EXHIBIT 99.1

Home BancShares, Inc. Announces First Quarter 2011 Earnings of $12.7 Million

CONWAY, Ark., April 21, 2011 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (Nasdaq:HOMB), parent company of Centennial Bank, today announced first quarter earnings of $12.7 million, or $0.42 diluted earnings per common share, compared to $12.9 million, or $0.43 diluted earnings per common share for the same quarter in 2010. During the first quarter of 2010, we acquired Old Southern Bank and Key West Bank through FDIC-assisted acquisitions. Excluding the $5.7 million after-tax bargain purchase gains on these acquisitions, the Company increased its first quarter base net income by $5.5 million or $76.4% for the three months ended March 31, 2011 compared to the same period of the previous year.

Because acquisitions are a growth and a capital management strategy, cash earnings (net income excluding amortization of intangibles after-tax) are useful in evaluating the Company. Cash diluted earnings per common share for the first quarter of 2011 was $0.44 compared to $0.44 cash diluted earnings per common share for the same period in 2010.

"The first quarter of 2011 developed into a great quarter for the Company," said John Allison, Chairman. "True to form, we continue to sustain healthy reserves as well as remaining at capital levels considerably above the regulators' capital requirements. This leaves us well positioned to take advantage of opportunistic FDIC deals as they become available."

"We are pleased with our performance in the first quarter of 2011," said Randy Sims, Chief Executive Officer. "During the quarter just ended, we saw our net interest margin improve 35 basis points over the first quarter of 2010 as well as significant improvements in the non-performing non-covered loans and non-performing non-covered assets when compared to those during 2010. The progress made by our associates in improving asset quality was impressive."

Operating Highlights

Net interest income for the first quarter of 2011 was a quarterly record for the Company, increasing 38.7% to $34.5 million compared to $24.9 million for the first quarter of 2010. For the first quarter of 2011, the effective yield on non-covered loans and covered loans was 6.38% and 6.90%, respectively. Net interest margin, on a fully taxable equivalent basis, was 4.61% in the quarter just ended compared to 4.26% in the first quarter of 2010, an increase of 35 basis points. The Company's ability to improve pricing on its loan portfolio and interest bearing deposits allowed the Company to improve net interest margin.   

The Company reported $10.0 million of non-interest income for the first quarter of 2011, compared to $16.6 million for the first quarter of 2010. The most significant components of the first quarter non-interest income were $3.2 million from service charges on deposits accounts, $2.3 million from other service charges and fees, $1.8 million of accretion on the FDIC indemnification asset, $645,000 from mortgage lending income, $607,000 from insurance commissions, $259,000 gain on sale of SBA loans and $239,000 increase in cash value of life insurance, $308,000 gain (included in other income) on life insurance proceeds of a former bank director offset by the $94,000 from a loss on sale of OREO. Excluding the $9.3 million pre-tax bargain purchase gains on the Old Southern Bank and Key West Bank acquisitions, the Company increased first quarter non-interest income by $2.7 million or $37.3% for the three months ended March 31, 2011 compared to the same period of the previous year.

Non-interest expense for the first quarter of 2011 was $23.9 million compared to $18.6 million for the first quarter of 2010. This increase is primarily the result of increasing the asset size of our Company by 20.4% from the first quarter of 2010 to the first quarter of 2011. Our core efficiency ratio improved 22 basis points to 51.19% for the first quarter of 2011 from the 51.41% reported in the first quarter of 2010.  

Financial Condition

Total non-covered loans were $1.85 billion at March 31, 2011 compared to $1.89 billion at December 31, 2010.  Total covered loans were $566.5 million at March 31, 2011 compared to $575.8 million at December 31, 2010. Total deposits were $2.92 billion at March 31, 2011 compared to $2.96 billion at December 31, 2010. Total assets were $3.71 billion at March 31, 2011 compared to $3.76 billion at December 31, 2010.

Non-performing non-covered loans were $33.5 million as of March 31, 2011, of which $19.3 million were located in Florida. Non-performing non-covered loans as a percent of total non-covered loans were 1.81% as of March 31, 2011 compared to 2.62% as of December 31, 2010. Non-performing non-covered assets were $51.4 million as of March 31, 2011, of which $26.4 million were located in Florida. Non-performing non-covered assets as a percent of total non-covered assets were 1.78% as of March 31, 2011 compared to the 2.08% reported for December 31, 2010. 

The Company's allowance for loan losses was $53.6 million at March 31, 2011, or 2.90% of total non-covered loans, compared to $53.3 million, or 2.82% of total non-covered loans, at December 31, 2010. As of March 31, 2011, the Company's allowance for loan losses was 160% of its total non-performing non-covered loans compared to 108% as of December 31, 2010.

Stockholders' equity was $488.3 million at March 31, 2011 compared to $476.9 million at December 31, 2010, an increase of $11.4 million. Book value per common share was $15.41 at March 31, 2011 compared to $15.02 at December 31, 2010. 

Branches

During the first quarter of 2011, the Company completed seven strategic branch closures. These include one branch in Port St. Joe and one grocery store branch in each of the Crawfordville and Blountstown locations. The remaining four strategic branch closures during the first quarter are branches associated with the acquisition of Gulf State Community Bank in 2010. The Company expects one additional branch closure during the second quarter associated with the Gulf State acquisition. Presently, the Company is evaluating additional opportunities but has no firm commitments for any additional de novo branch locations.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 ET) on Thursday, April 21, 2011. Interested parties can listen to this call by calling 1-877-317-6789 and asking for the Home BancShares conference call. A replay of the call will be available by calling 1-877-344-7529, Passcode: 449689, which will be available until April 29, 2011 at 8:00 a.m. CT (9:00 ET). Internet access to the call will be available live or in recorded version on the Company's website at www.homebancshares.com under "Investor Relations" for 12 months.

General

This release contains forward-looking statements regarding the Company's plans, expectations, goals and outlook for the future. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors, including, but not limited to, economic conditions, credit quality, interest rates, loan demand, estimates regarding impairment charges, the ability to recover some portion of the impaired indebtedness and changes in the assumptions used in making the forward-looking statements, could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect Home BancShares, Inc.'s financial results are included in its Annual Report on Form 10-K for the year ended December 31, 2010 filed with the Securities and Exchange Commission.

Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Our wholly-owned subsidiary Centennial Bank provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has locations in central Arkansas, north central Arkansas, southern Arkansas, the Florida Keys, southwestern Florida, central Florida, and the Florida Panhandle. The Company's common stock is traded through the NASDAQ Global Select Market under the symbol "HOMB."

CONTACT: Brian S. Davis
         Chief Accounting Officer &
         Investor Relations Officer
         Home BancShares, Inc.
         (501) 328-4770