SFNC - Earnings call transcript Q3 2020 | Simmons First National Corporation

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Operator

Ladies and gentlemen, thank you for standing by. And welcome to Simmons First National Corporation Third Quarter Earnings Call and Webcast. At this time, all participant lines are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions]. today's being that advised be conference recorded. is Please Instructions]. [Operator hand over to I would speaker conference to like Massanelli. now your the today, Steve ahead. go Please

Steve Massanelli

Good National Steve for call. you and Investor as morning, third at Officer and earnings Simmons Officer quarter First Chief joining Administrative My and Massanelli, our is Relations I Corporation. serve name thank

this purpose Accounting information Officer; this future. company's Officer; and The earnings of Financial Officer Chief in Joining to are Makris, George and the Fehlman, Director Officer. me Accounting Executive Chairman Chief data Chief call Bob and the issued of is our discuss provided Operating morning, release today Finance company discuss for Garner, and the and and to by Chief Executive the outlook David quarterly and

with comments a Q&A begin will by prepared session. followed We

A are analysts other invited on research Q&A recording company be that have investors posted listen-only will our We in institutional guests the Investor under this session. website, equity firms simmonsbank.com, days. in provide least from call and our Relations to in session the All participate of the our remarks and conference XX including mode. for Q&A on at the today's call, page prepared

a statements forward-looking by the results forward-looking expectations, remind our you of projected and/or implied During could those variety in to we factors. will that differ and factor outlook. today's call, statement make future goals, actual projections plans, about estimates, I materially due from or

and the December earnings our XXXX, filings, to issued other information. quarter The description assumes certain in this of release of Information information obligation XX-K our contained concerning these any ended the year limitation, XX, Additional section including Forward-Looking the risk without contained or the for ended of no Form statements is June revise for SEC morning. company some our XX, factors or forward-looking factors update in XXXX Form XX-K our

non-GAAP as to information available quarter earnings our Investor on and metrics the I the non-GAAP presentation, metrics filed an useful believe of additional Relations exhibits press investor simmonsbank.com. disclosures Makris. regarding contained metrics that SEC this GAAP will non-GAAP we are the discuss website in third provide George investors. Form are this we of page Please certain to which in including these financial and with now note morning report on X-K the Lastly, will release reconciliations over call at presentation, current included turn to to our our

George Makris

trying $X third third demonstration of quarter. earnings release, an of of continued costs. Thanks per third in second under especially Steve branch we these thanking and very quarter early the reported like commitment, their earnings and of program to earnings the $XX.X third begin call We're today's quarter increase press quarter, compared million the were $X.X XXXX, share net Diluted right-sizing after-tax, to retirement million to the call. in net our welcome conditions. conference merger-related, for for income million results banking community and quarter Included were values. associates $X.XX. In our dedication, I'd the proud our our for Simmons of by

core share per these diluted core quarter. were Excluding $X.XX company's XXXX, the of items, of the earnings quarter and million impact third $XX.X the earnings the for for were

X.X%. was on return Our assets average

Our return on average common equity was X.X%.

on for XX.X% XX.X%, return third ratio was the Our common was tangible efficiency our and equity quarter.

assets total were billion. $XX.X As of September XXth,

our $XX.X deposit balance $XX Our billion. was loan billion, balance and was

very loan and demand approved quarter, loans remains signaling $XX ready of weak of that pipeline every was at own Our aspect of only almost commercial in end the our close million economy. the to

X.XX%. which the Lower core liquidity loans our margin points. net XX excludes was interest was Our quarter the net decreased by accretion, interest and for basis net margin, margin PPP And yielding X.XX%. interest additional

offset approximately $XX to to Class third the the of lending increase decrease third in the of million common quarter for year. the decrease was income for primarily income period B Core last same a non-interest increase was on $XX Our of million, the on that Non-interest in for was the million sale gain The stock the due in a compared decrease large recognized quarter Visa million, was $XX mortgage quarter a by was partially and was the securities. million. expense $X.X sale third non-interest $XXX $XXX XXXX. million. This expense gain quarter

