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Mar 31, 2020
Simmons Q1 2020 Earnings Report
Reported net income of $77.2 million for the quarter ended March 31, 2020.
Key Takeaways
Simmons First National Corporation reported a strong first quarter in 2020, with net income increasing by 61.9% compared to the same period in 2019. The company's performance was bolstered by recent mergers and strategic branch sales.
Net income for the quarter ended March 31, 2020, was $77.2 million, compared to $47.7 million for the same period in 2019.
Diluted earnings per share were $0.68, an increase of $0.17 compared to the prior year.
Total loans were $14.4 billion at March 31, 2020, an increase of $2.6 billion, or 22.4%, compared to March 31, 2019.
Total deposits were $15.6 billion at March 31, 2020, an increase of $3.6 billion, or 29.8%, since March 31, 2019.
Simmons
Simmons
Forward Guidance
The company is closely monitoring the COVID-19 pandemic and is ready to assist its customers and communities during these unprecedented times. They maintain strong liquidity and capital to weather critical economic conditions.
Positive Outlook
- Well positioned to help customers and communities.
- Very strong liquidity.
- Strong capital.
- Diversification in risk profile.
- Conservative risk appetite.
Challenges Ahead
- Unprecedented impact of the COVID-19 pandemic.
- Temporary closure of 52 branches.
- Economic hardships associated with the COVID-19 pandemic.
- Uncertainty of the COVID-19 pandemic.
- Potential claims, damages, and fines related to litigation or government actions.