Home Bancshares Posts Record First Quarter Earnings

Business

by Roby Brock ([email protected]) April 19, 2012 8:46 am 89 views 

Home Bancshares, Inc., parent company of Centennial Bank, posted first quarter earnings of $14.5 million compared to $12 million one year ago.

The record quarter was a 20% jump in net income and it had company leaders enthused and on the prowl for more acquisitions.

“The record earnings reported during the first quarter are outstanding for Home Bancshares,” said Chairman John Allison. “We have strong reserves and our capital continues to remain well above the regulators’ capital requirements leaving us open for both FDIC and market acquisition transaction opportunities.”

In February, Conway-based Home Bancshares made its latest acquisition of Vision Bank, a Florida-based bank with operations in the panhandle region and in Alabama.

Other highlights from the quarter included:

  • Total non-covered loans were $2.05 billion at March 31, 2012 compared to $1.76 billion at December 31, 2011. Total covered loans were $455.4 million at March 31, 2012 compared to $481.7 million at December 31, 2011.
  • Total deposits were $3.38 billion at March 31, 2012 compared to $2.86 billion at December 31, 2011.
  • Total assets were $4.15 billion at March 31, 2012 compared to $3.6 billion at December 31, 2011.
  • Net interest income for the first quarter of 2012 was a quarterly record for the company, increasing 5.8% to $36.5 million from $34.5 million during the first quarter of 2011.
  • The company reported $10.1 million of non-interest income for the first quarter of 2012, compared to $10 million for the first quarter of 2011.

Shares of Home Bancshares (NASDAQ: HOMB) closed trading Wednesday at $26.50 per share. The company’s stock has traded between a low of $20.00 and a high of $27.30 during the past 52 weeks.