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HOMB 8-K 4/23/2009



Section 1: 8-K (FORM 8-K FILING DOCUMENT)

                                       United States
                          SECURITIES AND EXCHANGE COMMISSION
                                                             Washington, D.C. 20549




                                                                 FORM 8-K


                                                              CURRENT REPORT

                                                      Pursuant to Section 13 OR 15(d) of
                                                     The Securities Exchange Act of 1934

                                         Date of Report (Date of earliest event reported) April 23, 2009




                                                     Home BancShares, Inc.
                                                  (Exact name of registrant as specified in its charter)



                   Arkansas                                          000-51904                                            71-0682831
          (State or other jurisdiction                          (Commission File Number)                         (IRS Employer Identification No.)
               of incorporation)




                                          719 Harkrider, Suite 100, Conway, Arkansas                            72032
                                             (Address of principal executive offices)                         (Zip Code)

                                          Registrant's telephone number, including area code: (501) 328-4770



                                                                  Not Applicable
                                              (Former name or former address, if changed since last report)




Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
       [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
       [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
       [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 2.02. Results of Operations and Financial Condition.

The Registrant hereby furnishes its April 23, 2009 press release announcing first quarter 2009 earnings, which is attached hereto as Exhibit 99.1 and
incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

See Item 2.02. Results of Operations and Financial Condition.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release: Home BancShares, Inc. Announces First Quarter 2009 Earnings.




                                                                  SIGNATURE

  Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.

                                                                                                     Home BancShares, Inc.

                                                                                                           (Registrant)

                           April 23, 2009                                                             /s/ RANDY MAYOR

                                (Date)                                                                   Randy Mayor
                                                                                                     Chief Financial Officer



               Exhibit Index
               99.1          Press release dated April 23, 2009




(Back To Top)


Section 2: EX-99.1 (PRESS RELEASE)

                                                                                                                                   EXHIBIT 99.1

                           Home BancShares, Inc. Announces First Quarter 2009 Earnings

CONWAY, Ark., April 23, 2009 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (Nasdaq:HOMB) today announced first
quarter net income of $6.2 million, or $0.28 diluted earnings per common share for the quarter ended March 31, 2009, compared
to earnings of $7.3 million, or $0.36 (stock dividend adjusted) diluted earnings per common share for the same period in 2008.
During March of 2008, the Company sold its 20% interest in White River Bancshares, Inc for a $6.1 million gain. Excluding the
$3.8 million after-tax or $0.19 diluted earnings per common share impact of White River during the first quarter of 2008, net
income and diluted earnings per common share for the first quarter of 2009 increased 78.0% and 64.7%, respectively, when
compared to the same period in 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 $0.30 and $0.37 (stock dividend
adjusted) for the first quarter of 2009 and 2008, respectively.

quot;We are very pleased with our first quarter of 2009 performance. Many initiatives begun several months ago are causing our
metrics to improve nicely,quot; said John Allison, Chairman and Chief Executive Officer. quot;As a result of our healthy reserves and
capital levels, we continue to be a strong financial institution positioned to take advantage of opportunities in these stormy
economic conditions.quot;

Operating Highlights

Net interest income for the first quarter of 2009 increased 4.7% to $21.8 million compared to $20.8 million for the first quarter of
2008. Net interest margin, on a fully taxable equivalent basis, was 3.93% in the quarter just ended compared to 3.78% in the first
and fourth quarter of 2008, an increase of 15 basis points. The Company's ability to improve pricing on our deposits and hold the
decline of interest rates on loans to a minimum combined with the proceeds from our issuance of $50.0 million of Fixed Rate
Cumulative Perpetual Preferred Stock Series A to the United States Department of Treasury under the Capital Purchase Program
allowed the Company to improve net interest margin.

Non-interest income for the first quarter of 2009 was $7.6 million compared with $7.3 million of non-interest income (excluding
White River Bancshares) for the first quarter of 2008, an increase of $284,000 or 3.9%. The increase in the first quarter of 2009
is primarily the result of organic growth. During the first quarter of 2009, we had record income from our mortgage lending
division.

Non-interest expense for the first quarter of 2009 was $19.3 million compared with $18.7 million for the first quarter of 2008.
Excluding the $742,000 of merger expenses and the $593,000 increase in FDIC and state assessment fees, non-interest expense
for the first quarter of 2009 improved by $726,000 or 3.9% when compared to the first quarter of 2008.

Financial Condition

Total loans were $1.97 billion at March 31, 2009 compared to $1.87 billion at March 31, 2008, an increase of 5.3%. Total
deposits were $1.84 billion at March 31, 2009 compared to $1.85 billion at March 31, 2008. Total assets were $2.59 billion at
March 31, 2009, a 0.6% increase from $2.57 billion at March 31, 2008.

Nonperforming loans as a percent of total loans were 1.24% as of March 31, 2009 compared to 0.64% as of March 31, 2008.
Nonperforming assets as a percent of total assets were 1.54% as of March 31, 2009 compared to 0.67% as of March 31, 2008.

The Company's allowance for loan losses was $40.8 million at March 31, 2009, or 2.08% of total loans, compared to $37.1
million, or 1.99% of total loans, at March 31, 2008. As of March 31, 2009, the Company's allowance for loan losses equaled
168% of its total nonperforming loans compared to 308% as of March 31, 2008.

Stockholders' equity was $338.8 million at March 31, 2009 compared to $286.4 million at March 31, 2008, an increase of 52.4
million. Book value per common share was $14.58 at March 31, 2009 compared to $14.46 (stock dividend adjusted) at March
31, 2008, a 0.6% increase.

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. Existing branches are being
evaluated for cost saving opportunities under the efficiency study.
Charter Consolidation

In July 2008, management of Home BancShares, Inc. approved the combining of all six of the Company's individually charted
banks into one charter. The six banks will adopt Centennial Bank as their common name.

In the fourth quarter of 2008, First State Bank and Marine Bank consolidated and adopted Centennial Bank as its new name.
Community Bank and Bank of Mountain View were completed in the first quarter of 2009, and Twin City Bank and the original
Centennial Bank will finish the process in June of 2009. All of the banks will, at that time, have the same name, logo and charter
allowing for a more customer-friendly banking experience and seamless transactions across our entire banking network. We
remain committed to our community banking philosophy and will continue to rely on local management and boards of directors.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, April 23, 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: 428890, which will be available until May 1, 2009. Internet
access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com under
quot;Investor Relationsquot; 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, with 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. The bank subsidiaries have locations in central Arkansas, north central Arkansas, southern
Arkansas, the Florida Keys and southwestern Florida. Recently, the Company announced plans to combine the charters of its
banks into a single charter and adopt Centennial Bank as their common name. This combination is in process and is expected to
be completed by June of this year. The Company's common stock is traded through the NASDAQ Global Select Market under
the symbol quot;HOMB.quot;



                                       Home BancShares, Inc.
                               Consolidated End of Period Balance Sheets
                                            (Unaudited)


 (In                  Mar. 31, Dec. 31,    Sep. 30,   Jun. 30,    Mar. 31,
  thousands)            2009      2008       2008       2008        2008
 -----------        ---------- ---------- ---------- ---------- ----------
   ASSETS
   ------
 Cash and due
  from banks        $    41,396 $       46,765 $       50,445 $       60,915 $       53,862
 Interest-
  bearing
  deposits
  with other
  banks                  9,025      7,403     10,290      4,845      5,828
                    ---------- ---------- ---------- ---------- ----------
Cash and
  cash
  equivalents         50,421        54,168        60,735        65,760        59,690
Federal funds
 sold                 15,510         7,865        28,347         7,436        37,331
Investment
 securities -
 available
 for sale            334,916       355,244       381,564       383,285       403,755
Loans
 receivable        1,966,572     1,956,232     1,967,923     1,951,272     1,866,969
Allowance for
 loan losses       (40,822)   (40,385)   (36,372)   (36,563)   (37,075)
                ---------- ---------- ---------- ---------- ----------
 Loans
  receivable,
  net              1,925,750     1,915,847     1,931,551     1,914,709     1,829,894
Bank premises
 and
 equipment,
 net                  72,815        73,610        70,500        70,745        71,155
Foreclosed
 assets held
 for sale             15,397         6,763         9,392         5,284         5,097
Cash value of
 life
 insurance            50,676        50,201        49,731        49,189        48,678
Investments
 in uncon-
 solidated
 affiliates            1,424         1,424         1,424         1,424         1,424
Accrued
 interest
 receivable           12,850        13,115        13,804        13,962        14,649
Deferred tax
 asset, net           16,659        16,267        14,530        12,420        10,583
Goodwill              53,138        50,038        50,038        49,849        49,849
Core deposit
 and other
 intangibles           6,084         6,547         7,009         7,471         7,934
Mortgage
 servicing
 rights            1,744      1,891      2,039      2,186      2,333
Other assets      28,767     27,113     29,926     27,899     28,773
              ---------- ---------- ---------- ---------- ----------
 Total assets $2,586,151 $2,580,093 $2,650,590 $2,611,619 $2,571,145
              ========== ========== ========== ========== ==========

