Simmons First National Corporation Thursday announced core first quarter 2013 net income of $6.1 million and diluted core earnings per share of $0.37.
Core earnings exclude $146,000 in after-tax merger related expenses associated with the company’s 2012 FDIC-assisted acquisitions. Including the merger related expenses, net income for the first quarter of 2013 was $5.9 million, or $0.36 diluted earnings per share.
“Considering interest rates continue at historical lows and due to the seasonality that we experience in the first quarter each year, we were pleased with our overall earnings performance. More so, we were pleased with the positive trends in our balance sheet, as reflected in our normalized organic loan growth of approximately 4%, which enabled us to produce a net interest margin of 4.01%. The organic loan growth, coupled with strong asset quality, bodes well for the balance of the year,” commented J. Thomas May, Chairman and CEO.