Simmons First Reports Q1 Net Income
by April 17, 2014 11:09 am 118 views
Simmons First National Corp. had an up-and-down quarter depending on how you view their latest financial results.
The Pine Bluff-based bank posted first quarter net income of $4.35 million compared to $5.94 million one year ago.
However after settling one-time charges associated with its acquisition of Metropolitan National Bank, Simmons First’s core earnings were $7.48 million for the quarter compared to $6.08 million one year ago.
Core earnings exclude one-time charges such as merger-related expenses, branch downsizing, and tax effects.
“We are pleased with the core earnings results for the first quarter,” said Simmons First CEO George Makris. “As a result of our fourth quarter acquisition of Metropolitan National Bank, our recently announced acquisition of Delta Trust & Bank, other possible acquisitions and efficiency initiatives, we have and will continue to recognize one-time revenue and expense items which may skew our short-term business results but provide long-term performance benefits. Our focus continues to be improvement in core operating income.”
Financial highlights for the quarter ended March 31, 2014 included:
- Total loans of $2.4 billion, an increase of $518 million, or 28.0%, compared to the same period in 2013.
- Total deposits were $3.7 billion, an increase of $814 million, or 28.2%, compared to the same period in 2013.
- Net interest income for the first quarter of 2014 of $41.5 million, an increase of $11.5 million, or 38.1%, from the same period of 2013.
- Non-interest income for the first quarter of $9.2 million, a decrease of $2.1 million, compared to the first quarter of 2013.
Simmons First (NASDAQ: SFNC) opened trading on Thursday at $35.23 per share. The bank’s stock has traded between $23.57 and $39.05 per share during the past year.