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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 Corporation (NASDAQ: SFNC) reported a 27% increase in net income to $74.9 million for Q2 2021, with diluted EPS rising 28% to $0.69 compared to Q2 2020. Total deposits reached $18.3 billion, up $1.7 billion year-over-year. Loan production for the first half of 2021 was $1.8 billion, surpassing the previous year. The company also announced enhancements in its share repurchase program, raising the authorization to approximately $150 million and extending the expiration to October 2022. Asset quality improved, with nonperforming loans down $34.6 million from the prior quarter.
Simmons First National Corp. (NASDAQ: SFNC) is set to release its second-quarter 2021 earnings on July 27, 2021, prior to market opening. A live conference call will begin at 9:00 a.m. CDT for detailed discussion, accessible at 1-866-298-7926 or through the company’s website. As of March 31, 2021, SFNC has approximately $23.3 billion in assets and operates 198 financial centers across multiple states. Recently, Simmons Bank was recognized by Forbes as one of the “World’s Best Banks” for the second consecutive year.
Simmons First National Corporation (NASDAQ: SFNC) announced agreements to acquire Landmark Community Bank and Triumph Bancshares, which will create the 9th largest bank in Tennessee by deposit market share. The transactions will elevate Simmons' rank in Memphis from 35th to 6th and in Nashville from 20th to 15th. Total transaction values are approximately $146.3 million for Landmark and $131.6 million for Triumph. The mergers are expected to be 7.5% accretive to earnings per share in 2022, with anticipated cost savings of around 40% from operational efficiencies.
Simmons First National Corporation (NASDAQ: SFNC) announced a quarterly cash dividend of $0.18 per share on April 26, 2021, reflecting a 6% increase from the previous year. The dividend is payable on July 6, 2021, to shareholders of record as of June 15, 2021. This raises the annualized dividend rate to $0.72 per share, showcasing a five-year compound annual growth rate of over 8%. Simmons has maintained cash dividends for 112 consecutive years, indicating strong financial stability.
Simmons First National Corporation (NASDAQ: SFNC) announced senior leadership changes effective April 26, 2021, to strengthen its management team. Bob Fehlman has been appointed president and COO, succeeding Jay Brogdon as CFO, who brings over $15 billion in successful transaction experience. Promotions include Steve Massanelli as chief administrative officer and Sabrina McDonnell as chief customer experience officer. These changes aim to enhance execution of strategic priorities amid the company’s growth, reflecting a need for depth in leadership.
Simmons First National Corporation (SFNC) reported net income of $67.4 million for Q1 2021, decreasing 12.7% from $77.2 million in Q1 2020. Diluted EPS dropped 8.8% to $0.62. Core earnings were $64.0 million, a 13.3% decrease year-over-year. Total loans fell to $12.2 billion, down 5.5% linked-quarter, while total deposits grew to $18.2 billion, up 16.9% year-over-year. The efficiency ratio was 57.77%. Despite the decline in profits, management expressed optimism about the recovery in loan demand and improved asset quality.
Simmons Bank has been recognized as one of the "World's Best Banks" by Forbes for the second consecutive year, based on surveys of 43,000 customers across 28 countries. The recognition highlights Simmons Bank's commitment to trust, customer service, and digital offerings. CEO George Makris, Jr. expressed gratitude for the trust placed by customers. This award follows other accolades, including Forbes' "America's Best Banks 2021" and the previous year's same recognition. Simmons Bank operates approximately 200 branches and has total assets of $22.3 billion as of December 31, 2020.
Simmons First National Corp. (NASDAQ: SFNC) will release its first quarter 2021 earnings on April 20, 2021, prior to market opening. Management will hold a live conference call at 9:00 a.m. CDT to discuss the earnings. Interested participants can join by calling toll-free 1-866-298-7926. The call will also be accessible live and recorded on the company’s website. As of December 31, 2020, the company had total assets of approximately $22.4 billion and operates in multiple states including Arkansas, Kansas, and Texas, providing a range of financial solutions.
Simmons First National Corporation (Nasdaq: SFNC) has appointed Julie Stackhouse to its board of directors, strengthening its leadership. Ms. Stackhouse, a former executive vice president at the Federal Reserve Bank of St. Louis, brings extensive experience in bank regulation and supervision. Chairman and CEO George A. Makris, Jr. expressed confidence in her ability to contribute valuable insights to the board. As of December 31, 2020, Simmons reported consolidated assets of approximately $22.4 billion and operates in multiple states.
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