Home BancShares Inc. (NYSE: HOMB) of Conway, the holding company for Centennial Bank, on Wednesday reported first quarter net income of $115.2 million, or 58 cents per share. Earnings per share of 58 cents is a record for the company.
Net income was up 14% from the same quarter last year.
The company reported total revenue of $260.1 million, a 5% increase from $246.4 million in the first quarter of 2024.
Both revenue and income topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 54 cents per share and revenue of $253.7 million.
Total loans receivable were $14.95 billion, which is also a record number for the company. That number is up 3% from the same quarter last year.
Home BancShares had a total net increase of $187.6 million in loans for the quarter. However, Centennial CFG experienced a decline of $103.9 million in loans. This was offset by the company’s “community banking footprint,” which saw a $291.5 million organic increase in loans.
Total deposits were $17.54 billion, up 4% from the first quarter of last year. Total assets were $22.99 billion at March 31, 2025, compared to $22.49 billion at December 31, 2024.
Asset quality also improved, with non-performing assets dropping to 0.56% of total assets, down from 0.63% at year-end 2024. The company did complete an asset quality cleanup project during the fourth quarter of 2024.
“This industry boils down to revenue and expenses,” John Allison, chairman and CEO of Home BancShares said in an earnings release. “The magic is, doing the simple things repeatedly and long enough, creating a compounding effect of success. A record setting first quarter has paved the way for a strong year.”
Shares of the company fell 0.46% on Wednesday to close at $25.98. Over the past year, shares were up nearly 16%,
In March, Centennial Bank agreed to a $5.2 million settlement in a class-action lawsuit over two data breaches that exposed customers’ personal information. The hearing for the case is set to take place in May.
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