Simmons First National Corp. of Pine Bluff on Thursday reported third quarter net income of $21.6 million, up 145 percent from $8.8 million in the same quarter last year.
The company reported earnings of 72 cents per share, up from 52 cents last year.
On a “core earnings” basis, the company reported third-quarter net income of $25.6 million, or 85 cents per share, up from $10.7 million, or 63 cents per share.
“We continue to make good progress with our efficiency initiatives, both in revenue enhancement and in expense control,” George A. Makris, chairman and CEO, said in a news release. “Our core efficiency ratio was 57.5 percent for the quarter and our core [return on assets] was 1.33 percent.”
As of Sept. 30, total loans were $4.9 billion, up 76 percent from the same period in 2014. Deposits were $6.1 billion, up 56 percent from the same period in 2014.
Net interest income was $78.7 million, up 88 percent from the same period last year. Non-interest income was $23.5 million, up $7.5 million from the same time last year.
Non-interest expense was $67.9 million, up $23.6 million from the same period in 2014. Included in the quarter were $1.2 million of “merger-related and branch right-sizing expenses.”