Simmons First Earnings Jump
by October 23, 2014 8:45 am 109 views
Simmons First National Corp. reported third quarter net income of $8.788 million, a big jump from one year ago when the Pine Bluff-based financial group posted quarterly profits of $6.932 million.
Core earnings for Simmons First were $10.7 million in the third quarter, a 45% increase from one year ago. Core earnings exclude $1.9 million in net after-tax expenses, the company said.
“We are pleased with the financial results from another active quarter. We closed our acquisition of Delta Trust & Bank at the end of August and have our systems conversion scheduled tomorrow. We completed our legacy charter consolidation into Simmons Bank, and again reported record core earnings and record core earnings per share,” said Simmons First Chairman and CEO George A. Makris, Jr.
Financial highlights from the quarter ended September 30, 2014, included:
- Total loans, including those acquired, were $2.8 billion at September 30, 2014, an increase of $799 million, or 40.8%, compared to the same period in 2013.
- At September 30, 2014, total deposits were $3.9 billion, an increase of $1.1 billion, or 37.7%, compared to the same period in 2013.
- Net interest income for the third quarter of 2014 was $41.8 million, an increase of $10.2 million, or 32.3%, from the same period of 2013.
- Non-interest income for the third quarter was $16.0 million, an increase of $5.7 million compared to the third quarter of 2013.
Simmons First officials will hold a conference call with investors and analysts this afternoon at 3 p.m.
Shares of Simmons First (NASDAQ: SFNC) closed Wednesday at $39.70. The company’s stock has been trading between $32.01 and $43.22 per share during the past 52 weeks.