EXHIBIT 99.1

Home BancShares, Inc. Announces 22.2% Increase in 2015 Earnings

CONWAY, Ark., Jan. 21, 2016 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NASDAQ:HOMB), parent company of Centennial Bank, today announced net income for the year ended December 31, 2015 of $138.2 million compared to $113.1 million for the year ended 2014 for a 22.2% increase.  Diluted earnings per share for the year ended 2015 was $2.02 per share compared to $1.70 per share for 2014. Excluding the $4.8 million of 2015 merger expenses associated with the 2015 acquisitions, diluted earnings per share for the year ended 2015 was $2.06 per share. 


For the fourth quarter of 2015, the Company recorded a 25.1% increase in quarterly profit to $37.4 million, for the fourth quarter of 2015 compared to $29.9 million, for the same quarter in 2014.  Excluding the $2.9 million of merger expenses associated with the acquisition of Florida Business BancGroup, Inc. (“FBBI”), diluted earnings per share for the fourth quarter of 2015 was $0.56 per share.  The Company also announced $232.3 million in quarterly organic loan growth during the fourth quarter of 2015 and a core efficiency ratio of 37.86%.

“I am pleased to report the Company’s outstanding quarterly and annual earnings and financial metrics,” said John Allison, Chairman. “This past year, our team was diligent and motivated to reach and, in some cases, exceed our financial goals.  We improved the efficiency ratio to less than 39.99%, executed three acquisition opportunities, and grew organic loans by $881.6 million.  We intend to keep up this momentum in 2016 by continuing to improve the Company's earnings and financial metrics.”

“We are pleased to report the fourth quarter of 2015 as the nineteenth consecutive quarter reporting the most profitable quarter in the Company's history,” said Randy Sims, Home BancShares, Inc. Chief Executive Officer. “For the quarter, the Company reported outstanding results for diluted earnings per share excluding merger expenses of $0.56 per share and a core efficiency ratio of 37.86%.”

“During the fourth quarter, we closed the acquisition and completed the systems conversion of FBBI and are now in a position to accelerate the process of improving the Company’s results to maximize shareholder return,” added Tracy French, Centennial Bank President and Chief Executive Officer.  “As a result of our strong capital position, we are well-positioned during the coming year to continue seeking opportunities to enter new markets or expand our reach in our existing footprints while supporting additional loan growth in our legacy organization.”

Operating Highlights

Each quarter we perform credit impairment tests on the loans acquired in our FDIC loss sharing and non-loss sharing acquisitions.  During our fourth quarter 2015 impairment testing, no pools were determined to have a material projected credit improvement.  However, during the fourth quarter of 2015 one of our borrowers from the Liberty transaction paid off a $26.1 million credit relationship, which resulted in approximately $650,000 of accretion income to be recognized in the fourth quarter.   As a result, there was a $116,000 increase in recognized accretion yield to $13.2 million during the fourth quarter of 2015 when compared to $13.1 million during the third quarter of 2015.

Net interest income for the fourth quarter of 2015 increased 20.1% to $100.1 million from $83.4 million during the fourth quarter of 2014.  For the fourth quarter of 2015, the effective yield on non-covered loans and covered loans was 5.63% and 29.75%, respectively.  Net interest margin, on a fully taxable equivalent basis, was 4.95% for the quarter just ended.

During the fourth quarter of 2015, the Company recorded a provision for loan loss of $8.9 million compared to $5.4 million in the fourth quarter of 2014.  This expected increase of $3.5 million is primarily a reflection of the organic loan growth generated during 2015.

The Company reported $17.3 million of non-interest income for the fourth quarter of 2015, compared to $10.2 million for the fourth quarter of 2014.  The most important components of the fourth quarter non-interest income were $6.8 million from other service charges and fees, $6.5 million from service charges on deposits accounts, $2.4 million from mortgage lending income, $1.1 million from other income, and $513,000 from insurance commissions offset by the $1.2 million of net amortization on the FDIC indemnification asset.

As a result of the recognized credit improvements in prior years, the Company has been decreasing the base of the indemnification asset to be recognized as FDIC amortization over the weighted average life of the loss-share agreements.  The recognition of this amortization has begun to slow down as the five-year loss-share has expired and only the ten-year loss-share remains.  Consequently, there was a $6.2 million decline of FDIC indemnification amortization from the fourth quarter of 2014 to the fourth quarter of 2015.

