Home BancShares(US:HOMB) Globenewswire·2025-01-15 23:05Core Viewpoint - Home BancShares, Inc. reported strong financial performance for Q4 2024, achieving record revenues of $1 billion and earnings of $400 million for the year, while successfully completing a cleanup of legacy loans and improving asset quality for 2025 [1][3]. Financial Performance - Net income for Q4 2024 was $100.6 million, or $0.51 diluted earnings per share, with adjusted net income of $99.8 million and $0.50 per share [4]. - Total revenue for Q4 2024 was $258.4 million, compared to $254.6 million in Q2 2024 and $246.4 million in Q1 2024 [2]. - The company recorded a net interest margin of 4.39% for Q4 2024, up from 4.28% in Q3 2024, with average loans increasing from $14.76 billion to $14.80 billion [6]. Asset Quality and Provisions - The company set aside an additional $16.7 million in credit loss expense due to Hurricanes Helene and Milton, bringing the total hurricane reserve to $33.4 million [5]. - Non-performing loans to total loans were 0.67% as of December 31, 2024, compared to 0.68% at September 30, 2024 [15]. Capital and Equity - Stockholders' equity increased to $3.96 billion at December 31, 2024, primarily due to a $61.8 million increase in retained earnings [18]. - The common equity tier 1 capital ratio was 14.7% as of December 31, 2024, compared to 14.4% at September 30, 2024 [2]. Operational Highlights - The company paid off a $700 million advance from the Federal Reserve's Bank Term Funding Program, which improved the net interest margin by six basis points [7]. - Non-interest income for Q4 2024 was $41.2 million, with significant contributions from service charges and fees [10]. Loan and Deposit Trends - Total loans receivable were $14.76 billion at December 31, 2024, down from $14.82 billion at September 30, 2024, while total deposits increased to $17.15 billion [13]. - The company experienced $121.1 million in organic loan growth in its community banking footprint during Q4 2024 [14].