Home BancShares sets record for net income, revenue in Q3

Home BancShares, parent company of Centennial Bank, reported third quarter net income Thursday (Oct. 20) of $108.7 million, up from $75 million one year ago. The Conway-based banking entity showed revenue of $256.3 million compared to $173.8 million in last year’s third quarter.

Diluted earnings per share was 53 cents compared to 46 cents one year ago. The bank’s merger with Happy BancShares of Texas boosted income and profits to record levels.

“Despite the distraction out of West Texas and changes in the economy, Home BancShares reported record net income for the quarter of $108.7 million along with record total net revenue of $256.3 million, and our net interest margin is back where we like it at 4.05%. We continue to keep the company positioned to weather the storm, when and if it hits,” said John Allison, Home BancShares Chairman.

Financial highlights included:

• Net interest income was $215.5 million for the three-month period ended September 30, 2022;
• Non-interest income was $43.2 million for the third quarter of 2022;
• Total loans receivable were $13.83 billion at September 30, 2022; and
• Total deposits were $18.54 billion at September 30, 2022.

“While reviewing the results of the quarter, I circled eighteen different numbers on the final results page and many of the circles were some of the best numbers we have ever had,” said Tracy French, Centennial Bank President and Chief Executive Officer. “I want to thank our team for the outstanding effort that led to this great quarter. I also want to send a special thanks to the West Texas Happy team for fighting the battle with the competition the way they have.”

Home BancShares has 76 branches in Arkansas, 78 branches in Florida, 62 branches in Texas, 5 branches in Alabama, and one branch in New York City.

Shares of Home BancShares (NASDAQ: HOMB) opened trading on Thursday at $24.93. The company’s stock has traded between $19.83 and $26.64 over the past 52 weeks.