Pine Bluff, Arkansas-based Simmons First National Corp. (Nasdaq: SFNC) posted a roughly 19% drop in third quarter profits as company officials cited the impacts of the coronavirus pandemic and resulting economic climate.
The company's net income was $65.9 million for the latest quarter, compared with $81.8 million at the same time last year. The operator of four Simmons Bank branches in Springfield recorded diluted earnings per share of 60 cents, a drop from 84 cents in third quarter 2019.
“We are very proud of our results under these trying conditions," Simmons Bank Chairman and CEO George Makris Jr. said in the release. "We have experienced very meaningful shifts in consumer habits which we believe will impact our delivery of products and services as well as the retail delivery of everyday amenities.
"Our investment in digital channels will continue to position our company for these changes and our associates are ready for the new normal."
Simmons Bank had $21.4 billion in assets and $16.2 billion in deposits as of Sept. 30, according to the release. As of June 30, Simmons held 3.3% of the deposit share in the Springfield metropolitan statistical area, according to Federal Deposit Insurance Corp. data.
SFNC shares were trading at $17.67 as of 11:15 a.m., compared with a 52-week range of $13.75 to $27.29.
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