Simmons First sees Q1 net income slide
Pine Bluff-based Simmons First National Corp. reported Tuesday (April 25) net income of $45.6 million for the first quarter of 2023 compared to $65.1 million in the first quarter of 2022. Diluted earnings per share were 36 cents for the first quarter of 2023 compared to 58 cents in the first quarter of 2022.
Total revenue for the first quarter was $223.7 million versus $187.8 million in the first quarter of 2022.
Simmons First, parent company of Simmons Bank, results for the first quarter of 2023 also include a provision for credit losses of $24.2 million, reflecting loan growth in the quarter, the impact of updated economic assumptions and the identification of two nonperforming corporate bonds in the securities portfolio, the company said.
“While the continued challenges from rising interest rates, coupled this quarter with heightened market volatility, brought amplified attention to the financial services industry, our focus remained on the fundamentals that have served us well during our 120-year history,” said Simmons First CEO Bob Fehlman.
Other financial highlights for the quarter included:
- Net interest income for the first quarter of 2023 totaled $177.8 million, compared to $145.6 million for the first quarter of 2022.
- Noninterest income for the first quarter of 2023 was $45.8 million, compared to $42.2 million in the first quarter of 2022.
- Total loans at the end of the first quarter of 2023 were $16.6 billion, an increase of $413 million, or 3 percent, compared to $16.1 billion at the end of the fourth quarter of 2022.
- Total deposits at the end of the first quarter of 2023 were $22.5 billion, relatively unchanged from the end of the fourth quarter of 2022, and up $3.1 billion compared to the first quarter of 2022.
Shares of Simmons First (NASDAQ: SFNC) closed Monday at $16.54. The company’s stock has traded between a low of $16.07 per share and a high of $25.88 per share over the past 52 weeks.