Simmons First National Corporation has announced a net income of $55.6 million for the quarter that ended June 30, 2019, compared to $53.6 million for the same period in 2018, an increase of $2.0 million, or 3.8%, according to a company news release.
Diluted earnings per share were $0.58, equal to the same period in 2018. Included in second quarter 2019 results were $9.9 million in net after-tax merger-related, early retirement program and branch right-sizing costs.
Excluding the impact of these items, core earnings were $65.5 million for the quarter ending June 30, 2019, compared to $54.7 million for the quarter ending June 30, 2018, an increase of $10.8 million, or 19.8%. Core diluted earnings per share were $0.68, an increase of $0.09, or 15.3%, from the same period in 2018.
Year-to-date net income for the first half of 2019 was $103.3 million, or $1.09 diluted earnings per share, compared to $104.9 million, or $1.13 diluted earnings per share, for the same period in 2018. Excluding $11.2 million in net after-tax merger-related, early retirement program and branch right-sizing costs, year-to-date core earnings for 2019 were $114.5 million, an increase of $7.3 million compared to the same period last year. Core diluted earnings per share were $1.21, an increase of $0.05, or 4.3%, from the same period in 2018.
“We are very pleased with the results of our second quarter operations. We closed our acquisition of Reliance Bank in St. Louis and converted systems on April 12th, finishing the quarter with just under $18 billion in assets,” said George A. Makris Jr., Chairman and CEO.
Makris continued, “We had very nice organic loan and core deposit growth during the quarter and our loan pipeline is still very strong with over $400 million approved and ready to close. We maintained a stable net interest margin and we improved our overall asset quality.
“We are very proud of our expense management demonstrated this quarter. We also completed the move to our new Little Rock corporate offices in the vibrant Rivermarket area of downtown. Additionally, on top of our recognition in many of our communities for our customer service, we were recently recognized as a Best Place to Work in Arkansas by Arkansas Business for a second year in a row.”