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Home BancShares, Inc. Announces First Quarter 2008 Earnings CONWAY, Ark., April 17, 2008 (PRIME NEWSWIRE) -- Home BancShares,
Inc. (NasdaqGS:HOMB - News) today announced first quarter earnings
of $7.3 million, or $0.39 diluted earnings per share for
the quarter ended March 31, 2008, compared to earnings of
$4.8 million, or $0.27 diluted earnings per share for the
same period in 2007. This represents a $2.5 million, or
52.9% increase in the 2008 earnings over 2007. Because of acquisitions as both 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 $0.40 and $0.29 for the first quarter of 2008 and 2007, respectively. ``This was a solid quarter with strong growth in our balance sheet,'' said John Allison, Chairman and Chief Executive Officer. ``The accomplishments of everyone in our family of banks resulted in loan growth of $67.2 million and deposit growth of $83.7 million, excluding the acquired balances of Centennial Bank. We also saw our net interest margin improve 17 basis points on a linked quarter basis. As anticipated, we did see an increase in the non-performing loans, particularly from our Florida market; we are pleased to report this increase was on the lower end of our expected range.'' Operating Highlights Net interest income for the first quarter of 2008 increased 29.7% to $20.8 million compared to $16.1 million for the first quarter of 2007. Net interest margin, on a fully taxable equivalent basis, was 3.78% in the quarter just ended compared to 3.42% in the first quarter of 2007, an increase of 36 basis points. The Company's first quarter 2008 net interest margin of 3.78% reflected an increase of 17 basis points from 3.61% in the fourth quarter of 2007. The Company's strong loan growth which was partially funded by run off in the investment portfolio combined with improved pricing on our deposit growth allowed the Company to improve net interest margin. Non-interest income for the first quarter of 2008 was $13.5 million compared with $6.2 million for the first quarter of 2007, a 118.1% increase. The increase in non-interest income is the result of various items including our acquisition of Centennial Bancshares in the first quarter of 2008, organic growth from service charges on deposits and other service charges and fees and a one-time gain on the sale of our equity investment in White River Bancshares. Non-interest expense for the first quarter of 2008 was $18.7 million compared with $14.7 million for the first quarter of 2007, an increase of 26.7%. The increase is primarily the result of our acquisition of Centennial Bancshares in the first quarter of 2008, de novo expansion, additional costs associated with our efficiency study and with the normal increased cost of doing business. Financial Condition Total loans were $1.87 billion at March 31, 2008 compared to $1.48 billion at March 31, 2007, an increase of 26.5%. Total deposits were $1.85 billion at March 31, 2008 compared to $1.63 billion at March 31, 2007, an increase of 13.9%. Total assets were $2.57 billion at March 31, 2008, a 16.7% increase from $2.20 billion at March 31, 2007. Nonperforming loans as a percent of total loans were 0.64% as of March 31, 2008 compared to 0.42% as of March 31, 2007. Nonperforming assets as a percent of total assets were 0.67% as of March 31, 2008 compared to 0.30% as of March 31, 2007. The Company's allowance for loan losses was $37.1 million at March 31, 2008, or 1.99% of total loans, compared to $26.9 million, or 1.83% of total loans, at March 31, 2007. As of March 31, 2008, the Company's allowance for loan losses equaled 308% of its total nonperforming loans compared to 436% as of March 31, 2007. Stockholders' equity was $286.4 million at March 31, 2008 compared to $236.9 million at March 31, 2007, an increase of 20.9%. Book value per common share was $15.62 at March 31, 2008 compared to $13.75 at March 31, 2007, a 13.6% increase. Branch Expansion During 2008, the Company opened Arkansas branch locations in Morrilton and Cabot. 