 LIABILITIES
  AND
  STOCK-
  HOLDERS'
  EQUITY
 -----------
Liabilities
Deposits:
 Demand and
  non-interest
  -bearing     $     297,146 $     249,349 $     263,410 $     248,036 $     255,532
 Savings and
  interest-
  bearing
  transaction
  accounts           664,964       656,758       680,217       722,877       687,252
 Time
deposits          874,337    941,801    969,444    930,890    911,954
                 ---------- ---------- ---------- ---------- ----------
  Total
    deposits      1,836,447     1,847,908    1,913,071    1,901,803    1,854,738
Federal funds
 purchased               --            --           --        8,485           --
Securities
 sold under
 agreements
 to
 repurchase          74,478       113,389      108,350      116,865      114,589
FHLB borrowed
 funds              277,827       282,975      278,182      238,551      249,848
Accrued
 interest
 payable and
 other
 liabilities         11,034         5,202       12,350       10,440       17,936
Subordinated
 debentures          47,552     47,575     47,598     47,620     47,643
                 ---------- ---------- ---------- ---------- ----------
 Total
  liabilities     2,247,338 2,297,049 2,359,551 2,323,764 2,284,754
                 ---------- ---------- ---------- ---------- ----------
Stockholders'
 equity
Preferred
 stock               49,139            --           --           --           --
Common stock            199           199          198          183          183
Capital
 surplus            254,501       253,581      252,836      220,248      220,052
Retained
 earnings            37,126        32,639       43,310       70,220       65,575
Accumulated
 other
 comprehensive
 gain (loss)         (2,152)    (3,375)    (5,305)    (2,796)       581
                 ---------- ---------- ---------- ---------- ----------
  Total
   stock-
   holders'
   equity           338,813    283,044    291,039    287,855    286,391
                 ---------- ---------- ---------- ---------- ----------
  Total
   liabilities
   and stock-
   holders'
   equity      $2,586,151 $2,580,093 $2,650,590 $2,611,619 $2,571,145
               ========== ========== ========== ========== ==========

CAPITAL RATIOS
--------------
Common equity
 to assets             11.2%         11.0%        11.0%        11.0%        11.1%
Tangible
 common equity
 to tangible
 assets                 9.1%          9.0%         9.0%         9.0%         9.1%

                                      Home BancShares, Inc.
                              Consolidated Statements of Income (Loss)
                                           (Unaudited)

                                      Quarter Ended
                     ------------------------------------------------
Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,
(In thousands)      2009       2008       2008       2008       2008
---------------   --------   --------   --------   --------   --------

Interest income
 Loans            $ 29,138   $ 30,527   $ 31,831   $ 32,209   $ 33,245
 Investment
  securities
  Taxable            2,653      2,870      2,982      2,996      3,762
  Tax-exempt         1,298      1,267      1,216      1,199      1,168
 Deposits -
  other banks           12          6         35         37         55
 Federal funds
  sold                   7         24         24         99        166
                  --------   --------   --------   --------   --------

Total interest
 income             33,108     34,694     36,088     36,540     38,396
                  --------   --------   --------   --------   --------

Interest
 expense
 Interest on
  deposits           8,118      9,700     10,752     11,619     13,522
 Federal funds
  purchased              2         14         79         20         69
 FHLB borrowed
  funds              2,390      2,382      2,239      2,059      2,575
 Securities
  sold under
  agreements to
  repurchase           111        173        394        367        588
 Subordinated
  debentures           676        800        769        734        811
                  --------   --------   --------   --------   --------

Total interest
 expense            11,297     13,069     14,233     14,799     17,565
                  --------   --------   --------   --------   --------

Net interest
 income             21,811     21,625     21,855     21,741     20,831
 Provision for
  loan losses        1,000     20,064      1,439        704      4,809
                  --------   --------   --------   --------   --------
Net interest
 income after
 provision for
 loan losses        20,811      1,561     20,416     21,037     16,022
                  --------   --------   --------   --------   --------

Non-interest
 income
 Service
  charges on
  deposit
  accounts           3,374      3,650      3,557      3,352      3,097
 Other service
  charges and
  fees               1,784      1,513      1,698      1,699      1,763
 Data
  processing
  fees                 186        256        239        225        210
 Mortgage
  lending
income               880         629         695         706         632
 Mortgage
  servicing
  income               200         199         206         217         231
 Insurance
  commissions          257         155         164         184         272
 Income from
  title
  services             140         145         141         189         168
 Increase in
  cash value of
  life
  insurance            477         471         544         513         585
 Dividends from
  FHLB, FRB &
  bankers' bank        107         126         194         227         281
 Equity in
  earnings of
  uncon-
  solidated
  affiliate             --          --          --          --         102
 Gain on sale
  of equity
  investment            --          --          --          --       6,102
 Gain on sale
  of SBA loans          --          --          26          --         101
 Gain (loss) on
  sale of
  premises &
  equip, net             7         105          --          --          (2)
 Gain (loss) on
  OREO, net           (117)     (2,422)        (28)        (50)       (380)
 Gain (loss) on
  securities,
  net                   --      (3,860)      --         (2,067)      --
 Other income          320         765      348            472      372
                  --------    -------- --------       -------- --------

Total non-
 interest
 income              7,615       1,732       7,784       5,667      13,534
                  --------    --------    --------    --------    --------
Non-interest
 expense
 Salaries and
  employee
  benefits           8,944       8,618       8,739       8,931       9,278
 Occupancy and
  equipment          2,677       2,800       2,825       2,726       2,702
 Data
  processing
  expense              807         942         815         833         786
 Other
  operating
  expenses           6,864       7,699       6,099       6,007       5,917
                  --------    --------    --------    --------    --------

Total non-
 interest
 expense            19,292      20,059      18,478      18,497      18,683
                  --------    --------    --------    --------    --------

Income (loss)
 before income
 taxes               9,134     (16,766)      9,722       8,207      10,873
Income tax
  expense
  (benefit)          2,889        (7,386)   3,158         2,553      3,595
                  --------      -------- --------      --------   --------
Net income
 (loss)                 6,245     (9,380)      6,564      5,654      7,278
Preferred stock
 dividends &
 accretion of
 discount on
 preferred
 stock                 566            --          --         --         --
                  --------      --------    --------   --------   --------
Net income
 (loss)
 available to
 common
 shareholders     $ 5,679       $ (9,380) $ 6,564      $ 5,654    $ 7,278
                  ========      ======== ========      ========   ========

                                                            Year Ended
                                                       -------------------
                                                       Mar. 31,   Mar. 31,
(In thousands)                                           2009       2008
---------------                                        --------   --------

Interest income
 Loans                                                 $ 29,138    $ 33,245
 Investment securities
  Taxable                                                 2,653       3,762
  Tax-exempt                                              1,298       1,168
 Deposits - other banks                                      12          55
 Federal funds sold                                           7         166
                                                       --------    --------
Total interest income                                    33,108      38,396
                                                       --------    --------
Interest expense
 Interest on deposits                                     8,118      13,522
 Federal funds purchased                                      2          69
 FHLB borrowed funds                                      2,390       2,575
 Securities sold under
  agreements to repurchase                                  111         588
 Subordinated debentures                                    676         811
                                                       --------    --------
Total interest expense                                   11,297      17,565
                                                       --------    --------

