Simmons First National Corporation reported a net income of $152.7 million for the fiscal year ending December 31, 2024, translating to $1.21 diluted earnings per share. This represents a decrease from the previous year's net income of $175.1 million, or $1.38 per diluted share. The decline in profitability was attributed to several factors, including a $28.4 million loss on the sale of securities and a special assessment from the FDIC, which impacted earnings. Adjusted earnings, excluding certain items, were $177.9 million, down from $207.7 million in 2023.
The company's total consolidated assets stood at $26.88 billion, with total loans amounting to $17.01 billion and total deposits at $21.89 billion as of December 31, 2024. This marks a modest increase in loans of $160.3 million, or 1.0%, compared to the previous year. The loan portfolio remains diversified, with significant components in commercial, real estate, and consumer loans. The allowance for credit losses was $235.0 million, representing 1.38% of total loans, and the non-performing loans ratio was 0.65%.
Simmons First National Corporation has continued to focus on strategic growth through acquisitions and organic expansion. The company operates approximately 222 financial centers across Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas. In recent years, it has completed several acquisitions, including the Spirit of Texas Bancshares in April 2022, which enhanced its market presence in Texas. The company is also committed to improving operational efficiency and maintaining strong asset quality.
In terms of employee metrics, Simmons First National Corporation employed approximately 2,946 full-time equivalent associates as of December 31, 2024. The company has been recognized for its workplace culture, receiving accolades such as being named one of the "Best Companies to Work For in the South" by U.S. News & World Report. Looking ahead, the company anticipates continued challenges from market conditions, including inflation and interest rate fluctuations, but remains optimistic about its capital and liquidity positions, which are expected to support future growth initiatives.
About SIMMONS FIRST NATIONAL CORP
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