Earnings Spike For Simmons First National
by January 22, 2015 9:22 am 89 views
Simmons First National Corp. reported $11.4 million in earnings for the fourth quarter of 2014. The Pine Bluff-based financial institution recorded $35.7 million in net income for the full year.
“We are pleased with our ability to integrate our acquisitions and continue to make good progress with our efficiency initiatives, both in revenue enhancement and in expense control,” said George A. Makris, Jr., Simmons First Chairman and CEO.
Simmons First has been on an acquisition spree in the last year. The bank has closed on two buyouts, including Metropolitan National Bank and Delta Trust and Bank. It has also acquired two banks in Tennessee and Missouri in the past year.
Key highlights for Simmons First were:
- Total loans, including those acquired, were $2.7 billion at December 31, 2014, an increase of $333 million, or 13.8%, compared to the same period in 2013.
- At December 31, 2014, total deposits were $3.9 billion, an increase of $163 million, or 4.4%, compared to the same period in 2013.
- The company’s net interest income for the fourth quarter of 2014 was $47.4 million, an increase of $7.8 million, or 19.6%, from the same period of 2013.
- Non-interest income for the fourth quarter was $21.5 million, an increase of $13.8 million compared to the fourth quarter of 2013.
Simmons First shares opened trading on Thursday at $37.37. The company’s stock has traded between $32.01 and $43.22 during the past year.