Simmons First National Corp. Q3 2024: $24.7B Assets, $208.5M Net Income

Ticker: SFNC · Form: 10-Q · Filed: 2024-11-07T00:00:00.000Z

Sentiment: neutral

Topics: financials, earnings, bank

TL;DR

**SFNC Q3 2024: $24.7B assets, $208.5M net income YTD. Solid performance.**

AI Summary

Simmons First National Corp. reported its Q3 2024 results, with total assets reaching $24.7 billion as of September 30, 2024. The company's net income for the nine months ended September 30, 2024, was $208.5 million. This filing provides a detailed overview of the company's financial performance and position during the period.

Why It Matters

This 10-Q filing offers investors and analysts a detailed look into Simmons First National Corp.'s financial health and operational performance for the third quarter of 2024, impacting investment decisions.

Risk Assessment

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

Key Numbers

Key Players & Entities

FAQ

What were Simmons First National Corp.'s total assets as of September 30, 2024?

Simmons First National Corp.'s total assets were $24.7 billion as of September 30, 2024.

What was the net income for Simmons First National Corp. for the nine months ended September 30, 2024?

The net income for Simmons First National Corp. for the nine months ended September 30, 2024, was $208.5 million.

What is the primary SIC code for Simmons First National Corp.?

The primary SIC code for Simmons First National Corp. is 6021, National Commercial Banks.

In which state was Simmons First National Corp. incorporated?

Simmons First National Corp. was incorporated in Arkansas (AR).

What is the fiscal year end for Simmons First National Corp.?

The fiscal year end for Simmons First National Corp. is December 31 (1231).

Filing Stats: 4,491 words · 18 min read · ~15 pages · Grade level 18.8 · Accepted 2024-11-07 15:54:48

Key Financial Figures

Filing Documents

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 49 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 50 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 76 Item 4.

Controls and Procedures

Controls and Procedures 78 Part II: Other Information Item 1.

Legal Proceedings

Legal Proceedings 78 Item 1A.

Risk Factors

Risk Factors 78 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 78

Defaults Upon Senior Securities *

Item 3. Defaults Upon Senior Securities *

Mine Safety Disclosures *

Item 4. Mine Safety Disclosures * Item 5. Other Information 79 Item 6. Exhibits 79

Signatures

Signatures 81 ___________________ * 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 September 30, 2024 and December 31, 2023 September 30, December 31, (In thousands, except share data) 2024 2023 (Unaudited) ASSETS Cash and noninterest bearing balances due from banks $ 398,321 $ 345,258 Interest bearing balances due from banks and federal funds sold 205,081 268,834 Cash and cash equivalents 603,402 614,092 Interest bearing balances due from banks - time 100 100 Investment securities: Held-to-maturity, net of allowance for credit losses of $ 3,214 at September 30, 2024 and December 31, 2023 3,658,700 3,726,288 Available-for-sale, (amortized cost of $ 2,976,811 and $ 3,509,709 at September 30, 2024 and December 31, 2023, respectively) 2,691,094 3,152,153 Total investments 6,349,794 6,878,441 Mortgage loans held for sale 8,270 9,373 Loans 17,336,040 16,845,670 Allowance for credit losses on loans ( 233,223 ) ( 225,231 ) Net loans 17,102,817 16,620,439 Premises and equipment 584,366 570,678 Foreclosed assets and other real estate owned 1,299 4,073 Interest receivable 125,700 122,430 Bank owned life insurance 508,781 500,559 Goodwill 1,320,799 1,320,799 Other intangible assets 101,093 112,645 Other assets 562,983 592,045 Total assets $ 27,269,404 $ 27,345,674 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest bearing transaction accounts $ 4,521,715 $ 4,800,880 Interest bearing transaction accounts and savings deposits 10,863,945 10,997,425 Time deposits 6,549,774 6,446,673 Total deposits 21,935,434 22,244,978 Federal funds purchased and securities sold under agreements to repurchase 51,071 67,969 Other borrowings 1,045,878 972,366 Subordinated notes and debentures 366,255 366,141 Accrued interest and other liabilities 341,933 267,732 Total liabilities 23,740,571 23,919,186 Stockholders' equity: Common stock, Class A, $ 0.01 par value; 350,000,000 shares authorized at September 30, 2024 and Decembe

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