Simmons First announces second quarter earnings

Simmons First National Corp. Thursday announced net income of $6.5 million and diluted earnings per share of $0.38 for the quarter that ended June 30. Net income was $12.9 million, or $0.75 diluted earnings per share.

“Excluding non-core items from the second quarter of 2011, quarterly EPS increased $0.02, or 5.6%, and

year-to-date EPS increased $0.09, or 13.6%,” J. Thomas May, chairman and CEO, said in a press release.

“We are pleased with our second quarter earnings performance. We continue to benefit significantly from strong asset quality, which has resulted in a reduction in our provision for loan losses, and from our on-going efficiency initiatives that resulted in a decrease in our non-interest expense,” May said.

Total loans, including those covered by FDIC loss share agreements, were $1.7 billion at June 30, a

decrease of $98 million compared to the same period in 2011.

“The majority of this decrease is related to a $79 million decrease in FDIC covered loans and a $14 million decrease in our student loan portfolio, both of which were expected,” May said.

Legacy loans (excluding FDIC covered loans) increased $71 million from the previous quarter end.

“Of this increase, $54 million relates to the seasonality in our agricultural and credit card portfolios. Our student loan and consumer portfolios decreased a combined $7 million and our real estate portfolio increased $27 million. We saw growth in our construction, commercial real estate and single family loans,” May said.

At June 30, total deposits were $2.6 billion, an increase of $22 million, or 0.9%, compared to the same

period in 2011. Non-time deposits totaled $1.8 billion, or 69% of total deposits.

The company’s net interest income for the second quarter of 2012 was $27.3 million, unchanged from the

same period of 2011.