Thursday, Simmons First National Corp. (SFNC) reported an increase in profit for the fourth quarter primarily driven by improvement in net interest margin and non-interest income.
According to the company, the net income for the quarter increased to $6.8 million or $0.44 per share from $5.6 million or $0.40 per share in the year-ago period. On average, four analysts polled by Thomson Reuters expected the company to earn $0.39 per share. Analysts' estimates typically exclude special items.
Net interest income for the quarter increased to $25.22 million from $23.78 million in the year-ago period. Net interest margin increased 7 basis points to 3.77% from 3.70% in the fourth quarter of 2008.
Total non-interest income at the end of the quarter increased to $12.93 million from $11.32 million a year-ago, while total non-interest expense increased to $25.80 million from $24.58 million a year-ago.
Provision for loan losses increased to $2.76 million from $2.75 million a year-ago.
Total loans at the end of the period were $1.87 billion, compared with $1.93 billion at the end of the year-ago period. Total deposits were $2.4 billion, compared with $2.3 billion at the end of the year-ago period.
Allowance for loans losses was $25.0 million at December 31, 2009, or 1.33% of total loans and 99% of non-performing loans.
Year-to-date, the company's net income declined to $25.21 million or $1.74 per share from $26.91 million or $1.91 per share in the year-ago period. The year-to-date net interest income increased to $97.72 million from $94.01 million a year-ago. Total non-interest income increased to $52.7 million from $49.3 million last year.
The street estimated earnings of $1.69 per share on a revenue of $155.25 million for the fiscal year.
SFNC is currently trading at $27.39, down $0.46 or 1.65%, on a volume of 31 thousand shares on the Nasdaq.
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