Simmons First National Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Loan Charge Off for the Fourth Quarter Ended December 31, 2017
January 23, 2018 at 04:27 am IST
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Simmons First National Corporation announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $145,195,000 against $80,065,000 a year ago. Net interest income was $126,919,000 against $74,328,000 a year ago. Net income before income taxes was $45,457,000 against $39,386,000 a year ago. Net income was $18,903,000 against $26,971,000 a year ago. Diluted earnings per share were $0.43 against $0.85 per share a year ago. Return on average assets was 0.54% against 1.29% a year ago. Return on average common equity was 3.88% against 9.27% a year ago. Return on tangible common equity was 7.53% against 14.71% a year ago. Core earnings (excludes non-core items) were $42,018,000 or $0.97 per diluted share against $28,751,000 or $0.91 per diluted share a year ago. Core return on average assets was 1.20% against 1.38% a year ago. Core return on average common equity was 8.63% against 9.89% a year ago. Core return on tangible common equity was 15.97% against 15.65% a year ago.
For the year, the company reported net income of $92,940,000 or $2.66 per diluted share against $96,790,000 or $3.13 per diluted share a year ago. Return on average assets was 0.92% against 1.25% a year ago. Return on average common equity was 6.68% against 8.75% a year ago. Return on tangible common equity was 11.26% against 13.92% a year ago. Core earnings (excludes non-core items) was $119,049,000 against $101,409,000 a year ago. Diluted core earnings per share were $3.41 against $3.28 a year ago. Core return on average assets was 1.18% against 1.31% a year ago. Core return on average common equity was 8.56% against 9.17% a year ago. Core return on tangible common equity was 14.28% against 14.56% a year ago. Book value per share was $45.30 against $36.80 a year ago. Tangible book value per share was $24.68 against $23.97 a year ago.
For the quarter, the company reported net loan charged off of $10,249,000 against $2,036,000 a year ago.
Simmons First National Corporation is a financial holding company. The Company, through its subsidiary, Simmons Bank (the Bank), provides banking and other financial products and services in markets located in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas. It offers commercial banking products and services to business and other corporate customers. It extends loans for a broad range of corporate purposes, including (among others) financing commercial real estate, construction of particular properties, commercial and industrial uses, acquisition and equipment financings, and other general corporate needs. It is also engaged in small business administration (SBA) and agricultural finance lending, and it offers corporate credit card products, as well as corporate deposit products and treasury management services. In addition, it offers a variety of consumer banking products and services, including (among others) savings, time, and checking deposit products.
Simmons First National Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Loan Charge Off for the Fourth Quarter Ended December 31, 2017