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 17, 2008. 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: 417469, which will be available until April 24, 2008 at 10:59 p.m. Internet access to the call will be available live or in recorded version on the Company's website at http://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 is included in the Company's Form 10-K filed with the Securities and Exchange Commission. Home BancShares, Inc. is a financial holding company, headquartered in Conway, Arkansas, with six wholly owned bank subsidiaries that provide a broad range of commercial and retail banking and related financial services to businesses, real estate developers and investors, individuals and municipalities. Three of the bank subsidiaries are located in the central Arkansas market area, a fourth serves central and southern Arkansas, a fifth serves Stone County in north central Arkansas, and a sixth serves 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)
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
(In thousands) 2008 2007 2007 2007 2007
-------------- ---------- ---------- ---------- ---------- ----------
ASSETS
------
Cash and due
from banks $ 53,862 $ 51,468 $ 46,471 $ 51,110 $ 57,998
Interest-
bearing
deposits with
other banks 5,828 3,553 2,573 2,431 2,962
---------- ---------- ---------- ---------- ----------
Cash and cash
equivalents 59,690 55,021 49,044 53,541 60,960
Federal funds
sold 37,331 76 11,145 10,182 10,685
Investment
securities -
available
for sale 403,755 430,399 447,826 458,782 476,534
Loans
receivable 1,866,969 1,606,994 1,560,374 1,525,013 1,475,376
Allowance for
loan losses (37,075) (29,406) (28,636) (28,112) (26,934)
---------- ---------- ---------- ---------- ----------
Loans
receivable,
net 1,829,894 1,577,588 1,531,738 1,496,901 1,448,442
Bank premises
and equipment,
net 71,155 67,702 66,770 64,656 60,751
Foreclosed
assets held
for sale 5,097 5,083 4,915 182 327
Cash value of
life
insurance 48,678 48,093 47,468 46,862 42,746
Investments in
unconsoli-
dated
affiliates 1,424 15,084 14,982 14,836 12,336
Accrued
interest
receivable 14,649 14,321 15,186 14,847 14,331
Deferred tax
asset, net 10,583 9,163 9,499 11,023 8,455
Goodwill 49,849 37,527 37,527 37,527 37,527
Core deposit
and other
intangibles 7,934 7,702 8,141 8,580 9,019
Mortgage
servicing
rights 2,333 -- -- -- --
Other assets 28,773 23,871 23,431 22,002 21,463
---------- ---------- ---------- ---------- ----------
Total assets $2,571,145 $2,291,630 $2,267,672 $2,239,921 $2,203,576
========== ========== ========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Liabilities
Deposits:
Demand and
non-
interest-
bearing $ 255,532 $ 211,993 $ 217,666 $ 224,675 $ 228,716
Savings and
interest-
bearing
transaction
accounts 687,252 582,477 569,797 612,853 606,593
Time
deposits 911,954 797,736 811,108 805,485 792,951
---------- ---------- ---------- ---------- ----------
Total
deposits 1,854,738 1,592,206 1,598,571 1,643,013 1,628,260
Federal funds
purchased -- 16,407 8,690 -- 25,450
Securities
sold under
agreements to
repurchase 114,589 120,572 131,007 127,392 128,335
FHLB borrowed
funds 249,848 251,750 226,028 175,455 127,842
Accrued
interest
payable and
