 $ 41,531 $ 41,396 $ 46,765 $ 50,445
Interest-
bearing
deposits
with other
banks 84,921 4,553 9,025 7,403 10,290
---------- ---------- ---------- ---------- ----------
Cash and
cash
equivalents 123,957 46,084 50,421 54,168 60,735
Federal funds
sold 660 31,805 15,510 7,865 28,347
Investment
securities -
available
for sale 315,269 309,989 334,916 355,244 381,564
Loans
receivable 1,971,039 1,972,704 1,966,572 1,956,232 1,967,923
Allowance for
loan losses (41,210) (41,804) (40,822) (40,385) (36,372)
---------- ---------- ---------- ---------- ----------
Loans
receivable,
net 1,929,829 1,930,900 1,925,750 1,915,847 1,931,551
Bank premises
and
equipment,
net 70,991 71,914 72,815 73,610 70,500
Foreclosed
assets held
for sale 19,111 17,606 15,397 6,763 9,392
Cash value of
life
insurance 51,742 51,249 50,676 50,201 49,731
Investments
in
unconsolidated
affiliates 1,424 1,424 1,424 1,424 1,424
Accrued
interest
receivable 12,815 12,840 12,850 13,115 13,804
Deferred tax
asset, net 13,423 14,669 16,659 16,267 14,530
Goodwill 53,039 53,039 53,138 50,038 50,038
Core deposit
and other
intangibles 5,160 5,622 6,084 6,547 7,009
Mortgage
servicing
rights 1,308 1,526 1,744 1,891 2,039
Other assets 33,008 31,259 28,767 27,113 29,926
---------- ---------- ---------- ---------- ----------
Total
assets $2,631,736 $2,579,926 $2,586,151 $2,580,093 $2,650,590
========== ========== ========== ========== ==========
LIABILITIES
AND STOCKHOLDERS'
EQUITY
Liabilities
Deposits:
Demand and
non-
interest-
bearing $ 295,755 $ 294,339 $ 297,146 $ 249,349 $ 263,410
Savings and
interest-
bearing
transaction
accounts 660,533 661,387 664,964 656,758 680,217
Time
deposits 823,997 876,339 874,337 941,801 969,444
---------- ---------- ---------- ---------- ----------
Total
deposits 1,780,285 1,832,065 1,836,447 1,847,908 1,913,071
Federal funds
purchased -- -- -- -- --
Securities
sold under
agreements
to
repurchase 63,264 65,232 74,478 113,389 108,350
FHLB borrowed
funds 282,550 277,640 277,827 282,975 278,182
Accrued
interest
payable and
other
liabilities 11,594 14,105 11,034 5,202 12,350
Subordinated
debentures 47,507 47,530 47,552 47,575 47,598
---------- ---------- ---------- ---------- ----------
Total
liabilities 2,185,200 2,236,572 2,247,338 2,297,049 2,359,551
---------- ---------- ---------- ---------- ----------
Stockholders'
equity
Preferred
stock 49,230 49,185 49,139 -- --
Common stock 249 199 199 199 198
Capital
surplus 349,429 255,009 254,501 253,581 252,836
Retained
earnings 46,074 40,704 37,126 32,639 43,310
Accumulated
other
comprehensive
gain (loss) 1,554 (1,743) (2,152) (3,375) (5,305)
---------- ---------- ---------- ---------- ----------
Total
stockholders'
equity 446,536 343,354 338,813 283,044 291,039
---------- ---------- ---------- ---------- ----------
Total
liabilities
and
stockholders'
equity $2,631,736 $2,579,926 $2,586,151 $2,580,093 $2,650,590
========== ========== ========== ========== ==========
CAPITAL
RATIOS
Common equity
to assets 15.1% 11.4% 11.2% 11.0% 11.0%
Tangible
common
equity to
tangible
assets 13.2% 9.3% 9.1% 9.0% 9.0%
Home BancShares, Inc.
