Simmons Bank's profits dip in 2022

Despite a fourth-quarter gain, Pine Bluff, Arkansas-based Simmons First National Corp. (Nasdaq: SFNC) reported reduced profits in 2022.

The company, which has four Simmons Bank branches in Springfield, posted full-year earnings of $256.4 million, compared with $271.1 million in 2021, according to a news release.

"Results in 2021 were positively impacted by the recapture of provision for credit losses, gain on sales of securities, and lower merger and integration expenses associated with acquisitions," officials said in the release.

During the fourth quarter, Simmons Bank's net income rose 73% to $83.3 million from $48.2 million in the same period a year earlier.

"During 2022, we completed a number of strategic initiatives, including the successful merger and integration of Spirit of Texas Bancshares Inc., and delivered solid financial results while also navigating a challenging interest rate environment," said George Makris Jr., Simmons Bank executive chair, in the release.

As of Dec. 31, Simmons Bank's assets were $27.5 billion and deposits were $22.6 billion.

SFNC shares were trading at $22.05 as of 10:56 a.m., compared with a 52-week range of $19.34 to $29.57 per share.