story from Talk Business, a TCW content partner
Home Bancshares, parent company of Centennial Bank, announced third quarter earnings of $16.1 million, up 16% compared to $13.8 million one year ago.
The quarter ended Sept. 30, 2012 was the most profitable quarter in the Conway-based bank’s history.
“The results our company was able to attain this quarter are no doubt impressive,” said Chairman John Allison. “This was the most profitable quarter in the company’s history, and it continues to be displayed through our reported improvements in our non-performing non-covered loans and assets and an improvement in our core efficiency. 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.”
Key highlights for the quarter included:
• Net interest income for the third quarter of 2012 increased 8.2% to $38.6 million from $35.7 million during the third quarter of 2011.
• Non-interest income rose to $10.6 million for the third quarter of 2012, compared to $10.0 million for the third quarter of 2011.
• Total deposits were $3.13 billion at Sept. 30, 2012 compared to $2.86 billion at Dec. 31, 2011.
• Total assets were $3.89 billion at Sept. 30, 2012 compared to $3.60 billion at Dec. 31, 2011.
Home Bancshares said its “strong financial position” would allow it to pursue future FDIC and market acquisition transaction opportunities.