Net interest income                                      21,811      20,831
 Provision for loan losses                                1,000       4,809
                                                       --------    --------
Net interest income after
 provision for loan losses                               20,811      16,022
                                                       --------    --------
Non-interest income
 Service charges on deposit accounts                      3,374       3,097
 Other service charges and fees                           1,784       1,763
 Data processing fees                                       186         210
 Mortgage lending income                                    880         632
 Mortgage servicing income                                  200         231
 Insurance commissions                                      257         272
 Income from title services                                 140         168
 Increase in cash value of life insurance                   477         585
 Dividends from FHLB, FRB & bankers' bank                   107         281
 Equity in earnings of unconsolidated affiliate              --         102
 Gain on sale of equity investment                           --       6,102
Gain on sale of SBA loans                                    --           101
 Gain (loss) on sale of premises & equip, net                  7            (2)
 Gain (loss) on OREO, net                                   (117)         (380)
 Gain (loss) on securities, net                               --            --
 Other income                                                320           372
                                                        --------      --------


Total non-interest income                                  7,615        13,534
                                                        --------      --------
Non-interest expense
   Salaries and employee benefits                          8,944         9,278
   Occupancy and equipment                                 2,677         2,702
   Data processing expense                                   807           786
   Other operating expenses                                6,864         5,917
                                                        --------      --------

Total non-interest expense                                19,292        18,683
                                                        --------      --------

Income (loss) before income taxes                          9,134        10,873
 Income tax expense (benefit)                              2,889         3,595
                                                        --------      --------
Net income (loss)                                          6,245         7,278
Preferred stock dividends & accretion of
 discount on preferred stock                                 566            --
                                                        --------      --------
Net income (loss) available to common
 shareholders                                           $ 5,679       $ 7,278
                                                        ========      ========

                                 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)                2009      2008      2008      2008      2008
------------------- -------- -------- -------- -------- --------

  PER SHARE DATA
  --------------
 (Adjusted for 8%
  Stock Dividend)
Diluted earnings
 (loss) per common
 share               $    0.28   $   (0.46) $    0.32     $    0.28    $    0.36
Diluted cash
 earnings (loss) per
 common share             0.30       (0.45)      0.34          0.29         0.37
Basic earnings
 (loss) per common
 share                    0.29       (0.47)      0.32          0.29         0.37
Dividends per share
 - common                0.060       0.065      0.060         0.051        0.046
Book value per
 common share            14.58       14.25      14.68         14.53        14.46
Tangible book value
 per common share        11.60       11.40      11.80         11.64        11.55

 STOCK INFORMATION
 -----------------
 (Adjusted for 8%
  Stock Dividend)
Average common
 shares outstanding     19,863         19,840        19,814        19,810        19,802
Average diluted
 shares outstanding     20,119         20,340        20,323        20,298        20,295
End of period common
 shares outstanding     19,865         19,860        19,823        19,810        19,804

    ANNUALIZED
 PERFORMANCE RATIOS
 ------------------

Return on average
 assets                   0.97%        -1.43%          1.00%         0.89%         1.15%
Cash return on
 average assets           1.04%        -1.41%          1.07%         0.95%         1.22%
Return on average
 common equity            8.02%       -12.80%          9.02%         7.91%        10.35%
Cash return on
 average tangible
 common equity           10.50%       -15.43%         11.72%        10.38%        13.53%
Efficiency ratio         62.16%         80.96%        59.25%        64.04%        51.94%
Net interest margin
 - FTE                    3.93%          3.78%         3.82%         3.89%         3.78%
Fully taxable
 equivalent
 adjustment                865            848           768           752           716

  RECONCILIATION OF
    CASH (LOSS)
     EARNINGS
  -----------------
  (Adjusted for 8%
   Stock Dividend)
GAAP net income
 (loss) available to
 common
 shareholders        $ 5,679      $ (9,380) $         6,564    $    5,654    $    7,278
Intangible
 amortization
 after-tax                281          281            281           280           282
                     --------     --------       --------      --------      --------
Cash earnings
 (loss)              $ 5,960      $ (9,099) $ 6,845            $ 5,934       $ 7,560
                     ========     ======== ========            ========      ========
GAAP diluted
 earnings (loss)
 per share           $   0.28     $     (0.46) $       0.32    $     0.28    $     0.36
Intangible
 amortization
 after-tax               0.02         0.01           0.02          0.01          0.01
                     --------     --------       --------      --------      --------
Diluted cash
 earnings (loss)
 per share           $   0.30     $ (0.45) $   0.34            $   0.29      $   0.37
                     ========     ======== ========            ========      ========

   OTHER OPERATING
      EXPENSES
   ---------------
Advertising         $      600    $       669    $      670    $      691    $      614
Merger Expenses            742          1,775            --            --            --
Amortization of
 intangibles               463            462           462           463           462
Amortization of
 mortgage servicing
rights                   147         147        148            147            147
Electronic banking
 expense                  863         665        740            823            752
Directors' fees           284         275        254            231            231
Due from bank
 service charges          100          89         73             82             62
FDIC and state
 assessment               965         479        524            429            372
Insurance                 297         241        244            235            228
Legal and
 accounting               435         406        382            316            280
Mortgage servicing
 expense                   72          77         59             74             87
Other professional
 fees                     259        165         184            444            833
Operating supplies        213        236         234            245            244
Postage                   176        185         189            188            180
Telephone                 178        199         238            233            231
Other expense           1,070      1,629       1,698          1,406          1,194
                     --------   --------    --------       --------       --------


 Total other
  operating
  expenses           $ 6,864    $ 7,699     $ 6,099        $ 6,007        $ 5,917
                     ========   ========    ========       ========       ========

                                                           Year Ended
                                                       ------------------
(Dollars and shares in thousands,                      Mar. 31, Mar. 31,
 except per share data)                                  2009      2008
---------------------------------                      -------- --------

         PER SHARE DATA
         --------------
(Adjusted for 8% Stock Dividend)

Diluted earnings (loss) per common share               $      0.28    $      0.36
Diluted cash earnings (loss) per common share                 0.30           0.37
Basic earnings (loss) per common share                        0.29           0.37
Dividends per share - common                                 0.060          0.046
Book value per common share                                  14.58          14.46
Tangible book value per common share                         11.60          11.55

        STOCK INFORMATION
        -----------------
  (Adjusted for 8% Stock Dividend)

Average common shares outstanding                           19,863         19,802
Average diluted shares outstanding                          20,119         20,295
End of period common shares outstanding                     19,865         19,804

    ANNUALIZED PERFORMANCE RATIOS
    -----------------------------

Return on average assets                                      0.97%          1.15%
Cash return on average assets                                 1.04%          1.22%
Return on average common equity                               8.02%         10.35%
Cash return on average tangible common equity                10.50%         13.53%
Efficiency ratio                                             62.16%         51.94%
Net interest margin - FTE                                     3.93%          3.78%

Fully taxable equivalent adjustment                            865            716

 RECONCILIATION OF CASH (LOSS) EARNINGS
--------------------------------------
    (Adjusted for 8% Stock Dividend)

GAAP net income (loss) available to
 common shareholders                                     $  5,679      $  7,278
Intangible amortization after-tax                             281           282
                                                         --------      --------
Cash earnings (loss)                                     $ 5,960       $ 7,560
                                                         ========      ========

GAAP diluted earnings (loss) per share                   $   0.28      $   0.36
Intangible amortization after-tax                            0.02          0.01
                                                         --------      --------
Diluted cash earnings (loss) per share                   $   0.30      $   0.37
                                                         ========      ========

    OTHER OPERATING EXPENSES
    ------------------------

Advertising                                              $    600      $    614
Merger Expenses                                               742            --
Amortization of intangibles                                   463           462
Amortization of mortgage servicing rights                     147           147
Electronic banking expense                                    863           752
Directors' fees                                               284           231
Due from bank service charges                                 100            62
FDIC and state assessment                                     965           372
Insurance                                                     297           228
Legal and accounting                                          435           280
Mortgage servicing expense                                     72            87
Other professional fees                                       259           833
Operating supplies                                            213           244
Postage                                                       176           180
Telephone                                                     178           231
Other expense                                               1,070         1,194
                                                         --------      --------
 Total other operating expenses                          $ 6,864       $ 5,917
                                                         ========      ========

