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Simmons’ Q2 earnings up

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Simmons First National Corp. (Nasdaq: SFNC) reported second-quarter earnings of $55.6 million, a roughly 3.8% increase over $53.6 million in the same three-month period of 2018.

The Pine Bluff, Arkansas-based operator of six Simmons Bank branches in Springfield posted diluted share earnings of 58 cents, which matched the second-quarter 2018 figure, according to a news release.

“We had very nice organic loan and core deposit growth during the quarter, and our loan pipeline is still very strong with over $400 million approved and ready to close,” Simmons Chairman and CEO George Makris Jr. said in the release. “We are very proud of our expense management demonstrated this quarter.”

Second-quarter financial notes:
• Simmons closed April 12 on its $172 million purchase of St. Louis-area banking company Reliance Bancshares Inc.
• The company recorded $9.9 million in after-tax, merger-related costs for early retirement program and branch reorganization expenses.
• Interest income rose 18% to roughly $196 million.

As of June 30, Simmons’ assets were $17.9 billion and deposits were $13.5 billion, according to the release.

SFNC shares were trading at $24.16 as of 8:57 a.m., compared with a 52-week range of $22.08 to $32.45.

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