Pine Bluff, Arkansas-based Simmons First National Corp. (Nasdaq: SFNC) reported a decrease in first quarter profits as the coronavirus pandemic continued to impact the company.
The operator of four Simmons Bank branches in Springfield posted net income of $67.4 million, or 62 cents per diluted share, a 12.7% drop from $77.2 million, or 68 cents per diluted share, in the same quarter last year, according to a news release.
"We are still feeling the effects of COVID in the economy," Simmons Chairperson and CEO George Makris Jr. said in the release. "Loan demand has been well below historical levels, but we are encouraged by the rebuilding of the pipeline during the first quarter.
"Based on our current levels of capital and liquidity, we have lending capacity that we have not seen in several years, so Simmons is poised to do our part as the economy continues to return to normal.”
Simmons’ first quarter highlights included:
• total interest income that dipped to $169.4 million from $209.2 million a year earlier;
• a provision for credit losses of $1.5 million, down from roughly $23 million in first quarter 2020; and
• salaries and employee benefits that were down 11% to $60.3 million.
As of March 31, Simmons Bank's assets were $23.3 billion and deposits were $18.2 billion, according to the release.
SFNC shares were trading at $29.25 as of 11:03 a.m., compared with a 52-week range of $13.75 to $33.43 per share.
The Bark Yard dog park and bar concept launched; Charity Fent Cake Design LLC moved; and a pair of business owners collaborated on opening The Hidden Hut LLC.
This poll is not a scientific sampling. It offers a snapshot of what readers are thinking.
Heather Kite, owner of startup business Rooted Deep Farms, talks about tough times during the winter of 2020-2021. She says determination was a necessary component that kept her going.
Jeramey and Julia Henson, co-owners of HM Dentworks Academy, discuss the importance of family in work-life balance. They say you can’t make up for the major life events. HM Dentworks Academy is also co-owned by Chris McWhirter.
Rachel Barks, owner of Artistry Pottery, talks about her struggle with PXE, or Pseudoxanthoma elasticum, a disease that affects the eyes. She says that despite her struggle, she is ultimately thankful.
Jessica Burkland, a Missouri State University business instructor in the Department of Management, talks about small business start-up trends in a post-pandemic year. Burkland, who owns Activate Consulting & Training and volunteers as a small business mentor for SCORE of Southwest Missouri, says startups that offer new services and products to help people work from home or that enhance mental health could find greater success.
Jim and Debbie Meinsen, co-owners of TCI Graphics, say the past year has been one of the toughest they have faced. Now in the company's 50th year, the couple says they learned a few things in 2020.
Charlie Rosenbury, president of Self-Interactive, calls on his experience in programming to illustrate lessons he has learned running a business and life in general. Springfield Business Journal's 90 Ideas is presented by Great Southern Bank.
Darline Mabins talks with SBJ’s Christine Temple about growing up after a tragic accident took the lives of her mother and older brother. Mabins is now the regional branch sales manager for Arvest Bank. No Ceiling is an SBJ podcast, going in depth with local women, sharing their journey to the top of their professions.
Caleb Scott, owner, coach and player for Queen City Insane Asylum semi-professional football team, talks about the ways that the team works to support each other on and off the field. Scott says you can’t force people to become leaders, they have to come naturally.
Steve Williams, owner of Crosstown Barbecue, discusses the role relationships have played throughout the 51 years that Crosstown Barbecue has been in business. He says that while he puts effort into providing the best food he can, ultimately “people like to do business with people they like.”
Randy Bacon, professional photographer and humanitarian, relates his experience building relationships with clients since he became a photographer. He says building relationships with his clients and perfecting his craft are the most important things he does to spread his business.