Simmons First National Q1 net income $45.6M, EPS $0.36; NII down on deposit cost pressure

SIMMONS FIRST NATIONAL CORP

2023-Q1 EPS reported $0.36

Net income $45.6M ($0.36 diluted EPS) vs Q4 $83.3M ($0.65) and Q1 2022 $65.1M ($0.58).
Total revenue $223.7M, down 6% linked quarter; net interest income $177.8M, down 8% on higher deposit costs.
Uninsured deposits 23% of total deposits; additional liquidity 2.0x coverage, loan-to-deposit ratio 74%.
Credit quality stable: NPL coverage 324%, allowance to loans 1.25%, net charge-off ratio 0.03%.
Better Bank Initiative targets ~$15M annual cost savings, fully in run-rate by end of 2023.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

SIMMONS FIRST NATIONAL CORP reported first quarter of 2023 results: net income $45.6 million, EPS $0.36.

Period: first quarter of 2023
Net income: $45.6 million
EPS: $0.36
Result: reported results

Exact text from the filing

Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported net income of $45.6 million for the first quarter of 2023, compared to $83.3 million in the fourth quarter of 2022 and $65.1 million in the first quarter of 2022. Diluted earnings per share were $0.36 for the first quarter of 2023, compared to $0.65 in the fourth quarter of 2022 and $0.58 in the first quarter of 2022.

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Source: SEC EDGAR

accession 0001171843-23-002500

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