Home BancShares 3Q Profit Up 16 Percent

by Lance Turner  on Thursday, Oct. 18, 2012 8:17 am  

Home BancShares Inc. of Conway on Thursday reported its most profitable quarter ever, posting a 16 percent increase in third quarter earnings, which reached $16.1 million or 57 cents per share.

That figure was up from $13.8 million or 48 cents per share during the same quarter last year.

"The results our company was able to attain this quarter are no doubt impressive," John Allison, chairman, said in a news release. "This was the most profitable quarter in the company's history, and it continues to be displayed through our reported improvements in our non-performing non- covered loans and assets and an improvement in our core efficiency."

Allison also said the company (Nasdaq: HOMB) has controlled expenses despite adding 15 branch locations through acquisition in the first quarter.

The company, which is the parent company of Centennial Bank, said third-quarter net interest income rose 8 percent to $38.6 million from the same quarter last year. The effective yield on non-covered loans and covered loans was 6.05 percent and 7.84 percent, respectively. And net interest margin, on a fully taxable equivalent basis, was 4.65 percent for the third quarter in a row.

As of Sept. 30, the company's total non-covered loans were $2.08 billion, up from $1.76 billion at Dec. 31, 2011. Total covered loans were $407.4 million, down from $481.7 million at Dec. 3.

Total deposits were $3.13 billion, down from $2.86 billion at Dec. 31. Total assets were $3.89 billion, up from to $3.60 billion at Dec. 31.

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