Home BancShares Inc. of Conway on Thursday announced record first-quarter net income of $41.4 million for the quarter ended March 31, a 33 percent increase compared to the same period in 2015.
The publicly traded bank holding company (Nasdaq: HOMB), the parent company of Centennial Bank, said diluted earnings per share reached 59 cents.
The company also announced $212.8 million in quarterly organic loan growth during the first quarter of 2016 and a core efficiency ratio of 37.52 percent.
"As anticipated, the Company has started the year with another outstanding quarter," Chairman John Allison said in a news release. "During the first quarter of 2016, we have continued to achieve and, in some cases, exceed our internal goals … We are well-positioned and committed to making 2016 another remarkable year of maximizing the returns to our shareholders."
The company reported $19.4 million of non-interest income for the first quarter of 2016, compared to $14.7 million for the first quarter of 2015.
Non-interest expense, excluding merger expenses for the first quarter of 2016, was $45.6 million compared to $39.3 million for the first quarter of 2015. The increase was primarily associated with the establishment of the Centennial Commercial Finance Group in New York City during the second quarter of 2015, the acquisition of Florida Business BancGroup Inc. during the fourth quarter of 2015 and write-downs on vacant properties from closed branches.
During the first quarter, the company received approval to open a deposit-only branch location in New York City. The company also closed two Arkansas locations and two Florida locations, and it has plans to close one Florida location during the second quarter.
The company has 77 branches in Arkansas, 59 branches in Florida, 6 branches in Alabama and a loan production office in New York City.
"We are pleased with the first quarter’s strong financial results and organic loan growth," said Tracy French, Centennial Bank president and CEO. "We will continue to use this momentum to seek opportunities to expand our existing footprint or enter new markets."