Simmons First doubles earnings in year of acquisitions

On strong fourth-quarter earnings, Pine Bluff, Ark.-based Simmons First National Corp. (Nasdaq: SFNC) more than doubled its 2015 bottom line to $74.1 million from $35.7 million a year earlier.

The company’s net income amounted to a roughly 108 percent increase for the year, according to a news release.

In the fourth quarter, the operator of Simmons First National Bank posted earnings of $23.8 million, an 88 percent boost from $12.6 million in profits in the same three-month period of 2014. Diluted share earnings for the latest quarter rose 6 cents to 78 cents.

Simmons Chairman and CEO George Makris Jr. said the bank’s operating results amounted to an inner-company record.

“The hard work by all of our associates, especially those new to Simmons, has established a firm base on which to build,” he said in the release.

During 2015, Simmons acquired two local companies.

In the first quarter, the Arkansas company finalized its $206.9 million purchase of Springfield-based Liberty Bancshares Inc., which was followed up by the third-quarter closing of another Queen City firm, Ozark Trust and Investment Corp., the parent company of Trust Company of the Ozarks, for $20.7 million.

Simmons also closed in the first quarter on the purchase of Union City, Tenn.-based Community First Bancshares Inc.

By year’s end, Simmons held assets of $7.6 billion and deposits of $6.1 billion, according to the release.

SFNC shares were trading at $41.50 as of 9:25 a.m., compared to a 52-week range of $37.31 to $58.75.