Simmons Bank's Q2 profits beat prior year

Pine Bluff, Arkansas-based Simmons First National Corp. (Nasdaq: SFNC) last week reported an increase in second quarter profits amid an "uncertain environment," according to company Chairman and CEO George Makris Jr.

Net income came to $58.8 million, a 5.7% boost from $55.6 million in the same quarter of 2019. Diluted share earnings, however, were down 4 cents to 54 cents per share, according to a news release.

“Our associates at Simmons Bank have done an amazing job of adapting to the changes that have occurred over the past four months," Makris said in the release. “We continue to operate in an uncertain environment, and we will continue to adjust as necessary. We have consolidated various operations to provide capacity for continued service to our customers and communities.

"Our digital banking options have been very well received by our customers, and we expect to continue to see the trend toward more self-service."

Second quarter financial notes:
• The quarter included $3 million in merger-related, early retirement programs and branch right-sizing costs.
• The company sold $1.6 million worth of branches.
• Provision for credit losses rose 280% to nearly $27 million.

As of June 30, the company had $21.9 billion in assets and $16.6 billion in deposits, according to the release. Simmons Bank currently operates five branches in Springfield, though its location at 4021 S. Campbell Ave. is slated to shutter Oct. 9, according to past Springfield Business Journal reporting.

SFNC shares were trading at $16.81 as of 10:22 a.m., compared with a 52-week range of $13.75 to $27.29.