Simmons First posts $65.1 million in Q1 net income

Little Rock, Arkansas — On Thursday, a net income of $65.1 million was reported by Simmons First National Corporation, for the first quarter of 2022, compared to $67.4 million in the first quarter of 2021 as bank leaders warned of uncertainty in the near-term financial environment.

Diluted earnings per share beat analysts’ estimates at 58 cents. Revenue was slightly lower than expectations at $187.82 million. “Simmons posted solid results in the quarter driven by accelerating loan demand across our footprint and continued growth of low-cost deposits,” said Simmons Chairman and CEO George Makris, Jr. “We also delivered another quarter of exceptional credit performance, with nonperforming assets dropping to historically low levels.”

The Pine Bluff-based banking operation recently closed on its acquisition of Spirit of Texas Banchsares, Inc.

“We were able to achieve these results while simultaneously completing the acquisition and conversion of Spirit of Texas Bancshares, Inc. shortly after the end of the quarter. This acquisition more than doubles our size and scale in the Lone Star State, while complementing our existing presence in the Dallas-Fort Worth market and adding a platform for growth in Houston, Austin, San Antonio, Corpus Christi and College Station, as well as a number of other attractive community markets,” Makris added.