Johnny Allison
Home BancShares Inc. of Conway, the parent company of Centennial Bank, on Thursday reported record quarterly profit of $33.9 million, or 50 cents per share, up 19 percent from the same quarter last year.
The publicly traded company (Nasdaq: HOMB) also reported growth in its non-covered loan portfolio, adding $279.9 million during the quarter for a total of $569 million since the first quarter. That figure doesn’t include the $289.1 million in loans the company took on through the acquisition in April of national commercial real estate loans from J.C. Flowers & Co. LLC.
Chairman Johnny Allison said company’s cash position means it can continue growing its footprint, including through acquisitions.
“As a result of our strong capital position, we are adequately prepared to continue entertaining strategic opportunities in areas within and surrounding our existing footprint and supporting loan growth in our legacy organization,” Allison said in a news release.
The results mark the company’s 17th straight quarter of record earnings. During the quarter, the company announced its 13th acquisition in Florida: Florida Business BancGroup Inc. of Tampa, the parent company of Bay Cities Bank, in a deal worth $101.6 million.
The company said it will combine Bay Cities with Centennial Bank, which will push its asset total to $8.5 billion and its Tampa area branch network to 12.
During the quarter, Home BancShares also completed the systems conversion for another of its Florida bank buys, Doral Florida, a purchase assisted by the Federal Deposit Insurance Corp. in February.
In the wake of those acquisitions, Home BancShares said Thursday that it closed one Arkansas branch during the quarter and plans to close two more in Arkansas, one in Alabama and two in Florida during the third quarter.
The company currently has 82 branches in Arkansas, 59 branches in Florida, 7 branches in Alabama and a loan production office in New York City.
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