Home BancShares, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, showing a mixed performance compared to the previous fiscal period. Total assets increased to $22.82 billion, up from $22.66 billion at the end of 2023. The company’s loan portfolio also grew, with total loans receivable rising to $14.82 billion, a $399.3 million increase from $14.42 billion at year-end 2023, driven by organic growth in community banking and contributions from Centennial CFG.
Net income for the third quarter was $100.0 million, reflecting a slight increase of 1.6% from $98.5 million in the same period last year. However, net income for the nine-month period decreased to $301.7 million, down from $306.7 million in 2023. Earnings per share remained stable at $0.50 for the third quarter and $1.51 for the nine-month period, consistent with the previous year.
Interest income for the third quarter rose significantly to $332.8 million, a 13.1% increase from $294.3 million in 2023, while total interest expense also increased by 27.4% to $117.6 million. The net interest margin improved to 4.28%, up from 4.19% in the prior year, attributed to a higher yield on interest-earning assets, which increased to 6.60% from 6.09%.
The company recorded a substantial provision for credit losses of $18.2 million for the third quarter, significantly higher than $2.8 million in the same quarter last year. This increase included $16.7 million allocated to a hurricane reserve for loans affected by Hurricane Helene. Non-performing loans rose to $101.1 million, up from $64.1 million at the end of 2023, indicating a deterioration in credit quality.
Total deposits decreased to $16.71 billion from $16.79 billion at year-end 2023. Stockholders’ equity increased to $3.96 billion, up from $3.79 billion, primarily due to net income and other comprehensive income. The efficiency ratio improved to 41.42% from 45.53% in the prior year, reflecting better cost management.
Strategically, Home BancShares continues to focus on its core markets, with approximately 79.6% of total loans concentrated in Alabama, Arkansas, Florida, Texas, and New York. The company also maintains a robust liquidity position, with net available liquidity of $5.65 billion as of September 30, 2024.
About HOME BANCSHARES INC
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