Home BancShares, Inc., parent company of Centennial Bank, announced Thursday a record net income of $66.5 million for 2013 compared to $63.0 million in 2012.
For the fourth quarter of 2013, the company recorded quarterly net income of $13.0 million, or $0.19 diluted earnings per common share, compared to $16.9 million of net income, or $0.30 diluted earnings per common share for the same quarter in 2012.
The company also acquired 46 Arkansas locations as a result of the acquisition of Liberty Bancshares in the fourth quarter of 2013. Home Bancshares subsequently closed or merged 4 locations. The company also closed one branch in Panama City, Florida.
"During the fourth quarter we made a game-changing purchase with the Liberty acquisition. It was an 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," said John Allison, Chairman. "This impressive execution has the company in position to realize the anticipated cost savings, thereby rewarding our shareholders.
"Our team is focused on this important task and is working to recognize these enhancements as quickly as possible," Allison said. "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."
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 2013 was $1.33 per share. Excluding the net total expense of $2.0 million for merger expenses and gain on acquisition associated with the three acquisitions completed during 2012, diluted earnings per share for 2012 was $1.13 per share. Excluding merger expenses and acquisition gain, this represents an increase of $0.20 per share or 17.7% for 2013 when compared to the previous year.
"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."
Home BancShares, Inc. is a bank holding company, headquartered in Conway. Centennial Bank has locations in Arkansas, Florida and South Alabama. The company’s common stock is traded through the NASDAQ Global Select Market under the symbol "HOMB."