Fourth quarter income up 102% for Simmons First, full year income down 14.3%

by Talk Business & Politics staff ([email protected]) 72 views 

Simmons First National Corp. on Tuesday (Jan. 21) posted fourth quarter net income of $48.3 million, well above the $23.9 million in the same quarter of 2023. Earnings per share of 38 cents beat the consensus estimate of 35 cents.

The Pine Bluff-based financial holding company had fourth quarter revenue of $208.5 million, also better than the $177.6 million in the same quarter of 2023, but just below the consensus estimate of $208.67 million.

George Makris, Jr., Simmons’ chairman and CEO, said the bank had a positive 2024 and is “cautiously optimistic” about 2025.

“Simmons’ fourth quarter results were encouraging as we head into 2025. Profitability trends improved and should be a good foundation from which to build,” Makris noted in the earnings report. “While we are cautiously optimistic as we enter the new year, we are also watching several factors that could impact us in 2025: a new administration and how its policies affect domestic growth; inflation and employment levels; the trajectory of short-term interest rates; regulatory changes and their effect on our operating costs and growth; insurance availability and costs for both commercial enterprises and consumers; and population migration’s effects on housing trends geographically.”

For the year, the bank had adjusted net income of $177.887 million, down from $207.716 million in 2023. Full year per share earnings of $1.41 beat the consensus estimate of $1.36.

2024 revenue was $804 million, below the $866.15 million in 2023, and below the consensus estimate of $807.63 million.

Following are other financial items from the quarterly report.
• Total assets as of Dec. 31 reached $26.876 billion, down from $27.346 billion at the same period in 2023.

• Total deposits as of Dec. 31 were $21.886 billion, down from the $22.245 billion at the same period in 2023.

• Total loans as of Dec. 31 were $17.006 billion, up from the $16.846 billion at the same period in 2023.

• The return on assets as of Dec. 31 was 0.56%, down from 0.64% at the same period in 2023.

Founded in 1903, Simmons First National, through its primary subsidiary Simmons Bank, operates 222 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. The company reduced the number of branches by 12 in 2024. At the end of 2024, the bank had 2,946 employees, down from 3,007 at the end of 2023.

Bank shares (NASDAQ: SFNC) closed Tuesday at $22.79, up 7 cents. The earnings report was posted after the markets closed. During the past 52 weeks the share price has ranged between $25.95 and $16.03.