Simmons First more than doubles quarterly earnings

Pine Bluff, Ark.-based Simmons First National Corp. (Nasdaq: SFNC) boosted its third-quarter bottom line by 146 percent to $21.6 million, up from $8.8 million a year earlier.

The holding company of Simmons First National Bank increased its diluted share earnings by 20 cents to 72 cents, according to a news release.

"We continue to make good progress with our efficiency initiatives, both in revenue enhancement and in expense control," Chairman and CEO George Makris Jr. said in the release.

Third-quarter financial notes:
    •    Simmons First’s total loans stood at $4.9 billion as of Sept. 30, a 55.8 percent increase compared to the same time in 2014.
    •    Net interest income moved up 88.4 percent to $78.7 million.
    •    Noninterest income rose by $7.5 million to $23.5 million, and noninterest expense increased by $23.6 million to $69.9 million.

As of Sept. 30, Simmons First held assets of $7.6 billion and deposits of $6.1 billion, according to the release.

The company held $404.2 million in deposits, or 4.6 percent of the local market share, as of June 30, according to the Federal Deposit Insurance Corp.’s latest Springfield metropolitan statistical area data. Simmons First ranked fifth in the market, with seven branches in Springfield. The latest data included the deposits previously held by Liberty Bancshares Inc., which Simmons First bought earlier this year.

SFNC shares were trading at $49.29 as of 9:40 a.m., compared to a 52-week range of $35.72 to $50.46.