Corporate Profile
Simmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company that has paid cash dividends to its shareholders for 113 consecutive years. Its principal subsidiary, Simmons Bank, operates 230 financial centers in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. In 2022, Simmons Bank was named to Forbes list of "America's Best Banks" for the second consecutive year and was named to Forbes list of "World's Best Banks" for the third consecutive year.
simmonsbank.com
Third Quarter 2022
Columbia | $27.1 B | ||||
St. Louis | |||||
ASSETS | |||||
Wichita | Springfield | ||||
Tulsa | Nashville | ||||
Oklahoma | |||||
City | Little | Memphis | |||
Rock | |||||
Pine Bluff | |||||
Fort | |||||
Worth Dallas | CONSECUTIVE YEARS | ||||
College | 113 PAYING DIVIDENDS | ||||
Tyler |
Station
Austin
Houston
San Antonio
Corpus
Christi
Capital Position
At September 30, 2022 | 14.08 % | |
11.73% | 11.73% | |
9.24% | ||
8.50% | 10.50% | |
7.00% | ||
4.00% |
Tier 1 Leverage | Common Equity | Tier 1 Capital | Total Capital |
Ratio | Tier 1 (CET1) | Ratio | Ratio |
Dividend History
$0.60
$0.42 $0.44 $0.46 $0.48 $0.50
$0.76
$0.72
$0.68
$0.64
Simmons First National Corporation
Minimum Regulatory Threshold + Capital Conservation Buffer
Deposits by State
9% | 1% | Arkansas (35%) | |
16% | 35% | Texas (22%) | |
Tennessee (17%) | |||
Missouri (16%) | |||
17% | Oklahoma (9%) | ||
22% | Kansas (1%) | ||
Source: S&P Global Market Intelligence; FDIC Summary of Deposits as of June 30, 2022
News
ABA Foundation Community Commitment Award
Simmons Bank was recognized as a 2022 Community Commitment Award winner by the American Bankers Association Foundation. The annual awards recognize banks who embody the ideals of corporate social responsibility and demonstrate success in measurable terms. Simmons Bank was recognized in the category of "Protecting Older Americans" for its work and leadership in drafting the SAFER AR Act. The SAFER AR Act gives financial institutions the authority to recognize, delay and report financial exploitation of senior citizens and people with disabilities in Arkansas.
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
Dividend Yield(1) 3.3% | 10-yr CAGR(2) 6% |
Note: The future payment of dividends is not guaranteed and is subject to various factors, including approval by the Company's board of directors.
- Based on October 11, 2022, closing stock price of $22.75
- CAGR = compound annual growth rate
Digital Banking
Mobile Deposit Dollars | Average Deposit Balance per | |||
Mobile Account | ||||
+15% | +10 % | |||
Q4 21 | Q3 22 | Q4 21 | Q3 22 |
Customer Transactions by Channel
66% +17% 69%
Q4 21 | Q3 22 | |
Branch Transactions | Digital Transactions | |
NOTE: Data contained in the Corporate Profile section above is as of September 30, 2022.
Third Quarter 2022
Financial Highlights
Nine Months Ended September 30, | Year Ended December 31, | ||||||||
2022 | 2021 | % Change | 2021 | 2020 | 2019 | 2018 | |||
Balance Sheet ($ in millions) | |||||||
Loans | $15,607 | $10,825 | 44% | $12,013 | $12,901 | $14,426 | $11,723 |
Investment securities | 7,725 | 8,339 | (7) | 8,643 | 3,807 | 3,329 | 2,441 |
Total assets | 27,076 | 23,226 | 17 | 24,725 | 22,360 | 21,259 | 16,543 |
Noninterest bearing deposits | 6,218 | 4,919 | 26 | 5,325 | 4,482 | 3,741 | 2,673 |
Interest bearing deposits | 15,931 | 13,153 | 21 | 14,042 | 12,505 | 12,368 | 9,726 |
Total deposits | 22,149 | 18,072 | 23 | 19,367 | 16,987 | 16,109 | 12,399 |
Stockholders' equity | 3,157 | 3,031 | 4 | 3,249 | 2,977 | 2,989 | 2,246 |
Key Performance Ratios | |||||||
Return on average assets (ROA) | 0.88% | 1.29% | 1.15% | 1.18% | 1.33% | 1.37% | |
Return on average common equity (ROE) | 7.07 | 9.91 | 8.83 | 8.72 | 9.93 | 10.00 | |
Net interest margin (FTE) | 3.12 | 2.91 | 2.89 | 3.38 | 3.85 | 3.99 | |
Efficiency ratio (1) | 57.95 | 57.37 | 57.92 | 54.18 | 50.33 | 52.85 | |
Share Data | |||||||
Earnings per share - diluted | $ 1.40 | $ 2.05 | (32) | $ 2.46 | $ 2.31 | $ 2.41 | $ 2.32 |
Adjusted earnings per share - diluted (1) | 1.75 | 2.01 | (13) | 2.68 | 2.40 | 2.73 | 2.37 |
Cash dividends declared per common share | 0.57 | 0.54 | 6 | 0.72 | 0.68 | 0.64 | 0.60 |
