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Home BancShares, Inc. Announces Record Net Income Of $66.5 Million For 2013

Stocks in this article: HOMB

CONWAY, Ark., Jan. 16, 2014 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (Nasdaq:HOMB), parent company of Centennial Bank, today announced record net income for the year ended December 31, 2013 of $66.5 million compared to $63.0 million for the year ended 2012. Diluted earnings per share for the year ended 2013 was $1.14 per share compared to $1.11 per share for 2012. Excluding the $18.4 million of 2013 merger expenses associated with the recently completed acquisition of Liberty Bancshares, Inc. (Liberty), diluted earnings per share for the year ended 2013 was $1.33 per share. Excluding the net total expense of $2.0 million for merger expenses and gain on acquisition associated with the three acquisitions completed during 2012, diluted earnings per share for the year ended 2012 was $1.13 per share. Excluding merger expenses and acquisition gain, this represents an increase of $0.20 per share or 17.7% for the year ended 2013 when compared to the previous year.

For the fourth quarter of 2013, the Company recorded quarterly net income of $13.0 million, or $0.19 diluted earnings per common share, compared to $16.9 million of net income, or $0.30 diluted earnings per common share for the same quarter in 2012. Excluding the $17.3 million of fourth quarter 2013 merger expenses associated with the Liberty Bancshares, Inc. acquisition, diluted earnings per share for the fourth quarter 2013 was $0.37 per share. Excluding the net total income of $36,000 for merger expenses and gain on acquisition associated with the two acquisitions completed during the fourth quarter of 2012, diluted earnings per share for the fourth quarter 2012 was $0.30 per share. Excluding merger expenses and acquisition gain, this represents an increase of $0.07 per share or 23.3% for the fourth quarter 2013 when compared to the fourth quarter of the previous year.

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