Simmons First National Corp. today announced 2013 third-quarter core net income of $7.4 million, an increase of $796,000, or 12.1 percent, compared to the same quarter last year.
Diluted core earnings per share were $0.45, a $0.05, or 12.5 percent, increase. Core earnings exclude $439,000 in after-tax non-interest expenses related to merger costs and branch right-sizing initiatives.
Including the non-core expenses, net income was $6.9 million and diluted earnings per share were $0.43, an increase of $0.03, or 4.9 percent, compared to the same quarter last year. Year-to-date net income was $19.4 million, or $1.19 diluted earnings per share, an increase of $0.03 from the same period last year.
“We are pleased with the core earnings results for the third quarter,” said George A. Makris Jr., CEO-elect. “As a result of recent acquisitions and efficiency initiatives, we have and will continue to recognize one-time revenue and expense items which may skew our short-term core business results but provide long-term performance benefits. Our focus continues to be improvement in core operating income.”