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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 has announced a definitive merger agreement to acquire Spirit of Texas Bancshares for an estimated $581 million. The transaction involves a mix of cash and Simmons' common stock, with about 18.3 million shares to be issued, translating to approximately 1.02 shares of Simmons stock per Spirit share. The exchange ratio is contingent on various conditions, including the number of outstanding shares and the price of Simmons stock at closing, set at $31.73 as of November 17, 2021.
Simmons First National Corporation (NASDAQ: SFNC) has announced a definitive merger agreement to acquire Spirit of Texas Bancshares (NASDAQ: STXB) for approximately $581 million, enhancing its presence in key Texas markets such as Austin, Houston, and San Antonio. The merger will involve cash and stock, converting Spirit's shares into Simmons' stock. With this acquisition, Simmons' total assets will rise to $28.2 billion, augmenting its loan capacity and market share ranking in Texas. The deal is projected to be accretive to earnings by $0.22 per share in 2023.
Simmons First National Corporation (NASDAQ: SFNC) has declared a quarterly cash dividend of $0.18 per share, payable on January 4, 2022, for shareholders of record as of December 15, 2021. This marks a 6% increase from the previous year's dividend. For the full year of 2021, total dividends amount to $0.72 per share, yielding approximately 2.3%. Simmons has consistently returned capital to shareholders for 112 consecutive years, aligning with its growth strategy, as evidenced by a five-year compound annual growth rate in dividends exceeding 8%.
Simmons First National Corporation (NASDAQ: SFNC) reported a net income of $80.6 million for Q3 2021, a 22% increase from the previous year, with diluted EPS rising 23% to $0.74. Loan production reached $1.5 billion, while total deposits grew by $1.1 billion to $18.1 billion. The company saw a decline in nonperforming loans for the fourth consecutive quarter and recorded a $19.9 million provision expense recapture. Share repurchases totaled 1.8 million shares in Q3. The company maintains strong capital ratios significantly exceeding guidelines, indicating a solid financial position.
Simmons First National Corp. (NASDAQ: SFNC) has successfully completed its acquisitions of Landmark Community Bank and Triumph Bancshares, Inc. as of October 8, 2021. These strategic moves enhance Simmons Bank's position in Tennessee, elevating it to the 8th largest bank in the state based on pro forma deposit market share. The mergers included a conversion of stock for shareholders and a simultaneous systems integration. Post-acquisition, Simmons Bank manages over $25 billion in assets and nearly $20 billion in total deposits.
Simmons First National Corp. (NASDAQ: SFNC) will announce its third quarter 2021 earnings before the market opens on October 26, 2021. A conference call for investors is scheduled for the same day at 9:00 a.m. CDT, with toll-free access available. Simmons Bank, a key player in the company, operates 198 financial centers across multiple states. It was recognized in Forbes' lists of the 'World’s Best Banks' and 'America’s Best Banks' for 2021. The recorded call will remain accessible for 60 days post-event.
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Simmons First National Corporation (NASDAQ: SFNC) has received approval from the Federal Reserve Bank of St. Louis for its acquisitions of Landmark Community Bank and Triumph Bank. These acquisitions aim to expand Simmons' footprint in the Memphis and Nashville markets, enhancing growth and shareholder value. The transactions are expected to close in Q4 2021, pending customary conditions including shareholder approvals. Post-acquisition, customers will transition to Simmons Bank while maintaining access to their current bank services until the conversion.
Simmons Bank, a subsidiary of Simmons First National Corporation (NASDAQ: SFNC), announced the formation of a new Commercial Finance team with 11 experienced members led by Lee Palm. The team will focus on fields such as business aviation and marine financing, enhancing Simmons' commercial lending capabilities. Palm, previously at TCF Bank, aims to leverage his extensive industry experience to drive growth. Simmons Bank, with approximately $23.4 billion in assets, is well-positioned to expand its commercial banking services through this strategic addition.
Simmons First National Corporation (NASDAQ: SFNC) declared a quarterly cash dividend of $0.18 per share, payable on October 4, 2021, to shareholders of record as of September 15, 2021. This marks a 6% increase from the previous year's dividend. Simmons has returned capital to shareholders through dividends for 112 consecutive years, highlighting its reliability in cash distributions. The annualized cash dividend rate stands at $0.72 per share, with a five-year growth rate exceeding 8%.