other
liabilities 17,936 13,067 12,204 11,061 12,192
Subordinated
debentures 47,643 44,572 44,595 44,618 44,640
---------- ---------- ---------- ---------- ----------
Total
liabilities 2,284,754 2,038,574 2,021,095 2,001,539 1,966,719
---------- ---------- ---------- ---------- ----------
Stockholders'
equity
Common stock 183 173 172 172 172
Capital
surplus 220,052 195,649 195,429 195,257 194,930
Retained
earnings 65,575 59,489 54,871 50,333 45,875
Accumulated
other
comprehensive
gain (loss) 581 (2,255) (3,895) (7,380) (4,120)
---------- ---------- ---------- ---------- ----------
Total stock-
holders'
equity 286,391 253,056 246,577 238,382 236,857
---------- ---------- ---------- ---------- ----------
Total
liabilities
and
stock-
holders'
equity $2,571,145 $2,291,630 $2,267,672 $2,239,921 $2,203,576
========== ========== ========== ========== ==========
Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
Quarter Ended
------------------------------------------------
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
(In thousands) 2008 2007 2007 2007 2007
------------- -------- -------- -------- -------- --------
Interest income
Loans $ 33,245 $ 30,887 $ 31,116 $ 29,776 $ 28,288
Investment
securities
Taxable 3,762 4,011 4,133 4,273 4,586
Tax-exempt 1,168 1,093 1,043 1,025 1,026
Deposits -
other banks 55 34 53 30 49
Federal funds
sold 166 31 36 40 235
-------- -------- -------- -------- --------
Total interest
income 38,396 36,056 36,381 35,144 34,184
-------- -------- -------- -------- --------
Interest expense
Interest on
deposits 13,522 13,592 14,416 14,091 14,133
Federal funds
purchased 69 170 194 247 205
FHLB borrowed
funds 2,575 2,712 2,426 2,033 1,811
Securities sold
under
agreements to
repurchase 588 974 1,267 1,281 1,224
Subordinated
debentures 811 748 758 747 749
-------- -------- -------- -------- --------
Total interest
expense 17,565 18,196 19,061 18,399 18,122
-------- -------- -------- -------- --------
Net interest
income 20,831 17,860 17,320 16,745 16,062
Provision for
loan losses 4,809 1,195 547 680 820
-------- -------- -------- -------- --------
Net interest
income after
provision for
loan losses 16,022 16,665 16,773 16,065 15,242
-------- -------- -------- -------- --------
Non-interest
income
Service charges
on deposit
accounts 3,097 3,129 2,816 2,669 2,588
Other service
charges and
fees 1,763 1,294 1,342 1,334 1,500
Data processing
fees 210 165 192 209 218
Mortgage lending
income 632 385 451 478 348
Mortgage
servicing
income 231 -- -- -- --
Insurance
commissions 272 149 153 171 289
Income from
title services 168 138 181 238 156
Increase in cash
value of life
insurance 586 626 607 617 598
Dividends from
FHLB, FRB &
bankers' bank 281 259 218 207 227
Equity in
earnings of
unconsolidated
affiliate 102 37 47 (56) (114)
Gain on sale of
equity
investment 6,102 -- -- -- --
Gain on sale of
SBA loans 101 -- -- 170 --
Gain (loss) on
sale of
premises &
equip, net (2) (14) (31) 167 14
Gain (loss) on
OREO (380) -- -- -- 37
Gain (loss) on
securities, net -- -- -- -- --
Other income 371 486 336 379 344
-------- -------- -------- -------- --------
Total
non-interest
income 13,534 6,654 6,312 6,583 6,205
-------- -------- -------- -------- --------
Non-interest
expense
Salaries and
employee
benefits 9,278 7,560 7,739 7,757 7,440
Occupancy and
equipment 2,702 2,461 2,446 2,342 2,210
Data processing
expense 786 690 644 670 644
Other operating
expenses 5,917 4,967 4,770 4,748 4,447
-------- -------- -------- -------- --------
Total
non-interest
expense 18,683 15,678 15,599 15,517 14,741
-------- -------- -------- -------- --------
Income before
income taxes 10,873 7,641 7,486 7,131 6,706
