Simmons Bank's profits drop by nearly 15% in first quarter

Pine Bluff, Arkansas-based Simmons First National Corp. (Nasdaq: SFNC) reported a 14.7% drop in profits during the first quarter.

The operator of four Simmons Bank branches in Springfield posted quarterly net income of $39 million, compared with $45.6 million a year earlier, according to a news release. Diluted share earnings dropped to 31 cents from 36 cents year over year.

"Simmons delivered solid results in the quarter that clearly reflect our driving principles centered on a strong risk management culture, profitability and organic growth," CEO Bob Fehlman said in the release. "We were particularly encouraged by the growth in money market and savings accounts again this quarter after robust growth in the fourth quarter of 2023. Importantly, the growth in loans and deposits, coupled with lower wholesale funding costs, enabled us to maintain a relatively stable net interest margin despite continued low-cost deposit migration."

Simmons Bank held assets of $27.4 billion and deposits of $22.4 billion as of March 31, according to the release. The company has 233 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas.

SFNC shares were trading at $17.61 as of 11:18 a.m., compared with a 52-week range of $13.36 to $20.82 per share.