Jul. 24 at 12:05 PM
$SFNC Simmons First National reports Q2 adjusted EPS 33c, consensus 31c
Reports Q2 revenue
$197.2M, consensus
$201.84M. Tangible book value was
$16.20 from
$16.02 at previous quarter end. CEO Bob Fehlman commented: "Overall, we were very pleased with our results for the quarter as key profitability metrics - net income, total revenue and pre-provision net revenue - all showed positive progression on a linked quarter basis. Total loans increased 4% on a linked quarter annualized basis, while our focus on maintaining prudent pricing discipline resulted in a 15 basis point increase in the yield on our loan portfolio from the first quarter.
At the same time, the pace of increase in deposit costs slowed, rising just 4 basis points compared to Q1 levels, and noninterest bearing deposit migration also eased. As a result, our net interest margin rose 3 basis points on a linked quarter basis. Credit quality trends in the quarter were also positive, with nonperforming loans and past due loans decreasing from Q1 levels. While we continue to operate against a backdrop of uncertainty concerning slower economic growth and the timing of lower interest rates, we are comforted by our strong capital and liquidity positions. And given the liability sensitivity of our balance sheet, we believe we are well-positioned for profitable growth in a lower interest rate environment".