Income tax
expense 3,595 2,246 2,258 2,070 1,945
-------- -------- -------- -------- --------
Net income $ 7,278 $ 5,395 $ 5,228 $ 5,061 $ 4,761
======== ======== ======== ======== ========
Three Months Ended
------------------
Mar. 31, Mar. 31,
(In thousands) 2008 2007
------------- -------- --------
Interest income
Loans $ 33,245 $ 28,288
Investment
securities
Taxable 3,762 4,586
Tax-exempt 1,168 1,026
Deposits -
other banks 55 49
Federal funds
sold 166 235
-------- --------
Total interest
income 38,396 34,184
-------- --------
Interest expense
Interest on
deposits 13,522 14,133
Federal funds
purchased 69 205
FHLB borrowed
funds 2,575 1,811
Securities sold
under
agreements to
repurchase 588 1,224
Subordinated
debentures 811 749
-------- --------
Total interest
expense 17,565 18,122
-------- --------
Net interest
income 20,831 16,062
Provision for
loan losses 4,809 820
-------- --------
Net interest
income after
provision for
loan losses 16,022 15,242
-------- --------
Non-interest
income
Service charges
on deposit
accounts 3,097 2,588
Other service
charges and
fees 1,763 1,500
Data processing
fees 210 218
Mortgage lending
income 632 348
Mortgage
servicing
income 231 --
Insurance
commissions 272 289
Income from
title services 168 156
Increase in cash
value of life
insurance 586 598
Dividends from
FHLB, FRB &
bankers' bank 281 227
Equity in
earnings of
unconsolidated
affiliate 102 (114)
Gain on sale of
equity
investment 6,102 --
Gain on sale of
SBA loans 101 --
Gain (loss) on
sale of
premises &
equip, net (2) 14
Gain (loss) on
OREO (380) 37
Gain (loss) on
securities, net -- --
Other income 371 344
-------- --------
Total
non-interest
income 13,534 6,205
-------- --------
Non-interest
expense
Salaries and
employee
benefits 9,278 7,440
Occupancy and
equipment 2,702 2,210
Data processing
expense 786 644
Other operating
expenses 5,917 4,447
-------- --------
Total
non-interest
expense 18,683 14,741
-------- --------
Income before
income taxes 10,873 6,706
Income tax
expense 3,595 1,945
-------- --------
Net income $ 7,278 $ 4,761
======== ========
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
(Dollars and shares Quarter Ended
in thousands, -----------------------------------------------
except per share Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
data) 2008 2007 2007 2007 2007
------------------- ------- ------- ------- ------- -------
PER SHARE DATA
--------------
Diluted earnings
per share $ 0.39 $ 0.31 $ 0.30 $ 0.29 $ 0.27
Diluted cash
earnings per
share 0.40 0.33 0.31 0.30 0.29
Basic earnings per
share 0.40 0.32 0.30 0.29 0.28
Dividends per
share - common 0.050 0.045 0.040 0.035 0.025
Book value per
common share 15.62 14.67 14.30 13.83 13.75
Tangible book
value per common
share 12.47 12.05 11.65 11.15 11.05
STOCK INFORMATION
-----------------
Average common
shares outstanding 18,335 17,246 17,239 17,235 17,219
Average diluted
shares outstanding 18,792 17,538 17,537 17,544 17,501
End of period
common shares
outstanding 18,337 17,250 17,243 17,238 17,222
ANNUALIZED PERFORMANCE RATIOS
-----------------------------
Return on average
assets 1.15% 0.94% 0.92% 0.92% 0.88%
Cash return on
average assets 1.22% 1.01% 0.99% 0.99% 0.95%
Return on average
equity 10.35% 8.56% 8.60% 8.52% 8.30%
Cash return on
average tangible
equity 13.53% 10.98% 11.16% 11.14% 10.96%
Efficiency ratio 51.94% 60.54% 62.47% 62.95% 62.52%
Net interest
margin - FTE 3.78% 3.61% 3.55% 3.51% 3.42%
Fully taxable
equivalent
adjustment 716 659 634 623 610
RECONCILIATION OF CASH EARNINGS
-------------------------------
GAAP net income $ 7,278 $ 5,395 $ 5,228 $ 5,061 $ 4,761
Intangible
