Pine Bluff, Ark.-based Simmons First National Corp. (Nasdaq: SFNC) increased first-quarter net income available to common shareholders 100 percent to $8.7 million from $4.4 million a year ago.
Diluted share earnings for the company improved 12 cents to 39 cents during the quarter, according to a news release.
During the quarter ended March 31, Simmons First finalized its purchase of Springfield-based Liberty Bancshares Inc. Feb. 27 in a deal valued at $206.9 million. It’s set to convert the company to its systems tomorrow, and Liberty branches are slated to open under the Simmons name April 27, according to
Springfield Business Journal archives.
In the first quarter, Simmons First posted record core earnings of $15.7 million, according to the release.
"We are pleased with our integration planning and execution and continue to make good progress with our efficiency initiatives, both in revenue enhancement and in expense control," Simmons First Chairman and CEO George Makris Jr. said in the release. "We welcome our newest associates from Community First [Bancshares Inc.] and Liberty and look forward to continued growth and profitability in their legacy markets."
First-quarter financial notes:
- Loans, including those acquired, totaled $4.6 billion as of March 31, a 95.9 percent bump from the same time a year earlier.
- Net interest income improved 27.5 percent to $53 million.
- At the end of the quarter, the company employed 2,076 full time, up from 1,321 a year ago.
As of March 31, Simmons First held assets of $7.8 billion and deposits of $6.3 billion, according to the release.
SFNC shares were trading at $43.94 as of 10:30 a.m., compared to a 52-week range of $35.13 to $46.38.[[In-content Ad]]