                        Home BancShares, Inc.
                   Selected Financial Information
                              (Unaudited)


(Dollars in     Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,
 thousands)       2009       2008       2008       2008       2008
-------------- ---------- ---------- ---------- ---------- ----------

 LOAN BALANCES
 -------------

Real estate
 Commercial
  real estate
  loans
  Non-farm/non-
   residential $     814,353 $   816,603 $   798,447 $       787,824 $     765,881
  Construction/
   land
   development       336,941     320,398     339,691         353,415       341,442
   Agricultural       16,943      23,603      25,097          24,033        24,739
 Residential
  real estate
  loans
  Residential
1-4 family           395,688       391,255       376,722       365,577       343,475
  Multifamily
   residential        61,751     56,440     61,341     74,065     73,220
                  ---------- ---------- ---------- ---------- ----------
Total real
 estate               1,625,676     1,608,299     1,601,298     1,604,914     1,548,757
Consumer                 43,354        46,615        49,600        54,060        55,251
Commercial and
 industrial          250,172    255,153    255,933    238,870    224,756
Agricultural          23,706     23,625     38,431     33,794     17,559
Other                 23,664     22,540     22,661     19,634     20,646
                  ---------- ---------- ---------- ---------- ----------
 Total loans
  receivable
  before
  allowance for
  loan losses    1,966,572 1,956,232 1,967,923 1,951,272 1,866,969
Allowance for
 loan losses        40,822     40,385     36,372     36,563     37,075
                ---------- ---------- ---------- ---------- ----------
Total loans
 receivable,
 net            $1,925,750 $1,915,847 $1,931,551 $1,914,709 $1,829,894
                ========== ========== ========== ========== ==========

Loans to deposits        107.09%       105.86%       102.87%       102.60%       100.66%

 ALLOWANCE FOR
 -------------
  LOAN LOSSES
  -----------

Balance,
 beginning
 of period        $      40,385 $      36,372 $      36,563 $      37,075 $      29,406
Loans
 charged off              1,015        16,141         1,673         2,483           623
Recoveries
 of loans
 previously
 charged off             452         90         43      1,267        101
                  ---------- ---------- ---------- ---------- ----------
 Net loans
  charged off               563        16,051         1,630         1,216           522
Provision for
 loan losses              1,000        20,064         1,439           704         4,809
Allowance for
 loan losses
 of acquired
 institution              --         --         --         --      3,382
                  ---------- ---------- ---------- ---------- ----------
Balance, end
 of period        $   40,822 $   40,385 $   36,372 $   36,563 $   37,075
                  ========== ========== ========== ========== ==========

Net charge-offs
 to average
 loans                     0.12%         3.23%         0.33%         0.26%         0.11%
Allowance for
 loan losses
 to total loans            2.08%         2.06%         1.85%         1.87%         1.99%

 NON-PERFORMING
 --------------
     ASSETS
------

Non-performing
 loans
 Non-accrual
  loans        $   24,024       $   28,524 $   15,571 $   11,772 $   12,033
 Loans past
  due 90 days
  or more             284            1,374        490        446         --
               ----------       ---------- ---------- ---------- ----------
  Total non-
   performing
   loans           24,308           29,898     16,061     12,218     12,033
               ----------       ---------- ---------- ---------- ----------
Other non-
 performing
 assets
 Foreclosed
  assets held
  for sale         15,397            6,763      9,392      5,284      5,097
 Non-accrual
  investments          --               --      3,860      3,860         --
 Other non-
  performing
  assets                2               16         13         59         27
               ----------       ---------- ---------- ---------- ----------
  Total
   other non-
   performing
   assets          15,399            6,779     13,265      9,203      5,124
               ----------       ---------- ---------- ---------- ----------
  Total non-
   performing
   assets      $   39,707       $   36,677 $   29,326 $   21,421 $   17,157
               ==========       ========== ========== ========== ==========

Allowance for
 loan losses to
 non-performing
 loans                167.94%       135.08%    226.46%    299.26%    308.11%
Non-performing
 loans to total
 loans                  1.24%         1.53%      0.82%      0.63%      0.64%
Non-performing
 assets to
 total assets           1.54%         1.42%      1.11%      0.82%      0.67%


                        Home BancShares, Inc.
                  Consolidated Net Interest Margin
                             (Unaudited)

                                    Three Months Ended
                    --------------------------------------------------
                         March 31, 2009           December 31, 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      $     8,604 $     12 0.57%    $       5,381 $        6 0.44%
 Federal funds
  sold                 13,846        7 0.21%           12,078         24 0.79%
 Investment
  securities -
  taxable             230,762    2,653 4.66%          249,614      2,870 4.57%
 Investment
  securities -
  non-taxable -
  FTE                 117,082    2,064 7.15%          117,278      2,003 6.79%
 Loans receivable
  - FTE             1,966,934   29,237 6.03%     1,979,358   30,639 6.16%
                  ---------- --------           ---------- --------
   Total interest-
    earning
    assets          2,337,228   33,973 5.89%        2,363,709     35,542 5.98%
                              --------                          --------
 Non-earning
  assets              261,009                      252,327
                  ----------                    ----------
   Total assets $2,598,237                      $2,616,036
                  ==========                    ==========

 LIABILITIES AND
 ---------------
  SHAREHOLDERS'
  -------------
     EQUITY
     ------

Liabilities
 Interest-bearing
  liabilities
  Savings and
   interest-
   bearing
   transaction
   accounts       $ 667,281 $ 1,285     0.78% $ 681,991 $ 1,914 1.12%
  Time deposits      913,504    6,833   3.03%    966,149    7,786 3.21%
                  ---------- --------         ---------- --------
   Total
    interest-
    bearing
    deposits       1,580,785    8,118   2.08%       1,648,140      9,700 2.34%
 Federal funds
  purchased            3,790        2   0.21%           5,320         14 1.05%
 Securities
  sold under
  agreement to
  repurchase          84,730      111   0.53%         107,782        173 0.64%
 FHLB borrowed
  funds              280,876    2,390   3.45%         263,261      2,382 3.60%
 Subordinated
  debentures          47,566      676   5.76%       47,588      800 6.69%
                  ---------- --------           ---------- --------
   Total
    interest-
    bearing
    liabilities    1,997,747   11,297   2.29%       2,072,091     13,069 2.51%
                             --------                           --------
 Non-interest
  bearing
  liabilities
  Non-interest
bearing
   deposits            264,595                        238,684
  Other
   liabilities           7,786                        13,836
                    ----------                    ----------
   Total
    liabilities      2,270,128                      2,324,611
Shareholders'
 equity                328,109                       291,425
                    ----------                    ----------
   Total
    liabilities
    and
    shareholders'
    equity        $2,598,237                $2,616,036
                  ==========                ==========
Net interest spread                   3.60%                     3.47%
Net interest income
 and margin - FTE            $ 22,676 3.93%            $ 22,473 3.78%
                             ========                  ========


                        Home BancShares, Inc.
                  Consolidated Net Interest Margin
                            (Unaudited)

                                    Three Months Ended
                    --------------------------------------------------
                         March 31, 2009            March 31, 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      $     8,604 $      12   0.57% $       5,397 $       55 4.10%
 Federal funds
  sold                 13,846         7   0.21%        22,701        166 2.94%
 Investment
  securities -
  taxable             230,762     2,653   4.66%       324,101      3,762 4.67%
 Investment
  securities -
  non-taxable -
  FTE                  117,082    2,064   7.15%       109,314      1,826 6.72%
 Loans receivable
  - FTE             1,966,934    29,237   6.03%    1,831,338   33,303 7.31%
                  ---------- --------             ---------- --------
  Total interest-
   earning assets 2,337,228      33,973   5.89%     2,292,851     39,112 6.86%
                               --------                         --------
 Non-earning
  assets              261,009                        257,680
                  ----------                      ----------
  Total assets    $2,598,237                      $2,550,531
                  ==========                      ==========

