Quarterly income down for Simmons First
by October 25, 2012 12:15 pm 80 views
Simmons First National Corp. posted net income of $6.8 million, down from $7.3 million one year ago. Net income for the nine months ended Sept. 30, 2012, was $19.7 million, slightly higher than the $19.1 million posted in the comparable period for 2011.
Simmons said some of the quarter’s small decline could be attributed to a decline in non-interest income, such as fees from transactions, accounts and overdraft charges.
May offered insight into the current lending climate. He said the bank’s legacy loans (excluding acquired loans) increased $8.7 million from the previous quarter end.
“This increase was primarily driven by our commercial real estate and seasonality in our agricultural lending, somewhat mitigated by a slight decline in student loans and commercial loan portfolios,” said May.
Other financial highlights for the quarter included:
• Total loans, including those acquired, were $1.9 billion at Sept. 30, 2012, an increase of $56 million compared to the same period in 2011.
• At Sept. 30, 2012, total deposits were $2.8 billion, an increase of $160 million, or 6.1%, compared to the same period in 2011.
• Net interest income for the third quarter of 2012 was $27.9 million, a $662,000 increase from the same period of 2011.
• Non-interest income for the third quarter was $11.8 million, compared to $13.7 million for the third quarter of 2011.
In mid-Sept., Simmons First made its third acquisition in the Missouri market. The Pine Bluff-based bank acquired Truman Bank of St. Louis through a loss-share agreement with the FDIC.
May said the company’s capital position will allow it to consider additional acquisition opportunities.
“Our exceptional level of capital puts us in the 84th percentile of our peer group and allows us to actively pursue the right opportunities that meet our strategic plan regarding mergers and acquisitions,” said May.