Simmons Q3 2020 Earnings Report
Key Takeaways
Simmons First National Corporation announced a net income of $65.9 million for Q3 2020, a decrease of 19.5% compared to Q3 2019. Core earnings were $68.3 million, a decrease of 18.6% from the same period in 2019.
Net income for the quarter ended September 30, 2020, was $65.9 million.
Diluted earnings per share were $0.60, a decrease of $0.24 compared to the same period in the prior year.
Total loans were $14.0 billion at September 30, 2020, an increase of $1.0 billion, or 7.8%, compared to September 30, 2019.
Total deposits were $16.2 billion at September 30, 2020, an increase of $2.8 billion, or 20.6%, since September 30, 2019.
Simmons
Simmons
Forward Guidance
The Company closed 23 branch locations on October 9, 2020, with an expected net annual cost savings of approximately $6.7 million.