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Simmons third quarter earnings rise 3.9 percent Friday, Oct 19, 2007 Arkansas News Bureau LITTLE ROCK - Simmons First National Corp. announced Thursday that third-quarter earnings rose 3.9 percent compared to the same quarter a year ago. Net income was $7.5 million, or 53 cents diluted earnings per share, compared to 51 cents per share in the third quarter of 2006. On the year, net income amounted to $21.2 million. Diluted earnings per share were up 3.5 percent compared to the same nine-month period last year. "Considering the uncertainty relative to the economy, we are very pleased with our third quarter and year-to-date earnings," Simmons CEO J. Thomas May said in a prepared statement. "In particular, a better than expected loan growth and margin, coupled with excellent asset quality and good expense control, produced better than expected results." The company's loan portfolio totaled $1.88 billion at the end of September compared to $1.79 billion at the end of September last year for a 4.9 percent increase. Simmons said the growth was primarily attributable to increases in commercial loans, real estate loans and the credit card portfolio. Shares of Simmons First National Corp. (Nasdaq: SFNC) closed Thursday at $27.49, down 9 cents. Simmons has eight community banks across Arkansas which conduct financial operations from 83 offices in 47 communities. |