Consolidated Statements of Income (Loss)
(Unaudited)
(In thousands)
Quarter Ended
------------------------------------------------
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2009 2009 2009 2008 2008
-------- -------- -------- -------- --------
Interest income
Loans $ 30,056 $ 29,389 $ 29,138 $ 30,527 $ 31,831
Investment
securities
Taxable 1,768 2,252 2,653 2,870 2,982
Tax-exempt 1,463 1,343 1,298 1,267 1,216
Deposits - other
banks 7 8 12 6 35
Federal funds sold 1 4 7 24 24
-------- -------- -------- -------- --------
Total interest
income 33,295 32,996 33,108 34,694 36,088
-------- -------- -------- -------- --------
Interest expense
Interest on
deposits 6,489 7,131 8,118 9,700 10,752
Federal funds
purchased 2 2 2 14 79
FHLB borrowed funds 2,379 2,359 2,390 2,382 2,239
Securities sold
under agreements
to repurchase 126 124 111 173 394
Subordinated
debentures 623 659 676 800 769
-------- -------- -------- -------- --------
Total interest
expense 9,619 10,275 11,297 13,069 14,233
-------- -------- -------- -------- --------
Net interest income 23,676 22,721 21,811 21,625 21,855
Provision for loan
losses 3,550 2,750 1,000 20,064 1,439
-------- -------- -------- -------- --------
Net interest income
after provision
for loan losses 20,126 19,971 20,811 1,561 20,416
-------- -------- -------- -------- --------
Non-interest income
Service charges on
deposit accounts 3,785 3,633 3,374 3,650 3,557
Other service
charges and fees 1,705 1,841 1,784 1,513 1,698
Mortgage lending
income 488 815 880 629 695
Mortgage servicing
income 171 191 200 199 206
Insurance
commissions 173 198 257 155 164
Income from title
services 150 151 140 145 141
Increase in cash
value of life
insurance 495 574 477 471 544
Dividends from
FHLB, FRB &
bankers' bank 114 99 107 126 194
Equity in earnings
of unconsolidated
affiliate -- -- -- -- --
Gain on sale of
equity investment -- -- -- -- --
Gain on sale of
SBA loans -- -- -- -- 26
Gain (loss) on
sale of premises
& equip, net (21) (19) 7 105 --
Gain (loss) on
OREO, net 4 (28) (117) (2,422) (28)
Gain (loss) on
securities, net -- (3) -- (3,860) --
Other income 537 538 506 1,021 587
-------- -------- -------- -------- --------
Total non-interest
income 7,601 7,990 7,615 1,732 7,784
-------- -------- -------- -------- --------
Non-interest
expense
Salaries and
employee benefits 7,987 8,432 8,944 8,618 8,739
Occupancy and
equipment 2,706 2,667 2,677 2,800 2,825
Data processing
expense 827 844 807 942 815
Other operating
expenses 5,556 8,355 6,864 7,699 6,099
-------- -------- -------- -------- --------
Total non-interest
expense 17,076 20,298 19,292 20,059 18,478
-------- -------- -------- -------- --------
Income (loss)
before income
taxes 10,651 7,663 9,134 (16,766) 9,722
Income tax expense
(benefit) 3,412 2,222 2,889 (7,386) 3,158
-------- -------- -------- -------- --------
Net income (loss) 7,239 5,441 6,245 (9,380) 6,564
Preferred stock
dividends &
accretion of
discount on
preferred stock 670 670 566 -- --
-------- -------- -------- -------- --------
Net income (loss)
available to
common
shareholders $ 6,569 $ 4,771 $ 5,679 $ (9,380) $ 6,564
======== ======== ======== ======== ========
(In thousands)
Nine Months Ended
--------------------
Sep. 30, Sep. 30,
2009 2008
--------- ---------
Interest income
Loans $ 88,583 $ 97,285
Investment securities
Taxable 6,673 9,740
Tax-exempt 4,104 3,583
Deposits - other banks 27 127
Federal funds sold 12 289
--------- ---------
Total interest income 99,399 111,024
--------- ---------
Interest expense
Interest on deposits 21,738 35,893
Federal funds purchased 6 168
