Home BancShares, parent company of Centennial Bank, today announced first quarter earnings of $15.1 million, or $0.56 diluted earnings per common share, compared to $6.2 million, or $0.28 diluted earnings per common share for the same quarter in 2009.
The Conway-based bank holding company recently acquired two small banks in Florida as part of two FDIC-assisted transactions. According to disclosure documents, Home Bancshares paid approximately $9.7 million for Old Southern Bank and $3.3 million for Key West Bank.
"These estimated fair market values are considered preliminary and are subject to change for up to one year after the acquisitions date as additional information relative to closing date fair values becomes available," the bank said.
In addition to the combined $13.0 million gain on the acquisitions, the company incurred $1.1 million of acquisition expenses for the transactions during the first quarter of 2010.
"We are proud of the financial results and the acquisitions completed during the first quarter of 2010," said Chairman John Allison. "Orlando and Key West are both great destinations and provide many opportunities for our company."
Both of those bank transactions were considered tune-ups for a larger acquisition, according to some bank observers. With capital on hand, Home Bancshares officials dropped a sizable hint that they’re in the hunt for another.
"Over the last few quarters we have been positioning ourselves to acquire assisted transactions through the FDIC," said CEO Randy Sims. "It was incredible to see how well our team performed in assuming these new banks and welcoming them into the Centennial Bank family. Without a doubt, we are prepared and are looking forward to our next opportunity."