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Simmons First National Corp (SFNC) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

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Simmons First National Corp

HISTORY TOOLS
CIK: 90498 Ticker: SFNC

Exhibit 99.1

 

LOGO

January 24, 2024

Simmons First National Corporation Reports Fourth Quarter 2023 Results

Board of Directors authorizes new $175 million share repurchase program and

approves a 5 percent increase in the quarterly cash dividend

Bob Fehlman, Simmons’ Chief Executive Officer, commented on fourth quarter 2023 results:

Overall, we were encouraged by the underlying trends experienced during the quarter, as well as the strategic decision we made to selectively sell certain lower yielding bonds in our securities portfolio given advantageous market conditions. Both net interest income and net interest margin were up on a linked quarter basis, reflecting our focus on maintaining strong loan and deposit pricing discipline. Equally important, deposit growth was driven by an increase in customer deposits – primarily money market and savings accounts.

A strong risk profile has always been a key attribute of Simmons and our results for the quarter continue to bear this out. Net charge-offs for the quarter were 11 basis points and our allowance for credit losses on loans to total loans ended the quarter at 1.34 percent as provision expense exceeded net charge-offs. Expense growth, other than the impact of a FDIC special assessment, was also well contained and reflected the success of our Better Bank Initiative.

As we enter 2024 against a backdrop of economic uncertainty, we believe certain strategic actions we have taken this past year position us well to take advantage of opportunities and meet the challenges ahead.

 

FINANCIAL HIGHLIGHTS    4Q23     3Q23     4Q22              4Q 23 Highlights

BALANCE SHEET (in millions)

              

Comparisons reflect 4Q23 vs 3Q23

 

•  Net income of $23.9 million and diluted EPS of $0.19

 

•  Adjusted earnings1 of $50.2 million and adjusted diluted EPS1 of $0.40

 

•  Net interest income up 1%; Net interest margin 2.68%, up 7 bps

 

•  Total revenue of $177.6 million; Adjusted total revenue1 of $197.8 million. PPNR1 of $29.5 million; Adjusted PPNR1 of $65.1 million

 

•  NCO 11 bps in 4Q23; NCO 12 bps for the full-year 2023

 

•  Provision for credit losses on loans exceeded net charge-offs in the quarter by $6.7 million

 

•  ACL ratio ends the quarter at 1.34%; NPA to total assets ratio at 0.33%, relatively unchanged

 

•  Sold $241 million of AFS securities; Proceeds used to paydown higher rate wholesale funding; Earn back period estimated at ~2.5 years

 

•  Book value per share up 4% and TBVPS1 up 8%

 

•  EA ratio 12.53%; TCE ratio1 up 62 bps to 7.69%

 

Total loans

    $ 16,846     $ 16,772     $ 16,142    

Total investment securities

      6,878       7,101       7,613    

Total deposits

      22,245       22,231       22,548    

Total assets

      27,346       27,564       27,461    

Total shareholders’ equity

      3,426       3,286       3,269      

ASSET QUALITY

         

Net charge-off ratio (NCO ratio)

      0.11 %      0.28 %      0.13 %   

Nonperforming loan ratio

      0.50       0.49       0.37    

Nonperforming assets to total assets

      0.33       0.32       0.23    

Allowance for credit losses to total loans

      1.34       1.30       1.22    

Nonperforming loan coverage ratio

      267       267       334      

PERFORMANCE MEASURES (in millions)

         

Total revenue

    $ 177.6     $ 196.2     $ 237.7    

Adjusted total revenue1

      197.8       196.2       233.7    

Pre-provision net revenue1 (PPNR)

      29.5       64.2       95.1    

Adjusted pre-provision net revenue1

      65.1       66.3       92.2    

Provision for credit losses

      10.0       7.7       -      

PER SHARE DATA

         

Diluted earnings

    $ 0.19     $ 0.37     $ 0.65    

Adjusted diluted earnings1

      0.40       0.39       0.64    

Book value

      27.37       26.26       25.73    

Tangible book value1 (TBVPS)

      15.92       14.77       14.33      

CAPITAL RATIOS

         

Equity to assets (EA ratio)

      12.53 %      11.92 %      11.91 %   

Tangible common equity (TCE) ratio1

      7.69       7.07       7.00    

Common equity tier 1 (CET1) ratio

      12.11       12.02       11.90    

Total risk-based capital ratio

      14.39       14.27       14.22      

LIQUIDITY ($ in millions)

         

Loan to deposit ratio

      75.73 %      75.44 %      71.59 %   

Borrowed funds to total liabilities

      5.88       7.37       5.73    

Uninsured, non-collateralized deposits (UCD)

