4Q, Full-Year Results Up at Home BancShares

4Q, Full-Year Results Up at Home BancShares
John Allison is chairman of Home BancShares Inc. of Conway, the publicly traded parent of Centennial Bank. (File Photo)

Home BancShares Inc. of Conway on Thursday announced fourth-quarter net income of $48.6 million, up nearly 30 percent from the same time last year.

The parent company of Centennial Bank said fourth-quarter diluted earnings per share was 35 cents, up from 27 cents — split adjusted — in the same quarter last year. Excluding a reduced provision for loan losses and merger expenses, diluted earnings per share was 33 cents.

For the full year, the company (Nasdaq: HOMB) reported in income of $177.1 million, up 28 percent from $138.2 million the previous year. Diluted earnings per share was $1.26, up from $1.01 per share — split adjusted — in 2015. 

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"The annual and quarterly earnings performance for 2016 exceeded expectations," Chairman John Allison said in a news release. "At the beginning of 2016, we had what we considered an aggressive goal in place to reach annual diluted earnings per share of $1.25. While it took both discipline and hard work, the company exceeded this goal for the year by reporting exceptional results for diluted earnings per share of $1.26 per share."

Randy Sims, Home BancShares' CEO, said the fourth quarter marked the 23rd straight quarter of record profit. He also said the company achieved a core efficiency ratio of 35.97 percent.

The company said quarterly non-interest income was $23.8 million, up from to $17.3 million for the fourth quarter of 2015. Non-interest income included $7.6 million from other service charges and fees, $6.4 million from service charges on deposits accounts and $4.1 million from mortgage lending income.

Total loans receivable were $7.39 billion at Dec. 31, compared to $6.64 billion at Dec. 31, 2015.  Total deposits were $6.94 billion, up from $6.44 billion, and total assets were $9.81 billion, up from $9.29 billion.  

During the quarter, the company closed one branch in Mountain Home.  During the first quarter of 2017, it plans to open a branch location in Clearwater, Florida, and a loan production office in Los Angeles.  

The company has 76 branches in Arkansas, 59 in Florida, six in Alabama and one in New York City.

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