Home Bancshares Inc. (NYSE: HOMB) of Conway on Thursday reported first-quarter net income of $100.1 million, down 2.8% from $103 million in the same quarter a year ago.
The parent company of Centennial Bank said it had earnings of 50 cents per share. Earnings, adjusted for non-recurring gains, were 49 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share.
The bank holding company posted revenue of $358.7 million in the period. Its revenue net of interest expense was $246.4 million, also topping Street forecasts. Three analysts surveyed by Zacks expected $239.5 million.
Deposits totaled $16.87 billion, up on a quarterly basis from $16.79 billion in the fourth quarter but lower than the same quarter a year ago, when the bank reported $17.45 million in deposits.
Total assets were $22.84 billion at March 31, 2024, compared to $22.66 billion at December 31, 2023. The bank has been limiting its exposure to uninsured deposits, which totaled $8.42 billion in the first quarter, or 28.4% of total deposits
Home Bancshares reported net interest margin of 4.13% in the first quarter, compared to 4.17% in the fourth quarter of 2023 and 4.37% a year ago.
Loans in the quarter grew by 0.6% to $14.51 billion. Compared to a year ago, loans were up 0.9%%.
Total assets were $22.84 billion at the end of the quarter, up 1.4% from $22.52 billion the year before.
“I’m always looking for improvement, but if the next three quarters show positive trends such as this quarter did, I think HOMB is poised for a great year,” CEO John Allison said in a statement. “The period for January to March resulted in increases in net interest income, revenue, EPS, margin (when adjusting for excess liquidity), loans and deposits along with strong liquidity while lowering our efficiency ratio. In addition, we reduced non-interest expense by $3 million, quarter over quarter.”
Centennial Bank has 76 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, five branches in Alabama and one branch in New York City.
Shares of the company rose 3.5% on Thursday to $23.22. Year to date, shares were down more than 8%.
The Associated Press contributed information to this report.
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