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Home BancShares, Inc. Announces Record Net Income Of $63.0 Million For 2012

Stocks in this article: HOMB

CONWAY, Ark., Jan. 17, 2013 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (Nasdaq:HOMB), parent company of Centennial Bank, today announced record net income for the year ended December 31, 2012 of $63.0 million compared to $54.7 million for the year ended 2011. Diluted earnings per share for the year ended 2012 were $2.23 per share compared to $1.85 per share for 2011, an increase of $0.38 per share or 20.5%.

For the fourth quarter of 2012, the Company recorded record quarterly net income of $16.9 million, or $0.60 diluted earnings per common share, compared to $14.2 million of net income, or $0.50 diluted earnings per common share for the same quarter in 2011, an increase of $0.10 per share or 20.0%.

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 fourth quarter of 2012 was $0.62 compared to $0.51 diluted earnings per common share excluding intangible amortization for the same period in 2011.

"The record net income reported for 2012 is an exceptional achievement for our Company," said John Allison, Chairman. "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."

Randy Sims, Chief Executive Officer, added, "This quarter the Company increased its earnings above our previously recorded record earnings by $844,000 or 5.2%. During the fourth quarter of 2012, we improved our net interest margin 13 basis points when compared to the fourth quarter of 2011. The achievements reached during 2012 are no doubt impressive and encouraging for the year ahead."

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