Business
Simmons First National Corporation Reports Fourth Quarter 2024 Results
PINE BLUFF, Ark., Jan. 21, 2025 /PRNewswire/ -- George Makris, Jr., Simmons' Chairman and Chief Executive Officer, commented on the quarterly results:
About this update from Simmons First National Corporation
[{"type":"text","content":"PINE BLUFF, Ark., Jan. 21, 2025 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nGeorge Makris, Jr., Simmons' Chairman and Chief Executive Officer, commented on the quarterly results:\nSimmons' fourth quarter results were encouraging as we head into 2025. Profitability trends improved and should be a good foundation from which to build. 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.\nI also want to recognize and thank the following leaders who retired from Simmons at the end of 2024: Bob Fehlman, Steve Massanelli, Steve Wade, Johnny McCaleb, and Pat Neely. These leaders have played a significant role in the growth of Simmons, and they will be missed. At the same time, I am excited about the next generation of leadership and the opportunities we see ahead.\n \n Financial Highlights\n 4Q24\n 3Q24\n 4Q23\n4Q24 Highlights\nBalance Sheet (in millions)\nComparisons reflect 4Q24 vs 3Q24, except as otherwise noted\n \n \n• Net income of $48.3 million and diluted EPS of $0.38\n \n \n• Adjusted earnings1 of $49.6 million and adjusted diluted EPS1 of $0.39\n \n• Total revenue of $208.5 million and PPNR1 of $67.4 million\n \n• Adjusted total revenue1 of $208.5 million and adjusted PPNR1 of $69.2 million\n \n• Net interest margin of 2.87%, up 13 bps\n \n• Cost of deposits of 2.60%, down 19 bps\n \n• Provision for credit losses on loans exceeded net charge-offs in the quarter by $1.8 million\n \n \n• NCO ratio of 27 bps in 4Q24; 6 bps of NCO ratio associated with run-off portfolio \n \n• ACL ratio ended the quarter at 1.38%, up 3 bps\n \n• EA ratio of 13.13%; TCE ratio1 up 14 bps to 8.29%\n \n• Book value per share up 3% and tangible book value per share1 up 6% year-over-year\nTotal loans\n$17,006\n$17,336\n$16,846\nTotal investment securities\n6,166\n6,350\n6,878\nTotal deposits\n21,886\n21,935\n22,245\nTotal assets\n26,876\n27,269\n27,346\nTotal shareholders' equity\n3,529\n3,529\n3,426\nPerformance Measures (i...