Non-interest expense excluding merger expenses for the fourth quarter of 2015 was $46.1 million compared to $39.4 million for the fourth quarter of 2014.  This increase is primarily associated with the establishment of the Centennial Commercial Finance Group (“Centennial CFG”) in New York City during the second quarter of 2015 plus the acquisition of FBBI during the fourth quarter of 2015.  For the fourth quarter of 2015, our core efficiency ratio was 37.86% which is improved from the 40.15% reported for fourth quarter of 2014.

Financial Condition

Total non-covered loans were $6.58 billion at December 31, 2015 compared to $4.82 billion at December 31, 2014.  Total covered loans were $62.2 million at December 31, 2015 compared to $240.2 million at December 31, 2014.  Total deposits were $6.44 billion at December 31, 2015 compared to $5.42 billion at December 31, 2014.  Total assets were $9.29 billion at December 31, 2015 compared to $7.40 billion at December 31, 2014.

Since the third quarter of 2015, non-covered loans increased $679.2 million.  During the fourth quarter of 2015, the five-year loss-share agreements on the commercial real estate and commercial and industrial loans acquired through the FDIC-assisted acquisitions of Wakulla and Gulf State concluded, which concludes all five-year loss-share agreements. As a result, $38.6 million of these loans including their associated discounts previously classified as covered loans have migrated to non-covered loans status.  Including the effect of purchase accounting adjustments, we acquired approximately $408.3 million in loans through the acquisition of FBBI.  As a result, the Company produced approximately $232.3 million of organic non-covered loan growth since September 30, 2015, of which $43.2 million is associated with loan originations in the legacy footprint with the remaining $189.1 million being associated with Centennial CFG.

Non-performing non-covered loans were $60.2 million as of December 31, 2015, of which $28.3 million, $31.8 million and $132,000 were located in Arkansas, Florida and Alabama, respectively.  Non-performing non-covered loans as a percent of total non-covered loans were 0.92% as of December 31, 2015 compared to 0.82% as of December 31, 2014. Non-performing non-covered assets were $78.8 million as of December 31, 2015, of which $40.3 million, $37.5 million and $892,000 were located in Arkansas, Florida and Alabama, respectively.  Non-performing non-covered assets as a percent of total non-covered assets were 0.85% as of December 31, 2015 compared to 0.79% as of December 31, 2014.

The Company’s allowance for loan losses for non-covered loans was $66.6 million at December 31, 2015, or 1.01% of total non-covered loans, compared to $52.5 million, or 1.09% of total non-covered loans, at December 31, 2014.  As of December 31, 2015 and 2014, the allowance for loan losses for non-covered loans plus discount for credit losses on non-covered loans acquired to total non-covered loans plus discount for credit losses on non-covered loans acquired was 3.07% and 3.88%, respectively.  This decrease is primarily the result of the increase in non-covered loans during 2015 plus projected credit improvement from previous periods on the acquired impaired loans.  As of December 31, 2015 and 2014, the Company’s allowance for loan losses for non-covered loans was 111% and 133% of its total non-performing non-covered loans, respectively.

Stockholders’ equity was $1.20 billion at December 31, 2015 compared to $1.02 billion at December 31, 2014, an increase of $184.5 million.  Book value per common share was $17.11 at December 31, 2015 compared to $15.03 at December 31, 2014.  Tangible book value per common share was $11.41 at December 31, 2015 compared to $9.90 at December 31, 2014 for an annualized increase of 15.3%.

Branches

During the fourth quarter of 2015, the Company acquired six branches through the acquisition of FBBI and has plans to open a deposit-only branch location in New York City during the first quarter of 2016.  In an effort to achieve efficiencies primarily from the acquisitions, the Company closed one Arkansas location and three Florida locations during the fourth quarter of 2015 and has plans to close two Arkansas locations and two Florida locations during the first quarter of 2016.  The Company currently has 79 branches in Arkansas, 61 branches in Florida, 6 branches in Alabama and a loan production office in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, January 21, 2016.  We encourage all participants to pre-register for the conference call using the following link:  http://dpregister.com/10077754.  Callers who pre-register will be given dial-in instructions and a unique PIN to gain immediate access to the live call.  Participants may pre-register at any time prior to the call and will immediately receive simple instructions via email.  The Home BancShares conference call will also be automatically scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-877-508-9586 and asking for the Home BancShares conference call.  A replay of the call will be available by calling 1-877-344-7529, Passcode: 10077754, which will be available until January 28, 2016 at 10:59 p.m. CT (11:59 ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com under “Investor Relations” for 12 months.

