Simmons First National Corp.n (NASDAQ: SFNC) announced net income of $58.8 million for the quarter ended June 30, 2020, compared to $55.6 million for the same period in 2019, an increase of $3.2 million, or 5.7%.
The second quarter earnings were announced in a news release Tuesday, July 21.
“Our associates at Simmons Bank have done an amazing job of adapting to the changes that have occurred over the past four months,” said George A. Makris Jr., chairman and chief executive officer of Simmons First National Corp.
“We continue to operate in an uncertain environment, and we will continue to adjust as necessary. We have consolidated various operations to provide capacity for continued service to our customers and communities. Our digital banking options have been very well received by our customers, and we expect to continue to see the trend toward more self-service. We need a sustainable plan for the opening of the economy, including public education across the country. We remain optimistic we will get one soon,” Makris said.
The release also reported that diluted earnings per share were $0.54, a decrease of $0.04, or 6.9%, compared to the same period in the prior year. Included in second quarter 2020 results were $3.0 million in net after-tax merger-related, early retirement program and branch right-sizing costs as well as a $1.6 million after-tax gain associated with the sale of branches.
Excluding the impact of these items, core earnings were $60.1 million for the quarter ended June 30, 2020, compared to $65.5 million for the quarter ended June 30, 2019, a decrease of $5.3 million, or 8.1%. Core diluted earnings per share were $0.55, a decrease of $0.13, or 19.1%, from the same period in 2019.
Year-to-date net income for the first half of 2020 was $136.0 million, or $1.22 diluted earnings per share, compared to $103.3 million, or $1.09 diluted earnings per share, for the same period in 2019. Excluding $2.0 million in net after-tax merger-related, early retirement program and branch right-sizing costs and the gains on the sales of branches in south Texas and Colorado, year-to-date core earnings for 2020 were $134.0 million, an increase of $19.5 million compared to the same period last year. Core diluted earnings per share for the first half of 2020 were $1.21, equal to the same period in 2019.