Welcome to our dedicated page for Simmons First National news (Ticker: SFNC), a resource for investors and traders seeking the latest updates and insights on Simmons First National 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 Bank (NASDAQ: SFNC) has expanded its presence in Texas with the opening of a new branch in Texarkana. The 4,000-square-foot financial center, located at 4330 Saint Michael Drive, features a full-service branch with three drive-thru lanes and an ATM with deposit capabilities. This expansion brings Simmons Bank's branch network to approximately 120 full-service locations throughout Texas and Arkansas.
The new branch will offer a comprehensive range of financial services, including personal and commercial banking, mortgage lending, and wealth management. This move aligns with Simmons Bank's strategy to strengthen its community presence and provide essential financial resources to local businesses and residents. The bank, founded in 1903, now operates 234 branches across six states in the Mid-South region, employing nearly 3,000 people.
The Simmons Bank Championship presented by Stephens, a PGA TOUR Champions playoff event, has announced additional ticket options for its inaugural tournament scheduled for Oct. 21-27 at Pleasant Valley Country Club in Little Rock, Arkansas. New options include weekend packages and an all-inclusive ticket for a hospitality structure on the 15th green. Weekend general admission tickets are available for $75, with children 15 and under admitted free with an adult.
The tournament has seen overwhelming volunteer support, with nearly 900 registrations within the first month. It will feature a field of 54 top players competing for $2.3 million in prize money. This marks the first-ever PGA TOUR event in Arkansas, with net proceeds supporting multiple nonprofit organizations in the state.
Simmons Bank has been named to Forbes America's Best-In-State Employers 2024 for Missouri. This recognition comes from an independent survey of over 160,000 employees working for companies with at least 500 employees in the U.S. The ranking considered around 4.4 million employer evaluations over three years, focusing on employees' willingness to recommend their employers and public recommendations.
Jena Compton, chief people officer of Simmons Bank, expressed honor in receiving this recognition based on associate and peer feedback. This award adds to Simmons Bank's recent Forbes recognitions, including Best-In-State Banks (2024) and World's Best Banks (2023). Simmons Bank, a subsidiary of Simmons First National (NASDAQ: SFNC), operates 234 branches across six states and has paid cash dividends for 115 consecutive years.
The Little Rock Touchdown Club, presented by Simmons Bank, has announced its 2024 speaker lineup for its 20th season. The lineup includes Pro Football Hall of Fame members Brett Favre, Ray Lewis, and Eric Dickerson. Arkansas Razorback Head Coach Sam Pittman will kick off the season on August 19. The club meets weekly at the DoubleTree Hotel in Little Rock, with membership dues starting at $90.
Simmons Bank, a subsidiary of Simmons First National (NASDAQ: SFNC), is the presenting sponsor. The bank operates 234 branches across six states and has been recognized by U.S. News & World Report and Forbes for its workplace quality and banking services. The Little Rock Touchdown Club, founded in 2004, has grown from 17 to over 500 members, becoming one of the nation's largest football clubs.
The inaugural Simmons Bank Championship presented by Stephens, a PGA TOUR Champions playoff event, will be held at Pleasant Valley Country Club in Little Rock, Arkansas, from October 21-27, 2024. Tickets are now on sale, with various options available:
- $30 daily general admission ticket
- $125 upgraded 16 green hospitality ticket
- $2,500 Arkansas Champions Club weekend VIP pass
The tournament will feature the top 54 players competing for a $2.3 million prize. It marks the first-ever PGA TOUR event in Arkansas since 2010. Net proceeds will support nonprofit organizations in the state. The event serves as the second round of the PGA TOUR Champions' annual Charles Schwab Cup Playoffs.
Simmons First National (NASDAQ: SFNC) reported its second quarter 2024 results on July 24, 2024.
Key financial highlights: Net income was $40.8 million, up from $38.9 million in Q1 2024 but down from $58.3 million in Q2 2023. Diluted EPS was $0.32, slightly up from $0.31 in Q1 2024, but down from $0.46 in Q2 2023. Total revenue came in at $197.2 million, with a net interest margin of 2.69%, up 3 basis points from Q1 2024.
Total loans increased by 4% on a linked-quarter annualized basis. The yield on the loan portfolio rose by 15 basis points to 6.39%. Deposit costs increased by only 4 basis points, and noninterest-bearing deposit migration eased. Credit quality improved with a decrease in nonperforming loans and past due loans. The allowance for credit losses was 1.34%, and the nonperforming loan coverage ratio stood at 223%.
The board declared a quarterly cash dividend of $0.21 per share, payable on October 1, 2024. Simmons did not repurchase shares under its 2024 stock repurchase program during the quarter.
Simmons Bank announced a $25,000 donation to Hope's Path in honor of former board member Dean Bass. Hope's Path, a nonprofit based in Spring, Texas, helps former foster and homeless youth achieve sustainable independence. Dean Bass joined the board of Simmons First National (NASDAQ: SFNC) in 2022 after Simmons acquired Spirit of Texas Bancshares, where he was chairman and CEO. The donation recognizes Bass's contribution to the company and community. Simmons Bank operates 233 branches across six states and has a long history of paying dividends. The bank has been acknowledged by several prestigious publications for its workplace and service excellence.
Simmons Bank announced a $25,000 donation to the Simmons First Foundation in honor of Jay Burchfield, a former board member. Burchfield, who served on the board since 2015, contributed significantly through his strategic thinking and execution. He served on the Audit and Compensation Committees of Simmons First National (NASDAQ: SFNC). A veteran of the U.S. Army and retired Chairman of Ozark Trust and Investment , Burchfield's career in the banking and financial services industry spanned over 40 years. The Simmons First Foundation, led by former CEO Tommy May, supports education, healthcare, and environmental conservation efforts. Simmons Bank, a subsidiary of Simmons First National , operates 233 branches and has been recognized by U.S. News & World Report and Forbes for its workplace and banking excellence.
Simmons Bank has made a $25,000 donation to St. Peter Catholic Church in honor of former board member W. Scott McGeorge. This donation will support the repair and renovation of St. Raphael Church in Pine Bluff, established in 1932. W. Scott McGeorge, who joined Simmons' board in 2005, has significantly contributed to the company, particularly in the Audit and Compensation Committees. The donation recognizes his nearly 20 years of dedicated service. Simmons Bank, a subsidiary of Simmons First National (NASDAQ: SFNC), operates 233 branches across several states and has been recognized for its workplace excellence and client-centric approach.
Simmons First National (NASDAQ: SFNC) will release its second quarter 2024 earnings before market hours on July 24, 2024. A live conference call is scheduled at 9:00 a.m. Central Time the same day to discuss the results. The dial-in number for North American participants is 1-844-481-2779 with the conference ID 10190204. The call will be accessible live on Simmons Bank's website and a recorded version will remain available for 60 days. Simmons Bank, the principal subsidiary, operates 233 branches across six states and has been recognized by U.S. News & World Report and Forbes for its workplace and banking excellence.
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