Simmons First National Corp on Thursday announced that its net income for the second quarter of this year was $22.9 million, an increase of $2.9 million, or 14.4 percent compared to the same quarter a year ago. Diluted earnings per share were 75 cents, an increase of eight cents or 11.9 percent.
According to a press release from the bank, year-to-date earnings were $46.4 million, an increase of $17.7 million, or 61.5 percent compared with the same period in 2015. Year-to-date diluted earnings per share were $1.52, an increase of 42 cents, or 38.2 percent.
“We are pleased with the results from the second quarter as we continue to absorb the acquisitions from the previous two years,” Simmons chairman and CEO George A. Makris Jr. said in the press release. “Competitive pressures and artificially low interest rates continue to put pressure on our net income but we have done a good job of diversifying our revenue through other lines of business such as our trust operations, mortgage lending, credit card services and other wealth management offerings. We will continue to focus on improving our efficiency throughout the remainder of the year.”
“We also look forward to the completion of the merger with Citizens Bank in Athens, Tenn., later this year and the opportunity to welcome them into the Simmons family,” Makris said.
As of June 30, total deposits were $6 billion, a decease of $142 million, or 2.3 percent. Total non-time deposits were $4.8 billion, an increase of $100 million or 2.1 percent, and comprised 80 percent of total deposits.
Total loans, including those acquired, were $5 billion as of June 30, an increase of $201 million, or 4.2 percent compared with the same period in 2015.