March 20, 2023

Residence BancShares tops $305 million in internet revenue in 2022

Conway-based Residence BancShares, the dad or mum firm of Centennial Financial institution, reported internet revenue of $305 million, surviving “headwinds” it mentioned it encountered in West Texas the place it picked up new belongings in its buyout of Glad Bancshares of Texas.

Residence BancShares reported income of $933.7 million for the yr, with $272.3 million coming within the fourth quarter. Web revenue was $305.3 million for 2022, with $115.7 million reported within the fourth quarter. Earnings per share was $1.57.

One yr in the past, the monetary agency reported internet revenue of $319 million, or $1.94 earnings per share.

Since then, Residence BancShares accomplished its merger with Glad Bancshares of Texas bringing its presence within the Lone Star State to 63 branches. The financial institution has 76 branches in Arkansas, 78 branches in Florida, 5 branches in Alabama, and one department in New York Metropolis.

“It’s apparent all banks are usually not created equal. HOMB continues to attempt to separate ourselves from the pack. Monetary power is paramount, and I’m proud that Residence BancShares is ready to present power to our prospects, particularly throughout powerful financial instances. Regardless of the headwinds that arose out of West Texas, HOMB was in a position to depend on the endurance and power of the complete franchise to ship sturdy efficiency for the yr,” mentioned Residence BancShares Chairman John Allison.

Monetary highlights included:

  • Web curiosity revenue on a totally taxable equal foundation was $217.7 million for the three-month interval ended December 31, 2022;
  • The corporate reported $56.7 million of non-interest revenue for the fourth quarter of 2022;
  • Whole loans receivable have been $14.41 billion at December 31, 2022, in comparison with $13.83 billion at September 30, 2022;
  • Whole deposits have been $17.94 billion at December 31, 2022, in comparison with $18.54 billion at September 30, 2022; and
  • Whole belongings have been $22.88 billion at December 31, 2022, in comparison with $23.16 billion at September 30, 2022.
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“Because of the self-discipline, endurance and liquidity maintained by HOMB, we have been in a position to profitably develop loans by $580 million within the fourth quarter, growing mortgage yield to six.23% from 5.63%, which is spectacular by any customary in a rising fee atmosphere,” mentioned Tracy French, Centennial Financial institution President and Chief Govt Officer.

Shares of Residence BancShares (NYSE: HOMB) closed buying and selling Wednesday (Jan. 18) at $23.12. The corporate’s inventory has traded between a low of $19.83 per share and a excessive of $26.20 per share over the previous yr.