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Simmons Bank boosts earnings in 2021

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Pine Bluff, Arkansas-based Simmons First National Corp. (Nasdaq: SFNC) reported a 6.4% increase in 2021 profits.

The company, which has four Simmons Bank branches in Springfield, last year posted $271.2 million in net income, up from $254.9 million in 2020, according to a news release.

"Simmons delivered record earnings in 2021 while continuing to navigate the headwinds brought about by the pandemic and the resulting impact on economic and business conditions," said George Makris Jr., chair and CEO of Simmons Bank, in the release. "While overall loan growth was muted for much of the year given the high levels of liquidity throughout the system, we are beginning to see positive signs that indicate an increase in business activity and a return to more normalized loan demand."

2021 financial notes for Simmons Bank
• The company purchased Landmark Community Bank and Triumph Bancshares Inc. to grow its market size in Tennessee.
• Diluted share earnings moved up to $2.46 from $2.31 per share.
• To end the year, fourth-quarter net income decreased by 9% to $48.2 million compared with the same three-month period of 2020.

As of Dec. 31, Simmons Bank's assets were $24.7 billion and deposits were $19.4 billion, according to the release. The company has 199 branches in Arkansas, Missouri, Tennessee, Texas, Oklahoma and Kansas.

SFNC shares were trading at $29.02 as of 9:19 a.m., compared with a 52-week range of $24.33 to $33.43.

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