Home BancShares, Inc. - HOMB STOCK NEWS

Home BancShares (NYSE: HOMB) has reported strong Q4 2024 financial results, achieving record milestones with $1 billion in revenue and $400 million in earnings for the year. The company posted Q4 net income of $100.6 million, or $0.51 per diluted share.

Key Q4 2024 highlights include:

• Net interest margin improved to 4.39% from 4.28% in Q3
• Total deposits increased to $17.15 billion from $16.71 billion in Q3
• Completed asset quality cleanup, particularly in Texas loans
• Recorded $16.7 million in credit loss expense due to Hurricanes Helene and Milton

The company paid off its $700.0 million Federal Reserve Bank Term Funding Program advance, improving net interest margin by six basis points. The efficiency ratio was 42.24% for Q4 2024. Non-performing assets to total assets remained stable at 0.63%, while the allowance for credit losses on loans was 1.87% of total loans.

Home BancShares (NYSE: HOMB) reported strong Q4 2024 results with net income of $100.6 million ($0.51 per diluted share). The company achieved significant milestones, including its first $400 million year in earnings and $1 billion in revenue. The quarter showed improvements in key metrics with net interest margin rising to 4.39% from 4.28% in Q3 2024.

The company completed an asset quality cleanup project, primarily focused on legacy loans from Happy Bank, recording $53.4 million in net charge-offs. Additionally, HOMB set aside a total hurricane reserve of $33.4 million due to Hurricanes Helene and Milton, with $110.9 million in loans on deferral. The company's allowance for credit losses stood at $275.9 million (1.87% of total loans) as of December 31, 2024.

Total loans were $14.76 billion and deposits reached $17.15 billion. The company maintains a strong capital position with a common equity tier 1 ratio of 15.1%.

Home BancShares (NYSE: HOMB) has scheduled its Fourth Quarter 2024 earnings release for January 15, 2025, after market close. The company will host a conference call to discuss results on January 16, 2025, at 1:00 p.m. CT. Centennial Bank's parent company has provided two pre-registration options for participants: a conference call webcast and a live call option. A replay will be available until January 23, 2025. The company operates through Centennial Bank with branches across Arkansas, Florida, South Alabama, Texas (operating as Happy State Bank), and New York City.

Home BancShares (NYSE: HOMB) has announced an additional $16.7 million reserve for loan losses due to Hurricane Milton, bringing the total hurricane reserve to $33.4 million for the year. This follows an earlier $16.7 million reserve established for Hurricane Helene.

The company reports approximately $110 million currently on deferral due to both hurricanes. Hurricane Milton, which made landfall on October 9, 2024, caused more than two dozen tornados, while Hurricane Helene made landfall on September 26, 2024. The events span across the third and fourth quarters, with expected delays in insurance settlements due to the back-to-back nature of these events.

Home BancShares (NYSE: HOMB) has announced its participation in a Fireside Chat at the Stephens Annual Investment Conference on November 19, 2024. The presentation is scheduled for 1:00 p.m. CT (2:00 p.m. ET) and will be accessible via live webcast. A replay will remain available for 90 days following the presentation.

Centennial Bank, the company's wholly-owned subsidiary, operates across multiple states including Arkansas, Florida, South Alabama, Texas (as Happy State Bank), and New York City, providing commercial and retail banking services to various stakeholders including businesses, real estate developers, investors, individuals, and municipalities.

Home BancShares (NYSE: HOMB) has announced its participation in a Fireside Chat at the Stephens Annual Investment Conference on November 19, 2024. The presentation is scheduled for 1:00 p.m. CT (12:00 p.m. ET) and will be accessible via live webcast. A replay will remain available for 90 days following the presentation.

Centennial Bank, the company's wholly-owned subsidiary, operates branches across Arkansas, Florida, South Alabama, Texas (as Happy State Bank), and New York City, offering commercial and retail banking services to various stakeholders including businesses, real estate developers, investors, individuals, and municipalities.

Home BancShares (NYSE: HOMB) has declared a quarterly cash dividend of $0.195 per share, payable December 4, 2024, to shareholders of record November 13, 2024. This represents an 8.3% increase from the $0.18 dividend paid in Q4 2023 and maintains the same level as Q3 2024. The company operates through its subsidiary Centennial Bank, providing commercial and retail banking services across Arkansas, Florida, Texas, South Alabama, and New York City.

Home BancShares, Inc. (NYSE: HOMB) reported strong Q3 2024 results despite Hurricane Helene's impact. Key highlights include:

- Net income: $100.0 million
- Diluted earnings per share: $0.50
- Net interest margin: 4.28%
- Return on average assets (ROA): 1.74%
- Total loans: $14.82 billion
- Total deposits: $16.71 billion
- Total assets: $22.82 billion

The company recorded $18.9 million in credit loss expense, including a $16.7 million hurricane reserve. HOMB maintained strong liquidity with $5.65 billion in net available liquidity. The allowance for credit losses on loans increased to 2.11% of total loans. Despite challenges, HOMB demonstrated resilience with solid financial performance and strong balance sheet metrics.

Home BancShares, Inc. (NYSE: HOMB), parent company of Centennial Bank, has announced additional loan loss reserves of approximately $16.7 million for the third quarter of 2024 due to Hurricane Helene. The Category 4 hurricane made landfall on September 26, 2024, affecting over $1 billion worth of loans in its path. HOMB's Chairman, John Allison, emphasized the company's preparedness for such events and its strong balance sheet.

Allison also mentioned the potential impact of Hurricane Milton, which made landfall on October 9, 2024, and could lead to a substantial increase in hurricane-related loan reserves for the fourth quarter. HOMB operates 76 branches in Arkansas, 78 in Florida, 58 in Texas, 5 in Alabama, and 1 in New York City.