Pine Bluff, Ark.-based Simmons First National Corp. (Nasdaq: SFNC) improved second-quarter net income 51 percent to $9.9 million compared to $6.6 million earnings in the same quarter a year ago.
The company, which operates a Simmons First National Bank branch at 3333 E. Battlefield Road, posted diluted share earnings of 60 cents during the three months ended June 30, a 20-cent increase from second-quarter 2013, according to a news release.
“The second quarter was a landmark quarter for Simmons. We announced two acquisitions totaling approximately $3 billion in assets and reported record core earnings and record core earnings per share for the quarter," Simmons First Chairman and CEO George Makris Jr. said in the release.
In May, the company entered an agreement to purchase Springfield-based Liberty Bank in a deal valued at approximately $206.9 million. It is expected to close in the fourth quarter. The Liberty deal represents the fourth acquisition agreement penned by Simmons First since November. In late 2013, Simmons First completed the acquisition of Little Rock-based Metropolitan National Bank (separate from the Springfield bank of the same name); agreed to buy Little Rock-based Delta Trust & Banking Corp. in March; and earlier in May, signed a deal to acquire Union, Tenn.-based Community First Bancshares Inc., according to
Springfield Business Journal archives.
After closing on the Liberty deal and its 24 branches, Simmons First would operate over 120 branches between three states.
As of June 30, Simmons First's assets were $4.3 billion and deposits were $3.6 billion. The company holds branches in Arkansas, Missouri, Kansas and Tennessee, according to the release.
SFNC shares were trading at $38.54 as of 10:49 a.m., compared to a 52-week range of $24.06 to $43.22.[[In-content Ad]]