FHLB borrowed funds 7,128 6,873
Securities sold under
agreements to repurchase 361 1,349
Subordinated debentures 1,958 2,314
--------- ---------
Total interest expense 31,191 46,597
--------- ---------
Net interest income 68,208 64,427
Provision for loan losses 7,300 6,952
--------- ---------
Net interest income after
provision for loan losses 60,908 57,475
--------- ---------
Non-interest income
Service charges on deposit accounts 10,792 10,006
Other service charges and fees 5,330 5,051
Mortgage lending income 2,183 2,142
Mortgage servicing income 562 654
Insurance commissions 628 620
Income from title services 441 498
Increase in cash value of life insurance 1,546 1,642
Dividends from FHLB, FRB & bankers' bank 320 702
Equity in earnings of unconsolidated
affiliate -- 102
Gain on sale of equity investment -- 6,102
Gain on sale of SBA loans -- 127
Gain (loss) on sale of premises & equip, net (33) (2)
Gain (loss) on OREO, net (141) (458)
Gain (loss) on securities, net (3) (2,067)
Other income 1,581 1,866
--------- ---------
Total non-interest income 23,206 26,985
--------- ---------
Non-interest expense
Salaries and employee benefits 25,363 26,948
Occupancy and equipment 8,050 8,253
Data processing expense 2,478 2,434
Other operating expenses 20,775 18,023
--------- ---------
Total non-interest expense 56,666 55,658
--------- ---------
Income (loss) before income taxes 27,448 28,802
Income tax expense (benefit) 8,523 9,306
--------- ---------
Net income (loss) 18,925 19,496
Preferred stock dividends & accretion of
discount on preferred stock 1,906 --
--------- ---------
Net income (loss) available to common
shareholders $ 17,019 $ 19,496
========= =========
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
(Dollars and shares in thousands,
except per share data)
Quarter Ended
------------------------------------------------
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2009 2009 2009 2008 2008
-------- -------- -------- -------- --------
PER SHARE DATA
Diluted earnings
(loss) per common
share $ 0.32 $ 0.24 $ 0.28 $ (0.46) $ 0.32
Diluted cash
earnings (loss)
per common share 0.33 0.25 0.30 (0.45) 0.34
Basic earnings
(loss) per common
share 0.32 0.24 0.29 (0.47) 0.32
Dividends per
share - common 0.060 0.060 0.060 0.065 0.060
Book value per
common share 15.94 14.78 14.58 14.25 14.68
Tangible book value
per common share 13.60 11.83 11.60 11.40 11.80
STOCK INFORMATION
Average common
shares outstanding 20,480 19,888 19,863 19,840 19,814
Average diluted
shares outstanding 20,703 20,122 20,119 20,340 20,323
End of period
common shares
outstanding 24,931 19,903 19,865 19,860 19,823
ANNUALIZED
PERFORMANCE RATIOS
Return on average
assets 1.12% 0.84% 0.97% -1.43% 1.00%
Cash return on
average assets 1.19% 0.91% 1.04% -1.41% 1.07%
Return on average
common equity 8.46% 6.53% 8.02% -12.80% 9.02%
Cash return on
average tangible
common equity 10.89% 8.66% 10.50% -15.43% 11.72%
Efficiency ratio 51.44% 62.70% 62.16% 80.96% 59.25%
Core efficiency
ratio 51.44% 56.20% 59.71% 59.33% 59.25%
Net interest margin
- FTE 4.26% 4.08% 3.93% 3.78% 3.82%
Fully taxable
equivalent
adjustment 1,023 923 865 848 768
RECONCILIATION OF
CASH EARNINGS
(LOSS)
GAAP net income
(loss) available
to common
shareholders $ 6,569 $ 4,771 $ 5,679 $ (9,380) $ 6,564
Intangible
amortization
after-tax 282 281 281 281 281
-------- -------- -------- -------- --------
Cash earnings
(loss) $ 6,851 $ 5,052 $ 5,960 $ (9,099) $ 6,845
======== ======== ======== ======== ========
GAAP diluted
earnings (loss)
per share $ 0.32 $ 0.24 $ 0.28 $ (0.46) $ 0.32
Intangible
amortization
after-tax 0.01 0.01 0.02 0.01 0.02
