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 |