Simmons Bank posts record Q2 profits

Simmons First National Corp.’s (Nasdaq: SFNC) acquisition-heavy strategy paid off in the second quarter with record profits brought on, in part, by a larger territory.

The Pine Bluff, Arkansas-based operator of six Simmons Bank branches in Springfield reported second-quarter net income of $53.6 million, or 58 cents per diluted share. That’s up 132 percent from $23.1 million, or 36 cents per share, a year earlier, according to a news release.

“The system conversions and integration for our most recent acquisitions are now complete and we are excited to turn our focus on expanding our products and services throughout our larger footprint,” Simmons Chairman and CEO George Makris Jr. said in the release.

Locally known for purchasing Liberty Bancshares Inc., Ozark Trust and Investment Corp. and Southwest Community Bank’s assets, Simmons in the last year bought Stillwater, Oklahoma-based Southwest Bancorp Inc. and Fort Worth-based First Texas BHC Inc., according to past Springfield Business Journal reporting.

Second-quarter financial notes:
    •    Interest income grew 98 percent to $166.3 million.
    •    Salaries and employee benefits were up 63 percent to $55.7 million.
    •    The company incurred $1.1 million in merger- and branch-related costs.

As of June 30, Simmons’ assets totaled $16.2 billion and deposits were $12 billion. The company operates in Arkansas, Colorado, Kansas, Missouri, Oklahoma, Tennessee and Texas, according to the release.

SFNC shares were trading at $31.20 as of 9:40 a.m., compared with a 52-week range of $24.98 to $33.45.