-------- -------- -------- -------- --------
Diluted cash
earnings (loss)
per share $ 0.33 $ 0.25 $ 0.30 $ (0.45) $ 0.34
======== ======== ======== ======== ========
OTHER OPERATING
EXPENSES
Advertising $ 567 $ 856 $ 600 $ 669 $ 670
Merger expenses 2 896 742 1,775 --
Amortization of
intangibles 462 462 463 462 462
Amortization of
mortgage servicing
rights 218 218 147 147 148
Electronic banking
expense 686 889 863 665 740
Directors' fees 239 237 284 275 254
Due from bank
service charges 104 107 100 89 73
FDIC and state
assessment 913 1,949 965 479 524
Insurance 278 271 297 241 244
Legal and
accounting 74 368 435 406 382
Mortgage servicing
expense 75 78 72 77 59
Other professional
fees 278 250 259 165 184
Operating supplies 217 192 213 236 234
Postage 163 173 176 185 189
Telephone 164 181 178 199 238
Other expense 1,116 1,228 1,070 1,629 1,698
-------- -------- -------- -------- --------
Total other
operating
expenses $ 5,556 $ 8,355 $ 6,864 $ 7,699 $ 6,099
======== ======== ======== ======== ========
(Dollars and shares
in thousands,
except per share
data)
Nine Months Ended
--------------------
Sep. 30, Sep. 30,
2009 2008
--------- ---------
PER SHARE DATA
Diluted earnings (loss) per common share $ 0.84 $ 0.96
Diluted cash earnings (loss) per common share 0.88 1.00
Basic earnings (loss) per common share 0.85 0.98
Dividends per share - common 0.180 0.157
Book value per common share 15.94 14.68
Tangible book value per common share 13.60 11.80
STOCK INFORMATION
Average common shares outstanding 20,079 19,808
Average diluted shares outstanding 20,319 20,309
End of period common shares outstanding 24,931 19,823
ANNUALIZED PERFORMANCE RATIOS
Return on average assets 0.98% 1.01%
Cash return on average assets 1.05% 1.08%
Return on average common equity 7.69% 9.09%
Cash return on average tangible common equity 10.04% 11.86%
Efficiency ratio 58.67% 57.95%
Core efficiency ratio 55.61% 59.30%
Net interest margin - FTE 4.09% 3.83%
Fully taxable equivalent adjustment 2,811 2,236
RECONCILIATION OF CASH EARNINGS (LOSS)
GAAP net income (loss) available to
common shareholders $ 17,019 $ 19,496
Intangible amortization after-tax 844 843
--------- ---------
Cash earnings (loss) $ 17,863 $ 20,339
========= =========
GAAP diluted earnings (loss) per share $ 0.84 $ 0.96
Intangible amortization after-tax 0.04 0.04
--------- ---------
Diluted cash earnings (loss) per share $ 0.88 $ 1.00
========= =========
OTHER OPERATING EXPENSES
Advertising $ 2,023 $ 1,975
Merger expenses 1,640 --
Amortization of intangibles 1,387 1,387
Amortization of mortgage servicing rights 583 442
Electronic banking expense 2,438 2,315
Directors' fees 760 716
Due from bank service charges 311 217
FDIC and state assessment 3,827 1,325
Insurance 846 707
Legal and accounting 877 978
Mortgage servicing expense 225 220
Other professional fees 787 1,461
Operating supplies 622 723
Postage 512 557
Telephone 523 702
Other expense 3,414 4,298
--------- ---------
Total other operating expenses $ 20,775 $ 18,023
========= =========
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
(Dollars in thousands)
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2009 2009 2009 2008 2008
---------- ---------- ---------- ---------- ----------
LOAN BALANCES
Real estate
Commercial
real estate
loans
Non-farm/
non-
residential $ 812,195 $ 794,675 $ 814,353 $ 816,603 $ 798,447
Construction/
land
development 353,645 347,028 336,941 320,398 339,691
Agricultural 36,675 38,379 16,943 23,603 25,097
Residential
real estate
loans
Residential
1-4 family 394,626 407,642 395,688 391,255 376,722
Multifamily
