Home BancShares Inc. of Conway on Thursday reported first-quarter net income of $31.1 million, up 14 percent from the same quarter last year.
The publicly traded company (Nasdaq: HOMB), the parent of Centennial Bank, reported 46 cents diluted earnings per share, up from 42 cents in the same quarter last year.
The company also noted diluted earnings per share excluding intangible amortization was 47 cents, up from 43 cents for the same period in 2014.
“With the recent acquisition of $289.1 million of national commercial real estate loans and the creation of the Centennial Commercial Finance Group, we are in a potentially prime position to ramp-up our momentum for generating organic loan growth, resulting in increased income for the Company,” John Allison, chairman, said in a news release.
“It’s exciting to be well-positioned to take advantage of opportunities to enter new markets or expand our reach in our existing footprints as a result of our strong capital position,” he said.
CEO Randy Sims said it was the 16th consecutive time the company posted its most profitable quarter in the its history.
During the quarter, the company announced the acquisition of Doral Bank’s Florida Panhandle operations, providing Centennial loans of about $42.2 million before loan discounts; deposits of about $466 million; $126.5 million of transaction and savings accounts; and a cash settlement to balance the transaction.
Earlier this month, the company purchased $289 million in national commercial real estate loans from J.C. Flowers & Co. LLC and created the Centennial Commercial Finance Group. The company plans to start a new loan production office in New York City, which could open next week.