Book value per share | 24.87 | 28.42 | (12) | 28.82 | 27.53 | 26.30 | 24.33 |
Tangible book value per share (1) | 13.51 | 17.39 | (22) | 17.71 | 16.56 | 15.89 | 14.18 |
Capital Ratios | |||||||
Common equity tier 1 (CET1) | 11.73% | 14.27% | 13.82% | 13.41% | 10.92% | 10.22% | |
Tier 1 capital | 11.73 | 14.27 | 13.82 | 13.41 | 10.92 | 10.22 | |
Total capital | 14.08 | 17.42 | 16.75 | 16.78 | 13.73 | 13.35 | |
Tier 1 leverage | 9.24 | 9.07 | 9.08 | 9.08 | 9.59 | 8.78 | |
Credit Quality | |||||||
Net charge-offs to average total loans | 0.07% | 0.06% | 0.13% | 0.45% | 0.24% | 0.21% | |
Nonperforming loans to total loans | 0.37 | 0.55 | 0.57 | 0.96 | 0.65 | 0.48 | |
Nonperforming assets to total assets | 0.23 | 0.31 | 0.31 | 0.64 | 0.54 | 0.50 | |
Allowance to total loans | 1.27 | 1.87 | 1.71 | 1.85 | 0.47 | 0.48 | |
Allowance to nonperforming loans | 342 | 341 | 300 | 193 | 72 | 101 | |
Market Performance SFNC (NASDAQ) | |||||||
Closing price per share | $21.79 | $29.56 | $29.58 | $21.59 | $26.79 | $24.13 | |
Market capitalization ($ in millions) | 2,766 | 3,151 | 3,334 | 2,333 | 3,044 | 2,228 | |
Other Data | |||||||
Number of financial centers | 230 | 185 | 199 | 204 | 251 | 191 | |
Number of associates (full time equivalent) | 3,206 | 2,740 | 2,877 | 2,827 | 3,270 | 2,654 | |
- Non-GAAPfinancial measure that Simmons First National Corporation ("Simmons," "Company," "we," or "our") believes aids in understanding certain areas of our performance. The calculation of these measures for the nine months ended September 30, 2022 and 2021, as well as for the year ended December 31, 2021, is included in the section titled "Reconciliation of Non-GAAP Financial Measures" of our Third Quarter 2022 earnings release. The calculation of these measures for the years ended December 31, 2020, 2019, and 2018, is included in the section titled "GAAP Reconciliation of Non-GAAP Financial Measures" of our Form 10-K for the year ended December 31, 2020 ("2020 Form 10-K"). (Note: In our 2020 Form 10-K, "adjusted earnings per share - diluted" is referred to as "core diluted earnings per share.")
FTE - fully taxable equivalent
Forward-Looking Statements: This document contains statements related to dividends that are not based on historical facts and constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. By nature, such forward-looking statements are based on various assumptions and involve inherent risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Among other risks, there can be no guarantee that the board of directors of Simmons will approve a quarterly dividend in future quarters, and the timing, payment, and amount of future dividends (if any) may differ significantly from past dividends. Additional information on other risk factors that could affect the forward-looking statements is contained in the Company's Form 10-K for the year ended December 31, 2021, which has been filed with, and is available from, the U.S. Securities and Exchange Commission. Any forward-looking statement speaks only as of the date of this document, and the Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this document.
Simmons First National Corporation files annual, quarterly and special reports, proxy statements and other information with the SEC. These documents provide more information regarding the information contained in this Fact Sheet. Investors may read and copy reports, proxy statements and other information filed by Simmons First National Corporation at the SEC's public reference rooms at 100 F Street N.E., Washington D.C. 20549. Simmons First National Corporation's reports, proxy statements and other information are also available from commercial document retrieval services, www.simmonsbank.com and at the SEC's website located at www.sec.gov.
Corporate Headquarters | Little Rock Corporate Office | Investor Relations | Facebook.com/SimmonsBank |
501 Main Street | 601 E. 3rd Street | simmonsbank.com | @Simmons_Bank |
Pine Bluff, AR 71601 | Little Rock, AR 72201 | investorrelations@simmonsbank.com | @simmonsbank |
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Simmons First National Corporation published this content on 08 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2022 17:03:05 UTC.