General

This release contains forward-looking statements regarding the Company's plans, expectations, goals and outlook for the future. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors, including, but not limited to, economic conditions, credit quality, interest rates, loan demand, the ability to successfully integrate new acquisitions and changes in the assumptions used in making the forward-looking statements, could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect Home BancShares, Inc.'s financial results is included in its Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2015, and in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 filed with the SEC on November 5, 2015.

Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Our wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, South Alabama and a loan production office in New York City. The Company's common stock is traded through the NASDAQ Global Select Market under the symbol “HOMB.”

 

 Home BancShares, Inc. 
 Consolidated End of Period Balance Sheets 
 (Unaudited) 
      
         
  Dec. 31,   Sep. 30,   Jun. 30,  Mar. 31,  Dec. 31, 
(In thousands)   2015    2015    2015    2015    2014  
                
      
ASSETS     
      
Cash and due from banks$  111,258 $  120,262 $  116,682 $  115,448 $  105,438 
Interest-bearing deposits with other banks   144,565    108,394    87,729    82,123    7,090 
Cash and cash equivalents   255,823    228,656    204,411    197,571    112,528 
Federal funds sold   1,550    -    -    6,100    250 
Investment securities - available-for-sale   1,206,580    1,141,405    1,080,000    1,069,745    1,067,287 
Investment securities - held-to-maturity   309,042    324,949    336,993    344,518    356,790 
Loans receivable not covered by loss share   6,579,401    5,900,175    5,499,028    4,929,989    4,817,314 
Loans receivable covered by FDIC loss share   62,170    105,414    159,891    169,460    240,188 
Allowance for loan losses   (69,224)   (63,659)   (60,258)   (56,526)   (55,011)
Loans receivable, net   6,572,347    5,941,930    5,598,661    5,042,923    5,002,491 
Bank premises and equipment, net   212,163    205,505    209,425    209,326    206,912 
Foreclosed assets held for sale not covered by loss share   18,526    18,204    16,539    17,402    16,951 
Foreclosed assets held for sale covered by FDIC loss share   614    2,612    4,472    6,309    7,871 
FDIC indemnification asset   9,284    11,290    15,874    19,435    28,409 
Cash value of life insurance   85,146    75,281    75,015    74,722    74,444 
Accrued interest receivable   29,132    26,977    24,447    23,542    24,075 
Deferred tax asset, net   71,565    63,075    62,088    59,594    65,227 
Goodwill   377,983    322,728    322,728    322,728    325,423 
Core deposit and other intangibles   21,443    18,828    19,816    20,916    20,925 
Other assets   117,924    134,113    103,913    99,143    93,689 
Total assets$  9,289,122 $  8,515,553 $  8,074,382 $  7,513,974 $  7,403,272 
                
      
LIABILITIES AND STOCKHOLDERS' EQUITY     
      
Liabilities     
Deposits:     
Demand and non-interest-bearing$  1,456,624 $  1,409,949 $  1,406,051 $  1,328,689 $  1,203,306 
Savings and interest-bearing transaction accounts   3,551,684    3,230,722    3,099,522    3,120,803    2,974,850 
Time deposits   1,430,201    1,312,343    1,372,463    1,452,733    1,245,815 
Total deposits   6,438,509    5,953,014    5,878,036    5,902,225    5,423,971 
Federal funds purchased   -    -    -    -    - 
Securities sold under agreements to repurchase   128,389    134,142    150,746    178,615    176,465 
FHLB borrowed funds   1,405,945    1,216,152    866,907    277,477    697,957 
Accrued interest payable and other liabilities   55,696    60,141    56,166    55,268    28,761 
Subordinated debentures   60,826    60,826    60,826    60,826    60,826 
Total liabilities   8,089,365    7,424,275    7,012,681    6,474,411    6,387,980 
                
