Simmons First National Corporation (NASDAQ: SFNC) has reported its third-quarter 2024 financial results, showcasing positive underlying trends across the board. Here's a breakdown of the key financial highlights and metrics:
Net income for Q3 2024 was $24.7 million, representing a decrease from $40.8 million in Q2 2024 and $47.2 million in Q3 2023. Diluted earnings per share were $0.20 for Q3 2024, down from $0.32 in Q2 2024 and $0.37 in Q3 2023. Adjusted earnings for Q3 2024 were $46.0 million, compared to $41.9 million in Q2 2024 and $48.8 million in Q3 2023. Adjusted diluted earnings per share for Q3 2024 were $0.37, down from $0.33 in Q2 2024 and $0.39 in Q3 2023.
Net interest income for Q3 2024 totaled $157.7 million, up from $153.9 million in Q2 2024 and $153.4 million in Q3 2023. The net interest margin on a fully taxable equivalent (FTE) basis for Q3 2024 was 2.74%, compared to 2.69% for Q2 2024 and 2.61% for Q3 2023.
Total loans at the end of Q3 2024 were $17.3 billion, reflecting an increase from $17.2 billion in Q2 2024 and $16.8 billion in Q3 2023. Total deposits at the end of Q3 2024 were $21.9 billion, slightly up from $21.8 billion in Q2 2024 and down from $22.2 billion in Q3 2023.
The efficiency ratio for Q3 2024 was 75.70%, up from 68.38% in Q2 2024 and 65.11% in Q3 2023. Adjusted efficiency ratio for Q3 2024 was 63.38%, compared to 65.68% in Q2 2024 and 61.94% in Q3 2023.
These numbers indicate a mixed performance for Simmons First National Corporation in Q3 2024, with notable changes in net income, diluted earnings per share, net interest income, total loans, total deposits, and efficiency ratios compared to the previous quarters. The market has reacted to these announcements by moving the company's shares -0.1% to a price of $23.28. If you want to know more, read the company's complete 8-K report here.
