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Home BancShares, Inc. Announces Record Quarterly Net Income Of $17.7 Million

CONWAY, Ark., July 18, 2013 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (Nasdaq:HOMB), parent company of Centennial Bank, today announced second quarter net income of $17.7 million, or $0.31 diluted earnings per common share, compared to $15.5 million of net income, or $0.27 diluted earnings per common share (split adjusted) for the same quarter in 2012. The Company increased its second quarter earnings by $2.2 million or 14.0% for the three months ended June 30, 2013 compared to the same period of the previous year.

Because acquisitions are growth and capital management strategies, earnings excluding amortization of intangibles after-tax are useful in evaluating the Company. Diluted earnings per common share excluding intangible amortization for the second quarter of 2013 was $0.32 compared to $0.28 diluted earnings per common share excluding intangible amortization (split adjusted) for the same period in 2012.

"The second quarter's record net income is another exceptional achievement for Home BancShares," said John Allison, Chairman. "We also continue to exhibit strong capital levels, which remain considerably above the regulators' capital requirements. These strong reserves placed us in a position to participate in an opportunity like the recently announced Liberty Bank market acquisition. Merging these two similarly sized Arkansas-based companies with comparable cultures and history is a game-changer for Home BancShares. We are confidently optimistic of the Company's continued bright future when Liberty gets on board."

Randy Sims, Chief Executive Officer, added, "For the ninth consecutive quarter in the Company's history, we have again reported the most profitable quarter, increasing net income by $111,000 or 0.6% from our previously reported record earnings. Not only did the Company display an outstanding return on average assets of 1.71% for the second quarter of 2013, but we also improved our net interest margin by 53 basis points when comparing the second quarter of 2013 to the second quarter of 2012."

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