Home BancShares Inc. of Conway on Thursday announced fourth-quarter net income of $37.4 million, up 25 percent from the same quarter last year and its 19th straight quarter of record profit.
The publicly traded bank holding company (Nasdaq: HOMB), the parent company of Centennial Bank, said diluted earnings per share, excluding $2.9 million in merger expenses related to its acquisition of Florida Business BancGroup Inc., reached 56 cents.
The company also reported $232.3 million in organic loan growth during the quarter and a core efficiency ratio of 37.86 percent.
For the year, net income reached $138.2 million, up 22 percent from $113.1 million in 2014. Excluding merger expenses, diluted earnings per share for the year ended 2015 reached $2.06 per share.
"I am pleased to report the company’s outstanding quarterly and annual earnings and financial metrics," Chairman Johnny Allison said in a news release. "This past year, our team was diligent and motivated to reach and, in some cases, exceed our financial goals … We intend to keep up this momentum in 2016 by continuing to improve the company's earnings and financial metrics."
During the quarter, the company acquired six branches through the FBBI acquisition. It also plans to open a deposit-only branch in New York City during the first quarter of 2016.
Home BancShares also closed one Arkansas location and three Florida locations during the quarter, and it aims to close two Arkansas locations and two Florida locations during the first quarter of 2016 as it seeks greater efficiency.
The company reported $17.3 million of non-interest income for the fourth quarter, compared to $10.2 million in 2014. Net interest income reached $100.1 million, compared to $83.4 million during the fourth quarter of 2014.
As of the end of 2015, Home BancShares had total assets of $9.29 billion, up from $7.4 billion at Dec. 31, 2014. The company is one of three Arkansas banks quickly closing in on $10 billion in assets — a key milestone for banks and how they are regulated.