      
Stockholders' equity     
Common stock   701    680    677    676    676 
Capital surplus   867,981    782,500    780,731    779,856    781,328 
Retained earnings   326,898    299,984    274,409    248,951    226,279 
Accumulated other comprehensive income   4,177    8,114    5,884    10,080    7,009 
Total stockholders' equity    1,199,757    1,091,278    1,061,701    1,039,563    1,015,292 
Total liabilities and stockholders' equity $  9,289,122 $  8,515,553 $  8,074,382 $  7,513,974 $  7,403,272 
                
      

 


 Home BancShares, Inc.  
 Consolidated Statements of Income  
 (Unaudited)  
          
  Quarter Ended   Year Ended  
            
  Dec. 31,  Sep. 30,  Jun. 30,    Mar. 31,    Dec. 31,     Dec. 31,    Dec. 31,   
 (In thousands)   2015    2015    2015    2015    2014     2015    2014   
                        
          
          
Interest income          
Loans$  97,772 $  88,671 $  82,360 $  75,487 $  80,011  $  344,290 $  306,345  
Investment securities         
Taxable   5,865    5,157    5,130    5,543    5,168     21,695    19,305  
Tax-exempt   2,879    2,789    2,774    2,752    2,843     11,194    10,091  
Deposits - other banks   66    32    44    91    24     233    97  
Federal funds sold   9    4    3    8    15     24    50  
                        
          
Total interest income   106,591    96,653    90,311    83,881    88,061     377,436    335,888  
                        
          
Interest expense          
Interest on deposits   3,357    3,045    3,311    3,258    3,074     12,971    12,796  
Federal funds purchased   1    1    1    1    1     4    3  
FHLB borrowed funds   2,641    2,030    1,053    1,050    1,108     6,774    4,041  
Securities sold under agreements to repurchase   140    146    163    172    181     621    717  
Subordinated debentures   351    340    334    329    327     1,354    1,313  
                        
          
Total interest expense   6,490    5,562    4,862    4,810    4,691     21,724    18,870  
                        
          
Net interest income    100,101    91,091    85,449    79,071    83,370     355,712    317,018  
Provision for loan losses   8,890    7,106    5,381    3,787    5,370     25,164    22,664  
                        
Net interest income after          
provision for loan losses   91,211    83,985    80,068    75,284    78,000     330,548    294,354  
                        
          
Non-interest income          
Service charges on deposit accounts   6,528    6,250    6,056    5,418    6,143     24,252    24,522  
Other service charges and fees   6,827    6,644    6,499    6,216    6,273     26,186    23,914  
Trust fees   365    398    1,186    432    313     2,381    1,378  
Mortgage lending income   2,404    3,132    2,955    1,932    2,341     10,423    7,556  
Insurance commissions   513    548    640    567    977     2,268    4,311  
Income from title services   54    28    36    34    60     152    222  
Increase in cash value of life insurance   328    268    295    308    319     1,199    1,210  
Dividends from FHLB, FRB, Bankers' bank & other   431    433    419    415    405     1,698    1,611  
Gain on acquisitions -  -  -    1,635  -     1,635  -  
Gain on sale of SBA loans   390    151  -  -  -     541    183  
Gain (loss) on sale of premises & equipment, net   23    (266)   21    8    (97)    (214)   322  
Gain (loss) on OREO, net   (507)   (40)   (263)   493    264     (317)   2,191  
Gain (loss) on securities, net   -    -    -    4  -     4  -  
FDIC indemnification accretion/(amortization), net   (1,239)   (1,994)   (2,202)   (3,956)   (7,439)    (9,391)   (25,752) 
Other income   1,139    993    1,385    1,164    652     4,681    3,094  
                        
          
Total non-interest income   17,256    16,545    17,027    14,670    10,211     65,498    44,762  
                        
          
Non-interest expense          
Salaries and employee benefits   23,841    22,225    22,056    19,390    19,911     87,512    77,025  
Occupancy and equipment   6,700    6,540    6,678    6,049    6,320     25,967    25,031  
Data processing expense   2,673    2,619    3,063    2,419    1,842     10,774    7,229  
Other operating expenses   15,785    13,209    11,453    12,855    13,076     53,302    52,658  
                        
