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Simmons Bank’s Q1 profits drop 6%

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Pine Bluff, Arkansas-based Simmons First National Corp. (Nasdaq: SFNC) reported first-quarter net income of $22.12 million, a roughly 6 percent decrease from $23.5 million a year earlier.

The company, which operates six Simmons Bank branches in Springfield, reported 77 cents in diluted share earnings, a 7-cent drop from first-quarter 2016, according to a news release.

“While our core expense control remains relatively stable, our noninterest income experienced some usual seasonal declines along with a softer mortgage market during the first quarter,” Simmons Bank Chairman and CEO George Makris Jr. said in the release. “As we prepare for the $10 billion asset threshold, we have managed to offset most of our increases in audit and regulatory affairs expenses with economies gained because of our size and scale.”

First-quarter financial notes:
    •    Noninterest income ticked up 2 percent to $30.1 million.
    •    The company in February sold 11 substandard loans — mostly acquired loans — with a balance of $11 million. The company realized a $676,000 loss on the sale.
    •    Provision for loan losses rose 53 percent to $4.3 million.

As of March 31, Simmons Bank held assets of $8.6 billion and deposits of $6.8 billion, according to the release.

SFNC shares were trading at $54.25 as of 10:54 a.m., compared with a 52-week range of $42.54 to $67.

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