Simmons First National reports Q1 adjusted EPS 32c, consensus 32c

Reports Q1 revenue $195.1M, consensus $202.35M. Q1 net charge-offs as a percentage of average loans were 19 basis points, compared to 11 basis points for the Q4 and 3 basis points for the Q1 of 2023. The increase in net charge-offs on a linked quarter basis was primarily due to $4.5M of charge-offs associated with the small ticket equipment finance portfolio that has been designated for run-off, as well as certain loans acquired through mergers since 2020. Net charge-offs from run-off and acquired portfolios accounted for 11 basis points of total net charge-offs recorded during the Q1.