This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Home BancShares, Inc. Announces Net Income Of $17.6 Million For 2010

CONWAY, Ark., Jan. 20, 2011 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (Nasdaq:HOMB), parent company of Centennial Bank, today announced net income for the year ended December 31, 2010 of $17.6 million compared to $26.8 million for the year ended 2009. Diluted earnings per share for the year ended 2010 were $0.52, compared to $1.02 for 2009.

For the fourth quarter of 2010, the Company recorded a net loss of $13.8 million, or $0.51 diluted loss per share compared to net income of $7.9 million, or $0.25 diluted earnings per share for the same period in 2009.

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 loss per share for the fourth quarter of 2010 was $0.49 compared to $0.26 diluted earnings per share for the same period in 2009.

During the fourth quarter of 2010, the Company experienced several financial items that it pre-announced on January 3, 2010. Among these items include $25.2 million in pre-tax bargain purchase gains from two FDIC-assisted acquisitions, a $53.4 million charge for impairment to certain loans which resulted in the Company recording a fourth quarter of 2010 provision for loan losses of $63.0 million, a $3.6 million charge to investment securities as a result of an apparent fraud on bonds sold in Arkansas and $2.2 million of merger expenses from our two fourth quarter FDIC-assisted acquisitions. The combined financial impact of these items to the Company on an after-tax basis is a loss of $26.5 million or $0.93 diluted loss per share.

"Due to our conservative stance, we have maintained strong capital and reserves for difficult times like these. Our sound balance sheet affords us the ability to take these charge-offs and provisions without raising additional capital," said John Allison, Chairman. "We have remained extremely well capitalized through the years. Even after these charge-offs and provisions, we will continue to have capital levels considerably above the capital requirement of our regulators."

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs