Simmons Q1 2023 Earnings Report
Key Takeaways
Simmons First National Corporation reported a net income of $45.6 million for Q1 2023, a decrease compared to $83.3 million in Q4 2022 and $65.1 million in Q1 2022. The results reflect challenges from rising interest rates and market volatility, though deposit levels remained stable and credit quality metrics stayed strong. The company is focused on its Better Bank Initiative to optimize operations and improve customer experience.
Deposit levels remained stable, highlighting the granularity of the deposit base and long-term customer relationships.
Liquidity position is solid, with additional liquidity sources available representing 2.0 times the level of uninsured deposits.
Credit quality metrics remained strong, with an NPL coverage ratio at 324% and an allowance to loan ratio at 1.25%.
The Better Bank Initiative is expected to yield $15 million in annual noninterest expense cost savings by the end of 2023.
Simmons
Simmons
Forward Guidance
Simmons did not provide specific forward guidance in this earnings report.