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Simmons 4Q earnings level off Friday, Jan 19, 2007 Arkansas News Bureau LITTLE ROCK - Simmons First National Corp. of Pine Bluff reported flat earnings in its fourth quarter, which ended December 31, 2006. Net income was unchanged from the same period a year ago, at $6.8 million, or 47 cents a share. Simmons earned $27.5 million in 2006, up $519,000 over 2005. Diluted earnings per share for the year-long period were $1.90, up 6 cents or 3.3 percent over the same period in 2005. "Despite the 2006 interest rate environment and the competition for deposits, we were able to achieve modest annual earnings growth," Simmons CEO Tommy May said. Simmons' loan portfolio increased by 3.8 percent, totaling $1.8 billion at year's end. The raise was attributed to increased demand in the real estate loan portfolio. Deposits for the year were up 5.9 percent over 2005, totaling $2.2 billion. Total assets totaled $2.7 billion on December 31, 2006, up $134 from a year ago. "We remain very pleased with the continuation of our strong asset quality, which has resulted in a reduction in the provision for loan losses," May said. "Likewise, we are pleased with our ability to control non-interest expense during this period of expansion." Simmons First National Corp. shares (NASDAQ: SFNC) closed Thursday at $28.13, down $1.21, or 4.1 percent. |
