by Lance Turner
Posted 4/19/2012 09:18 am
Updated 11 months ago
The company (Nasdaq: HOMB), which has been extending its reach with a series of out-of-state acquisitions assisted by the Federal Deposit Insurance Corporation, achieved the results with the help of record net interest income, which grew 5.8 percent to $36.5 million.
"The first quarter of 2012 is the most profitable quarter in the history of Home BancShares Inc.," CEO Randy Sims said in a news release. "We are also pleased with reporting record net interest income, improvements in our non-performing non-covered assets as well as a 507 basis point improvement in our core efficiency ratio from the first quarter of 2011 to the first quarter of 2012."
"The record earnings reported during the first quarter are outstanding for Home BancShares," Chairman John Allison said. "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."
During the quarter, the company completed its most recent FDIC-assisted purchase: 17 bank branches of Vision Bank. The branches are located in the Gulf Coast communities of Baldwin County, Alabama, and the Florida Panhandle.
The deal included total assets of $529.5 million, total loans (after discount) of $340.3 million and total deposits of $524.4 million.