residential 63,025 72,673 61,751 56,440 61,341
---------- ---------- ---------- ---------- ----------
Total real
estate 1,660,166 1,660,397 1,625,676 1,608,299 1,601,298
Consumer 40,288 41,814 43,354 46,615 49,600
Commercial and
industrial 220,511 224,043 250,172 255,153 255,933
Agricultural 21,126 21,566 23,706 23,625 38,431
Other 28,948 24,884 23,664 22,540 22,661
---------- ---------- ---------- ---------- ----------
Total loans
receivable
before
allowance
for loan
losses 1,971,039 1,972,704 1,966,572 1,956,232 1,967,923
Allowance for
loan losses 41,210 41,804 40,822 40,385 36,372
---------- ---------- ---------- ---------- ----------
Total loans
receivable,
net $1,929,829 $1,930,900 $1,925,750 $1,915,847 $1,931,551
========== ========== ========== ========== ==========
Loans to
deposits 110.71% 107.68% 107.09% 105.86% 102.87%
ALLOWANCE FOR
LOAN LOSSES
Balance,
beginning of
period $ 41,804 $ 40,822 $ 40,385 $ 36,372 $ 36,563
Loans charged
off 4,491 2,324 1,015 16,141 1,673
Recoveries of
loans
previously
charged off 347 556 452 90 43
---------- ---------- ---------- ---------- ----------
Net loans
charged
off 4,144 1,768 563 16,051 1,630
Provision for
loan losses 3,550 2,750 1,000 20,064 1,439
---------- ---------- ---------- ---------- ----------
Balance, end
of period $ 41,210 $ 41,804 $ 40,822 $ 40,385 $ 36,372
========== ========== ========== ========== ==========
Net
charge-offs
to average
loans 0.83% 0.36% 0.12% 3.23% 0.33%
Allowance for
loan losses
to total loans 2.09% 2.12% 2.08% 2.06% 1.85%
NON-PERFORMING
ASSETS
Non-performing
loans
Non-accrual
loans $ 32,585 $ 29,977 $ 24,024 $ 28,524 $ 15,571
Loans past
due 90 days
or more 2,089 5,291 284 1,374 490
---------- ---------- ---------- ---------- ----------
Total
non-
performing
loans 34,674 35,268 24,308 29,898 16,061
---------- ---------- ---------- ---------- ----------
Other
non-performing
assets
Foreclosed
assets held
for sale 19,111 17,606 15,397 6,763 9,392
Non-accrual
investments -- -- -- -- 3,860
Other
non-
performing
assets 128 2 2 16 13
---------- ---------- ---------- ---------- ----------
Total other
non-
performing
assets 19,239 17,608 15,399 6,779 13,265
---------- ---------- ---------- ---------- ----------
Total
non-
performing
assets $ 53,913 $ 52,876 $ 39,707 $ 36,677 $ 29,326
========== ========== ========== ========== ==========
Allowance for
loan losses
to non-
performing
loans 118.85% 118.53% 167.94% 135.08% 226.46%
Non-performing
loans to
total loans 1.76% 1.79% 1.24% 1.53% 0.82%
Non-performing
assets to
total assets 2.05% 2.05% 1.54% 1.42% 1.11%
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Three Months Ended
------------------------------------------------------
September 30, 2009 June 30, 2009
-------------------------- --------------------------
(Dollars in Average Income/ Yield/ Average Income/ Yield/
thousands) Balance Expense Rate Balance Expense Rate
----------- ---------- ------- ------ ---------- ------- ------
ASSETS
------
Earning assets
Interest-
bearing
balances due
from banks $ 5,860 $ 7 0.47%$ 5,854 $ 8 0.55%
Federal funds
sold 2,056 1 0.19% 11,513 4 0.14%
Investment
securities -
taxable 173,940 1,768 4.03% 209,597 2,252 4.31%
Investment
securities -
non-taxable -
FTE 137,653 2,343 6.75% 120,364 2,146 7.15%
Loans
receivable -
FTE 1,979,967 30,199 6.05% 1,979,837 29,509 5.98%
---------- ------- ---------- -------
Total
interest-
earning
assets 2,299,476 34,318 5.92% 2,327,165 33,919 5.85%
------- -------
Non-earning
assets 271,871 263,118
---------- ----------
Total assets $2,571,347 $2,590,283
========== ==========
LIABILITIES AND