very Our quarter capital remains end. at strong

XX%. was Our total risk-based capital ratio

XX%. common was tier Our equity X ratio

we selected energy PPP our for of In period. portfolio, Notably, our leverage gives September presentation for a www.simmonsbank.com and tier extensive quality restaurant minute we excluding on financial loan industry retail show press commercial X.X% at loan X%. for asset take I'd equity at which our for was portfolio, X.X%; for along modification important our to Ratio hotel presentation. was X website with and those of the company. tangible COVID-XX for ACL our loans again to other and ACL We’ve ratio our or loans, show portfolio an release update, XX.X%; about information Our recap XXth. In and shared common data, quarterly much some our in our loans, still our regarding in credit allowance portfolio, like found categories. types X.X%. more our X.X%; information discuss losses is results our the our modification detail once

loan only longer or payments regular downgrade our for Once to with very no six be efforts modifications again, return considered of X.X% loans expect We to long-term restructuring. the were expect in we credit those proactive months. early of our to than Most pandemic.

payment loan growth during only X,XXX customers consumer are a between And XXX that in month round. for being other that ability on lines not the March of time, That drew to received it's the banks, was credit. recently, and status. in Chairman, loans contrast of As our their regular case and was Fed Simmons at our in reflected companies and the record Vice increases Quarles, return as a C&I loans of to second considered of the mentioned forbearances,

and million reductions quarter, the third $XX quarter continued in declined during we into the portfolio and fourth expect XXXX. energy Our by

of to customers’ our PPP expect the begin loans. to forgiveness loans the threshold. for of SBA below quarter XX% our $XX,XXX We are submitting PPP the information during fourth

details the the as of We've excluding certainly but ACL, our we're acquired since to acquisitions September and which XXXX. from on of of asset going have for total our PPP XXth, performance loans And supporting is management's loans, portfolios quality qualitative loans bank last, We highlighted X.X% total. slide. our in X.XX% that adjustment importantly, recap

again, charge-offs our credit risk diligence loans charge-offs has in fundamental Once We with portfolio case, each marks our losses in the have appropriate Simmons pleased we're portfolios, acquired acquired been the acquired some long to the losses to of portfolio in our the While acquired we're a identified credit exceeded of record, Management portfolios, very and of risk largest and acquired any of our versus of portfolio banks and acquired been proud manage loans have and credit exceptional. believe our marks. risk. identify management established mark. ability energy to strength our risk including been acquired it from in credit very comparison within no our has at of

investment our We in continue capability. digital

upgrades expect we planned to from customers through offerings adjusting of several to XXXX. now channels. Our trend our more the habits use continue. that to digital And their self-service are We've

still to future understand encouraged their taking marketplace see time opportunities. our we to customers While much have we're uncertainty in today, the

the from recover our the prepared We over operator will questions and I'll now be help well time. economy to institutional and at to line investors. turn our appropriate invite analysts

Operator

line Brady you. [Operator from Gailey with comes KBW. the Thank Instructions] of question Our first

open. now is line Your

Brady Gailey

to start wanted with So I and the spread with income. margin

X% was to -- I points linked all I know had think a it down XX the look think, know were sometimes flat at. you income mean, margin core if the be slightly. even they quarter. even liquidity, I around excess and I But you to that with before I look linked quarter you can dollars, talked annualized. was margin at But PPP down, about basis on with if down spread challenging

you're forward? talk side? And the margin just at done on the spread maybe So can what looking about how be going

Bob Fehlman

our little out the normalized to bit normalize be a on would back which basis a was you to about sorry, of is than -- lower X.XX the again, had just we said, decrease it'd portfolio. if most the from Yes. that And liquidity on you -- Hey, it, I'm you is like off PPP. normal we -- And loan with in start X.XX X.XXs, be I range Brady, when X.XX expected. to the talking Bob. X.XXs -- this and in guidance driven the X.XX X.XX was low a a -- in expected

just the -- and lower Some that more driver of the obviously, quarter those there's that. this across paid and off that volume sector was banking loans in matured

number for two this as continue environment developing We're out forward. forward going one, to not is into loan reinvesting the portfolio; in. goal opportunities programs our type be, move is So it, security to stretching reasonable going of but looking we're going we during is

Brady Gailey

Okay.

