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Simmons First National (SFNC) in Pine Bluff, Ark., had the winning bid to buy Metropolitan National Bank during a bankruptcy auction.
September 9 -
Expense related to failed bank deals weighed on Simmons First National (SFNC) in Pine Bluff, Ark., in the first quarter.
April 18 -
Simmons First National (SFNC) in Pine Bluff, Ark., has outlined a succession plan as it readies for the retirement of its chairman and chief executive, J. Thomas May.
August 15 -
The $3.6 billion-asset Simmons First said Thursday that it plans to pay $53.6 million in cash for the Little Rock, Ark., bank.
September 12
Aided by strong loan growth and improved credit quality, Simmons First (SFNC) in Pine Bluff, Ark., said that its third-quarter profit climbed 12% from the same period last year, to $7.4 million. Earnings per share climbed 13%, to 45 cents, beating the estimates of analysts polled by Bloomberg by 4 cents.
Net interest income increased 13%, to $31.6 million, as total loans grew by 5%, to $2 billion. The company attributed the loan growth to strong production from new lenders it hired in its key markets. The companys net interest margin stood at 4.27%, up 33 basis points from the third quarter in 2012.
Simmons' noninterest income fell 13%, to $10.3 million, primarily because third quarter results in 2012 included a $1.1 million bargain purchase gain on the company's Federal Deposit Insurance Corp.-assisted acquisition of Truman Bank in St. Louis.
Noninterest expenses increased 8%, to $30.9 million, as the company took on costs associated with its 2012 failed-bank acquisitions and paid legal and advisory fees related to its recently announced acquisition of
Simmons demonstrated markedly improved credit quality in the third quarter. Its provision for loan losses decreased 15% to $1.1 million, while net charge-offs plummeted 41% to $1.6 million.
