Simmons First posts $6.9M earnings

Pine Bluff, Ark.-based Simmons First National Corp. (Nasdaq: SFNC) posted third-quarter earnings of $6.9 million, a 2.5 percent increase compared to profits of $6.8 million in the same quarter a year ago.

On news of third-quarter profits, SFNC shares reached a new 52-week high this morning of $32.61. The stock's 52-week low is $22.36.

The holding company, which operates a Simmons First National Bank in Springfield at 3333 E. Battlefield Road, recorded diluted earnings per share of 43 cents, a 2-cent uptick, according to a news release.

During the quarter, Simmons First agreed to purchase Little Rock, Ark.-based Metropolitan National Bank for $53.6 million. The transaction is expected to close during the fourth quarter.

Third-quarter financial highlights:

• Simmons First repurchased 420,000 of its shares at an average price of $25.89. Also in the third quarter, the company suspended its stock repurchase program.
• Net loans were $1.9 billion at the end of the quarter, up from $1.8 billion a year ago.
• Interest income rose 8.5 percent to $34.4 million from $31.7 million.

As of Sept. 30, Simmons First's assets were $3.4 billion, deposits were $2.8 billion and liabilities were $3 billion, the release said.