amortization
after-tax 282 267 267 267 267
------- ------- ------- ------- -------
Cash earnings $ 7,560 $ 5,662 $ 5,495 $ 5,328 $ 5,028
======= ======= ======= ======= =======
GAAP diluted
earnings per
share $ 0.39 $ 0.31 $ 0.30 $ 0.29 $ 0.27
Intangible
amortization
after-tax 0.01 0.02 0.01 0.01 0.02
------- ------- ------- ------- -------
Diluted cash
earnings per
share $ 0.40 $ 0.33 $ 0.31 $ 0.30 $ 0.29
======= ======= ======= ======= =======
OTHER OPERATING EXPENSES
------------------------
Advertising $ 614 $ 836 $ 646 $ 580 $ 629
Amortization of
intangibles 462 439 439 439 439
Amortization of
mortgage servicing
rights 147 -- -- -- --
Electronic banking
expense 752 556 618 655 530
Directors' fees 231 226 225 218 174
Due from bank
service charges 62 52 55 51 56
FDIC and state
assessment 315 259 266 231 260
Insurance 228 218 211 228 244
Legal and
accounting 280 276 308 303 319
Mortgage servicing
expense 87 -- -- -- --
Other professional
fees 833 317 201 214 170
Operating supplies 244 289 241 227 226
Postage 180 165 163 171 164
Telephone 231 263 227 233 228
Other expense 1,251 1,071 1,170 1,198 1,008
------- ------- ------- ------- -------
Total other
operating
expenses $ 5,917 $ 4,967 $ 4,770 $ 4,748 $ 4,447
======= ======= ======= ======= =======
(Dollars and shares Three Months Ended
in thousands, ------------------
except per share Mar. 31, Mar. 31,
data) 2008 2007
------------------- ------- -------
PER SHARE DATA
--------------
Diluted earnings
per share $ 0.39 $ 0.27
Diluted cash
earnings per
share 0.40 0.29
Basic earnings per
share 0.40 0.28
Dividends per
share - common 0.050 0.025
Book value per
common share 15.62 13.75
Tangible book
value per common
share 12.47 11.05
STOCK INFORMATION
-----------------
Average common
shares outstanding 18,335 17,219
Average diluted
shares outstanding 18,792 17,501
End of period
common shares
outstanding 18,337 17,222
ANNUALIZED PERFORMANCE RATIOS
-----------------------------
Return on average
assets 1.15% 0.88%
Cash return on
average assets 1.22% 0.95%
Return on average
equity 10.35% 8.30%
Cash return on
average tangible
equity 13.53% 10.96%
Efficiency ratio 51.94% 62.52%
Net interest
margin - FTE 3.78% 3.42%
Fully taxable
equivalent
adjustment 716 610
RECONCILIATION OF CASH EARNINGS
-------------------------------
GAAP net income $ 7,278 $ 4,761
Intangible
amortization
after-tax 282 267
------- -------
Cash earnings $ 7,560 $ 5,028
======= =======
GAAP diluted
earnings per
share $ 0.39 $ 0.27
Intangible
amortization
after-tax 0.01 0.02
------- -------
Diluted cash
earnings per
share $ 0.40 $ 0.29
======= =======
OTHER OPERATING EXPENSES
------------------------
Advertising $ 614 $ 629
Amortization of
intangibles 462 439
Amortization of
mortgage servicing
rights 147 --
Electronic banking
expense 752 530
Directors' fees 231 174
Due from bank
service charges 62 56
FDIC and state
assessment 315 260
Insurance 228 244
Legal and
accounting 280 319
Mortgage servicing
expense 87 --
Other professional
fees 833 170
Operating supplies 244 226
Postage 180 164
Telephone 231 228
Other expense 1,251 1,008
------- -------
Total other
operating
expenses $ 5,917 $ 4,447
======= =======
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
(Dollars
in Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
thousands) 2008 2007 2007 2007 2007
---------- ---------- ---------- ---------- ---------- ----------
LOAN BALANCES
-------------
Real estate
Commercial
real
estate
loans
Non-farm/
non-
residen-
tial $ 765,881 $ 607,638 $ 590,083 $ 555,466 $ 519,680
Construc-
tion/land
develop-
ment 341,442 367,422 365,236 368,632 369,022
Agricul-