          
Total non-interest expense   48,999    44,593    43,250    40,713    41,149     177,555    161,943  
                        
          
Income before income taxes    59,468    55,937    53,845    49,241    47,062     218,491    177,173  
Income tax expense   22,035    20,196    19,939    18,122    17,136     80,292    64,110  
Net income $  37,433 $  35,741 $  33,906 $  31,119 $  29,926  $  138,199 $  113,063  
                        
          

 


 Home BancShares, Inc.  
 Selected Financial Information  
 (Unaudited)  
          
  Quarter Ended   Year Ended  
             
(Dollars and shares in thousands,    Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,   Dec. 31,   Dec. 31,   
except per share data)  2015    2015    2015    2015    2014     2015    2014   
                        
          
          
PER SHARE DATA         
          
Diluted earnings per common share$  0.54 $  0.52 $  0.50 $  0.46 $  0.44  $  2.02 $  1.70  
Diluted earnings per common share excluding
  merger expenses
   0.56    0.53    0.50    0.47    0.46     2.06    1.76  
Diluted earnings per common share excluding
  intangible amortization
   0.54    0.53    0.51    0.47    0.46     2.05    1.75  
Basic earnings per common share   0.53    0.53    0.50    0.46    0.44     2.02    1.71  
Dividends per share - common   0.150    0.150    0.125    0.125    0.100     0.550    0.350  
Book value per common share   17.11    16.05    15.67    15.38    15.03     17.11    15.03  
Tangible book value per common share   11.41    11.03    10.61    10.30    9.90     11.41    9.90  
          
STOCK INFORMATION         
          
Average common shares outstanding   70,117    67,869    67,632    67,589    67,291     68,308    65,951  
Average diluted shares outstanding   70,308    68,081    67,915    67,923    67,653     68,565    66,331  
End of period common shares outstanding   70,121    68,000    67,774    67,577    67,571     70,121    67,571  
          
ANNUALIZED PERFORMANCE METRICS         
          
Return on average assets 1.62% 1.72% 1.72% 1.67% 1.62%  1.68% 1.63% 
Return on average assets excluding
  intangible amortization
 1.72% 1.83% 1.83% 1.79% 1.74%  1.79% 1.75% 
Return on average assets excluding intangible
  amortization, provision for loan losses, merger
  expenses, bargain purchase gain, gain on life
  insurance proceeds and income taxes (Core ROA)
 3.27% 3.24% 3.20% 3.04% 3.13%  3.20% 3.19% 
Return on average common equity 12.53% 13.23% 12.98% 12.33% 11.96%  12.77% 12.34% 
Return on average tangible common equity
  excluding intangible amortization
 19.07% 19.76% 19.68% 18.99% 18.72%  19.37% 19.80% 
Efficiency ratio 40.32% 39.79% 40.39% 41.41% 41.87%  40.44% 42.67% 
Core efficiency ratio 37.86% 39.30% 40.30% 40.84% 40.15%  39.48% 41.23% 
Net interest margin - FTE 4.95% 5.03% 5.00% 4.94% 5.26%  4.98% 5.37% 
Fully taxable equivalent adjustment$  2,025 $  1,951 $  1,879 $  1,855 $  1,911  $  7,710 $  6,854  
Total revenue   123,847    113,198    107,338    98,551    98,272     442,934    380,650  
          
EARNINGS EXCLUDING         
INTANGIBLE AMORTIZATION         
          
GAAP net income available to
  common shareholders
$  37,433 $  35,741 $  33,906 $  31,119 $  29,926  $  138,199 $  113,063  
Intangible amortization after-tax   524    600    669    686    707     2,479    2,814  
Earnings excluding intangible amortization$  37,957 $  36,341 $  34,575 $  31,805 $  30,633  $  140,678 $  115,877  
                        
          
GAAP diluted earnings per share$  0.54 $  0.52 $  0.50 $  0.46 $  0.44  $  2.02 $  1.70  
Intangible amortization after-tax -    0.01    0.01    0.01    0.02     0.03    0.05  
Diluted earnings per share excluding
  intangible amortization
$  0.54 $  0.53 $  0.51 $  0.47 $  0.46  $  2.05 $  1.75  
                        
