Simmons First Earned $58.8M in 2Q

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Simmons First National Corp. of Pine Bluff  (Nasdaq: SFNC), the holding company for Simmons Bank, on Tuesday reported second-quarter net income of $58.8 million, up 5.7% from the same period last year.

“Our associates at Simmons Bank have done an amazing job of adapting to the changes that have occurred over the past four months,” Chairman and CEO George A. Makris Jr. said in a news release. “We continue to operate in an uncertain environment, and we will continue to adjust as necessary. We have consolidated various operations to provide capacity for continued service to our customers and communities. Our digital banking options have been very well received by our customers, and we expect to continue to see the trend toward more self-service. We need a sustainable plan for the opening of the economy, including public education across the country. We remain optimistic we will get one soon.”

The quarterly results include core earnings from banking operations of $60.1 million and $1.6 million from the sale of four branches in Colorado, less $3 million in merger and early retirement program expenses.

The company has not bought back shares since March 31; its stock price was $17 Tuesday morning. And Simmons reported $21.9 billion in assets as of June 30. 

As Arkansas Business reported in April, the company temporarily closed more than 50 branches in response to the coronavirus pandemic. Simmons said Tuesday that the majority of those branches have reopened but it is continuing to evaluate its branch network.

Also, Simmons originated more than 7,800 Paycheck Protection Program loans through June 30, with an average balance of $123,000 per loan. Approximately 93% of the forgivable PPP loans had a balance less than $350,000, according to the release.