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Home BancShares, Inc. Announces Record Net Income Of $63.0 Million For 2012

Stocks in this article: HOMB

Non-performing non-covered loans were $27.3 million as of December 31, 2012, of which $15.2 million were located in Florida. Non-performing non-covered loans as a percent of total non-covered loans were 1.17% as of December 31, 2012 compared to 1.56% as of December 31, 2011. Non-performing non-covered assets were $47.8 million as of December 31, 2012, of which $23.2 million were located in Florida. Non-performing non-covered assets as a percent of total non-covered assets were 1.30% as of December 31, 2012 compared to the 1.53% reported for December 31, 2011.

The Company's allowance for loan losses for non-covered loans was $45.2 million at December 31, 2012, or 1.94% of total non-covered loans, compared to $52.1 million, or 2.96% of total non-covered loans, at December 31, 2011. As of December 31, 2012 and December 31, 2011, 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 5.26% and 3.10%, respectively. As of December 31, 2012 and December 31, 2011, the Company's allowance for loan losses for non-covered loans was 166% and 190% of its total non-performing non-covered loans, respectively.

Stockholders' equity was $515.5 million at December 31, 2012 compared to $474.1 million at December 31, 2011, an increase of $41.4 million. Book value per common share was $18.34 at December 31, 2012 compared to $16.77 at December 31, 2011.

Stock Repurchase Program

During the fourth quarter of 2012, the Company repurchased a total of 203,404 shares with a weighted average stock price of $34.33. For 2012, the Company repurchased a total of 455,448 shares with a weighted average stock price of $29.72. The Company believes the stock repurchased at these prices is a good investment. The 2012 earnings were used to fund these repurchases.

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