Simmons Q3 adjusted EPS $0.37 vs $0.33 Q2; net income $24.7M; sells $252M low-yield securities

SIMMONS FIRST NATIONAL CORP

2024-Q3 EPS reported $0.83

GAAP net income $24.7M ($0.20 diluted EPS), down from $40.8M in Q2; adjusted net income $46.0M ($0.37) up from $41.9M.
Sold $252M of AFS securities yielding 1.29%, incurring $21.0M after-tax loss; proceeds used to pay down FHLB advances.
Net interest margin improved 5 bps to 2.74%; cost of deposits stable at 2.79% and appear to have peaked.
Credit quality steady: NCO ratio 0.22% (9 bps from run-off), ACL ratio 1.35%, nonperforming loan ratio 0.59%.
TCE ratio up 31 bps to 8.15%; tangible book value per share up 4% to $16.78.

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