Welcome to our dedicated page for Simmons 1St Natl news (Ticker: SFNC), a resource for investors and traders seeking the latest updates and insights on Simmons 1St Natl stock.
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 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.
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%.
FAQ
What is the current stock price of Simmons 1St Natl (SFNC)?
What is the market cap of Simmons 1St Natl (SFNC)?
What services does Simmons Bank offer?
How many branches does Simmons Bank have?
Who is the CFO of Simmons First National Corporation?
What recent recognitions has Simmons Bank received?
What is the history of Simmons First National Corporation?
What recent community initiatives has Simmons Bank undertaken?
What are the key financial metrics for Simmons First National Corporation?
How does Simmons Bank support its customers?
What is Simmons Bank's approach to risk management?
What is the significance of Simmons Bank's history with credit cards?