 LIABILITIES AND
 ---------------
  SHAREHOLDERS'
-------------
       EQUITY
       ------

 Liabilities
  Interest-bearing
   liabilities
   Savings and
    interest-
    bearing
    transaction
    accounts       $ 667,281 $ 1,285     0.78% $ 650,235 $ 3,405 2.11%
   Time deposits      913,504    6,833   3.03%    917,348   10,117 4.44%
                   ---------- --------         ---------- --------
   Total
    interest-
    bearing
    deposits        1,580,785    8,118   2.08%    1,567,583     13,522 3.47%
  Federal funds
   purchased            3,790        2   0.21%        6,578         69 4.22%
  Securities sold
   under agreement
   to repurchase       84,730      111   0.53%      117,426        588 2.01%
  FHLB borrowed
   funds              280,876    2,390   3.45%      276,357      2,575 3.75%
  Subordinated
   debentures          47,566      676   5.76%       47,656      811 6.84%
                   ---------- --------           ---------- --------
   Total
    interest-
    bearing
    liabilities     1,997,747   11,297   2.29%    2,015,600     17,565 3.50%
                              --------                        --------
  Non-interest
   bearing
   liabilities
   Non-interest
    bearing
    deposits          264,595                       237,028
   Other
    liabilities         7,786                        15,155
                   ----------                    ----------
    Total
     liabilities    2,270,128                     2,267,783
 Shareholders'
  equity              328,109                       282,748
                   ----------                    ----------
    Total
     liabilities
     and
     shareholders'
     equity        $2,598,237                    $2,550,531
                   ==========                    ==========
 Net interest spread                     3.60%                         3.36%
 Net interest income
  and margin - FTE            $ 22,676   3.93%                $ 21,547 3.78%
                              ========                        ========

CONTACT:   Home BancShares, Inc.
           Brian S. Davis, Director of Financial Reporting
           (501) 328-4770

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Q1 2009 Earning Report of Home Bancshares Inc.

