Posted 4/20/2012 07:55 am
Updated 11 months ago
Shareholders of Home BancShares Inc. of Conway re-elected the 12-member board of directors at the company's annual shareholders meeting last night.
Johnny Allison, chairman and founder of Home BancShares, told the gathering that the company was positioned for good things in 2012.
The holding company for Centennial Bank met the same day it released its first quarter earnings report, which showed the firm logging its more profitable quarter ever. Net income reached $14.4 million during the quarter, despite posting nearly $1.7 million in merger and acquisition expenses.
"The core earnings were as strong as anything I'd seen," Allison said.
Allison said he thinks Wall Street is finally starting to view bank stocks in more favorable light since the nation's financial meltdown began and that the investment community is recognizing the earnings power of good operators like Home BancShares as the recovery continues.
"I think we're in the right place at the right time," Allison said. "I just thought we'd get here quicker."
He said the company delivered on its promise to buy banks to grow the franchise, completing 12 deals since 2003. Allison said the company intends to do more deals, too.
Home BancShares is on pace to produce annual diluted earnings of $2 per share, but Allison said he can see $2.50 in the not-so distant future if the company can complete another quality acquisition.
"You gotta look hard, but you can see it," Allison said. "For the first time, I see a light out there of $2.50. Maybe it's a train coming at me, but I think I can see it."
During the Thursday annual meeting, held at the Peabody Hotel in Little Rock, company shareholders approved:
- An advisory (non-binding vote) of the company's compensation of its named executive officers.
- An annual advisory vote with which shareholders will consider and approve an advisory vote on the company's compensation of its named executive officers.
- The company's amended and restated 2006 Stock Option and Performance Incentive Plan, including material terms of the performance goals under such plan.
- The appointment of BKD LLP of Springfield, Mo., as the company's independent registered public accounting firm for the next fiscal year.
The Home BancShares board of directors is composed of:
- Johnny Allison, chairman, 65.
- Randy Sims, CEO, 56.
- Randy Mayor, CFO, 47.
- Milburn Adams, 69, former mobile home manufacturer executive.
- Bunny Adcock, vice chairman, 63.
- Rick Ashley, president and owner of The Ashley Co. of North Little Rock, 56.
- Dale Bruns, 69, owner of Central Arkansas Sign Co. of Conway.
- Richard Buckheim, 68, former South Florida banker.
- Jack Engelkes, 62, managing partner of the accounting firm of Engelkes and Felts Ltd. of Conway.
- James Hinkle, 63, former Mountain View banker.
- Alex Lieblong, owner of Lieblong & Associates of Little Rock, 61.
- William Thompson, 64, owner of Transloading Service Inc. of Cabot.