Home BancShares Inc. of Conway on Thursday reported second-quarter profit of $79.1 million, up 26% from the same quarter last year.
The company, the parent of Centennial Bank, said it had earnings of 48 cents per share. Earnings, adjusted for non-recurring gains, were 46 cents per share.
The results met Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 46 cents per share.
The bank holding company posted revenue of $185.6 million in the period. Its revenue net of interest expense was $172.4 million, falling short of Wall Street forecasts. Three analysts surveyed by Zacks expected $175.3 million.
In a news release, Chairman John Allison said net income for the six-month period ended June 30 was $170.7 million, or $1.03 earnings per share, a company record.
“The continued stable performance our team delivers each quarter brings both a sense of pride and comfort during these unstable economic times,” Allison said.
As of June 30, total deposits were $13.89 billion, up from $13.51 billion at March 31. Total assets were $17.63 billion, up from $17.24 billion.
In its earnings report, the company said it would take a cautious approach to loan growth.
“Jamie Dimon recently stated that JP Morgan Chase is effectively ‘stockpiling cash’ with plans to be patient because he believes in being prepared for higher rates and more inflation,” Tracy French, Centennial Bank president and CEO, said. “One of the hardest things we do is maintain our discipline, and although loan growth might seem a little slow, we too plan to be patient as we do not intend to sell the future of our company. We won’t be one to reach out in the market for short term gain to create long term pain.”
The company said the effects of COVID-19 continues to result in “a significant amount of excess liquidity in the market.”
As a result, Home BancShares had an increase of $966.6 million of average interest-bearing cash balances in the second quarter compared to the first. The company said the excess liquidity diluted net interest margin by 23 basis points for the quarter.
(The Associated Press contributed to this report.)
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