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Simmons First National Corp.

SIMMONS FIRST NATIONAL CORP.

Announces First Quarter Earnings

PINE BLUFF, AR, April 30, 1991 -- Simmons First National Corp. announced first quarter earnings of $890,000 an increase of $53,000 or 6.4 percent, over the same period for 1990. Earnings per share for the three-month periods ended March 31, 1991, and March 31, 1990, were 64 cents and 60 cents respectively.

Total assets for the Corporation at March 31, 1991, were $601,290,000, an increase of $93,525,000 or 18.4 percent, over the same period in 1990. Deposits at March 31, 1991, were $507,383,000, an increase of $93,486,000, or 22.6 percent, over the comparable period in 1990. Shareholders' equity increased $3,464,000, or 9.2 percent, to a level of $40,981,000 for the twelve-month period ended March 31, 1991.

Corporate officials expressed pleasure with the positive impact on earnings, resulting from the growth in deposits and assets. They said, "The two reductions in the Federal Reserve discount rate in December and January brought a reduction in our three banks' interest margin, which is a key to any banks' earnings. However, the acquisition in December, 1990, of the four branches of a failed Savings and Loan Association in Northwest Arkansas brought a significant increase in total deposits and assets. This, in turn, helped partially offset the impact of the lower interest margin, and bring about the resulting increase in earnings for the quarter, compared to the same period in 1990.
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Title Annotation:Public Company Corporate Reports
Publication:Arkansas Business
Date:May 6, 1991
Words:251
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