Home BancShares Inc. (HOMB, Financial) filed Quarterly Report for the period ended 2010-09-30.
Home Bancshares Inc. has a market cap of $625.15 million; its shares were traded at around $21.99 with a P/E ratio of 19.65 and P/S ratio of 3.84. The dividend yield of Home Bancshares Inc. stocks is 0.98%.HOMB is in the portfolios of Pioneer Investments.
In addition to the $9.3 million pre-tax gain on the acquisitions, the Company incurred $3.0 million of acquisition expenses for the transactions during the first nine months of 2010. The combined financial impact of these items to the Company on an after-tax basis is a profit of $3.9 million or $0.14 diluted earnings per common share. If adjusted for these non core items, the announced profit for the first nine months of 2010 would reflect core net income of $27.5 million or $0.89 diluted earnings per share.
Our total assets as of September 30, 2010 increased $707.3 million, an annualized growth of 35.1%, to $3.39 billion from the $2.68 billion reported as of December 31, 2009. Our loan portfolio not covered by loss share increased slightly by $5.0 million, an annualized growth of 0.34%, to $1.96 billion as of September 30, 2010, from $1.95 billion as of December 31, 2009. Stockholders equity increased $33.5 million to $498.5 million as of September 30, 2010, compared to $465.0 million as of December 31, 2009. The increase in assets is primarily associated with assets acquired in our recent FDIC-assisted acquisitions. The increase in stockholders equity is primarily associated with the $37.4 million of comprehensive income less the $6.5 million of dividends paid for 2010. The annualized growth in stockholders equity for the first nine months of 2010 was 9.6%.
Our net income increased 65.9% to $31.4 million for the nine-month period ended September 30, 2010, from $18.9 million for the same period in 2009. On a diluted earnings per share basis, our earnings were $1.03 and $0.76 for the nine-month periods ended September 30, 2010 and 2009, respectively. The $12.5 million increase in net income is primarily associated with an $9.3 million pre-tax gain on the first quarter 2010 FDIC-assisted acquisitions, $14.8 million of additional net interest income from a 21 basis point increase in net interest margin combined with the additional earning assets from our four FDIC-assisted transactions plus new income from FDIC indemnification accretion and reduced FDIC assessment, advertising and electronic banking expenses offset by the higher provision for loan losses, increased OREO losses, increased costs associated with merger and acquisitions, lower income from service charges and lower income from cash value of life insurance.
Net interest income on a fully taxable equivalent basis increased $6.5 million, or 26.5%, to $31.2 million for the three-month period ended September 30, 2010, from $24.7 million for the same period in 2009. This increase in net interest income was the result of a $5.8 million increase in interest income combined with a $710,000 decrease in interest expense. The $5.8 million increase in interest income was primarily the result of a higher level of earning assets combine with improved pricing of our earning assets. The higher level of earning assets resulted in an increase in interest income of $5.7 million, while the repricing of our earning assets resulted in a $107,000 increase in interest income for the three-month period ended September 30, 2010. The Company has worked diligently to hold the changes to interest rates on earning assets to a minimum during this lower rate environment. The $710,000 decrease in interest expense for the three-month period ended September 30, 2010, is primarily the result of our interest bearing liabilities repricing in the lower interest rate environment offset by an increase in our interest bearing liabilities. The repricing of our interest bearing liabilities in the lower interest rate environment resulted in a $2.3 million decrease in interest expense. The higher level of our interest bearing liabilities resulted in additional interest expense of $1.6 million.
Net interest income on a fully taxable equivalent basis increased $15.2 million, or 21.4%, to $86.2 million for the nine-month period ended September 30, 2010, from $71.0 million for the same period in 2009. This increase in net interest income was the result of a $9.8 million increase in interest income combined with a $5.4 million decrease in interest expense. The $9.8 million increase in interest income was primarily the result of a higher level of earning assets offset by the repricing of our earning assets. The higher level of earning assets resulted in an increase in interest income of $9.9 million, while the repricing of our earning assets resulted in a $79,000 decrease in interest income for the nine-month period ended September 30, 2010. The Company has worked diligently to hold the changes to interest rates on earning assets to a minimum during this lower rate environment. The $5.4 million decrease in interest expense for the nine-month period ended September 30, 2010, is primarily the result of our interest bearing liabilities repricing in the lower interest rate environment offset by an increase in our interest bearing liabilities. The repricing of our interest bearing liabilities in the lower interest rate environment resulted in a $7.7 million decrease in interest expense. The higher level of our interest bearing liabilities resulted in additional interest expense of $2.3 million.
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Home Bancshares Inc. has a market cap of $625.15 million; its shares were traded at around $21.99 with a P/E ratio of 19.65 and P/S ratio of 3.84. The dividend yield of Home Bancshares Inc. stocks is 0.98%.HOMB is in the portfolios of Pioneer Investments.
