Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - HOME BANCSHARES INC | d257639d8k.htm |
| EX-2.1 - PURCHASE AND ASSUMPTION AGREEMENT - HOME BANCSHARES INC | d257639dex21.htm |
| EX-99.1 - PRESS RELEASE - HOME BANCSHARES INC | d257639dex991.htm |
 Exhibit 99.2 |
 Transaction
Overview •
Purchased and assumed select assets and liabilities of Vision
Bank from Park National Corporation
–
All non-performing loans and OREO are excluded
from the
transaction
•
Acquired approximately $378.6 million in performing loans &
assumed approximately $535.0 million in deposits
•
Acquired branches will operate as Centennial Bank, a wholly-
owned subsidiary of Home BancShares, Inc. |
 Strategic
Opportunity •
Additive to current Panhandle footprint & expands into
Alabama
–
Complements 2010 Panhandle transactions
•
Coastal Community / Bayside Savings / Wakulla Bank/ Gulf State Bank
–
Both Florida & Alabama communities are popular long-time
vacation destinations for many Arkansans
–
Strong military presence along this Gulf Coast footprint,
similar to central Arkansas
•
Financially compelling transaction –
immediately accretive to:
–
Net income
–
Earnings per share
•
Leverages a portion of our excess capital |
 Pro-Forma
Capital Ratios Ratio
Post
Acquisition
Benchmark
TCE
9.3%
7.0%
Leverage
10.2%
5.0%
Tier 1
12.8%
6.0%
Total RBC
14.1%
10.0%
Note: Post-acquisition values are approximate assuming 1/1/2012 closing date
|
 Overview of
Vision Bank •
17 full service locations spanning from Mobile, Alabama to
Port St. Joe, Florida
•
Core funded franchise with top 5 aggregate market share
across its counties of operation
(1)
Core Deposits ($mm)
Source: Core deposits defined as total deposits less time deposits greater than
$100K Note: MRQ as of 9/30/11 ; Shown as Vision Bank of FL & Vision Bank of AL
(’04YE-’06YE); Shown as Vision Bank of FL (’07YE-MRQ) (1)Vision
Bank counties of operation include: Baldwin, AL; Bay, Gulf, Okaloosa, Santa Rosa & Walton, FL
Acquired Vision Bank Branches
Existing Branches
Pro Forma Gulf Coast Branch Network
$60
$120
$180
$240
$300
$360
$420
$480
'04YE
'05YE
'06YE
'07YE
'08YE
'09YE
'10YE
MRQ
$280
$390
$411
$470
$468
$478
$475
$433 |
 Rank
Institution
Branches
Deposits ($mm)
Deposits per
Branch ($mm)
Market Share
1
Regions Financial Corporation
51
2,779
$
54
$
16.3%
2
Wells Fargo & Company
27
1,717
64
10.1%
3
Suntrust Banks, Inc.
25
1,315
53
7.7%
Home BancShares, Inc. - Pro Forma
38
1,301
68
7.7%
4
Hancock Holding Company
34
955
34
5.6%
5
Synovus Financial Corp.
19
903
48
5.3%
6
Bank of America Corporation
17
827
49
4.9%
7
Capital City Bank Group, Inc.
20
816
41
4.8%
8
Home BancShares, Inc.
21
720
34
4.2%
9
Park National Corporation
17
581
34
3.4%
10
BB&T Corporation
13
542
42
3.2%
Home BancShares Counties of Operation in Gulf Coast Region
Gulf Coast Deposit Market Share
•
Ranked
4th
with
aggregate
market
share
of
7.7%
in
counties
of
operation
(1)(2)
–
Ranked in top three in Baldwin County in Alabama
–
Ranked in top three in Bay, Calhoun, Gulf, Franklin, Liberty & Wakulla Counties in
Florida •
Top 5 deposit market share among community banks in combined counties of operation
(1) Deposit market share as of 6/30/11
(2) For HOMB Pro-Forma counties of operation in Gulf Coast Region: Baldwin, AL; Bay,
Calhoun, Franklin, Gulf, Leon, Liberty, Okaloosa, Santa Rosa, Wakulla and Walton FL.
Deposit Market Share
(1)(2) |
 Gulf Coast
Deposit Market Share Selected Markets
Branch
Count
HOMB Pro-forma
Deposits (6/30/11)
Total Deposits
in Market
Deposit Market
Share Rank
Deposit Market
Share %
Franklin County, FL
4
$171
$191
1
89.6%
Gulf County, FL
5
128
181
1
70.7
Wakulla County, FL
3
143
227
1
62.9
Calhoun County, FL
1
22
109
3
20.4
Liberty County, FL
1
13
82
2
16.4
Baldwin County, AL
8
363
3,233
3
11.3
Bay County, FL
8
283
2,560
2
11.1
Leon County, FL
5
156
4,914
10
3.2
Santa Rosa County, FL
1
12
1,237
12
1.0
Walton County, FL
1
4
752
13
0.6
(Dollars in Millions)
Source: FDIC as of 6/30/11
Home BancShares Inc. Pro-Forma |
 Deposit
Composition HOMB
Vision Bank
HOMB –
Pro Forma
(Dollars in Millions)
26%
49%
18%
7%
20%
14%
17%
51%
7%
Transaction Accounts
Money Market & Savings
Jumbo Time Deposits
Retail Time Deposits
7%
59%
25%
HOMB
09/30/11
Acquired
Deposits
HOMB
Pro Forma
Transaction Accounts
$
$
$
Money Market & Savings
1,423
312
1,735
Retail Time Deposits
522
73
595
Jumbo Time Deposits
739
110
849
$
2,885
$
535
$
3,420 241
201
40 |
 Loan
Composition Loan Type
HOMB
(9/30/11)
Acquired
Performing
Loans
(10/31/11)
HOMB
Pro-forma
Total
% of
Pro-forma
Total Loans
Commercial RE
(Non-farm/non-residential & agri.)
