Home Bancshares reports record earnings
Home BancShares, Inc. (Nasdaq:HOMB), parent company of Centennial Bank, today announced record net income for the year ended Dec. 31, 2013 of $66.5 million compared to $63.0 million for the year ended 2012.
Excluding the $18.4 million of 2013 merger expenses associated with the recently completed acquisition of Liberty Bancshares, Inc. (Liberty), diluted earnings per share for the year ended 2013 was $1.33 per share.
The previously announced Liberty Bancshares acquisition was a huge driver of the record earnings.
For the fourth quarter of 2013, the Company recorded quarterly net income of $13.0 million, compared to $16.9 million of net income for the same quarter in 2012.
"During the fourth quarter we made a game-changing purchase with the Liberty acquisition. It was a historical accomplishment for Home BancShares to be able to complete Arkansas’s largest ever in-state bank acquisition plus convert the core operating systems in the same quarter. This impressive execution has the Company in position to realize the anticipated cost savings, thereby rewarding our shareholders," said John Allison, Chairman.
"Our team is focused on this important task and is working to recognize these enhancements as quickly as possible. I am looking forward to watching our team succeed in this process. As a result, I believe there is a bright future for us during 2014."
Home Bancshares Inc. will host a conference call at 2 p.m. ET to discuss its Q4 2013 earnings results. To access the live webcast log on to www.homebancshares.com
"We have been able to achieve many successes throughout the year that positioned us to be ready to handle the acquisition of Liberty," said Randy Sims, Chief Executive Officer.
"As for the financial results, we are proud of the record profit reported for 2013. It was a truly remarkable financial performance year with the Company reporting net income of $66.5 million and diluted earnings per share of $1.14 per share or net income of $77.7 million and diluted earnings per share of $1.33 excluding merger expenses. During the year we have been focused on our efficiency ratio and net interest margin. These efforts have paid off as we are pleased to report an impressive 45.49% core efficiency ratio and 5.19% net interest margin for the year."
(Staff writer Michelle Corbet can be reached by email at firstname.lastname@example.org or by phone at 505-1215. To comment on this and other stories in the Log Cabin, log on to www.thecabin.net. Send us your news at www.thecabin.net/submit)