Home BancShares Inc. (HOMB, Financial) filed Quarterly Report for the period ended 2010-03-31.
Home Bancshares Inc. has a market cap of $659.31 million; its shares were traded at around $25.64 with a P/E ratio of 22.89 and P/S ratio of 4.05. The dividend yield of Home Bancshares Inc. stocks is 0.94%.HOMB is in the portfolios of Jim Simons of Renaissance Technologies LLC.
In addition to the $11.8 million pre-tax gain on the acquisitions, the Company incurred $1.1 million of acquisition expenses for the transactions during the first quarter of 2010. The combined financial impact of these items to the Company on an after-tax basis is a profit of $6.5 million or $0.25 diluted earnings per common share. If adjusted for these non core items, the announced profit for the first quarter of 2010 would reflect core net income of $7.9 million or $0.28 diluted earnings per share.
Our total assets as of March 31, 2010 increased $393.3 million, an annualized growth of 59.4%, to $3.08 billion from the $2.68 billion reported as of December 31, 2009. Our loan portfolio not covered by loss share increased slightly by $9.4 million, an annualized growth of 2.0%, to $1.96 billion as of March 31, 2010, from $1.95 billion as of December 31, 2009. Stockholders equity increased $13.4 million to $478.3 million as of March 31, 2010, compared to $465.0 million as of December 31, 2009. The increase in assets is primarily associated with asset acquired in our recent FDIC-assisted acquisitions. The increase in stockholders equity is primarily associated with the gains on our FDIC-assisted acquisitions plus normal increases in retained earnings. The annualized growth in stockholders equity for the first three months of 2010 was 11.7%.
Our net income increased 130.2% to $14.4 million for the three-month period ended March 31, 2010, from $6.2 million for the same period in 2009. On a diluted earnings per share basis, our earnings were $0.53 and $0.28 for the three-month periods ended March 31, 2010 and 2009, respectively. The $8.1 million increase in net income is primarily associated with an $11.8 million pre-tax gain on the recent FDIC-assisted acquisitions, a 33 basis point increase in net interest margin, reduced salaries and employee benefits offset by the higher provision for loan losses and lower mortgage lending income.
In addition to the $11.8 million pre-tax gain on the acquisitions, the Company incurred $1.1 million of acquisition expenses for the transactions during the first quarter of 2010. The combined financial impact of these items to the Company on an after-tax basis is a profit of $6.5 million or $0.25 diluted earnings per common share. If adjusted for these non core items, the announced profit for the first quarter of 2010 would reflect core net income of $7.9 million or $0.28 diluted earnings per share.
Net interest income on a fully taxable equivalent basis increased $3.3 million, or 14.4%, to $25.9 million for the three-month period ended March 31, 2010, from $22.7 million for the same period in 2009. This increase in net interest income was the result of a $139,000 increase in interest income combined with a $3.1 million decrease in interest expense. The $139,000 increase in interest income was primarily the result of a higher level of earning assets offset by the repricing of our earning assets in the lower interest rate environment. The higher level of earning assets resulted in an increase in interest income of $468,000, while the repricing of our earning assets in the lower interest rate environment resulted in a $329,000 decrease in interest income for the three-month period ended March 31, 2010. The $3.1 million decrease in interest expense for the three-month period ended March 31, 2010, is primarily the result of our interest bearing liabilities repricing in the lower interest rate environment combined with a reduction in our interest bearing liabilities. The repricing of our interest bearing liabilities in the lower interest rate environment resulted in a $2.6 million decrease in interest expense. The reduction of our interest bearing liabilities resulted in lower interest expense of $548,000.
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Home Bancshares Inc. has a market cap of $659.31 million; its shares were traded at around $25.64 with a P/E ratio of 22.89 and P/S ratio of 4.05. The dividend yield of Home Bancshares Inc. stocks is 0.94%.HOMB is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Our net income increased 130.2% to $14.4 million for the three-month period ended March 31, 2010, from $6.2 million for the same period in 2009. On a diluted earnings per share basis, our earnings were $0.53 and $0.28 for the three-month periods ended March 31, 2010 and 2009, respectively. The $8.1 million increase in net income is primarily associated with an $11.8 million pre-tax gain on the recent FDIC-assisted acquisitions, a 33 basis point increase in net interest margin, reduced salaries and employee benefits offset by the higher provision for loan losses and lower mortgage lending income.In addition to the $11.8 million pre-tax gain on the acquisitions, the Company incurred $1.1 million of acquisition expenses for the transactions during the first quarter of 2010. The combined financial impact of these items to the Company on an after-tax basis is a profit of $6.5 million or $0.25 diluted earnings per common share. If adjusted for these non core items, the announced profit for the first quarter of 2010 would reflect core net income of $7.9 million or $0.28 diluted earnings per share.
Our total assets as of March 31, 2010 increased $393.3 million, an annualized growth of 59.4%, to $3.08 billion from the $2.68 billion reported as of December 31, 2009. Our loan portfolio not covered by loss share increased slightly by $9.4 million, an annualized growth of 2.0%, to $1.96 billion as of March 31, 2010, from $1.95 billion as of December 31, 2009. Stockholders equity increased $13.4 million to $478.3 million as of March 31, 2010, compared to $465.0 million as of December 31, 2009. The increase in assets is primarily associated with asset acquired in our recent FDIC-assisted acquisitions. The increase in stockholders equity is primarily associated with the gains on our FDIC-assisted acquisitions plus normal increases in retained earnings. The annualized growth in stockholders equity for the first three months of 2010 was 11.7%.
Our net income increased 130.2% to $14.4 million for the three-month period ended March 31, 2010, from $6.2 million for the same period in 2009. On a diluted earnings per share basis, our earnings were $0.53 and $0.28 for the three-month periods ended March 31, 2010 and 2009, respectively. The $8.1 million increase in net income is primarily associated with an $11.8 million pre-tax gain on the recent FDIC-assisted acquisitions, a 33 basis point increase in net interest margin, reduced salaries and employee benefits offset by the higher provision for loan losses and lower mortgage lending income.
In addition to the $11.8 million pre-tax gain on the acquisitions, the Company incurred $1.1 million of acquisition expenses for the transactions during the first quarter of 2010. The combined financial impact of these items to the Company on an after-tax basis is a profit of $6.5 million or $0.25 diluted earnings per common share. If adjusted for these non core items, the announced profit for the first quarter of 2010 would reflect core net income of $7.9 million or $0.28 diluted earnings per share.
Net interest income on a fully taxable equivalent basis increased $3.3 million, or 14.4%, to $25.9 million for the three-month period ended March 31, 2010, from $22.7 million for the same period in 2009. This increase in net interest income was the result of a $139,000 increase in interest income combined with a $3.1 million decrease in interest expense. The $139,000 increase in interest income was primarily the result of a higher level of earning assets offset by the repricing of our earning assets in the lower interest rate environment. The higher level of earning assets resulted in an increase in interest income of $468,000, while the repricing of our earning assets in the lower interest rate environment resulted in a $329,000 decrease in interest income for the three-month period ended March 31, 2010. The $3.1 million decrease in interest expense for the three-month period ended March 31, 2010, is primarily the result of our interest bearing liabilities repricing in the lower interest rate environment combined with a reduction in our interest bearing liabilities. The repricing of our interest bearing liabilities in the lower interest rate environment resulted in a $2.6 million decrease in interest expense. The reduction of our interest bearing liabilities resulted in lower interest expense of $548,000.
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