story from Talk Business, a TCW content partner
Home Bancshares, the parent company of Centennial Bank, posted record fourth quarter and full year profits.
The Conway-based bank holding company announced net income of $16.9 million in the fourth quarter and $63 million for the full fiscal year.
“The record net income reported for 2012 is an exceptional achievement for our company,” said Home Bancshares Chairman John Allison. “The hard work this year to expand earnings was successful. Not only did we reach annual record earnings during 2012, but we also achieved record earnings each quarter consecutively during the year. Throughout the year, we continued to keep our traditionally strong capital levels considerably above the regulators’ capital requirements. It is possible, therefore, to remain in a position to benefit from opportunistic deals as they are presented.”
Financial highlights for the quarter included:
Net interest income for the fourth quarter of 2012 increased 16.9% to $41.3 million from $35.3 million during the fourth quarter of 2011.
The company reported $16.2 million of non-interest income for the fourth quarter of 2012, compared to $12.2 million for the fourth quarter of 2011.
Total non-covered loans were $2.33 billion at Dec. 31, 2012 compared to $1.76 billion at Dec. 31, 2011.
Total covered loans were $384.9 million at Dec. 31, 2012 compared to $481.7 million at Dec. 31, 2011.
Total deposits were $3.48 billion at Dec. 31, 2012 compared to $2.86 billion at Dec. 31, 2011.
Total assets were $4.24 billion at Dec. 31, 2012 compared to $3.60 billion at Dec. 31, 2011.
Home Bancshares stock (NASDAQ: HOMB) closed trading Wednesday at $34.28 per share. The company’s stock has floated between a low of $24.69 per share and a high of $35.84 per share during the past year.