  • 1. HOMB 8-K 4/23/2009 Section 1: 8-K (FORM 8-K FILING DOCUMENT) United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 23, 2009 Home BancShares, Inc. (Exact name of registrant as specified in its charter) Arkansas 000-51904 71-0682831 (State or other jurisdiction (Commission File Number) (IRS Employer Identification No.) of incorporation) 719 Harkrider, Suite 100, Conway, Arkansas 72032 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (501) 328-4770 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  • 2. [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition. The Registrant hereby furnishes its April 23, 2009 press release announcing first quarter 2009 earnings, which is attached hereto as Exhibit 99.1 and incorporated herein by reference. Item 7.01. Regulation FD Disclosure. See Item 2.02. Results of Operations and Financial Condition. Item 9.01. Financial Statements and Exhibits. (d) Exhibits 99.1 Press Release: Home BancShares, Inc. Announces First Quarter 2009 Earnings. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Home BancShares, Inc. (Registrant) April 23, 2009 /s/ RANDY MAYOR (Date) Randy Mayor Chief Financial Officer Exhibit Index 99.1 Press release dated April 23, 2009 (Back To Top) Section 2: EX-99.1 (PRESS RELEASE) EXHIBIT 99.1 Home BancShares, Inc. Announces First Quarter 2009 Earnings CONWAY, Ark., April 23, 2009 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (Nasdaq:HOMB) today announced first quarter net income of $6.2 million, or $0.28 diluted earnings per common share for the quarter ended March 31, 2009, compared to earnings of $7.3 million, or $0.36 (stock dividend adjusted) diluted earnings per common share for the same period in 2008.
  • 3. During March of 2008, the Company sold its 20% interest in White River Bancshares, Inc for a $6.1 million gain. Excluding the $3.8 million after-tax or $0.19 diluted earnings per common share impact of White River during the first quarter of 2008, net income and diluted earnings per common share for the first quarter of 2009 increased 78.0% and 64.7%, respectively, when compared to the same period in 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 $0.30 and $0.37 (stock dividend adjusted) for the first quarter of 2009 and 2008, respectively. quot;We are very pleased with our first quarter of 2009 performance. Many initiatives begun several months ago are causing our metrics to improve nicely,quot; said John Allison, Chairman and Chief Executive Officer. quot;As a result of our healthy reserves and capital levels, we continue to be a strong financial institution positioned to take advantage of opportunities in these stormy economic conditions.quot; Operating Highlights Net interest income for the first quarter of 2009 increased 4.7% to $21.8 million compared to $20.8 million for the first quarter of 2008. Net interest margin, on a fully taxable equivalent basis, was 3.93% in the quarter just ended compared to 3.78% in the first and fourth quarter of 2008, an increase of 15 basis points. The Company's ability to improve pricing on our deposits and hold the decline of interest rates on loans to a minimum combined with the proceeds from our issuance of $50.0 million of Fixed Rate Cumulative Perpetual Preferred Stock Series A to the United States Department of Treasury under the Capital Purchase Program allowed the Company to improve net interest margin. Non-interest income for the first quarter of 2009 was $7.6 million compared with $7.3 million of non-interest income (excluding White River Bancshares) for the first quarter of 2008, an increase of $284,000 or 3.9%. The increase in the first quarter of 2009 is primarily the result of organic growth. During the first quarter of 2009, we had record income from our mortgage lending division. Non-interest expense for the first quarter of 2009 was $19.3 million compared with $18.7 million for the first quarter of 2008. Excluding the $742,000 of merger expenses and the $593,000 increase in FDIC and state assessment fees, non-interest expense for the first quarter of 2009 improved by $726,000 or 3.9% when compared to the first quarter of 2008. Financial Condition Total loans were $1.97 billion at March 31, 2009 compared to $1.87 billion at March 31, 2008, an increase of 5.3%. Total deposits were $1.84 billion at March 31, 2009 compared to $1.85 billion at March 31, 2008. Total assets were $2.59 billion at March 31, 2009, a 0.6% increase from $2.57 billion at March 31, 2008. Nonperforming loans as a percent of total loans were 1.24% as of March 31, 2009 compared to 0.64% as of March 31, 2008. Nonperforming assets as a percent of total assets were 1.54% as of March 31, 2009 compared to 0.67% as of March 31, 2008. The Company's allowance for loan losses was $40.8 million at March 31, 2009, or 2.08% of total loans, compared to $37.1 million, or 1.99% of total loans, at March 31, 2008. As of March 31, 2009, the Company's allowance for loan losses equaled 168% of its total nonperforming loans compared to 308% as of March 31, 2008. Stockholders' equity was $338.8 million at March 31, 2009 compared to $286.4 million at March 31, 2008, an increase of 52.4 million. Book value per common share was $14.58 at March 31, 2009 compared to $14.46 (stock dividend adjusted) at March 31, 2008, a 0.6% increase. 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. Existing branches are being evaluated for cost saving opportunities under the efficiency study.
  • 4. Charter Consolidation In July 2008, management of Home BancShares, Inc. approved the combining of all six of the Company's individually charted banks into one charter. The six banks will adopt Centennial Bank as their common name. In the fourth quarter of 2008, First State Bank and Marine Bank consolidated and adopted Centennial Bank as its new name. Community Bank and Bank of Mountain View were completed in the first quarter of 2009, and Twin City Bank and the original Centennial Bank will finish the process in June of 2009. All of the banks will, at that time, have the same name, logo and charter allowing for a more customer-friendly banking experience and seamless transactions across our entire banking network. We remain committed to our community banking philosophy and will continue to rely on local management and boards of directors. Conference Call Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, April 23, 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: 428890, which will be available until May 1, 2009. Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com under quot;Investor Relationsquot; 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, with 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. The bank subsidiaries have locations in central Arkansas, north central Arkansas, southern Arkansas, the Florida Keys and southwestern Florida. Recently, the Company announced plans to combine the charters of its banks into a single charter and adopt Centennial Bank as their common name. This combination is in process and is expected to be completed by June of this year. The Company's common stock is traded through the NASDAQ Global Select Market under the symbol quot;HOMB.quot; Home BancShares, Inc. Consolidated End of Period Balance Sheets (Unaudited) (In Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, thousands) 2009 2008 2008 2008 2008 ----------- ---------- ---------- ---------- ---------- ---------- ASSETS ------ Cash and due from banks $ 41,396 $ 46,765 $ 50,445 $ 60,915 $ 53,862 Interest- bearing deposits with other banks 9,025 7,403 10,290 4,845 5,828 ---------- ---------- ---------- ---------- ----------
  • 5. Cash and cash equivalents 50,421 54,168 60,735 65,760 59,690 Federal funds sold 15,510 7,865 28,347 7,436 37,331 Investment securities - available for sale 334,916 355,244 381,564 383,285 403,755 Loans receivable 1,966,572 1,956,232 1,967,923 1,951,272 1,866,969 Allowance for loan losses (40,822) (40,385) (36,372) (36,563) (37,075) ---------- ---------- ---------- ---------- ---------- Loans receivable, net 1,925,750 1,915,847 1,931,551 1,914,709 1,829,894 Bank premises and equipment, net 72,815 73,610 70,500 70,745 71,155 Foreclosed assets held for sale 15,397 6,763 9,392 5,284 5,097 Cash value of life insurance 50,676 50,201 49,731 49,189 48,678 Investments in uncon- solidated affiliates 1,424 1,424 1,424 1,424 1,424 Accrued interest receivable 12,850 13,115 13,804 13,962 14,649 Deferred tax asset, net 16,659 16,267 14,530 12,420 10,583 Goodwill 53,138 50,038 50,038 49,849 49,849 Core deposit and other intangibles 6,084 6,547 7,009 7,471 7,934 Mortgage servicing rights 1,744 1,891 2,039 2,186 2,333 Other assets 28,767 27,113 29,926 27,899 28,773 ---------- ---------- ---------- ---------- ---------- Total assets $2,586,151 $2,580,093 $2,650,590 $2,611,619 $2,571,145 ========== ========== ========== ========== ========== LIABILITIES AND STOCK- HOLDERS' EQUITY ----------- Liabilities Deposits: Demand and non-interest -bearing $ 297,146 $ 249,349 $ 263,410 $ 248,036 $ 255,532 Savings and interest- bearing transaction accounts 664,964 656,758 680,217 722,877 687,252 Time
