Simmons First doubles quarterly profits

In a quarter when Pine Bluff, Ark.-based Simmons First National Corp. (Nasdaq: SFNC) converted its recently acquired Liberty Bank branches, the holding company boosted earnings by 102 percent.

Net income available to common shareholders reached $20 million, or 71 cents per diluted share, for the quarter ended June 30, up from $9.9 million, or 60 cents per share, a year earlier, according to a news release.

During the quarter, Simmons moved Liberty Bancshares Inc. to its brand and system operations. The move came with the elimination of nearly 45 duplicate positions, according to Springfield Business Journal archives. The company finalized the transaction valued at $206.9 million in the first quarter.

The Arkansas company also penned a deal in May to buy Springfield-based Ozark Trust and Investment Corp., the parent company of Trust Company of the Ozarks. The $20.7 million cash and stock deal is expected to close in the third quarter.

Second-quarter financial notes:

    •    Total loans, including those acquired through Liberty and others, grew to $4.8 billion by June 30, up 101 percent from last year.
    •    Interest income grew 80.6 percent to $79.2 million, while interest expense moved up 74.6 percent to $6 million.
    •    Salaries and employee benefits rose 69 percent to $35.5 million.

As of June 30, Simmons First held assets of $7.6 billion and deposits of $6.2 billion, according to the release.

SFNC shares were trading at $46.60 as of 11:47 a.m., compared to a 52-week range of $35.72 to $48.40.