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Company Links |
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Major Stock Holders
(Prior To
Offering) |
Name |
Class A |
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Alex R. Lieblong |
4.50% |
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Frank D. Hickingbotham |
5.00% |
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John W. Allison |
20.30% |
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Richard H. Ashley |
8.40% |
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Robert H. Adcock |
7.00% |
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Company Strategy |
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A bank holding company headquartered in Conway, Arkansas. |
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Product/Services Portfolio |
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The Company originates loans primarily secured by single and multi-family real estate, residential construction and commercial buildings. In addition, the Company makes loans to small and medium-sized commercial businesses, as well as to consumers for a variety of purposes.
Non-farm/non-residential loans consist primarily of loans secured by real estate mortgages on income-producing properties. The Company makes commercial mortgage loans to finance the purchase of real property as well as loans to smaller business ventures, credit lines for working capital and inventory financing, including letters of credit that are also secured by real estate.
The Company also makes construction and development loans to residential and commercial contractors and developers located primarily within its market areas. Construction loans generally are secured by first liens on real estate. As of December 31, 2005, less than 5% of the Company’s construction and development loans were made on raw land.
The Company’s residential mortgage loan program primarily originates loans to individuals for the purchase of residential property. The Company generally does not retain long-term, fixed-rate residential real estate loans in its portfolio due to interest rate and collateral risks and low levels of profitability. Residential loans to individuals retained in the Company’s loan portfolio primarily consist of shorter-term first liens on 1-4 family residential mortgages, home equity loans and lines of credit.
The Company also makes a variety of loans to individuals for personal, family and household purposes, including secured and unsecured installment and term loans.
The Company’s commercial loan portfolio includes loans to smaller business ventures, credit lines for working capital and short-term inventory financing, as well as letters of credit that are generally secured by collateral other than real estate. Commercial borrowers typically secure their loans with assets of the business, personal guaranties of their principals and often mortgages on the principals’ personal residences.
The Company offers a range of products and services, including 24-hour Internet banking and voice response information, cash management, overdraft protection, direct deposit, traveler’s checks, safe deposit boxes, United States savings bonds and automatic account transfers.
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Investment Analysis |
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Net income increased $2.3 million, or 25.0%, to $11.4 million for the year ended December 31, 2005, from $9.2 million for the same period in 2004.
Net interest income on a fully taxable equivalent basis increased $25.3 million, or 97.3%, to $51.2 million for the year ended December 31, 2005, from $26.0 million for 2004.
Net interest income on a fully taxable equivalent basis increased $12.6 million, or 93.9%, to $26.0 million for the year ended December 31, 2004, from $13.4 million for 2003.
Provision for loan losses increased $1.5 million, or 67.1%, to $3.8 million for the year ended December 31, 2005, from $2.3 million for 2004.
Non-interest income decreased $2.4 million, or 13.3%, to $15.7 million for the year ended December 31, 2005 from $18.1 million in 2004.
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Income Data (Thousand $ Except EPS) |
| Year |
Revenues |
Costs |
Oper Income |
Taxes |
Net Income |
EPS |
| 2003
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21,538 |
8,240 |
13,298 |
0.00 |
3,769 |
0.66 |
| 2004
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36,681 |
11,580 |
25,101 |
0.00 |
9,159 |
1.08 |
| 2005
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85,458 |
36,002 |
49,456 |
0.00 |
11,446 |
0.92 |
| 2006
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0.00 |
0.00 |
14,806 |
1,588 |
3,516 |
0.28 |
| *As of period ended March 31, 2006
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Balance Sheet Data
(Thousand $) |
Year |
Cash |
Acct Recv. |
Inventory |
Total Cur Assets |
Total Cur Liability |
PPE |
Total Assets |
LT Debt |
SH Equity |
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2004 |
19,813 |
516,655 |
0.00 |
0.00 |
689,338 |
26,066 |
805,186 |
0.00 |
106,610 |
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2005 |
44,679 |
1,204,589 |
0.00 |
0.00 |
1,745,634 |
51,762 |
1,911,491 |
0.00 |
165,857 |
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2006 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
1,970,910 |
0.00 |
169,040 |
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*As of period ended March 31, 2006
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| Cash
Flow Summary
(Thousand $) |
Year |
Net Cash-Ops |
Net Cash-Inv |
Net Cash-Fin |
Net Change |
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2003 |
19,143 |
-80,720 |
68,912 |
7,335 |
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2004 |
-6,940 |
-20,459 |
29,223 |
1,824 |
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2005 |
20,418 |
-84,816 |
89,264 |
24,866 |
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2006 |
6,351 |
-55,764 |
52,757 |
3,344 |
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*As of period ended March 31, 2006
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- Avoid 
- Value Gap 
- Long-Term Growth 
- Long-Term Value 