Simmons First National Corp (SFNC) Tops Q4 EPS by 18c

Simmons First National Corp (NASDAQ: SFNC) reported Q4 EPS of $0.57, $0.18 better than the analyst estimate of $0.39.

• Fourth quarter 2020 net income was $53.0 million compared to $52.7 million for the same period in 2019.
• Diluted earnings per share were $0.49 for the fourth quarters of both 2020 and 2019.
• Excluding $9.0 million in net after-tax merger-related, early retirement program and net branch right-sizing costs, fourth quarter 2020 core earnings were $62.0 million, a decrease of $9.1 million, or 12.8%, compared to the fourth quarter of 2019.
• Core diluted earnings per share were $0.57, a decrease of $0.09, or 13.6%, from the same period in 2019.

“As we look back on a very challenging year, we are very proud of the teamwork and results we achieved,” said George A. Makris, Jr., chairman and CEO of Simmons First National Corporation. “We mobilized over 1,500 associates to work from home at times during the year while maintaining our ability to serve our customers. We provided over 8,000 PPP loans totaling almost $1 billion to businesses that faced extraordinary uncertainty and helped support over 100,000 jobs. We integrated Landmark Bank into Simmons Bank, not without some obstacles due to COVID-19 restrictions, but our associates persevered to get the job done. We contributed $3 million to the Simmons First Foundation to support conservation projects throughout our service area. We enhanced our digital banking offerings, and our customers have benefitted from their ability to conduct their business when they want, where they want. We worked diligently to position ourselves with less risk and with the capacity to help the economy recover from the economic crisis caused by COVID-19. We increased our dividend to our shareholders, and our profitability was excellent, especially under the circumstances. Also during 2020, we successfully completed our regulatory exam cycle, including our first CFPB exam. I, personally, could not be prouder of our team.”

For earnings history and earnings-related data on Simmons First National Corp (SFNC) click here.

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