Simmons First National Corp. had net income of $53.6 million for the second quarter, more than double earnings of $23.1 million in the same period last year, the Pine Bluff bank said Monday.
Simmons grew in the past year with significant bank acquisitions.
The bank earned 58 cents per share in the quarter that ended June 30, up from 36 cents per share in the second quarter last year. The 58 cents earned matched the projection of five banking analysts who were surveyed by Thomson Reuters.
Simmons' shares rose 55 cents, or 1.8 percent, to close Monday at $31.75 on the Nasdaq exchange. Simmons released its second-quarter earnings after the market closed.
"We are pleased to again report record earnings for this quarter building off the strong results in the first quarter," said George Makris, Simmons chairman and chief executive officer.
Simmons has completed its software system conversions and integration after its recent acquisitions so it can focus on expanding its products and services throughout its market area, Makris said.
Simmons had net income of almost $105 million for the first half of this year, compared with $45.2 million for the first six months of 2017.
"Simmons had a good second quarter and continues to perform well," said Garland Binns, a Little Rock banking attorney.
Simmons had total deposits of $12 billion, up from $7.1 billion in deposits for the second quarter last year.
The bank had total loans of $11.4 billion compared with $6.2 billion in loans for the second quarter of 2017.
Compared with the first quarter this year, Simmons increased its loans by almost $380 million. Its real estate loans were up $201 million, commercial loans were up $131 million, agricultural loans were up $58 million and other loans were up $12 million.
Simmons had an efficiency ratio of 52.70 percent in the second quarter, meaning it costs the bank $52.70 to earn $100.
Simmons is the third-largest bank in Arkansas with $16.2 billion in assets, behind only Little Rock-based Bank OZK, formerly Bank of the Ozarks, and Arvest Bank of Fayetteville.
Simmons had assets of $9.1 billion in the second quarter last year.
A conference call discussing the quarter's results will be held at 9 a.m. today. To access the call, interested parties may dial (866) 298-7926 and provide a conference identification number, 449-6437.
Simmons has about 200 locations in Arkansas, Colorado, Kansas, Missouri, Oklahoma, Tennessee and Texas.
Business on 07/24/2018