Simmons First National Corp. Files Q2 2024 10-Q

TL;DR

**SFNC Q2 2024 10-Q FILED. BANK PERFORMANCE DETAILS INSIDE.**

AI Summary

Simmons First National Corp. reported its second quarter 2024 results on August 6, 2024. The company's filing covers the period ending June 30, 2024. Key financial details and operational updates are provided in this 10-Q filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational details for Simmons First National Corp., crucial for understanding the bank's current health and future outlook.

Risk Assessment

Risk Level: medium — As a national commercial bank, Simmons First National Corp. is subject to various financial regulations and market risks inherent in the banking industry.

Key Numbers

• 2024 Q2 — Reporting Period (Indicates the specific quarter for which financial results are reported.)
• 12-31 — Fiscal Year End (Specifies the end date of the company's fiscal year.)

Key Players & Entities

• SIMMONS FIRST NATIONAL CORP (company) — Filer
• 0000090498 (company) — Central Index Key
• 20240630 (date) — Period of Report
• 20240806 (date) — Filing Date
• 501 MAIN STREET (address) — Business Address
• PINE BLUFF (city) — Business Address City
• AR (state) — Business Address State
• 71601 (zip_code) — Business Address Zip
• 8705411000 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share SFNC The Nasdaq Global Select

Filing Documents

• sfnc-20240630.htm (10-Q) — 3544KB
• sfnc-063024xex101aircraftt.htm (EX-10.1) — 41KB
• sfnc-063024xex151.htm (EX-15.1) — 4KB
• sfnc-063024xex311.htm (EX-31.1) — 11KB
• sfnc-063024xex312.htm (EX-31.2) — 10KB
• sfnc-063024xex313.htm (EX-31.3) — 10KB
• sfnc-063024xex321.htm (EX-32.1) — 6KB
• sfnc-063024xex322.htm (EX-32.2) — 6KB
• sfnc-063024xex323.htm (EX-32.3) — 6KB
• sfnc-20240630_g1.jpg (GRAPHIC) — 2KB
• 0001628280-24-035105.txt ( ) — 18283KB
• sfnc-20240630.xsd (EX-101.SCH) — 85KB
• sfnc-20240630_cal.xml (EX-101.CAL) — 172KB
• sfnc-20240630_def.xml (EX-101.DEF) — 490KB
• sfnc-20240630_lab.xml (EX-101.LAB) — 1080KB
• sfnc-20240630_pre.xml (EX-101.PRE) — 794KB
• sfnc-20240630_htm.xml (XML) — 4210KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Comprehensive Income (Loss) 5 Consolidated Statements of Cash Flows 6 Consolidated Statements of Stockholders' Equity 7 Condensed Notes to Consolidated Financial Statements 9 Report of Independent Registered Public Accounting Firm 48 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 49 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 73 Item 4.

Controls and Procedures

Controls and Procedures 75 Part II: Other Information Item 1.

Legal Proceedings

Legal Proceedings 75 Item 1A.

Risk Factors

Risk Factors 75 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 75

Defaults Upon Senior Securities *

Item 3. Defaults Upon Senior Securities *

Mine Safety Disclosures *

Item 4. Mine Safety Disclosures * Item 5. Other Information 76 Item 6. Exhibits 76

Signatures

Signatures 78 ___________________ * No reportable information under this item.

: Financial Information

Part I: Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Simmons First National Corporation Consolidated Balance Sheets June 30, 2024 and December 31, 2023 June 30, December 31, (In thousands, except share data) 2024 2023 (Unaudited) ASSETS Cash and noninterest bearing balances due from banks $ 320,021 $ 345,258 Interest bearing balances due from banks and federal funds sold 254,312 268,834 Cash and cash equivalents 574,333 614,092 Interest bearing balances due from banks - time 100 100 Investment securities: Held-to-maturity, net of allowance for credit losses of $ 3,214 at June 30, 2024 and December 31, 2023 3,685,450 3,726,288 Available-for-sale, (amortized cost of $ 3,255,738 and $ 3,509,709 at June 30, 2024 and December 31, 2023, respectively) 2,885,904 3,152,153 Total investments 6,571,354 6,878,441 Mortgage loans held for sale 13,053 9,373 Loans 17,192,437 16,845,670 Allowance for credit losses on loans ( 230,389 ) ( 225,231 ) Net loans 16,962,048 16,620,439 Premises and equipment 581,893 570,678 Foreclosed assets and other real estate owned 2,209 4,073 Interest receivable 126,625 122,430 Bank owned life insurance 505,023 500,559 Goodwill 1,320,799 1,320,799 Other intangible assets 104,943 112,645 Other assets 606,692 592,045 Total assets $ 27,369,072 $ 27,345,674 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest bearing transaction accounts $ 4,624,186 $ 4,800,880 Interest bearing transaction accounts and savings deposits 10,925,179 10,997,425 Time deposits 6,291,518 6,446,673 Total deposits 21,840,883 22,244,978 Federal funds purchased and securities sold under agreements to repurchase 52,705 67,969 Other borrowings 1,346,378 972,366 Subordinated notes and debentures 366,217 366,141 Accrued interest and other liabilities 304,020 267,732 Total liabilities 23,910,203 23,919,186 Stockholders' equity: Common stock, Class A, $ 0.01 par value; 350,000,000 shares authorized at June 30, 2024 and December 31, 2023; 125,487,520