Simmons Bank's Q2 profits double

Pine Bluff, Arkansas-based Simmons First National Corp. (Nasdaq: SFNC) doubled its profits in the second quarter.

The company, which has three Simmons Bank branches in Springfield, recorded net income of $58.3 million, a roughly 112% increase compared with $27.5 million in the same quarter of 2022, according to a news release. Diluted share earnings rose to 46 cents from 21 cents per share year over year.

"While we continue to navigate the challenging economic environment, like many in our industry we have experienced an increase in funding costs given the rapid rise in interest rates and resulting steps taken to defend our core customer deposit base," Simmons CEO Bob Fehlman said in the release. "Given our strong liquidity and capital positions, our focus on maintaining prudent underwriting standards and our 120-year history, we believe we are in a position to continue to serve our customers and expand market share across our attractive footprint."

In the second quarter of 2022, profits were impacted by accounting adjustments and one-time merger expenses, according to past reporting.

As of June 30, Simmons Bank's assets were $28 billion and deposits were $22.5 billion, according to the release. The company operates 231 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas.

SFNC shares were trading at $19.60 as of 11:44 a.m., compared with a 52-week range of $14.68 to $25.73 per share.