Simmons First National Corp. announced net income of $65.9 million for the quarter that ended Sept. 30, compared with $81.8 million for the same period in 2019, a decrease of $15.9 million, or 19.5%, according to a news release Monday.
Diluted earnings per share were $0.60, a decrease of $0.24, or 28.6%, compared with the same period in the previous year. Included in the third quarter of 2019 results was a one-time after-tax gain on the sale of Visa Inc. class B common stock of $31.7 million, according to the release.
Included in third quarter 2020 results was $2.5 million in net after-tax merger-related, early retirement program and net branch right-sizing costs. Excluding the impact of these items, core earnings were $68.3 million for the quarter that ended Sept. 30, compared with $84.0 million for the quarter that ended Sept. 30, 2019, a decrease of $15.6 million, or 18.6%. Core diluted earnings per share were $0.63, a decrease of $0.24, or 27.6%, from the same period in 2019.