Simmons Q4 2023 Earnings Report
Key Takeaways
Simmons First National Corporation reported a net income of $23.9 million and diluted EPS of $0.19 for Q4 2023. The results were impacted by a loss on the sale of AFS investment securities and a FDIC special assessment. However, net interest income and net interest margin increased on a linked quarter basis, driven by strong loan and deposit pricing discipline and deposit growth. The board authorized a new $175 million share repurchase program and approved a 5% increase in the quarterly cash dividend.
Net income was $23.9 million and diluted EPS was $0.19.
Net interest income increased by 1% and net interest margin rose to 2.68%, up 7 bps from the previous quarter.
Sold $241 million of AFS securities to paydown higher rate wholesale funding.
Board of Directors authorized a new $175 million share repurchase program and approved a 5% increase in the quarterly cash dividend.
Simmons
Simmons
Forward Guidance
Simmons First National Corporation did not provide specific forward guidance in this earnings report. The report mentions entering 2024 against a backdrop of economic uncertainty and taking strategic actions to take advantage of opportunities and meet the challenges ahead.