Simmons First National (US:SFNC)2025-01-21 21:31Financial Performance - Net income for Q4 2024 was $48.3 million, up from $24.7 million in Q3 2024 and $23.9 million in Q4 2023, with diluted EPS of $0.38[5] - Total revenue for Q4 2024 reached $208.5 million, compared to $174.8 million in Q3 2024 and $177.6 million in Q4 2023[4] - Adjusted total revenue for Q4 2024 was $208.5 million, with adjusted pre-provision net revenue (PPNR) of $69.2 million[4] - Noninterest income for Q4 2024 was $43.6 million, significantly higher than $17.1 million in Q3 2024 and $22.0 million in Q4 2023[11] - Net interest income for Q4 2024 totaled $164.9 million, compared to $157.7 million in Q3 2024 and $155.6 million in Q4 2023[8] - Basic earnings per share for Q4 2024 were $0.38, up from $0.20 in Q3 2024, marking an increase of 90.0%[37] - Adjusted earnings for Q4 2024 were $49,634,000, compared to $46,005,000 in Q3 2024 and $50,215,000 in Q4 2023[48] - Net income for the year-to-date reached $152,693,000, a significant increase from $104,374,000 in the previous quarter[50] Asset and Loan Management - Total loans decreased to $17,006 million in Q4 2024 from $17,336 million in Q3 2024[4] - Total loans at the end of Q4 2024 were $17.0 billion, a decrease from $17.3 billion in Q3 2024 and an increase from $16.8 billion in Q4 2023[16] - Net loans decreased to $16,770,918 as of December 31, 2024, from $17,102,817 as of September 30, 2024, reflecting a decline of approximately 1.9%[36] - Average total loans for Q4 2024 were $17,212,034,000, reflecting a stable loan portfolio[53] Deposit Trends - Total deposits were $21,886 million in Q4 2024, slightly down from $21,935 million in Q3 2024[4] - Total deposits at the end of Q4 2024 were $21.9 billion, slightly down from $21.935 billion in Q3 2024, with a notable decline in time deposits and brokered deposits[18] - Total deposits were $21,885,750 as of December 31, 2024, down from $21,935,434 as of September 30, 2024, indicating a decrease of about 0.2%[36] Credit Quality and Losses - The allowance for credit losses to loans ratio was 1.38% at the end of Q4 2024, compared to 1.35% in Q3 2024[4] - Provision for credit losses totaled $13.3 million in Q4 2024, compared to $12.1 million in Q3 2024 and $10.0 million in Q4 2023, indicating a normalization of the credit environment[20] - Total nonperforming loans at the end of Q4 2024 were $110.7 million, up from $101.7 million in Q3 2024 and $84.5 million in Q4 2023[22] - The net charge-off ratio for Q4 2024 was 0.27%, compared to 0.22% in Q3 2024 and 0.11% in Q4 2023, indicating an increase in credit losses[21] - Total loans charged off for the quarter ended December 31, 2024, were $12,740 thousand, compared to $10,662 thousand in the previous quarter, representing an increase of 19.5%[42] Efficiency and Ratios - The efficiency ratio improved to 65.66% in Q4 2024 from 75.70% in Q3 2024, reflecting better operational efficiency[15] - The tangible common equity ratio was 8.3% at the end of Q4 2024, up from 8.2% in Q3 2024 and 7.7% in Q4 2023[25] - The total risk-based capital ratio improved to 14.61% in Q4 2024, compared to 14.25% in Q3 2024[38] - The equity to assets ratio improved to 13.13% in Q4 2024, compared to 12.94% in Q3 2024[38] Future Outlook - The company is cautiously optimistic about 2025, monitoring factors such as inflation, interest rates, and regulatory changes[2] - Forward-looking statements indicate potential growth in lending capacity and digital banking initiatives, but are subject to various risks and uncertainties[34] Stockholder Information - Total stockholders' equity at the end of Q4 2024 was $3.5 billion, an increase of $102.4 million from $3.4 billion in Q4 2023[24] - The company did not repurchase shares during Q4 2024, with remaining authorization under the stock repurchase program at approximately $175 million[27] - Cash dividends declared per common share increased to $0.210 in Q4 2024, compared to $0.200 in Q4 2023[44] - The tangible book value per common share increased to $16.80 from $15.92 year-over-year[52]