Expense related to failed bank deals weighed on Simmons First National (SFNC) in Pine Bluff, Ark., in the first quarter.
Earnings at the $3.5 billion-asset company fell 7.8% from a year earlier, to $5.9 million. The company made 36 cents a share, one cent a share less than analysts’ estimates, according to Bloomberg.
Net interest income rose 8.3% from a year earlier, to $30 million. Net interest margin rose eight basis points year over year, to 4.01%.
Noninterest income grew 5.6% year over year, to $11.3 million, primarily because of income from trusts and account fees.
Noninterest expense rose 11.5% from a year earlier, to $31.9 million, because of costs stemming from Simmons First National’s acquisitions last year of Truman Bank in St. Louis and Excel Bank in Sedalia, Mo. from the Federal Deposit Insurance Corp.
Simmons First National’s loan book grew roughly 6.6% year over year, to $1.6 billion.
"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," J. Thomas May, Simmons First National’s chief executive, said in a press release.