Simmons Q1 2022 Earnings Report
Key Takeaways
Simmons First National Corporation reported a net income of $65.1 million and diluted earnings per share of $0.58 for the first quarter of 2022. The results were driven by accelerating loan demand and continued growth of low-cost deposits. The company also completed the acquisition and conversion of Spirit of Texas Bancshares, Inc.
Net income was $65.1 million, compared to $67.4 million in the first quarter of 2021.
Diluted earnings per share were $0.58, compared to $0.62 for the first quarter of 2021.
Total loans remained at $12.0 billion.
Total deposits were $19.4 billion, unchanged from the previous quarter.
Simmons
Simmons
Forward Guidance
The company recognizes the challenges ahead given expectations that interest rates are most likely to increase further during the remainder of 2022, the impact elevated inflation levels have on the cost of everyday goods and services, and the global unrest that adds uncertainty to the financial markets and potentially future economic growth.
Positive Outlook
- Strong capital position
- Strong liquidity positions
- Commitment to maintaining strong underwriting standards
- Focused team
- Exceptional service
Challenges Ahead
- Expectations that interest rates are most likely to increase further during the remainder of 2022
- Impact elevated inflation levels have on the cost of everyday goods and services
- Global unrest
- Uncertainty to the financial markets
- Potentially future economic growth