Simmons First Posts Net Income Rise
by October 17, 2013 9:19 am 76 views
Simmons First National Corp. posted third quarter net income of $6.93 million, an increase from one year ago when profits topped $6.76 million.
The Pine Bluff-based bank warned that it would encounter one-time expenses in the near future, in large part due to its $53 million acquisition of Little Rock-based Metropolitan National Bank.
“We are pleased with the core earnings results for the third-quarter,” said George Makris, Jr., CEO-elect. “As a result of recent acquisitions and efficiency initiatives, we have and will continue to recognize one-time revenue and expense items which may skew our short-term core business results but provide long-term performance benefits. Our focus continues to be improvement in core operating income.”
Topline financials for the bank were generally positive. Key metrics include:
- Total loans, including those acquired, were $2.0 billion at September 30, 2013, an increase of $98.1 million, or 5.3%, compared to the same period in 2012.
- At September 30, 2013, total deposits were $2.8 billion, an increase of $43.5 million, or 1.6%, compared to the same period in 2012.
- Net interest income for the third quarter of 2013 was $31.6 million, an increase of $3.6 million, or 13.0%, from the same period of 2012.
- Non-interest income for the third quarter was $10.3 million, a decrease of $1.5 million, compared to the third quarter of 2012.
In early September, Simmons First National Corporation placed the winning bid for Metropolitan National Bank, as a result of Metropolitan’s parent company, Rogers Bancshares, bankruptcy proceeding. The $53.6 million acquisition of the bank is expected to close in December.
Shares of Simmons First (NASDAQ: SFNC) closed trading Wednesday at $31.88. The company’s stock has traded between $22.36 and $32.10 a share during the past 52 weeks.