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Simmons First National Corporation (NASDAQ: SFNC) is a renowned financial holding company headquartered in Pine Bluff, Arkansas. Founded in 1903, the company has a rich history of providing banking and financial services. Its principal subsidiary, Simmons Bank, operates 233 branches across Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas.
Simmons Bank offers a wide range of financial services, including consumer, real estate, and commercial loans, as well as checking, savings, and time deposits. Their loan portfolio is diversified, comprising construction, single-family residential, commercial loans, and various consumer loans such as credit card loans and student loans. In addition, Simmons Bank provides trust services, investments, agricultural finance lending, equipment lending, insurance products, and small business administration lending.
In 2023, Simmons Bank was recognized by Forbes as one of 'America's Best Midsize Employers' and among the 'World's Best Banks' for the fourth consecutive year. This recognition underscores the company's commitment to exceptional service and innovative financial solutions delivered with a client-centric approach. Despite its growth, the bank remains dedicated to the founder's mission of prioritizing customer needs.
Simmons Bank has achieved numerous milestones over the years, including being the first Arkansas bank to offer a national revolving credit card, BankAmericard® (now Visa®). The bank has consistently demonstrated robust financial performance, with strong loan and deposit growth, reflecting in its total assets of $7.6 billion and extensive branch and ATM network.
The bank's commitment to the communities it serves is evident through its various initiatives and investments, such as the recent grand opening of a new financial center in Dallas and active participation in community development through events like the Simmons Bank Championship, a PGA TOUR Champions' event. These community-focused efforts highlight Simmons Bank's dedication to fostering economic growth and development.
Recently, Simmons First National Corporation appointed Daniel Hobbs as Executive Vice President and Chief Financial Officer, bringing extensive experience and a proven track record in the financial services industry. This strategic appointment is expected to bolster the company's financial leadership and support its growth strategy.
For the latest quarter, Simmons First National Corporation reported net income of $38.9 million, reflecting its solid financial standing and effective risk management practices. The company has maintained a strong capital position, with significant reserves and a disciplined approach to loan and deposit pricing.
Simmons First National (NASDAQ: SFNC) has declared a quarterly cash dividend of $0.2125 per share on its Class A common stock, payable on April 1, 2025, to shareholders of record as of March 14, 2025. This represents a 1% increase from the previous year's dividend for the same period.
The indicated annualized cash dividend rate of $0.85 for 2025 reflects a ten-year compound annual growth rate of 6%. This marks the company's 116th consecutive year of paying cash dividends, making it one of only 26 U.S. publicly traded companies with 100+ years of uninterrupted dividend payments. Additionally, this is Simmons' 14th consecutive year of dividend increases, earning it the 'Dividend Contender' designation from Dividend Power.
Simmons Bank has announced the appointment of Tammie Davis as senior vice president for Community Strategy and Performance. Davis, who brings more than 25 years of community and consumer banking experience, will report to chief community banking officer Chris White. In her new role, she will oversee comprehensive strategies for the community banking division, focusing on optimizing sales, service, and operational excellence.
Prior to joining Simmons Bank, Davis served as a division president for a larger regional bank. She is actively involved in various community initiatives, including membership in Arkansas nonprofit Fifty for the Future and past board membership at Baptist Health Long Term Care Hospital. Davis holds a Bachelor of Science in Accounting from the University of Arkansas at Little Rock.
Simmons First National (SFNC) reported Q4 2024 net income of $48.3 million, with diluted earnings per share of $0.38, compared to $24.7 million ($0.20 EPS) in Q3 2024 and $23.9 million ($0.19 EPS) in Q4 2023.
Key financial metrics for Q4 2024 include:
- Total revenue: $208.5 million
- Net interest margin: 2.87%, up 13 basis points
- Total loans: $17.0 billion
- Total deposits: $21.9 billion
- Allowance for credit losses ratio: 1.38%
The company's performance showed improvement in profitability trends, with net interest income totaling $164.9 million. The efficiency ratio was 65.66%, and the tangible book value per share increased to $16.80. The company maintained strong capital ratios, with CET1 at 12.38% and total risk-based capital ratio at 14.61%.
