The holding company of Simmons First National Bank finished the fourth quarter of 2013 and the full year with lower net income, the company reported Thursday.
Simmons First National Corp. said net income for the three-month period ending Dec. 31, 2013, was $3.78 million, compared with $8.03 million in the same period in 2012.
For all of 2013, net income at the Pine Bluff, Ark.-based company was $23.2 million, compared with $27.6 million in 2012.
The company attributed the decrease to costs associated with branch closings and its acquisition of a Little Rock-based bank.
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“As a result of our fourth quarter acquisition of Metropolitan National Bank, other recent acquisitions and efficiency initiatives, we have and will continue to recognize one-time revenue and expense items which may skew our short-term business results but provide long-term performance benefits,” said George Makris Jr., chairman and CEO of the holding company, in a news release.
Simmons First operates east and west branches in Wichita.