Simmons First National Corp (SFNC) Reports Q4 EPS of $0.97 Ex-Items
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Simmons First National Corp (NASDAQ: SFNC) reported Q4 EPS of $0.97, ex-items, versus $0.88 reported last year. Revenue for the quarter came in at $0 versus the consensus estimate of $154.63 million.
Simmons First National Corporation (NASDAQ: SFNC) today announced net income available to common shareholders of $18.9 million, or $0.43 per diluted share, for the quarter ended December 31, 2017, compared to $27.0 million, or $0.85 per diluted share, for the same period in 2016. Included in fourth quarter 2017 results was $14.2 million in merger-related and branch right-sizing costs, a $5.0 million donation to Simmons Foundation and a one-time tax adjustment of $11.5 million.
As a result of the “Tax Cuts and Jobs Act” that was signed into law on December 22, 2017, the Company was required to revalue its deferred tax assets and deferred tax liabilities to account for the future impact of lower corporate tax rates on these deferred amounts. The analysis resulted in a one-time non-cash charge to the income statement of $11.5 million.
Excluding the net after-tax impact of these items, core earnings were $42.0 million, or $0.97 per diluted share, for the quarter ended December 31, 2017, compared to $28.8 million, or $0.91 per diluted share, for the quarter ended December 31, 2016.
For earnings history and earnings-related data on Simmons First National Corp (SFNC) click here.
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