Simmons First 4Q net income jumps 86% on strong loan growth

Simmons First National Corporation neared triple-digit fourth quarter growth as the Pine Bluff-based bank holding company’s loan portfolio more than doubled to nearly $5 billion to end fiscal year 2015.

For the period ended Dec. 31, 2015, Pine Bluff-based Simmons First reported net income of $23.8 million, or 78 cents per share, up 88% from $12.6 million, or 72 cents per share a year ago. For the full year, the bank reported net income of $74.1 million, or $2.63 per share. Fourth quarter revenue came in at $374.8 million.

“We are very proud of our team for achieving record operating results in 2015. The hard work by all of our associates, especially those new to Simmons, has established a firm base on which to build. We look forward to continued momentum into 2016,” said Simmons First Chairman and CEO George Makris Jr.

Key financial highlights from the fourth quarter include:
• Total loans, including those acquired, were $4.9 billion at Dec. 31, 2015, an increase of $2.2 billion, or 79.7%, compared with the same period in 2014. Legacy loans (all loans excluding acquired loans) grew $1.2 billion, or 58.1%.

• At Dec. 31, 2015, total deposits were $6.1 billion, an increase of $2.2 billion, or 57.6%, compared with the same period in 2014.

• The company’s net interest income for the fourth quarter of 2015 was $73.8 million, an increase of $26.4 million, or 55.6%, from the same period of 2014. This increase was driven by growth in the legacy loan portfolio and earning assets acquired through the Community First and Liberty transactions.

• At Dec. 31, 2015, common stockholders’ equity was $1.1 billion, book value per share was $34.49 and tangible book value per share was $21.97. Total assets at the end of the quarter were $7.6 billion, up 65% from $4.6 billion the same period a year ago.

Simmons First shares (NASDAQ: SFNC) closed Thursday at $44.12, down $2.76. During the past 52 weeks the share price has ranged from a $58.75 high to a $36.95 low.