Pine Bluff, Ark.-based Simmons First National Corp. (Nasdaq: SFNC) posted fourth-quarter earnings of $3.8 million, representing a decrease of 52.9 percent compared to a net income of $8 million during the same period a year earlier.
The holding company, which operates a Simmons First National Bank branch and mortgage loan office in Springfield at 3333 E. Battlefield Road, recorded diluted share earnings of 23 cents for the three months ended Dec. 31, a 25-cent decrease from fourth-quarter 2012, according to a news release.
During the quarter, Simmons First completed a $53.6 million
buyout of Little Rock-based Metropolitan National Bank - separate from the Springfield bank of the same name.
"As a result of our fourth quarter acquisition of Metropolitan National Bank, other recent acquisitions and efficiency initiatives, we have and will continue to recognize one-time revenue and expense items which may skew our short-term business results but provide long-term performance benefits," Simmons First Chairman and CEO George Makris Jr. said in the release.
Fourth-quarter financial highlights:
- Core earnings, which excludes nonrecurring items, rose 4.7 percent to $7.7 million.
- Loans, including those acquired, amounted to $2.4 billion at the end of the quarter, a 25.1 percent increase compared to the same period of 2012.
- Net interest income increased by 29.5 percent to $39.6 million.
Net income for 2013 amounted to $23.2 million, a 16 percent decrease from earnings of $27.7 million in 2012, according to the release.
As of Dec. 31, the company's assets were $4.4 billion, liabilities were $3.9 billion and deposits were $3.7 billion, the company reports.
SFNC shares were trading at $37 as of 11:21 a.m., compared to a 52-week range of $23.16 to $38.54.[[In-content Ad]]