  • 6. deposits 874,337 941,801 969,444 930,890 911,954 ---------- ---------- ---------- ---------- ---------- Total deposits 1,836,447 1,847,908 1,913,071 1,901,803 1,854,738 Federal funds purchased -- -- -- 8,485 -- Securities sold under agreements to repurchase 74,478 113,389 108,350 116,865 114,589 FHLB borrowed funds 277,827 282,975 278,182 238,551 249,848 Accrued interest payable and other liabilities 11,034 5,202 12,350 10,440 17,936 Subordinated debentures 47,552 47,575 47,598 47,620 47,643 ---------- ---------- ---------- ---------- ---------- Total liabilities 2,247,338 2,297,049 2,359,551 2,323,764 2,284,754 ---------- ---------- ---------- ---------- ---------- Stockholders' equity Preferred stock 49,139 -- -- -- -- Common stock 199 199 198 183 183 Capital surplus 254,501 253,581 252,836 220,248 220,052 Retained earnings 37,126 32,639 43,310 70,220 65,575 Accumulated other comprehensive gain (loss) (2,152) (3,375) (5,305) (2,796) 581 ---------- ---------- ---------- ---------- ---------- Total stock- holders' equity 338,813 283,044 291,039 287,855 286,391 ---------- ---------- ---------- ---------- ---------- Total liabilities and stock- holders' equity $2,586,151 $2,580,093 $2,650,590 $2,611,619 $2,571,145 ========== ========== ========== ========== ========== CAPITAL RATIOS -------------- Common equity to assets 11.2% 11.0% 11.0% 11.0% 11.1% Tangible common equity to tangible assets 9.1% 9.0% 9.0% 9.0% 9.1% Home BancShares, Inc. Consolidated Statements of Income (Loss) (Unaudited) Quarter Ended ------------------------------------------------
  • 7. Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, (In thousands) 2009 2008 2008 2008 2008 --------------- -------- -------- -------- -------- -------- Interest income Loans $ 29,138 $ 30,527 $ 31,831 $ 32,209 $ 33,245 Investment securities Taxable 2,653 2,870 2,982 2,996 3,762 Tax-exempt 1,298 1,267 1,216 1,199 1,168 Deposits - other banks 12 6 35 37 55 Federal funds sold 7 24 24 99 166 -------- -------- -------- -------- -------- Total interest income 33,108 34,694 36,088 36,540 38,396 -------- -------- -------- -------- -------- Interest expense Interest on deposits 8,118 9,700 10,752 11,619 13,522 Federal funds purchased 2 14 79 20 69 FHLB borrowed funds 2,390 2,382 2,239 2,059 2,575 Securities sold under agreements to repurchase 111 173 394 367 588 Subordinated debentures 676 800 769 734 811 -------- -------- -------- -------- -------- Total interest expense 11,297 13,069 14,233 14,799 17,565 -------- -------- -------- -------- -------- Net interest income 21,811 21,625 21,855 21,741 20,831 Provision for loan losses 1,000 20,064 1,439 704 4,809 -------- -------- -------- -------- -------- Net interest income after provision for loan losses 20,811 1,561 20,416 21,037 16,022 -------- -------- -------- -------- -------- Non-interest income Service charges on deposit accounts 3,374 3,650 3,557 3,352 3,097 Other service charges and fees 1,784 1,513 1,698 1,699 1,763 Data processing fees 186 256 239 225 210 Mortgage lending
  • 8. income 880 629 695 706 632 Mortgage servicing income 200 199 206 217 231 Insurance commissions 257 155 164 184 272 Income from title services 140 145 141 189 168 Increase in cash value of life insurance 477 471 544 513 585 Dividends from FHLB, FRB & bankers' bank 107 126 194 227 281 Equity in earnings of uncon- solidated affiliate -- -- -- -- 102 Gain on sale of equity investment -- -- -- -- 6,102 Gain on sale of SBA loans -- -- 26 -- 101 Gain (loss) on sale of premises & equip, net 7 105 -- -- (2) Gain (loss) on OREO, net (117) (2,422) (28) (50) (380) Gain (loss) on securities, net -- (3,860) -- (2,067) -- Other income 320 765 348 472 372 -------- -------- -------- -------- -------- Total non- interest income 7,615 1,732 7,784 5,667 13,534 -------- -------- -------- -------- -------- Non-interest expense Salaries and employee benefits 8,944 8,618 8,739 8,931 9,278 Occupancy and equipment 2,677 2,800 2,825 2,726 2,702 Data processing expense 807 942 815 833 786 Other operating expenses 6,864 7,699 6,099 6,007 5,917 -------- -------- -------- -------- -------- Total non- interest expense 19,292 20,059 18,478 18,497 18,683 -------- -------- -------- -------- -------- Income (loss) before income taxes 9,134 (16,766) 9,722 8,207 10,873
  • 9. Income tax expense (benefit) 2,889 (7,386) 3,158 2,553 3,595 -------- -------- -------- -------- -------- Net income (loss) 6,245 (9,380) 6,564 5,654 7,278 Preferred stock dividends & accretion of discount on preferred stock 566 -- -- -- -- -------- -------- -------- -------- -------- Net income (loss) available to common shareholders $ 5,679 $ (9,380) $ 6,564 $ 5,654 $ 7,278 ======== ======== ======== ======== ======== Year Ended ------------------- Mar. 31, Mar. 31, (In thousands) 2009 2008 --------------- -------- -------- Interest income Loans $ 29,138 $ 33,245 Investment securities Taxable 2,653 3,762 Tax-exempt 1,298 1,168 Deposits - other banks 12 55 Federal funds sold 7 166 -------- -------- Total interest income 33,108 38,396 -------- -------- Interest expense Interest on deposits 8,118 13,522 Federal funds purchased 2 69 FHLB borrowed funds 2,390 2,575 Securities sold under agreements to repurchase 111 588 Subordinated debentures 676 811 -------- -------- Total interest expense 11,297 17,565 -------- -------- Net interest income 21,811 20,831 Provision for loan losses 1,000 4,809 -------- -------- Net interest income after provision for loan losses 20,811 16,022 -------- -------- Non-interest income Service charges on deposit accounts 3,374 3,097 Other service charges and fees 1,784 1,763 Data processing fees 186 210 Mortgage lending income 880 632 Mortgage servicing income 200 231 Insurance commissions 257 272 Income from title services 140 168 Increase in cash value of life insurance 477 585 Dividends from FHLB, FRB & bankers' bank 107 281 Equity in earnings of unconsolidated affiliate -- 102 Gain on sale of equity investment -- 6,102
  • 10. Gain on sale of SBA loans -- 101 Gain (loss) on sale of premises & equip, net 7 (2) Gain (loss) on OREO, net (117) (380) Gain (loss) on securities, net -- -- Other income 320 372 -------- -------- Total non-interest income 7,615 13,534 -------- -------- Non-interest expense Salaries and employee benefits 8,944 9,278 Occupancy and equipment 2,677 2,702 Data processing expense 807 786 Other operating expenses 6,864 5,917 -------- -------- Total non-interest expense 19,292 18,683 -------- -------- Income (loss) before income taxes 9,134 10,873 Income tax expense (benefit) 2,889 3,595 -------- -------- Net income (loss) 6,245 7,278 Preferred stock dividends & accretion of discount on preferred stock 566 -- -------- -------- Net income (loss) available to common shareholders $ 5,679 $ 7,278 ======== ======== 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) 2009 2008 2008 2008 2008 ------------------- -------- -------- -------- -------- -------- PER SHARE DATA -------------- (Adjusted for 8% Stock Dividend) Diluted earnings (loss) per common share $ 0.28 $ (0.46) $ 0.32 $ 0.28 $ 0.36 Diluted cash earnings (loss) per common share 0.30 (0.45) 0.34 0.29 0.37 Basic earnings (loss) per common share 0.29 (0.47) 0.32 0.29 0.37 Dividends per share - common 0.060 0.065 0.060 0.051 0.046 Book value per common share 14.58 14.25 14.68 14.53 14.46 Tangible book value per common share 11.60 11.40 11.80 11.64 11.55 STOCK INFORMATION ----------------- (Adjusted for 8% Stock Dividend)
  • 11. Average common shares outstanding 19,863 19,840 19,814 19,810 19,802 Average diluted shares outstanding 20,119 20,340 20,323 20,298 20,295 End of period common shares outstanding 19,865 19,860 19,823 19,810 19,804 ANNUALIZED PERFORMANCE RATIOS ------------------ Return on average assets 0.97% -1.43% 1.00% 0.89% 1.15% Cash return on average assets 1.04% -1.41% 1.07% 0.95% 1.22% Return on average common equity 8.02% -12.80% 9.02% 7.91% 10.35% Cash return on average tangible common equity 10.50% -15.43% 11.72% 10.38% 13.53% Efficiency ratio 62.16% 80.96% 59.25% 64.04% 51.94% Net interest margin - FTE 3.93% 3.78% 3.82% 3.89% 3.78% Fully taxable equivalent adjustment 865 848 768 752 716 RECONCILIATION OF CASH (LOSS) EARNINGS ----------------- (Adjusted for 8% Stock Dividend) GAAP net income (loss) available to common shareholders $ 5,679 $ (9,380) $ 6,564 $ 5,654 $ 7,278 Intangible amortization after-tax 281 281 281 280 282 -------- -------- -------- -------- -------- Cash earnings (loss) $ 5,960 $ (9,099) $ 6,845 $ 5,934 $ 7,560 ======== ======== ======== ======== ======== GAAP diluted earnings (loss) per share $ 0.28 $ (0.46) $ 0.32 $ 0.28 $ 0.36 Intangible amortization after-tax 0.02 0.01 0.02 0.01 0.01 -------- -------- -------- -------- -------- Diluted cash earnings (loss) per share $ 0.30 $ (0.45) $ 0.34 $ 0.29 $ 0.37 ======== ======== ======== ======== ======== OTHER OPERATING EXPENSES --------------- Advertising $ 600 $ 669 $ 670 $ 691 $ 614 Merger Expenses 742 1,775 -- -- -- Amortization of intangibles 463 462 462 463 462 Amortization of mortgage servicing
  • 12. rights 147 147 148 147 147 Electronic banking expense 863 665 740 823 752 Directors' fees 284 275 254 231 231 Due from bank service charges 100 89 73 82 62 FDIC and state assessment 965 479 524 429 372 Insurance 297 241 244 235 228 Legal and accounting 435 406 382 316 280 Mortgage servicing expense 72 77 59 74 87 Other professional fees 259 165 184 444 833 Operating supplies 213 236 234 245 244 Postage 176 185 189 188 180 Telephone 178 199 238 233 231 Other expense 1,070 1,629 1,698 1,406 1,194 -------- -------- -------- -------- -------- Total other operating expenses $ 6,864 $ 7,699 $ 6,099 $ 6,007 $ 5,917 ======== ======== ======== ======== ======== Year Ended ------------------ (Dollars and shares in thousands, Mar. 31, Mar. 31, except per share data) 2009 2008 --------------------------------- -------- -------- PER SHARE DATA -------------- (Adjusted for 8% Stock Dividend) Diluted earnings (loss) per common share $ 0.28 $ 0.36 Diluted cash earnings (loss) per common share 0.30 0.37 Basic earnings (loss) per common share 0.29 0.37 Dividends per share - common 0.060 0.046 Book value per common share 14.58 14.46 Tangible book value per common share 11.60 11.55 STOCK INFORMATION ----------------- (Adjusted for 8% Stock Dividend) Average common shares outstanding 19,863 19,802 Average diluted shares outstanding 20,119 20,295 End of period common shares outstanding 19,865 19,804 ANNUALIZED PERFORMANCE RATIOS ----------------------------- Return on average assets 0.97% 1.15% Cash return on average assets 1.04% 1.22% Return on average common equity 8.02% 10.35% Cash return on average tangible common equity 10.50% 13.53% Efficiency ratio 62.16% 51.94% Net interest margin - FTE 3.93% 3.78% Fully taxable equivalent adjustment 865 716 RECONCILIATION OF CASH (LOSS) EARNINGS