Highlight of Business Operations:
Our net income increased 65.9% to $31.4 million for the nine-month period ended September 30, 2010, from $18.9 million for the same period in 2009. On a diluted earnings per share basis, our earnings were $1.03 and $0.76 for the nine-month periods ended September 30, 2010 and 2009, respectively. The $12.5 million increase in net income is primarily associated with an $9.3 million pre-tax gain on the first quarter 2010 FDIC-assisted acquisitions, $14.8 million of additional net interest income from a 21 basis point increase in net interest margin combined with the additional earning assets from our four FDIC-assisted transactions plus new income from FDIC indemnification accretion and reduced FDIC assessment, advertising and electronic banking expenses offset by the higher provision for loan losses, increased OREO losses, increased costs associated with merger and acquisitions, lower income from service charges and lower income from cash value of life insurance.In addition to the $9.3 million pre-tax gain on the acquisitions, the Company incurred $3.0 million of acquisition expenses for the transactions during the first nine months of 2010. The combined financial impact of these items to the Company on an after-tax basis is a profit of $3.9 million or $0.14 diluted earnings per common share. If adjusted for these non core items, the announced profit for the first nine months of 2010 would reflect core net income of $27.5 million or $0.89 diluted earnings per share.
Our total assets as of September 30, 2010 increased $707.3 million, an annualized growth of 35.1%, to $3.39 billion from the $2.68 billion reported as of December 31, 2009. Our loan portfolio not covered by loss share increased slightly by $5.0 million, an annualized growth of 0.34%, to $1.96 billion as of September 30, 2010, from $1.95 billion as of December 31, 2009. Stockholders equity increased $33.5 million to $498.5 million as of September 30, 2010, compared to $465.0 million as of December 31, 2009. The increase in assets is primarily associated with assets acquired in our recent FDIC-assisted acquisitions. The increase in stockholders equity is primarily associated with the $37.4 million of comprehensive income less the $6.5 million of dividends paid for 2010. The annualized growth in stockholders equity for the first nine months of 2010 was 9.6%.
Our net income increased 65.9% to $31.4 million for the nine-month period ended September 30, 2010, from $18.9 million for the same period in 2009. On a diluted earnings per share basis, our earnings were $1.03 and $0.76 for the nine-month periods ended September 30, 2010 and 2009, respectively. The $12.5 million increase in net income is primarily associated with an $9.3 million pre-tax gain on the first quarter 2010 FDIC-assisted acquisitions, $14.8 million of additional net interest income from a 21 basis point increase in net interest margin combined with the additional earning assets from our four FDIC-assisted transactions plus new income from FDIC indemnification accretion and reduced FDIC assessment, advertising and electronic banking expenses offset by the higher provision for loan losses, increased OREO losses, increased costs associated with merger and acquisitions, lower income from service charges and lower income from cash value of life insurance.
Net interest income on a fully taxable equivalent basis increased $6.5 million, or 26.5%, to $31.2 million for the three-month period ended September 30, 2010, from $24.7 million for the same period in 2009. This increase in net interest income was the result of a $5.8 million increase in interest income combined with a $710,000 decrease in interest expense. The $5.8 million increase in interest income was primarily the result of a higher level of earning assets combine with improved pricing of our earning assets. The higher level of earning assets resulted in an increase in interest income of $5.7 million, while the repricing of our earning assets resulted in a $107,000 increase in interest income for the three-month period ended September 30, 2010. The Company has worked diligently to hold the changes to interest rates on earning assets to a minimum during this lower rate environment. The $710,000 decrease in interest expense for the three-month period ended September 30, 2010, is primarily the result of our interest bearing liabilities repricing in the lower interest rate environment offset by an increase in our interest bearing liabilities. The repricing of our interest bearing liabilities in the lower interest rate environment resulted in a $2.3 million decrease in interest expense. The higher level of our interest bearing liabilities resulted in additional interest expense of $1.6 million.
Net interest income on a fully taxable equivalent basis increased $15.2 million, or 21.4%, to $86.2 million for the nine-month period ended September 30, 2010, from $71.0 million for the same period in 2009. This increase in net interest income was the result of a $9.8 million increase in interest income combined with a $5.4 million decrease in interest expense. The $9.8 million increase in interest income was primarily the result of a higher level of earning assets offset by the repricing of our earning assets. The higher level of earning assets resulted in an increase in interest income of $9.9 million, while the repricing of our earning assets resulted in a $79,000 decrease in interest income for the nine-month period ended September 30, 2010. The Company has worked diligently to hold the changes to interest rates on earning assets to a minimum during this lower rate environment. The $5.4 million decrease in interest expense for the nine-month period ended September 30, 2010, is primarily the result of our interest bearing liabilities repricing in the lower interest rate environment offset by an increase in our interest bearing liabilities. The repricing of our interest bearing liabilities in the lower interest rate environment resulted in a $7.7 million decrease in interest expense. The higher level of our interest bearing liabilities resulted in additional interest expense of $2.3 million.
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