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Simmons' profit takes hit from Metropolitan acquisition

By ArkansasOnline

This article was published January 23, 2014 at 9:38 a.m.

Pine Bluff-based Simmons First National Corp. on Thursday reported a fourth-quarter net income of 53 percent as it dealt with one-time expenses related to its September purchase of Metropolitan National Bank of Little Rock.

Profit came to $3.8 million, or 23 cents diluted earnings per share, down from the $8 million, or 48 cents per share, earned in the final quarter of 2012, the bank holding company said in a statement.

But excluding after-tax non-interest expenses related to merger costs and staff rightsizing at branches, the company said, core earnings were $7.7 million, or 48 cents per share, a 4.7 percent increase from the 7.36 million, or 44 cents per share, earned in the same quarter of 2012.

For all of 2013, net income was $23.2 million, or $1.42 diluted earnings per share, down from $27.7 million, or $1.64 diluted earnings per share, in 2012. Core earnings for all of 2013 were $27.6 million, up from 2012's $26.9 million, the company said.

"We are pleased with the core earnings results for the fourth quarter and for the year. 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. Our focus continues to be improvement in core operating income," Chairman and CEO George Makris Jr. said in the statement.

Simmons First National Corp. will conduct a conference call at 3 p.m. today to discuss its fourth-quarter and 2013 earnings.

To access the call, dial (888) 481-2844 and ask for the Simmons First National conference call, using identification number 2687609.

The call and later a recorded version of the call each will be available at www.simmonsfirst.com.

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RBBrittain says... January 23, 2014 at 6:12 p.m.

What exactly is a "net income of 53 percent"??? 53% of WHAT???

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