Thursday, financial holding company Simmons First National Corp. (SFNC), reported a rise in profit for the third quarter, reflecting higher non-interest income and net interest margin.
The Pine Bluff, Arkansas-based company's net income for the third quarter increased to $7.66 million from $6.47 million last year. On a per share basis, earnings climbed 17.4% to $0.54 from $0.46 in the year-ago quarter.
Earnings for 2009 were negatively impacted by $0.06 per share due to the $1.5 million Federal Deposit Insurance Corporation or FDIC special assessment incurred during the second quarter.
Net interest income for the quarter rose 4.3% to $25.40 million from $24.35 million in the same quarter last year. Total non-interest income for the quarter increased to $14.96 million from $11.29 million in the same quarter last year
Net interest margin for the quarter was up 13 basis points to 3.97% from 3.77% in the same quarter last year.
Provision for loan losses for the quarter was $2.79 million, up from $2.21 million in the year-ago quarter.
Total interest expense for the quarter decreased to $9.05 million from $14.86 million, while non-interest expense increased to $26.31 million from $24.44 million last year.
For the nine-month period, net income decreased to $18.40 million or $1.30 per share from $21.28 million or $1.51 per share in the same period last year. Net interest income for nine months increased to $72.51 million from $70.23 million in the same period last year.
Provision for loan losses for the period increased to $7.55 million from $6.00 million in the year-ago period.
As at September 30, 2009, Simmons First National's total loans were $1.92 billion, compared to $1.93 billion at September 30, 2008. Total deposits were $2.32 billion, compared to $2.31 billion, while total assets were $2.91 billion, compared to $2.88 billion last year.
SFNC is currently trading at $29.06, up $0.05 or 0.17%, on the Nasdaq.
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