          
OTHER OPERATING EXPENSES         
          
Advertising$  644 $  906 $  657 $  779 $  792  $  2,986 $  2,568  
Merger and acquisition expenses   2,909    474  -    1,417    1,711     4,800    6,438  
Amortization of intangibles   862    988    1,100    1,129    1,163     4,079    4,630  
Electronic banking expense   1,283    1,352    1,299    1,232    1,351     5,166    5,308  
Directors' fees   262    233    281    295    243     1,071    912  
Due from bank service charges   304    291    286    215    199     1,096    803  
FDIC and state assessment   1,443    1,276    1,172    1,396    1,144     5,287    4,288  
Insurance   642    617    617    666    685     2,542    2,538  
Legal and accounting   537    338    706    447    666     2,028    2,012  
Other professional fees   1,231    947    560    488    394     3,226    2,200  
Operating supplies   473    464    509    434    473     1,880    1,928  
Postage   299    293    295    309    329     1,196    1,331  
Telephone   499    444    470    504    503     1,917    1,968  
Other expense   4,397    4,586    3,501    3,544    3,423     16,028    15,734  
                        
          
Total other operating expenses$  15,785 $  13,209 $  11,453 $  12,855 $  13,076  $  53,302 $  52,658  
                        
          

 


 Home BancShares, Inc. 
 Selected Financial Information 
 (Unaudited) 
      
       
  Dec. 31,  Sep. 30,    Jun. 30,   Mar. 31,  Dec. 31,  
 (Dollars in thousands)   2015    2015    2015    2015    2014  
                
      
BALANCE SHEET RATIOS     
      
Total loans to total deposits 103.15% 100.88% 96.27% 86.40% 93.24%
Common equity to assets 12.9% 12.8% 13.1% 13.8% 13.7%
Tangible common equity to tangible assets 9.0% 9.2% 9.3% 9.7% 9.5%
      
ALLOWANCE FOR LOAN LOSSES     
      
 Non-Covered      
Balance, beginning of period$  60,581 $  55,877 $  52,731 $  52,471 $  50,695 
Loans charged off   4,316    3,966    3,339    3,150    3,811 
Recoveries of loans previously charged off   1,188    535    1,184    541    1,121 
Net loans (recovered)/charged off   3,128    3,431    2,155    2,609    2,690 
Provision for loan losses   8,890    7,106    5,301    2,869    4,466 
Reclass of provision for loan losses attributable to
  FDIC loss share agreements
   293    1,029  -  -  - 
Balance, end of period$  66,636 $  60,581 $  55,877 $  52,731 $  52,471 
                
      
Discount for credit losses on non-covered loans acquired   139,498    134,131    131,746    134,699    139,720 
Net (recoveries) charge-offs on loans not covered by loss
  share to average non-covered loans
 0.19% 0.24% 0.16% 0.22% 0.23%
Allowance for loan losses for non-covered loans
  to total non-covered loans
 1.01% 1.03% 1.02% 1.07% 1.09%
Allowance for loan losses for non-covered loans plus
  discount for credit losses on non-covered loans
  acquired to total non-covered loans plus discount
  for credit losses on non-covered loans acquired
 3.07% 3.23% 3.33% 3.70% 3.88%
      
Covered     
Balance, beginning of period$  3,078 $  4,381 $  3,795 $  2,540 $  2,149 
Loans charged off   158    251  -    772    858 
Recoveries of loans previously charged off   (39)   (318)   186    265    345 
Net loans charged off/(recovered)   197    569    (186)   507    513 
Provision for loan losses forecasted outside of loss share -    295  -    (295)   904 
Provision for loan losses before benefit
  attributable to FDIC loss share agreements
 -  -    400    2,057  - 
Benefit attributable to FDIC loss share agreements -    (295)   (320)   (844) - 
Net provision for loan losses -  -    80    918    904 
Reclass of provision for loan losses attributable to
  FDIC loss share agreements
   (293)   (1,029) -  -  - 
Increase (decrease) in FDIC indemnification asset -    295    320    844  - 
Balance, end of period$  2,588 $  3,078 $  4,381 $  3,795 $  2,540 
                
