Profits plunged at Simmons First National Corp. in the third quarter, with the Pine Bluff bank reporting Tuesday that net income and earnings per share each nosedived by 41%.
Simmons First National Corp. doubled earnings in the second quarter, delivering net income of $58.3 million and earnings per share of 46 cents as the Pine Bluff lender followed national banking trends with flat deposits and moderate loan growth in a ferociously competitive environment.
Simmons First National Corp. reported sagging profits in its first-quarter results Tuesday in efforts to maintain its deposit base while costs to retain depositors escalated.
Simmons First National Corp. reported sagging profitability in a second-quarter earnings announcement Thursday, with bank officials noting that net income dropped to $27.5 million compared with $74.9 million a year ago caused by merger-related expenses from the bank s acquisition of Spirit of Texas Bancshares Inc. in early April.