Home Bancshares (HOMB) Reports In-Line Q1 EPS

April 20, 2017 8:02 AM EDT

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Home Bancshares (NASDAQ: HOMB) reported Q1 EPS of $0.33, in-line with the analyst estimate of $0.33.

"We were active on many fronts during the first quarter of 2017, and we delivered solid quarterly financial results in spite of the additional expenses associated with the recently closed acquisitions of GHI and Commerce,” said John Allison, Chairman. “We also look forward to the completion of the merger with Stonegate Bank in Pompano Beach, Florida later this year and the opportunity to welcome them to the Home BancShares family.”

Tracy French, Centennial Bank President and Chief Executive Officer, added, “We are pleased with the first quarter’s solid financial results. We are busy managing the growth momentum associated with our recently closed acquisitions of GHI on February 23, 2017 and Commerce on February 28, 2017. GHI completed its systems conversion on March 24, 2017; while Commerce is due to have its systems conversion on May 12, 2017.”

“We are pleased with reporting our twenty-fourth consecutive most profitable quarter in the Company’s history, when excluding the $4.5 million of reduced provision for loan losses as a result of a significant loan recovery offset by $433,000 of merger expenses associated with the GHI and Commerce acquisitions from the fourth quarter of 2016, record net interest income for the first quarter of 2017 and improvements in our non-performing assets,” said Randy Sims, Home BancShares, Inc. Chief Executive Officer. “Our team continues to do an excellent job of controlling expenses. We have been able to maintain a strong core efficiency ratio of 36.96%, even though we added nine branch locations with the GHI and Commerce transactions in the first quarter of 2017.”

For earnings history and earnings-related data on Home Bancshares (HOMB) click here.

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