Simmons First National Corporation reports developments for a Mid-South financial holding company whose principal subsidiary, Simmons Bank, provides commercial and consumer banking across Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Recurring updates center on quarterly earnings, net interest margin, loan and deposit growth, credit quality, branch and expense actions, and fee businesses such as wealth management and debit and credit card services.
Company news also covers Simmons Bank product initiatives, private banking and wealth management activity, executive appointments, quarterly cash dividends, and common-stock repurchase authorizations. These items reflect the bank's balance sheet management, capital returns, customer banking services, and regional market operations.
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Simmons First National Corporation (NASDAQ: SFNC) reported its first quarter 2023 results, revealing net income of $45.6 million, a decrease from $83.3 million in Q4 2022 and $65.1 million in Q1 2022. Diluted earnings per share fell to $0.36 from $0.65 in the previous quarter. Total revenue reached $223.7 million, down from $237.7 million in Q4 2022 and $187.8 million in Q1 2022. The company recorded a $24.2 million provision for credit losses due to loan growth and updated economic assumptions. The cost of deposits increased to 1.58% as competition for higher-rate products intensified. Despite challenges, Simmons maintains a strong liquidity position with a loan-to-deposit ratio of 74% and continues to exceed regulatory capital guidelines, ensuring stability in a volatile market.
Simmons First National Corporation (NASDAQ: SFNC) declared a quarterly cash dividend of $0.20 per share, marking a 5% increase from the previous year. The dividend is payable on July 3, 2023, to shareholders of record as of June 15, 2023. This represents an annual cash dividend rate of $0.80 for 2023, reflecting a ten-year compound annual growth rate of 7%. Simmons has paid dividends for 114 consecutive years and is among only 24 U.S. publicly traded companies to achieve this milestone. The company has increased its dividend for the 12th consecutive year, earning recognition as a Dividend Contender for its sustained growth in dividends.