Business

October 17, 2013

Simmons First’s earnings mixed for quarter, year

The holding company of Simmons First National Bank said Thursday that earnings moved slightly higher in the third quarter but edged lower for the year.

The holding company of Simmons First National Bank said Thursday that earnings moved slightly higher in the third quarter but edged lower for the year.

The Pine Bluff, Ark., company said it had net income of $6.9 million as of Sept. 30, a 2.5 percent increase from the same quarter a year ago.

For the first nine months of 2013, the $2.9 billion asset company reported that its net income was down 1 percent to $19.5 million, compared with the same period in 2012.

The company said acquisitions — including one last month of Metropolitan National Bank in Little Rock — affected its earnings.

“As a result of recent acquisitions and efficiency initiatives, we have and will continue to recognize one-time revenue and expense items which may skew our short-term core business results but provide long-term performance benefits,” said CEO-elect George Makris, in a news release.

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