Simmons First National (NASDAQ: SFNC) has announced its schedule for fourth quarter 2024 earnings release, set for Tuesday, January 21, 2025, after market close. The company will host a live conference call to discuss the results on Wednesday, January 22, at 7:30 a.m. Central Time.
Simmons Bank, the company's principal subsidiary, operates over 200 branches across six states: Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas. The financial holding company has maintained a remarkable track record of paying cash dividends to shareholders for 115 consecutive years. In 2024, the bank received recognition from Newsweek as one of America's Best Regional Banks 2025 and earned distinctions from both U.S. News & World Report and Forbes for workplace excellence and state-level banking performance.
Simmons Bank (NASDAQ: SFNC) reported that its Round-Up automatic savings program helped customers save nearly $5.5 million in the first eleven months of 2024, with over 25,000 customers participating. The program, launched in 2014, automatically rounds up debit card purchases to the nearest dollar and deposits the difference into customers' savings accounts.
This initiative addresses a significant need, as a recent Bankrate survey revealed that 59% of U.S. adults are uncomfortable with their emergency savings, and 27% have no emergency savings at all. Simmons Bank operates 234 branches across six states and has maintained cash dividends for 115 consecutive years.
Simmons Bank (NASDAQ: SFNC) has opened a new financial center in Cleveland, Tennessee, at 86 Stuart Road Northeast. The 3,000-square-foot facility features a full-service branch with four drive-thru lanes and an ATM with quick-deposit capabilities, offering both personal and commercial lending services.
The bank currently operates more than 45 branches throughout Tennessee and 234 branches across six states: Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas. This expansion reinforces Simmons Bank's commitment to community investment, with the institution notably maintaining a 115-year streak of consecutive cash dividend payments.
Simmons Bank has inaugurated its newest financial center at 3000 Mallory Lane in Franklin, Tennessee. The nearly 3,000-square-foot facility features a full-service branch and drive-up ATM with quick-deposit capabilities. This expansion adds to Simmons Bank's network of over 45 full-service branches throughout Tennessee and 234 branches across six states.
The center will provide comprehensive financial services, including personal, mortgage, and commercial lending. MTLC Building Group and ASD | SKY served as the contractor and architectural firm, respectively. The bank, a subsidiary of Simmons First National (NASDAQ: SFNC), has maintained cash dividends for 115 consecutive years and was recently recognized by U.S. News & World Report and Forbes for workplace excellence.
Simmons First National (NASDAQ: SFNC) has declared a quarterly cash dividend of $0.21 per share on its Class A common stock, payable on January 2, 2025, to shareholders of record as of December 13, 2024. This represents a 5% increase from last year's dividend. The annual cash dividend rate of $0.84 for 2024 reflects a ten-year compound annual growth rate of 6%. Simmons has maintained cash dividend payments for 115 consecutive years, making it one of only 26 U.S. publicly traded companies with 100+ years of uninterrupted dividend payments. The company has earned the 'Dividend Contender' designation for increasing dividends for 10-24 consecutive years.
Simmons First National (NASDAQ: SFNC) announced significant executive changes. CEO Bob Fehlman will retire at the end of 2024, transitioning to an advisory role through Q1 2025. Executive Chairman George Makris, Jr. will become Chairman and CEO effective January 1, 2025. The company also appointed Christopher Van Steenberg as Chief Operating Officer, effective November 12. Van Steenberg brings over 25 years of financial services experience and will report to President Jay Brogdon. Fehlman's 36-year tenure at Simmons included roles as controller, CFO, treasurer, COO, president, and CEO.
Simmons First National reported third quarter 2024 results with notable financial metrics. Net income was $24.7 million and diluted EPS was $0.20, compared to $40.8 million and $0.32 in Q2 2024. Adjusted earnings were $46.0 million, up from $41.9 million in Q2. Total revenue was $174.8 million, with adjusted total revenue at $203.2 million. Net interest income increased 10% annualized, while deposit costs remained unchanged. The company sold $252 million of lower-yielding bonds, resulting in a $21.0 million after-tax loss. Total loans increased to $17.3 billion, and total deposits were $21.9 billion. The net charge-off ratio was 0.22%, and the allowance for credit losses ended at 1.35%. Book value per share rose to $28.11, and tangible book value increased to $16.78. The equity to assets ratio was 12.94%. No shares were repurchased under the 2024 program during the quarter.
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