Simmons Bank produces 91% earnings jump

Simmons First National Corp. (Nasdaq: SFNC) pushed its third-quarter net income up 91 percent to $55.2 million from $28.9 million a year earlier.

The Pine Bluff, Arkansas-based operator of six Simmons Bank branches in Springfield reported diluted share earnings of 59 cents, a 15-cent uptick, according to a news release.

“We are proud to again report record earnings for this quarter building off the strong results in the first half of the year,” Simmons Chairman and CEO George Makris Jr. said in the release. “We continue to experience excellent organic growth in all of our markets.”

Third-quarter financial notes:
    •    After-tax acquisition and branch transition costs totaled $1.3 million.
    •    Excluding the one-time expenses, earnings came to $56.5 million.
    •    Net interest income rose 81.4 percent to $143 million.

As of Sept 30, Simmons Bank held assets of $16.3 billion and deposits of $12.1 billion. The company operates branches in Arkansas, Missouri and five other states, according to the release. In the Springfield market, Simmons has purchased Liberty Bancshares Inc., Ozark Trust and Investment Corp., and Southwest Community Bank’s assets.

SFNC shares were trading at $25.66 as of 8:39 a.m., compared with a 52-week range of $25.37 to $33.45.