Profits at Simmons First National Corp. fell by more than 47% in the third quarter, compared with a year ago, with net income sagging to $24.7 million, the bank announced Friday.

Along with net income, earnings per share fell 46%, dropping from 37 cents in the same quarter last year to 20 cents.

Nevertheless, bank officials said Friday they are satisfied with the financial results and the company's foundation to spur future growth. "We're very pleased with our performance this quarter and the trajectory of our trends," Executive Chairman George Makris told the investment community Friday.

Simmons, Chief Executive Officer Bob Fehlman said, was "proactive in responding to favorable market conditions when opportunities presented themselves," leading to the sale of $252 million in securities.