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 First National Corporation (NASDAQ: SFNC) reported its first quarter 2023 results, revealing net income of $45.6 million, a decrease from $83.3 million in Q4 2022 and $65.1 million in Q1 2022. Diluted earnings per share fell to $0.36 from $0.65 in the previous quarter. Total revenue reached $223.7 million, down from $237.7 million in Q4 2022 and $187.8 million in Q1 2022. The company recorded a $24.2 million provision for credit losses due to loan growth and updated economic assumptions. The cost of deposits increased to 1.58% as competition for higher-rate products intensified. Despite challenges, Simmons maintains a strong liquidity position with a loan-to-deposit ratio of 74% and continues to exceed regulatory capital guidelines, ensuring stability in a volatile market.
Simmons First National Corporation (NASDAQ: SFNC) declared a quarterly cash dividend of $0.20 per share, marking a 5% increase from the previous year. The dividend is payable on July 3, 2023, to shareholders of record as of June 15, 2023. This represents an annual cash dividend rate of $0.80 for 2023, reflecting a ten-year compound annual growth rate of 7%. Simmons has paid dividends for 114 consecutive years and is among only 24 U.S. publicly traded companies to achieve this milestone. The company has increased its dividend for the 12th consecutive year, earning recognition as a Dividend Contender for its sustained growth in dividends.
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