CONWAY, Ark., Oct. 18, 2012 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (Nasdaq:HOMB), parent company of Centennial Bank, today announced 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. The Company increased its third quarter earnings by $2.3 million or 16.4% for the three months ended September 30, 2012 compared to the same period of the previous year.
Because acquisitions are growth and capital management strategies, earnings excluding amortization of intangibles after-tax are useful in evaluating the Company. Diluted earnings per common share excluding intangible amortization for the third quarter of 2012 was $0.58 compared to $0.50 diluted earnings per common share excluding intangible amortization for the same period in 2011.
"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, 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."Randy Sims, Chief Executive Officer, added, "Home BancShares has once again reached the most profitable quarter in its history. The record earnings reported during the third quarter 2012 are $605,000 or 4% above Home BancShares' previously reported record earnings. 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."