  • 13. -------------------------------------- (Adjusted for 8% Stock Dividend) GAAP net income (loss) available to common shareholders $ 5,679 $ 7,278 Intangible amortization after-tax 281 282 -------- -------- Cash earnings (loss) $ 5,960 $ 7,560 ======== ======== GAAP diluted earnings (loss) per share $ 0.28 $ 0.36 Intangible amortization after-tax 0.02 0.01 -------- -------- Diluted cash earnings (loss) per share $ 0.30 $ 0.37 ======== ======== OTHER OPERATING EXPENSES ------------------------ Advertising $ 600 $ 614 Merger Expenses 742 -- Amortization of intangibles 463 462 Amortization of mortgage servicing rights 147 147 Electronic banking expense 863 752 Directors' fees 284 231 Due from bank service charges 100 62 FDIC and state assessment 965 372 Insurance 297 228 Legal and accounting 435 280 Mortgage servicing expense 72 87 Other professional fees 259 833 Operating supplies 213 244 Postage 176 180 Telephone 178 231 Other expense 1,070 1,194 -------- -------- Total other operating expenses $ 6,864 $ 5,917 ======== ======== Home BancShares, Inc. Selected Financial Information (Unaudited) (Dollars in Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, thousands) 2009 2008 2008 2008 2008 -------------- ---------- ---------- ---------- ---------- ---------- LOAN BALANCES ------------- Real estate Commercial real estate loans Non-farm/non- residential $ 814,353 $ 816,603 $ 798,447 $ 787,824 $ 765,881 Construction/ land development 336,941 320,398 339,691 353,415 341,442 Agricultural 16,943 23,603 25,097 24,033 24,739 Residential real estate loans Residential
  • 14. 1-4 family 395,688 391,255 376,722 365,577 343,475 Multifamily residential 61,751 56,440 61,341 74,065 73,220 ---------- ---------- ---------- ---------- ---------- Total real estate 1,625,676 1,608,299 1,601,298 1,604,914 1,548,757 Consumer 43,354 46,615 49,600 54,060 55,251 Commercial and industrial 250,172 255,153 255,933 238,870 224,756 Agricultural 23,706 23,625 38,431 33,794 17,559 Other 23,664 22,540 22,661 19,634 20,646 ---------- ---------- ---------- ---------- ---------- Total loans receivable before allowance for loan losses 1,966,572 1,956,232 1,967,923 1,951,272 1,866,969 Allowance for loan losses 40,822 40,385 36,372 36,563 37,075 ---------- ---------- ---------- ---------- ---------- Total loans receivable, net $1,925,750 $1,915,847 $1,931,551 $1,914,709 $1,829,894 ========== ========== ========== ========== ========== Loans to deposits 107.09% 105.86% 102.87% 102.60% 100.66% ALLOWANCE FOR ------------- LOAN LOSSES ----------- Balance, beginning of period $ 40,385 $ 36,372 $ 36,563 $ 37,075 $ 29,406 Loans charged off 1,015 16,141 1,673 2,483 623 Recoveries of loans previously charged off 452 90 43 1,267 101 ---------- ---------- ---------- ---------- ---------- Net loans charged off 563 16,051 1,630 1,216 522 Provision for loan losses 1,000 20,064 1,439 704 4,809 Allowance for loan losses of acquired institution -- -- -- -- 3,382 ---------- ---------- ---------- ---------- ---------- Balance, end of period $ 40,822 $ 40,385 $ 36,372 $ 36,563 $ 37,075 ========== ========== ========== ========== ========== Net charge-offs to average loans 0.12% 3.23% 0.33% 0.26% 0.11% Allowance for loan losses to total loans 2.08% 2.06% 1.85% 1.87% 1.99% NON-PERFORMING -------------- ASSETS
  • 15. ------ Non-performing loans Non-accrual loans $ 24,024 $ 28,524 $ 15,571 $ 11,772 $ 12,033 Loans past due 90 days or more 284 1,374 490 446 -- ---------- ---------- ---------- ---------- ---------- Total non- performing loans 24,308 29,898 16,061 12,218 12,033 ---------- ---------- ---------- ---------- ---------- Other non- performing assets Foreclosed assets held for sale 15,397 6,763 9,392 5,284 5,097 Non-accrual investments -- -- 3,860 3,860 -- Other non- performing assets 2 16 13 59 27 ---------- ---------- ---------- ---------- ---------- Total other non- performing assets 15,399 6,779 13,265 9,203 5,124 ---------- ---------- ---------- ---------- ---------- Total non- performing assets $ 39,707 $ 36,677 $ 29,326 $ 21,421 $ 17,157 ========== ========== ========== ========== ========== Allowance for loan losses to non-performing loans 167.94% 135.08% 226.46% 299.26% 308.11% Non-performing loans to total loans 1.24% 1.53% 0.82% 0.63% 0.64% Non-performing assets to total assets 1.54% 1.42% 1.11% 0.82% 0.67% Home BancShares, Inc. Consolidated Net Interest Margin (Unaudited) Three Months Ended -------------------------------------------------- March 31, 2009 December 31, 2008 (Dollars in ------------------------ ------------------------ ----------- Average Income/ Yield/ Average Income/ Yield/ thousands) Balance Expense Rate Balance Expense Rate ---------- ---------- -------- ---- ---------- -------- ---- ASSETS ------ Earning assets Interest-bearing
  • 16. balances due from banks $ 8,604 $ 12 0.57% $ 5,381 $ 6 0.44% Federal funds sold 13,846 7 0.21% 12,078 24 0.79% Investment securities - taxable 230,762 2,653 4.66% 249,614 2,870 4.57% Investment securities - non-taxable - FTE 117,082 2,064 7.15% 117,278 2,003 6.79% Loans receivable - FTE 1,966,934 29,237 6.03% 1,979,358 30,639 6.16% ---------- -------- ---------- -------- Total interest- earning assets 2,337,228 33,973 5.89% 2,363,709 35,542 5.98% -------- -------- Non-earning assets 261,009 252,327 ---------- ---------- Total assets $2,598,237 $2,616,036 ========== ========== LIABILITIES AND --------------- SHAREHOLDERS' ------------- EQUITY ------ Liabilities Interest-bearing liabilities Savings and interest- bearing transaction accounts $ 667,281 $ 1,285 0.78% $ 681,991 $ 1,914 1.12% Time deposits 913,504 6,833 3.03% 966,149 7,786 3.21% ---------- -------- ---------- -------- Total interest- bearing deposits 1,580,785 8,118 2.08% 1,648,140 9,700 2.34% Federal funds purchased 3,790 2 0.21% 5,320 14 1.05% Securities sold under agreement to repurchase 84,730 111 0.53% 107,782 173 0.64% FHLB borrowed funds 280,876 2,390 3.45% 263,261 2,382 3.60% Subordinated debentures 47,566 676 5.76% 47,588 800 6.69% ---------- -------- ---------- -------- Total interest- bearing liabilities 1,997,747 11,297 2.29% 2,072,091 13,069 2.51% -------- -------- Non-interest bearing liabilities Non-interest
  • 17. bearing deposits 264,595 238,684 Other liabilities 7,786 13,836 ---------- ---------- Total liabilities 2,270,128 2,324,611 Shareholders' equity 328,109 291,425 ---------- ---------- Total liabilities and shareholders' equity $2,598,237 $2,616,036 ========== ========== Net interest spread 3.60% 3.47% Net interest income and margin - FTE $ 22,676 3.93% $ 22,473 3.78% ======== ======== Home BancShares, Inc. Consolidated Net Interest Margin (Unaudited) Three Months Ended -------------------------------------------------- March 31, 2009 March 31, 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 $ 8,604 $ 12 0.57% $ 5,397 $ 55 4.10% Federal funds sold 13,846 7 0.21% 22,701 166 2.94% Investment securities - taxable 230,762 2,653 4.66% 324,101 3,762 4.67% Investment securities - non-taxable - FTE 117,082 2,064 7.15% 109,314 1,826 6.72% Loans receivable - FTE 1,966,934 29,237 6.03% 1,831,338 33,303 7.31% ---------- -------- ---------- -------- Total interest- earning assets 2,337,228 33,973 5.89% 2,292,851 39,112 6.86% -------- -------- Non-earning assets 261,009 257,680 ---------- ---------- Total assets $2,598,237 $2,550,531 ========== ========== LIABILITIES AND --------------- SHAREHOLDERS'
  • 18. ------------- EQUITY ------ Liabilities Interest-bearing liabilities Savings and interest- bearing transaction accounts $ 667,281 $ 1,285 0.78% $ 650,235 $ 3,405 2.11% Time deposits 913,504 6,833 3.03% 917,348 10,117 4.44% ---------- -------- ---------- -------- Total interest- bearing deposits 1,580,785 8,118 2.08% 1,567,583 13,522 3.47% Federal funds purchased 3,790 2 0.21% 6,578 69 4.22% Securities sold under agreement to repurchase 84,730 111 0.53% 117,426 588 2.01% FHLB borrowed funds 280,876 2,390 3.45% 276,357 2,575 3.75% Subordinated debentures 47,566 676 5.76% 47,656 811 6.84% ---------- -------- ---------- -------- Total interest- bearing liabilities 1,997,747 11,297 2.29% 2,015,600 17,565 3.50% -------- -------- Non-interest bearing liabilities Non-interest bearing deposits 264,595 237,028 Other liabilities 7,786 15,155 ---------- ---------- Total liabilities 2,270,128 2,267,783 Shareholders' equity 328,109 282,748 ---------- ---------- Total liabilities and shareholders' equity $2,598,237 $2,550,531 ========== ========== Net interest spread 3.60% 3.36% Net interest income and margin - FTE $ 22,676 3.93% $ 21,547 3.78% ======== ======== CONTACT: Home BancShares, Inc. Brian S. Davis, Director of Financial Reporting (501) 328-4770 (Back To Top)