Simmons Bank posts record profits

Pine Bluff, Arkansas-based Simmons First National Corp. (Nasdaq: SFNC) produced a record year in profits.

The operator of six Simmons Bank branches in Springfield last year increased net income by 10% to $237.8 million, or $2.41 per diluted share. That’s up from $215.7 million, or $2.32 per diluted share, in 2018, according to a news release.

“During 2020, we will continue to implement our technology initiatives, including the expansion of our digital offerings, and adjust our business strategy to take advantage of our successful growth over the past few years,” Simmons Bank Chairman and CEO George Makris Jr. said in the release.

2019 financial notes:
• Contributing to the full year was fourth quarter earnings of $52.7 million. However, profits in the last quarter were down 5% compared with the same three-month period of 2018.
• During 2019, the company repurchased $10 million worth of its stock.
• Simmons Bank closed on the purchases of Reliance Bank in St. Louis and Landmark Bank in Columbia.

As of Dec. 31, Simmons Bank’s assets were $21.3 billion and deposits were $16.1 billion, according to the release.

SFNC shares were trading at $25.26 as of 10:15 a.m., compared with a 52-week range of $22.08 to $27.87.