      
Total allowance for loan losses$  69,224 $  63,659 $  60,258 $  56,526 $  55,011 
                
      
NON-PERFORMING ASSETS     
NOT COVERED BY LOSS SHARE     
      
Non-performing non-covered loans     
Non-accrual non-covered loans$  36,374 $  37,405 $  29,033 $  25,354 $  24,691 
Non-covered loans past due 90 days or more   23,845    11,390    10,847    12,160    14,871 
Total non-performing non-covered loans   60,219    48,795    39,880    37,514    39,562 
Other non-performing non-covered assets               
Non-covered foreclosed assets held for sale, net   18,526    18,204    16,539    17,402    16,951 
Other non-performing non-covered assets   38    14    12  -  - 
Total other non-performing non-covered assets   18,564    18,218    16,551    17,402    16,951 
Total non-performing non-covered assets$  78,783 $  67,013 $  56,431 $  54,916 $  56,513 
                
      
Allowance for loan losses for non-covered loans to
  non-performing non-covered loans
 110.66% 124.15% 140.11% 140.56% 132.63%
Non-performing non-covered loans to total
  non-covered loans
 0.92% 0.83% 0.73% 0.76% 0.82%
Non-performing non-covered assets to total
  non-covered assets
 0.85% 0.80% 0.71% 0.75% 0.79%

 


 Home BancShares, Inc.  
 Loan Information  
 (Unaudited)  
       
       
   Dec. 31,    Sep. 30,    Jun. 30,    Mar. 31,    Dec. 31,   
 (Dollars in thousands)   2015    2015    2015    2015    2014   
                 
       
       
LOANS NOT COVERED BY LOSS SHARE      
       
Real estate      
Commercial real estate loans      
Non-farm/non-residential$  2,968,147 $  2,655,882 $  2,477,688 $  2,042,781 $  1,987,890  
Construction/land development   943,095    805,003    796,589    733,564    700,139  
Agricultural   75,027    75,233    81,633    82,985    72,211  
Residential real estate loans      
Residential 1-4 family   1,130,714    1,055,504    997,952    976,719    963,990  
Multifamily residential   429,872    392,483    321,593    274,515    250,222  
Total real estate   5,546,855    4,984,105    4,675,455    4,110,564    3,974,452  
Consumer   52,258    46,677    48,320    51,852    56,720  
Commercial and industrial   850,357    749,846    658,501    641,411    670,124  
Agricultural   67,109    78,217    72,766    58,317    48,833  
Other   62,822    41,330    43,986    67,845    67,185  
Loans receivable not covered by loss share$  6,579,401 $  5,900,175 $  5,499,028 $  4,929,989 $  4,817,314  
                 
       
       
       
LOANS COVERED BY LOSS SHARE      
       
Real estate      
Commercial real estate loans      
Non-farm/non-residential$  188 $  25,903 $  54,777 $  58,251 $  93,979  
Construction/land development   1,692    7,836    24,003    25,495    39,946  
Agricultural -    735    848    875    943  
Residential real estate loans      
Residential 1-4 family   59,565    66,447    72,002    76,758    87,309  
Multifamily residential   384    1,200    1,394    1,421    8,617  
Total real estate   61,829    102,121    153,024    162,800    230,794  
Consumer -    10    17    17    16  
Commercial and industrial   230    2,682    6,118    5,887    8,651  
Agricultural -  -  -  -  -  
Other   111    601    732    756    727  
Loans receivable covered by loss share$  62,170 $  105,414 $  159,891 $  169,460 $  240,188  
                 
       

 


 Home BancShares, Inc. 
 Consolidated Net Interest Margin 
 (Unaudited) 
        
  Three Months Ended 
  December 31, 2015   September 30, 2015 
  Average  Income/  Yield/   Average  Income/  Yield/ 
 (Dollars in thousands)  Balance  Expense  Rate   Balance  Expense  Rate 
        
        
ASSETS       
Earning assets       
Interest-bearing balances due from banks$  118,854 $  66  0.22% $  78,783 $  32  0.16%
Federal funds sold   12,143    9  0.29%    5,293    4  0.30%
Investment securities - taxable   1,165,060    5,865  2.00%    1,129,453    5,157  1.81%
Investment securities - non-taxable - FTE   346,909    4,705  5.38%    326,069    4,557  5.54%
Loans receivable - FTE   6,535,714    97,971  5.95%    5,800,688    88,854  6.08%
Total interest-earning assets   8,178,680    108,616  5.27%    7,340,286    98,604  5.33%
Non-earning assets   973,962       890,551   
Total assets$  9,152,642    $  8,230,837   
            
