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Simmons First 1Q Net Income Up 97 Percent

1 min read

Simmons First National Corp. of Pine Bluff on Thursday said first-quarter net income nearly doubled from the same quarter last year.

The publicly traded financial holding company (Nasdaq: SFNC) reported net income of $8.7 million, up 97 percent from $4.4 million it reported in the same quarter last year. Diluted earnings per share was 39 cents, up from 27 cents in the same quarter last year.

In a news release, the company touted record “core earnings” of $15.7 million (70 cents per share), more than double its core earnings in the same quarter last year. Core earnings exclude $7 million in after-tax expenses for the most recent quarter.

“We are pleased with our integration planning and execution and continue to make good progress with our efficiency initiatives, both in revenue enhancement and in expense control,” Chairman and CEO George A. Makris, Jr. said in a news release. “We welcome our newest associates from Community First and Liberty and look forward to continued growth and profitability in their legacy markets.”

During the quarter, the company completed its previously announced acquisitions of two bank holding companies, one in Missouri and one in Tennessee. 

The acquisitions of Liberty Bancshares Inc., parent company of Liberty Bank of Springfield, Missouri, and Community First Bancshares Inc., the parent company of First State Bank of Union City, Tennessee, bring approximately $3 billion in assets, pushing the holding company’s assets to $7.8 billion as of the end of the first quarter. 

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