SHAREHOLDERS'
EQUITY
---------------
Liabilities
Interest-
bearing
liabilities
Savings and
interest-
bearing
transaction
account $ 663,387 $ 1,138 0.68% $ 674,055 $ 1,176 0.70%
Time deposits 843,286 5,351 2.52% 872,895 5,955 2.74%
---------- ------- ---------- -------
Total
interest-
bearing
deposits 1,506,673 6,489 1.71% 1,546,950 7,131 1.85%
Federal funds
purchased 2,847 2 0.28% 5,103 2 0.16%
Securities
sold under
agreement to
repurchase 63,989 126 0.78% 72,037 124 0.69%
FHLB borrowed
funds 288,406 2,379 3.27% 277,702 2,359 3.41%
Subordinated
debentures 47,520 623 5.20% 47,543 659 5.56%
---------- ------- ---------- -------
Total
interest-
bearing
liabilities 1,909,435 9,619 2.00% 1,949,335 10,275 2.11%
------- -------
Non-interest
bearing
liabilities
Non-interest
bearing
deposits 290,435 285,637
Other
liabilities 14,371 13,219
---------- ----------
Total
liabilities 2,214,241 2,248,191
Shareholders'
equity 357,106 342,092
---------- ----------
Total
liabilities
and
shareholders'
equity $2,571,347 $2,590,283
========== ==========
Net interest
spread 3.92% 3.74%
Net interest
income and
margin - FTE $24,699 4.26% $23,644 4.08%
======= =======
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Nine Months Ended
------------------------------------------------------
September 30, 2009 September 30, 2008
-------------------------- --------------------------
(Dollars in Average Income/ Yield/ Average Income/ Yield/
thousands) Balance Expense Rate Balance Expense Rate
----------- ---------- -------- ------ ---------- -------- ------
ASSETS
------
Earning assets
Interest-
bearing
balances due
from banks $ 6,762 $ 27 0.53% $ 5,795 $ 127 2.93%
Federal funds
sold 9,095 12 0.18% 15,640 289 2.47%
Investment
securities -
taxable 202,333 6,673 4.41% 289,059 9,740 4.50%
Investment
securities -
non-taxable -
FTE 127,333 6,553 6.88% 111,206 5,645 6.78%
Loans
receivable -
FTE 1,975,626 88,945 6.02% 1,903,891 97,459 6.84%
---------- -------- ---------- --------
Total
interest-
earning
assets 2,321,149 102,210 5.89% 2,325,591 113,260 6.51%
-------- --------
Non-earning
assets 265,375 248,976
---------- ----------
Total assets $2,586,524 $2,574,567
========== ==========
LIABILITIES AND
SHAREHOLDERS'
EQUITY
---------------
Liabilities
Interest-
bearing
liabilities
Savings and
interest-
bearing
transaction
accounts $ 668,227 $ 3,599 0.72% $ 679,667 $ 8,822 1.73%
Time deposits 876,304 18,139 2.77% 927,573 27,071 3.90%
---------- -------- ---------- --------
Total
interest-
bearing
deposits 1,544,531 21,738 1.88% 1,607,240 35,893 2.98%
Federal funds
purchased 3,910 6 0.21% 8,700 168 2.58%
Securities
sold under
agreement to
repurchase 73,509 361 0.66% 112,612 1,349 1.60%
FHLB borrowed
funds 282,356 7,128 3.38% 257,786 6,873 3.56%
Subordinated
debentures 47,543 1,958 5.51% 47,634 2,314 6.49%
---------- -------- ---------- --------
Total
interest-
bearing
liabilities 1,951,849 31,191 2.14% 2,033,972 46,597 3.06%
-------- --------
Non-interest
bearing
liabilities
Non-interest
bearing
deposits 280,317 240,449
Other
liabilities 11,816 13,527
---------- ----------
Total
liabilities 2,243,982 2,287,948
Shareholders'
equity 342,542 286,619
---------- ----------
Total
liabilities
and
shareholders'
equity $2,586,524 $2,574,567
========== ==========
Net interest
spread 3.75% 3.45%
Net interest
income and
margin - FTE $ 71,019 4.09% $ 66,663 3.83%
======== ========
CONTACT: Home BancShares, Inc.
Brian S. Davis, Director of Financial Reporting
(501) 328-4770
Related Categories
Press ReleasesStocks Mentioned
+0.41Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
