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Home BancShares sees lower Q3 profit, net interest margin YOY

Conway, Ark.-based Home BancShares Inc. reported third-quarter net income available to common shareholders of $72.8 million, or 44 cents per share, a decrease from $80.3 million, or 46 cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 44 cents.

Net interest margin on a fully taxable-equivalent basis for the third quarter was 4.32%, an increase from 4.28% in the previous quarter but a decrease from 4.46% in the year-ago period.

Net interest income for the quarter was $143.0 million, a decrease from $145.9 million in the same period last year. Noninterest income slightly decreased year-over-year to $24.7 million from $25.8 million.

Home BancShares made no provision for loan losses in the current quarter. In the last five quarters, it only made a loan loss provision for the quarter ended June 30, which amounted to $1.3 million. Net loans charged off increased on a year-over-year basis to $1.8 million from $1.3 million.

Net loans receivable for the third quarter were $10.67 billion, compared with $10.95 billion in the previous quarter and $10.72 billion in the year-ago period.

Total deposits at the end of the third quarter were $11.05 billion, compared with $11.35 billion at the end of the previous quarter and $10.62 billion at the end of the year-ago period.