        
LIABILITIES AND SHAREHOLDERS' EQUITY       
Liabilities       
Interest-bearing liabilities       
Savings and interest-bearing transaction accounts$  3,522,713 $  1,742  0.20% $  3,157,279 $  1,514  0.19%
Time deposits   1,449,881    1,615  0.44%    1,320,995    1,531  0.46%
Total interest-bearing deposits   4,972,594    3,357  0.27%    4,478,274    3,045  0.27%
Federal funds purchased   708    1  0.56%    1,250    1  0.32%
Securities sold under agreement to repurchase   135,134    140  0.41%    143,672    146  0.40%
FHLB borrowed funds   1,242,496    2,641  0.84%    1,044,369    2,030  0.77%
Subordinated debentures   60,826    351  2.29%    60,826    340  2.22%
Total interest-bearing liabilities   6,411,758    6,490  0.40%    5,728,391    5,562  0.39%
Non-interest bearing liabilities                   
Non-interest bearing deposits   1,488,714       1,371,924   
Other liabilities   66,531       58,729   
Total liabilities   7,967,003       7,159,044   
Shareholders' equity   1,185,639       1,071,793   
Total liabilities and shareholders' equity$  9,152,642    $  8,230,837   
Net interest spread   4.87%    4.94%
Net interest income and margin - FTE $  102,126  4.95%  $  93,042  5.03%

 


 Home BancShares, Inc.  
 Consolidated Net Interest Margin  
 (Unaudited)  
         
  Year Ended  
  December 31, 2015   December 31, 2014  
  Average  Income/  Yield/   Average  Income/  Yield/  
 (Dollars in thousands)  Balance  Expense  Rate   Balance  Expense  Rate  
         
         
ASSETS        
Earning assets        
Interest-bearing balances due from banks$  108,315 $  233  0.22% $  49,794 $  97  0.19% 
Federal funds sold   9,250    24  0.26%    24,018    50  0.21% 
Investment securities - taxable   1,114,829    21,695  1.95%    1,041,322    19,305  1.85% 
Investment securities - non-taxable - FTE   332,048    18,309  5.51%    301,051    16,502  5.48% 
Loans receivable - FTE   5,732,315    344,885  6.02%    4,613,919    306,788  6.65% 
Total interest-earning assets   7,296,757    385,146  5.28%    6,030,104    342,742  5.68% 
Non-earning assets   914,225       922,311      
Total assets$  8,210,982    $  6,952,415    
             
         
LIABILITIES AND SHAREHOLDERS' EQUITY        
Liabilities        
Interest-bearing liabilities        
Savings and interest-bearing transaction accounts$  3,218,745 $  6,306  0.20% $  2,839,329 $  5,279  0.19% 
Time deposits   1,381,562    6,665  0.48%    1,373,273    7,517  0.55% 
Total interest-bearing deposits   4,600,307    12,971  0.28%    4,212,602    12,796  0.30% 
Federal funds purchased   824    4  0.49%    956    3  0.31% 
Securities sold under agreement to repurchase   156,513    621  0.40%    151,610    717  0.47% 
FHLB borrowed funds   902,852    6,774  0.75%    486,742    4,041  0.83% 
Subordinated debentures   60,826    1,354  2.23%    60,826    1,313  2.16% 
Total interest-bearing liabilities   5,721,322    21,724  0.38%    4,912,736    18,870  0.38% 
Non-interest bearing liabilities                    
Non-interest bearing deposits   1,358,905       1,101,923    
Other liabilities   48,170       21,469    
Total liabilities   7,128,397       6,036,128    
Shareholders' equity   1,082,585       916,287    
Total liabilities and shareholders' equity$  8,210,982    $  6,952,415    
Net interest spread     4.90%      5.30% 
Net interest income and margin - FTE $  363,422  4.98%  $  323,872  5.37% 

 


 

FOR MORE INFORMATION CONTACT:

Jennifer C. Floyd
Chief Accounting Officer & 
Investor Relations Officer
Home BancShares, Inc.
(501) 339-2929


The following information was filed by Home Bancshares Inc (HOMB) on Thursday, January 21, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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