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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.
Simmons First National Corporation (NASDAQ: SFNC) has declared a quarterly cash dividend of $0.20 per share on its Class A common stock, marking the 114th consecutive year of dividend payments. This dividend, payable on April 3, 2023, is an increase of 5% from the previous year. The annualized cash dividend rate of $0.80 reflects a ten-year compound annual growth rate of 7%. Simmons is among only 24 U.S. companies that have maintained dividend payments for over 100 years, and it has been recognized as a 'Dividend Contender' for increasing dividends for 12 consecutive years.
Simmons Bank announced that its Round-Up savings program enabled customers to save over $5.2 million in the first eleven months of 2022. With participation from more than 26,500 customers, usage increased by approximately 5% year-over-year, while savings rose by 7%. The program automates savings by rounding debit card transactions to the nearest dollar, depositing the change into savings or checking accounts. This initiative reflects growing financial security among Americans, with recent surveys indicating that only 44% of adults have adequate savings for emergencies.
Simmons First National Corporation (NASDAQ: SFNC) will release its fourth quarter 2022 earnings on January 24, 2023, before the market opens. A live conference call will commence at 9:00 a.m. Central Time on the same day to discuss these results. Interested listeners can access the call by dialing 1-844-481-2779 (North America only) with conference ID 10174103. The call will also be available live and recorded on the company's website for 60 days post-event. Simmons has a long-standing history of cash dividends, marking 113 consecutive years of shareholder returns.
Simmons First National Corporation (NASDAQ: SFNC) announced significant executive management changes effective January 1, 2023. George Makris, Jr. transitions to the role of executive chairman, while Robert Fehlman becomes the new CEO. James Brogdon assumes the position of president and CFO. The leadership changes aim to enhance Simmons' strategic initiatives and daily operations. The company is recognized for its financial strength, having paid cash dividends for 113 consecutive years and earning accolades from Forbes.
Simmons Bank is in advanced negotiations with the City of Stillwater for a $1.5 million donation aimed at revitalizing Block 34, a vacant city block, into a sustainable public space. The initiative seeks to enhance community engagement and cultural representation in downtown Stillwater. If finalized, this donation aligns with Simmons Bank's commitment to community investment and follows its previous support for female student-athletes at Oklahoma State University. The project will include various features like an event space, landscaping, and public amenities.
Simmons Bank and Simmons First Foundation have donated $100,000 to the Central Arkansas Fellowship of Christian Athletes (FCA). This funding will enhance FCA's presence in Jefferson County by helping to staff additional representatives, provide scholarships for middle and high school athletes to attend FCA camps, and supply materials for various programs. Mark Miller, FCA's multi-area director, highlighted the importance of such support amid the challenges faced by youth today. Simmons First Foundation has a history of community investment, with a focus on youth development and well-being.
Simmons Bank announced a $50,000 donation to Junior Achievement USA, highlighting over 6,400 volunteer hours from associates during September's Service Month. This contribution will enhance work-readiness and financial literacy for children across the bank's six-state area. Since 2015, Simmons Bank has donated more than $200,000 to Junior Achievement. Simmons Bank's commitment to community engagement reflects its corporate culture, fostering volunteerism among its employees, who also raised $11,550 for various charities.
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The Simmons Bank Open for the Snedeker Foundation will elevate its status in the Korn Ferry Tour as one of four tournaments forming the 2023 Korn Ferry Tour Finals, scheduled for September 14-17 at The Grove Club, College Grove, Tenn. This recognition follows the tournament's successful past two years, receiving positive feedback from players and the community. With expected national exposure from Golf Channel coverage and enhanced hospitality, Simmons Bank aims to leverage this event to benefit the Snedeker Foundation and other charities in middle Tennessee, contributing over $1 million to local causes since its inception.