$ 964
$ 123
$ 1,087
40%
Construction/Land Development
484
57
541
20%
Residential Real Estate
581
161
742
27%
Commercial & Industrial
(1)
238
33
271
10%
Consumer
41
4
45
2%
Other
30
1
31
1%
Total
$ 2,338
$ 379
$ 2,717
100%
(1)
Includes Agricultural
(Dollars in Millions) |
 Total
Assets $4.2 Billion
Holding Company
(As of Acquisition Date) |
 Asset
Composition HOMB
(1)
Vision Bank
HOMB –
Pro Forma
(1)
(Dollars in Millions)
Florida/Alabama Assets
Arkansas Assets
$3,295
52.4%
43.1%
56.9%
$1,570
$1,725
$1,190
Note: Acquisition values are approximate
(1) Excludes $862M of common corporate assets at the holding company.
(9/30/11)
$535
100%
$535
$2,760
47.6%
$1,570 |
 Historical
Acquisitions Year
Acquired Bank
Location
Assets
($mm)
2003
Community Bank
Cabot, AR
$326
2005
Twin City Bank
North Little Rock, AR
$633
2005
Marine Bank
Marathon, FL
$258
2005
Bank of Mountain View
Mountain View, AR
$203
2008
Centennial Bank
Little Rock, AR
$234
2010
Old Southern Bank
Orlando, FL
$335
2010
Key West Bank
Key West, FL
$97
2010
Coastal Community Bank
Panama City, FL
$362
2010
Bayside Savings Bank
Port Saint Joe, FL
$63
2010
Wakulla Bank
Crawfordville, FL
$353
2010
Gulf State Community Bank
Carrabelle, FL
$112
2011
Vision Bank
Panama City, FL
$535 |
 Gulf Coast
Presence Existing Branch Locations (19 Locations)
Eastpoint
Apalachicola
Carrabelle
Port St. Joe (1+1)
Lynn Haven
Panama City (1+1)
St. George Island
Panama City Beach (1+2)
Mexico Beach
Southport
Blountstown
Bristol
Tallahassee (5)
Panacea
Crawfordville
Daphne
Fairhope
Point Clear
Robertsdale
Elberta
Foley
Orange Beach
Gulf Shores
Vision Bank Acquisition (17 Locations )
Port St. Joe Beach
Navarre
Destin
Santa Rosa Beach
Wewahitchka
ALABAMA
FLORIDA |
 Alabama
Footprint ALABAMA
8 Branches
Vision Bank Acquisition
Foley
Daphne
Fairhope
Point Clear
Robertsdale
Elberta
Orange Beach
Gulf Shores |
 FLORIDA
Port Charlotte
Punta Gorda
Marco Island
Key Largo
Islamorada
Marathon (2)
Big Pine
Key West (3)
Summerland
46 Branches
Orlando (2)
Winter Park
Longwood (2)
Clermont
Eastpoint
Apalachicola
Carrabelle
Port St. Joe
Lynn Haven
Panama City (1+1)
St. George Island
Panama City Beach (1+2)
Mexico Beach
Southport
Blountstown
Bristol
Tallahassee (5)
Panacea
Crawfordville
Navarre
Port St. Joe Beach
Wewahitchka
Destin
Santa Rosa Beach
Florida Footprint
Existing Branch Locations
Vision Bank Acquisition |
 Potential
Future Opportunities Potential Opportunities Asset Size Distribution
Total Institutions: 48
Total Assets: $13.2bn
Florida
Tallahassee
Jacksonville
Orlando
Miami
Tampa
Potential Opportunity
City
Source: SNL Financial Includes
regulated depositories headquartered in Florida with assets less than $2.0 billion and Texas Ratio greater than 100% as of 9/30/2011 plus other
selected potential opportunities identified by HOMB. 0
5
10
15
20
25
< $100mm
$100mm -
$250mm
$250mm -
$750mm
$750mm -
$2B
10
21
13
4 |
 Conclusion
•
Significantly enhances Florida franchise & expands to Alabama
–
Acquisition provides scale in Florida Panhandle
–
Logical extension into Alabama from existing HOMB franchise
•
Financially attractive transaction
–
Highly accretive to earnings
–
Payback period for dilution to book value and tangible book value of
approximately 4½
years
–
Premium for total deposits is 5.32%
–
Non performing loans and other real estate owned excluded
from the transaction
•
Acquisition is consistent with HOMB’s operating strategy
–
Stable core deposit base in Arkansas enhanced by higher-growth Florida markets
•
Seamless integration expected
–
HOMB has formed a dedicated team to lead the integration process
for this
Acquisition in Florida
–
Positive addition of great Vision bankers to our outstanding team of bankers along
the Gulf Coast |
 Contact
Information Corporate Headquarters
Home BancShares, Inc.
719 Harkrider St., Suite 100
P.O. Box 966
Conway, AR 72033
Financial Information
Randy Mayor
Chief Financial Officer
(501) 328-4657
rmayor@homebancshares.com
Website
www.homebancshares.com |
 |