Home Bancshares Posts Record First Quarter

Home Bancshares, Inc., parent company of Centennial Bank, posted higher first quarter net income from a year ago on the strength of an improving loan portfolio.

The Conway-based bank holding firm said it achieved first quarter net income of $17.5 million compared to $14.5 million of net income one year ago.

“This is the eighth consecutive quarter we have reported the most profitable quarter in the company’s history,” said John Allison, Chairman. “The company has demonstrated an improvement in our non-performing non-covered loans and assets this quarter plus a very impressive return on average assets of 1.70% for the first quarter of 2013. We continue to remain strong in our capital levels, which are considerably above the regulators’ capital requirements. These strong reserves place us in a position to benefit from both FDIC and market acquisition transaction opportunities as they are presented.”

Financial highlights for Home Bancshares (NASDAQ: HOMB) also included:

• Total non-covered loans were $2.31 billion at March 31, 2013 compared to $2.33 billion at December 31, 2012.
• Total covered loans were $358.7 million at March 31, 2013 compared to $384.9 million at December 31, 2012.
• Total deposits were $3.47 billion at March 31, 2013 compared to $3.48 billion at December 31, 2012.
• Total assets were $4.23 billion at March 31, 2013 compared to $4.24 billion at December 31, 2012.
• Net interest income for the first quarter of 2013 increased 21.4% to $44.3 million from $36.5 million during the first quarter of 2012.
• The company reported $9.0 million of non-interest income for the first quarter of 2013, compared to $10.1 million for the first quarter of 2012.