Home BancShares Q1 Profit Rises - Quick Facts

(RTTNews) - Home BancShares Inc. (HOMB), parent company of Centennial Bank, said that its profit for the first quarter of 2014 rose to $27.3 million or $0.42 per share from $17.5 million or $0.31 per share for the same quarter in 2013.

Excluding the $849,000 of merger expenses associated with the recently completed acquisition of Liberty Bancshares Inc., earnings per share for the first quarter of 2014 was $0.43 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share for the quarter. Analysts' estimates typically exclude special items.

Because acquisitions are growth and capital management strategies, earnings excluding amortization of intangibles after-tax are useful in evaluating the Company. Earnings per share excluding intangible amortization for the first quarter of 2014 was $0.43 compared to $0.32 earnings per share excluding intangible amortization (split adjusted) for the same period in 2013.

Net interest income for the first quarter increased 73.6% to $77.0 million from $44.3 million last year.

The company reported $12.2 million of non-interest income for the first quarter of 2014, compared to $9.0 million for the first quarter of 2013. The most important components of the first quarter non-interest income were $5.9 million from service charges on deposits accounts, $5.7 million from other service charges and fees, $1.5 million from mortgage lending income, $1.4 million from insurance commissions, $761,000 from other income, $539,000 from gain on sale of OREO and $436,000 from trust fees offset by the $4.7 million of net amortization on the FDIC indemnification asset.