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Home BancShares Reports 25th Consecutive Profit Record

2 min read

Home BancShares Inc. of Conway on Thursday report its 25th consecutive quarter of record profit, $50.1 million, up 15 percent from the same quarter year

The publicly traded company (Nasdaq: HOMB), which just completed two acquisitions, reported diluted earnings per share of 35 cents, up nearly 13 percent from the same quarter last year.

“Our second quarter earnings excluding merger expenses are $50.7 million, which is $3.3 million or 7 percent, higher than the previous record quarterly earnings reported for Home BancShares,” Chairman Johnny Allison said in a news release. “We are proud of this earnings performance for the second quarter of 2017 reaching an impressive diluted earnings per share excluding merger expenses of 35 cents per share.”

Tracy French, Centennial Bank’s president and CEO, said the company had completed systems conversions for both its first-quarter acquisitions, Giant Holdings Inc. of Fort Lauderdale, Florida and The Bank of Commerce of Sarasota, Florida, and that the company is on its way to completing a third, Stonegate Bank, set to close late in the third quarter or early in the fourth quarter. 

The Stonegate acquisition is especially key. The $778.4 million deal will expand Centennial’s presence in the Sunshine State and will propel the bank to about $13.5 billion in total assets. It will make Florida the largest franchise in the company’s four-state footprint.  

The company also reported record net interest income of $107.3 million, up from $101.0 million in the same quarter last year. After provision for loan losses, net interest income was $106.9 million, up from $95.3 million in the same quarter last year.

Non-interest income was $24.4 million, up from $21.8 million in the same quarter last year.

The company said total loans receivable were $7.83 billion as of June 30, compared with $7.39 billion at Dec. 31. Total deposits were $7.77 billion, compared with $6.94 billion at the end of last year. Total assets were $10.87 billion, compared with $9.81 billion at Dec. 31. 

The company said it acquired $446.3 million of loans in the first quarter, net of purchase accounting discounts. From Dec. 31 to June 30, the company produced about $525,000 of organic loan growth.

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