Business
Simmons First National Corporation Reports Record Quarterly Earnings of $83.3 million for the Fourth Quarter of 2022 and Earnings Per Diluted Share of $0.65
PINE BLUFF, Ark., Jan. 24, 2023 /PRNewswire/ -- George A. Makris, Jr., Simmons' Executive Chairman, commented on financial results During 2022, we completed a
About this update from Simmons First National Corporation
[{"type":"text","content":"PINE BLUFF, Ark., Jan. 24, 2023 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nGeorge A. Makris, Jr., Simmons' Executive Chairman, commented on financial results\nDuring 2022, we completed a number of strategic initiatives, including the successful merger and integration of Spirit of Texas Bancshares, Inc., and delivered solid financial results while also navigating a challenging interest rate environment. First, and foremost, we were able to meet the needs of our customers and the markets we serve as total loans increased $4.1 billion and total deposits increased $3.2 billion during the year. Solid balance sheet growth helped us achieve the highest level of revenue in Simmons' history. That growth did not come at the expense of maintaining our conservative underwriting standards as credit quality metrics remain at historically low levels. \nEqually important, Simmons continued to maintain a strong capital position with all of our regulatory capital ratios significantly exceeding \"well capitalized\" levels. As a result, our Board of Directors approved a 5 percent increase in the cash dividend for the first quarter of 2023. This marks the 114th consecutive year that Simmons has paid cash dividends to its shareholders, a record that less than 25 other U.S. publicly traded companies can match.\nWe have developed an outstanding management team – one that is deep on talent and experience, but also has a long runway ahead of them. Our foundation is strong and our team is prepared to capitalize on the opportunity to grow organically within our footprint and deliver on our \"Better Bank\" initiative focused on people, processes and systems. \n \nFinancial Highlights\n 4Q22\n 3Q22\n 4Q21\nQ4/Full Year 2022 Highlights\nFinancial Results (in millions)\n• Q4 22 Diluted EPS of $0.65 andadjusted diluted EPS (1) of $0.64\n \n• ROA of 1.22%, ROE of 10.27%& ROTCE(1) of 19.29% in Q4 22 \n \n• Record revenue of $887.4 millionin 2022, up 13% versus 2021\n \n• Positive operating leverage drivenby 13% increase in pre-provisionnet revenue(1) in FY22\n \n• Solid balance sheet growth in 2022. Total loans up 3% and total deposits up 2% in Q4 22 vs Q3 22\n \n• Key credit quality metrics remainat historically low levels whileadding more than $4.1 billion inloans during 2022, includingloans added in connection withthe acquisition of Spirit of TexasBancshares, I...