Home BancShares Inc. of Conway on Thursday reported first-quarter profit of $73.1 million, up 56 percent from the same quarter last year, a new record.
The publicly traded parent company of Centennial Bank also reported diluted earnings per share of 42 cents, up 27 percent from the same quarter last year.
"Our first quarter earnings were $73.1 million and $97.0 million before taxes, both of which are records for Home,” Chairman John Allison said in a news release. "We achieved an impressive return on average assets of 2.08 percent, which combined with our 37.83 percent efficiency ratio, has us positioned for another year of solid returns for our shareholders."
The efficiency ratio was an improvement from the 40.76 percent it reported in the first quarter of 2017.
Quarterly net interest income was $136 million, up from $105 million in the same quarter last year. Non-interest income was $25.8 million, up from $22.7 million, excluding a gain on acquisitions, in the first quarter of 2017.
During the quarter, the company completed the system conversion of Stonegate Bank of Pompano Beach, Florida, a purchase it finalized last year. It also closed five branches in central Florida, one branch in southern Florida and six branches in the southeastern Florida. The company has 76 branches in Arkansas, 76 branches in Florida, 5 branches in Alabama and one branch in New York City.
As of March 31, total assets were $14.32 billion compared to $14.45 billion at Dec. 31. Total loans receivable were $10.33 billion, and total deposits were $10.40 billion.