tural 24,739 22,605 22,432 32,235 33,245
Residential
real
estate
loans
Residential
1-4
family 343,475 259,975 251,057 240,003 231,788
Multifamily
residen-
tial 73,220 45,428 38,528 37,559 39,329
---------- ---------- ---------- ---------- ----------
Total real
estate 1,548,757 1,303,068 1,267,336 1,233,895 1,193,064
Consumer 55,251 46,275 45,212 43,964 42,345
Commercial
and
industrial 224,756 219,062 206,744 205,760 205,531
Agricultural 17,559 20,429 25,506 24,969 16,986
Other 20,646 18,160 15,576 16,425 17,450
---------- ---------- ---------- ---------- ----------
Total
loans
receivable
before
allowance
for loan
losses 1,866,969 1,606,994 1,560,374 1,525,013 1,475,376
Allowance
for loan
losses 37,075 29,406 28,636 28,112 26,934
---------- ---------- ---------- ---------- ----------
Total loans
receivable,
net $1,829,894 $1,577,588 $1,531,738 $1,496,901 $1,448,442
========== ========== ========== ========== ==========
Loans to
deposits 100.66% 100.93% 97.61% 92.82% 90.61%
ALLOWANCE FOR LOAN LOSSES
-------------------------
Balance,
beginning
of period $ 29,406 $ 28,636 $ 28,112 $ 26,934 $ 26,111
Loans
charged off 623 486 172 68 100
Recoveries
of loans
previously
charged off 101 61 149 566 103
---------- ---------- ---------- ---------- ----------
Net
(recoveries)
loans
charged
off 522 425 23 (498) (3)
Provision
for loan
losses 4,809 1,195 547 680 820
Allowance
for loan
loss of
acquired
institution 3,382 -- -- -- --
---------- ---------- ---------- ---------- ----------
Balance,
end of
period $ 37,075 $ 29,406 $ 28,636 $ 28,112 $ 26,934
========== ========== ========== ========== ==========
Net
(recoveries)
charge-offs
to average
loans 0.11% 0.11% 0.01% -0.13% 0.00%
Allowance
for loan
losses to
total loans 1.99% 1.83% 1.84% 1.84% 1.83%
NON-PERFORMING ASSETS
---------------------
Non-performing
loans
Non-accrual
loans $ 12,033 $ 2,952 $ 2,572 $ 18,964 $ 5,059
Loans past
due 90
days or
more -- 301 150 105 1,116
---------- ---------- ---------- ---------- ----------
Total
non-
performing
loans 12,033 3,253 2,722 19,069 6,175
---------- ---------- ---------- ---------- ----------
Other non-
performing
assets
Foreclosed
assets
held for
sale 5,097 5,083 4,915 182 327
Other non-
performing
assets 27 15 -- 1 1
---------- ---------- ---------- ---------- ----------
Total
other
non-
performing
assets 5,124 5,098 4,915 183 328
---------- ---------- ---------- ---------- ----------
Total
non-
performing
assets $ 17,157 $ 8,351 $ 7,637 $ 19,252 $ 6,503
========== ========== ========== ========== ==========
Allowance
for loan
losses to
non-performing
loans 308.11% 903.97% 1052.02% 147.42% 436.18%
Non-performing
loans to
total loans 0.64% 0.20% 0.17% 1.25% 0.42%
Non-performing
assets to
total
assets 0.67% 0.36% 0.34% 0.86% 0.30%
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Three Months Ended
----------------------------------------------------
March 31, 2008 December 31, 2007
------------------------- -------------------------
(Dollars in Average Income/ Yield/ Average Income/ Yield/
thousands) Balance Expense Rate Balance Expense Rate
--------------- ---------- ------- ---- ---------- ------- ----
ASSETS
------
Earning assets
Interest-
bearing
balances due
from banks $ 5,397 $ 55 4.10% $ 2,935 $ 34 4.60%
Federal funds
sold 22,701 166 2.94% 2,855 31 4.31%
Investment
securities -
taxable 324,101 3,762 4.67% 347,838 4,011 4.57%
Investment
securities -
non-taxable -
FTE 109,314 1,826 6.72% 102,475 1,687 6.53%
Loans
receivable -
FTE 1,831,338 33,303 7.31% 1,580,926 30,952 7.77%
---------- ------- ---------- -------
Total
interest-
earning
assets 2,292,851 39,112 6.86% 2,037,029 36,715 7.15%
------- -------
