SPECIAL TO THE LOG CABIN
Home BancShares, Inc. (HOMB), parent company of Centennial Bank, reported Thursday that it had another record quarter.
The Company increased its third quarter earnings by $2.3 million or 16.4 percent for the three months ended Sept. 30, compared to the same period of the previous year.
“The results our Company was able to attain this quarter are no doubt impressive,” said John Allison, chairman. “This was the most profitable quarter in the Company’s history.”
Third quarter earnings of $16.1 million, or $0.57 diluted earnings per common share, compared to $13.8 million of net income available to common shareholders, or $0.48 diluted earnings per common share for the same quarter in 2011.
“Our team continues to do an excellent job of controlling expenses. For example, excluding merger expenses we have a lower non-interest expense this quarter than a year ago even though we added 15 branch locations with the Vision transaction in the first quarter of 2012,” Allison said.
CEO Randy Sims added: “We have once again reported strong reserves and capital levels for the Company, leaving us in a strong financial position for both FDIC and market acquisition transaction opportunities.”
Sims said the company is evaluating opportunities but has no firm commitments for additional branch locations.
During the first part of July, the Company closed two branches acquired in the Vision acquisition in order to eliminate repetitive branches and maximize profitability from the Vision transaction.
After these closures the Company now has 47 branches in Arkansas, 46 branches in Florida and 8 branches in Alabama.