    $ 4,753     $ 4,631     $ 5,626    

Additional liquidity sources

      11,216       11,447       10,604    

Coverage ratio of UCD

      2.4x       2.5x       1.9x      

The following information was filed by Simmons First National Corp (SFNC) on Wednesday, January 24, 2024 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Simmons First National Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parentheticals)
Acquisitions
Acquisitions (Tables)
Acquisitions - Assets Acquired And Liabilities Assumed (Details)
Acquisitions - Narrative (Details)
Acquisitions - Summary Of Unaudited Pro Forma Information (Details)
Additional Cash Flow Information
Additional Cash Flow Information (Details)
Additional Cash Flow Information (Tables)
Capital Stock
Capital Stock (Details)
Commitments And Credit Risk
Commitments And Credit Risk (Details)
Condensed Financial Information (Parent Company Only)
Condensed Financial Information (Parent Company Only) (Tables)
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Details)
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Parenthetical) (Details)
Condensed Financial Information (Parent Company Only) - Condensed Statements Of Cash Flows (Details)
Condensed Financial Information (Parent Company Only) - Condensed Statements Of Comprehensive Income (Details)
Condensed Financial Information (Parent Company Only) - Condensed Statements Of Income (Details)
Contingent Liabilities
Derivative Instruments
Derivative Instruments (Tables)
Derivative Instruments - Narrative (Details)
Derivative Instruments Derivative Instruments - Notional And Fair Value Amounts Of Derivative Instruments (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Narrative (Details)
Employee Benefit Plans - Stock Compensation Plans (Details)
Employee Benefit Plans - Stock Options Outstanding By Range Of Exercise Prices (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Estimated Fair Values And Related Carrying Amounts Of Financial Instruments (Details)
Fair Value Measurements - Fair Value Of Financial Assets Measure On A Recurring Basis (Details)
Fair Value Measurements - Fair Value Of Financial Assets Measured On A Nonrecurring Basis (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Amortization Expense (Details)
Goodwill And Other Intangible Assets - Changes In Goodwill And Other Intangibles (Details)
Goodwill And Other Intangible Assets - Goodwill And Other Intangibles (Details)
Goodwill And Other Intangible Assets - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Provision For Income Taxes (Details)
Income Taxes - Reconciliation Of Income Tax Expense (Details)
Income Taxes - Tax Effects Of Temporary Differences Related To Deferred Taxes Included In Other Liabilities (Details)
Insider Trading Arrangements
Investment Securities
Investment Securities (Tables)
Investment Securities - Allowance For Credit Losses Afs (Details)
Investment Securities - Allowance For Credit Losses Htm (Details)
Investment Securities - Credit Quality Indicator (Details)
Investment Securities - Income Earned On Securities (Details)
Investment Securities - Maturities Of Investment Securities (Details)
Investment Securities - Narrative (Details)
Investment Securities - Securities With Unrealized Losses (Details)
Investment Securities - Summary Of Investment Securities (Details)
Loans And Allowance For Credit Losses
Loans And Allowance For Credit Losses (Tables)
Loans And Allowance For Credit Losses - Activity In The Allowance For Loan Losses, By Portfolio Segment, For The Current Year (Details)
Loans And Allowance For Credit Losses - Age Analysis Of Past Due Loans, Excluding Loans Acquired, Segregated By Class Of Loans (Details)
Loans And Allowance For Credit Losses - Amortized Cost Basis Of Loan Modifications Granted (Details)
Loans And Allowance For Credit Losses - Collateral Dependent Loans (Details)
Loans And Allowance For Credit Losses - Loan Portfolio By Categories (Details)
Loans And Allowance For Credit Losses - Loans By Credit Risk Rating, Segregated By Class Of Loans (Details)
Loans And Allowance For Credit Losses - Loans Restructured As Tdrs, Excluding Loans Acquired, Segregated By Class Of Loans (Details)
Loans And Allowance For Credit Losses - Narrative (Details)
Loans And Allowance For Credit Losses - Nonaccrual Loans, Excluding Loans Acquired, Segregated By Class Of Loans (Details)
Loans And Allowance For Credit Losses - Pcd Loans (Details)
Loans And Allowance For Credit Losses - Provision For Credit Losses (Details)
Loans And Allowance For Credit Losses - Troubled Debt Restructurings, Excluding Loans Acquired, Segregated By Class Of Loans (Details)
New Accounting Standards
Other Assets And Other Liabilities Held For Sale
Other Assets And Other Liabilities Held For Sale (Details)
Other Borrowings And Subordinated Notes And Debentures
Other Borrowings And Subordinated Notes And Debentures (Tables)
Other Borrowings And Subordinated Notes And Debentures - Aggregate Annual Maturities Of Long-Term Debt (Details)
Other Borrowings And Subordinated Notes And Debentures - Debt Components (Details)
Other Borrowings And Subordinated Notes And Debentures - Narrative (Details)
Other Income And Other Operating Expenses
Other Income And Other Operating Expenses (Details)
Other Income And Other Operating Expenses (Tables)
Other Income And Other Operating Expenses - Narrative (Details)
Pay Vs Performance Disclosure
Premises And Equipment
Premises And Equipment (Details)
Premises And Equipment (Tables)
Right-Of-Use Lease Assets And Lease Liabilities
Right-Of-Use Lease Assets And Lease Liabilities (Tables)
Right-Of-Use Lease Assets And Lease Liabilities - Lease Expense And Supplemental Information (Details)
Right-Of-Use Lease Assets And Lease Liabilities - Maturities Of Operating Lease Liabilities (Details)
Right-Of-Use Lease Assets And Lease Liabilities - Narrative (Details)
Securities Sold Under Agreements To Repurchase
Securities Sold Under Agreements To Repurchase (Tables)
Securities Sold Under Agreements To Repurchase - Contractual Maturity Of The Agreements (Details)
Securities Sold Under Agreements To Repurchase - Narrative (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Company's Significant Subsidiaries (Details)
Stockholders' Equity - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Schedule Of Earnings Per Share, Basic And Diluted (Details)
Time Deposits
Time Deposits (Details)
Time Deposits (Tables)
Transactions With Related Parties
Transactions With Related Parties (Tables)
Transactions With Related Parties - Narrative (Details)
Transactions With Related Parties - Related Party Transactions, Extensions Of Credit (Details)
Ticker: SFNC
CIK: 90498
Form Type: 10-K Annual Report
Accession Number: 0001628280-24-007263
Submitted to the SEC: Tue Feb 27 2024 4:40:23 PM EST
Accepted by the SEC: Tue Feb 27 2024
Period: Sunday, December 31, 2023
Industry: National Commercial Banks

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