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Home BancShares, Inc. Announces Record Quarterly Earnings Of $16.1 Million

Operating Highlights

Net interest income for the third quarter of 2012 increased 8.2% to $38.6 million from $35.7 million during the third quarter of 2011. For the third quarter of 2012, the effective yield on non-covered loans and covered loans was 6.05% and 7.84%, respectively. Net interest margin, on a fully taxable equivalent basis, was 4.65% for the third quarter in a row.

The Company reported $10.6 million of non-interest income for the third quarter of 2012, compared to $10.0 million for the third quarter of 2011. The most significant components of the third quarter non-interest income were $3.8 million from service charges on deposits accounts, $3.1 million from other service charges and fees, $1.6 million from mortgage lending income, $512,000 from insurance commissions, $373,000 of accretion on the FDIC indemnification asset, $206,000 from gains on sale of SBA loans and $222,000 loss on sale of OREO.

Non-interest expense for the third quarter of 2012 was $24.0 million compared to $23.7 million for the third quarter of 2011. Excluding merger expenses, non-interest expense for the third quarter of 2012 was $23.7 million or $51,000 lower than during the third quarter of 2011. The new overhead from the Vision acquisition completed in the first quarter of 2012 has been offset through various expense reductions throughout the Company, such as advertising, FDIC assessments and cost savings associated with Vision. For the third quarter of 2012, our core efficiency ratio was 45.63% or improved by 368 basis points from the same period of the previous year.

Financial Condition

Total non-covered loans were $2.08 billion at September 30, 2012 compared to $1.76 billion at December 31, 2011. Total covered loans were $407.4 million at September 30, 2012 compared to $481.7 million at December 31, 2011. Total deposits were $3.13 billion at September 30, 2012 compared to $2.86 billion at December 31, 2011. Total assets were $3.89 billion at September 30, 2012 compared to $3.60 billion at December 31, 2011.

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