Simmons Bank's quarterly results impacted by one-time expenses

Pine Bluff, Arkansas-based Simmons First National Corp. (Nasdaq: SFNC) reported a roughly 63% drop in second-quarter profits amid one-time expenses that impacted the bottom line.

The company, which has four Simmons Bank branches in Springfield, had net income during the three-month period of $27.5 million, down from $74.9 million in the same quarter of 2021, according to a news release. Diluted share earnings dropped to 21 cents from 69 cents in second-quarter 2021.

"Although second-quarter results were significantly impacted by accounting adjustments and one-time merger expenses related to our acquisition of Spirit of Texas Bancshares during the quarter, Simmons’ operating results excluding these items were extremely strong," Simmons Chair and CEO George Makris Jr. said in the release. "We are growing in all markets, as demonstrated by the addition of nearly 2,000 new business deposit accounts in the quarter."

Revenue jumped up by nearly 20% in the second quarter, while noninterest expenses increased by 36.7% compared with a year earlier.

As of June 30, Simmons Bank held assets of $27.2 billion and deposits of $22 billion, according to the release. The company has more than 230 branches.

SFNC shares were trading at $23.67 as of 12:14 p.m., compared with a 52-week range of $19.87 to $32.76.