16.01.2014 15:35:00

Home BancShares Q4 Profit Down - Quick Facts

(RTTNews) - Home BancShares Inc. (HOMB), parent company of Centennial Bank, said that its fourth quarter of 2013 net income available to all shareholders was $12.95 million, or $0.19 per share, down from $16.94 million or $0.30 per share in the same quarter in 2012.

Excluding the $17.3 million of fourth quarter 2013 merger expenses associated with the Liberty Bancshares, Inc. acquisition, earnings per share for the fourth quarter 2013 was $0.37 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.

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, earnings per share for the fourth quarter 2012 was $0.30 per share.

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 fourth quarter of 2013 was $0.21 compared to $0.31 earnings per share excluding intangible amortization (split adjusted) for the same period in 2012.

"During the fourth quarter we made a game-changing purchase with the Liberty acquisition. It was a historical accomplishment for Home BancShares to be able to complete Arkansas's largest ever in-state bank acquisition plus convert the core operating systems in the same quarter. This impressive execution has the Company in position to realize the anticipated cost savings, thereby rewarding our shareholders," said John Allison, Chairman. "Our team is focused on this important task and is working to recognize these enhancements as quickly as possible. I am looking forward to watching our team succeed in this process. As a result, I believe there is a bright future for us during 2014."

Net interest income for the fourth quarter of 2013 increased 62.4% to $67.1 million from $41.3 million during the fourth quarter of 2012.

The company reported $12.2 million of non-interest income for the fourth quarter of 2013, compared to $16.2 million for the fourth quarter of 2012. Excluding gain on acquisitions, non-interest income for the fourth quarter of 2013 was $12.2 million compared to $11.0 million for the fourth quarter of 2012.

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