Simmons First Q1 Net Income Slips

by Talk Business & Politics staff ([email protected]) 47 views 

Simmons First National Corp. reported first quarter earnings of $5.93 million compared to $6.35 million one year ago.

The Pine Bluff-based banking company disclosed merger related expenses that had some effect on its bottom line.

“Considering interest rates continue at historical lows and due to the seasonality that we experience in the first quarter each year, we were pleased with our overall earnings performance. More so, we were pleased with the positive trends in our balance sheet, as reflected in our normalized organic loan growth of approximately 4%, which enabled us to produce a net interest margin of 4.01%. The organic loan growth, coupled with strong asset quality, bodes well for the balance of the year,” said J. Thomas May, Chairman and CEO.

Other financial highlights of the quarter for Simmons First (NASDAQ: SFNC) included:

  • Total loans, including those acquired, were $1.8 billion at March 31, 2013, an increase of $176.6 million, or 10.7%, compared to the same period in 2012
  • At March 31, 2013, total deposits were $2.9 billion, an increase of $238 million, or 9.0%, compared to the same period in 2012.
  • The company’s net interest income for the first quarter of 2013 was $30.1 million, an increase of $2.4 million, or 8.5%, from the same period of 2012.
  • Non-interest income for the first quarter was $11.3 million, an increase of $590,000, or 5.5%, compared to the first quarter of 2012.