Non-earning
assets 257,680 242,079
---------- ----------
Total
assets $2,550,531 $2,279,108
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Liabilities
Interest-
bearing
liabilities
Interest-
bearing
transaction
and savings
deposits $ 650,235 $ 3,405 2.11% $ 573,488 $ 3,675 2.54%
Time deposits 917,348 10,117 4.44% 815,599 9,917 4.82%
---------- ------- ---------- -------
Total
interest-
bearing
deposits 1,567,583 13,522 3.47% 1,389,087 13,592 3.88%
Federal funds
purchased 6,578 69 4.22% 13,957 170 4.83%
Securities
sold under
agreement to
repurchase 117,426 588 2.01% 125,609 974 3.08%
FHLB borrowed
funds 276,357 2,575 3.75% 228,360 2,712 4.71%
Subordinated
debentures 47,656 811 6.84% 44,586 748 6.66%
---------- ------- ---------- -------
Total
interest-
bearing
liabilities 2,015,600 17,565 3.50% 1,801,599 18,196 4.01%
------- -------
Non-interest
bearing
liabilities
Non-interest-
bearing
deposits 237,028 213,717
Other
liabilities 15,155 13,843
---------- ----------
Total
liabil-
ities 2,267,783 2,029,159
Shareholders'
equity 282,748 249,949
---------- ----------
Total
liabilities
and
shareholders'
equity $2,550,531 $2,279,108
========== ==========
Net interest
spread 3.36% 3.14%
Net interest
income and
margin - FTE $21,547 3.78% $18,519 3.61%
======= =======
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Three Months Ended
----------------------------------------------------
March 31, 2008 March 31, 2007
------------------------- -------------------------
(Dollars in Average Income/ Yield/ Average Income/ Yield/
thousands) Balance Expense Rate Balance Expense Rate
--------------- ---------- ------- ---- ---------- ------- ----
ASSETS
------
Earning assets
Interest-
bearing
balances due
from banks $ 5,397 $ 55 4.10% $ 3,793 $ 49 5.24%
Federal funds
sold 22,701 166 2.94% 18,031 235 5.29%
Investment
securities -
taxable 324,101 3,762 4.67% 407,373 4,586 4.57%
Investment
securities -
non-taxable -
FTE 109,314 1,826 6.72% 97,785 1,581 6.56%
Loans
receivable -
FTE 1,831,338 33,303 7.31% 1,450,789 28,343 7.92%
---------- ------- ---------- -------
Total
interest-
earning
assets 2,292,851 39,112 6.86% 1,977,771 34,794 7.13%
------- -------
Non-earning
assets 257,680 219,924
---------- ----------
Total
assets $2,550,531 $2,197,695
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Liabilities
Interest-
bearing
liabilities
Interest-
bearing
transaction
and savings
deposits $ 650,235 $ 3,405 2.11% $ 592,101 $ 4,335 2.97%
Time deposits 917,348 10,117 4.44% 820,942 9,798 4.84%
---------- ------- ---------- -------
Total
interest-
bearing
deposits 1,567,583 13,522 3.47% 1,413,043 14,133 4.06%
Federal funds
purchased 6,578 69 4.22% 15,397 205 5.40%
Securities
sold under
agreement to
repurchase 117,426 588 2.01% 115,754 1,224 4.29%
FHLB borrowed
funds 276,357 2,575 3.75% 148,897 1,811 4.93%
Subordinated
debentures 47,656 811 6.84% 44,654 749 6.80%
---------- ------- ---------- -------
Total
interest-
bearing
liabilities 2,015,600 17,565 3.50% 1,737,745 18,122 4.23%
------- -------
Non-interest
bearing
liabilities
Non-interest-
bearing
deposits 237,028 214,461
Other
liabilities 15,155 12,718
---------- ----------
Total
liabil-
ities 2,267,783 1,964,924
Shareholders'
equity 282,748 232,771
---------- ----------
Total
liabilities
and
shareholders'
equity $2,550,531 $2,197,695
========== ==========
Net interest
spread 3.36% 2.90%
Net interest
income and
margin - FTE $21,547 3.78% $16,672 3.42%
======= =======
Contact: Home BancShares, Inc.
Brian S. Davis, Director of Financial Reporting
(501) 328-4770
Source: Home BancShares, Inc.
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