So you do looking be look should some expect think at spread Bob, roughly to at a you Or there income spread do when see that, income level, to forward? shrinkage you continue basis this dollars, quarterly it going at dollars? on flat,

Bob Fehlman

would this out there. picking up. it the we're week, environment going like. you it flat, little should this And of we in, our be expectation be expect I'd it. find as hit to seems every bottom the bottom be, this different tell day, is, you every on would end our But it. reinvest expectation But would kind -- but environment forward, we be But changes again, of I of relatively a we've our

Brady Gailey

Yes.

one Okay. shrinkage we about And more balances going out? you before then loan as expect the think big How you shrinkage mentioned drivers. little a of bottom forward? loan do Should

George Makris

George. a much. expect is show third But not what's probably particularly in me the little a let but give statistics of happened, more this Brady, you Hey, would quarter. to shrinkage couple here We

year, January, billion this $X.X So had payoffs. early since of we've

before $XXX off loan the matured. paid of the that those third in So happened quarter. that million

we January new of a $X.X billion standpoint, So since Xst. have production booked from new production

had Now new only production. billion of months, at point. this $X.X $XXX X million after we booked is funded But of that

off risk. not deleveraging, is, and we're the any they're what seeing their in So on marketplace they're new taking customers debt, our are paying

most we them. until on couple to a uncertainty. suspect more knows are getting of in our see And who the to see customers sitting the in certainty weeks, economic to more a could what's encouragement gives that So ready a And policy. people sideline have we're in we just of I change happen victim economy to major that invest,

Brady Gailey

branch income makes your is, spread just already side there put Yes. for about good on work income branches done expense then some in can the realizing Or release, the week. side? have another to of me given And I you you’ve bring efficiencies be on the spread expense, or just sense. That think expense as to Is pursue, the closed that XX there to it's those offset headwinds, more you opportunities are in some help the guys you finally headcount whether pretty down last been base additional pressure?

George Makris

our have I branch customers those what standpoint, if their to both services really yes, think from consider an and say obvious to digital there's driven Brady, anything And at us opportunity Well, from care taken basic efficient a a I Simmons. a we going force compress from think, preference headcount banking be to channels. closures. not certainly, expense, we way our That's customers. ultimately, be standpoint. to a facility branch perspective. going effort non-interest I the additional that of for by more through us to would here to We've ongoing provide for we're do Certainly rationalization our consumer continue that, to

at integrated in an and provide Now products fashion. consolidation within more to markets looking more we're services certain

to great process that and make us on that is XXXX during front. So would underway, progress expect I

Bob Fehlman

-- -- been Yes. with has I would George. Brady, this lot is year. this Bob. done but We a also I agree

it's this the think know year after acquisition. Landmark of were to in the where I important quarter we first

normalized harder non-interest $XXX X move that in in to for that -- a $XXX lot related expense it's period there's agree, was saves this but and year. core To I just the got lot And gotten low-hanging -- and a progress time. on of fruit. always as down the Our down quarter. acquisition realized cost there's have right-sizing a quarters We've it we work made million X before to of of we’ve the was a short with a But cost, stage. lot to -- will others. million room, and we're cost That opportunities, branch other next in going saves George, be

Operator

Thank you.

the comes line Our next with question of Piper Stephen Sandler. Scouten from

Your line is now open.

Stephen Scouten

wondering kind are are sounds would you to like confirm, securities first, it assume book, in bit just on a be more like then Maybe reinvested the if these going of average. I where at trends. from deposits that want to term? core could I want I And how could give reinvestment much securities below on some the those follow-up yields I at? of be think coming could about little to the And feel here? reinvest of in How you when you you low. be those NIM liquidity near their that the liquidity yields color excess kind

Bob Fehlman

And investment would portfolio. is start. thing I the the first I'll So say on

Our team good really quarter, last has done reinvesting. the a job

with XX the gains other got instead months portfolio, XX of realized go opportunities. and next and at called September, some them gain today On were in the months process. the out We basically Xst to And and the to to XX our our the being look asked over side, the for XX no team looked we of there next calls. at we to

were some worth there out that income basically also of for some year we time. gain half We a that at there had nice that and gains a interest look of -- we took

portion a the yield. about And at range -- portfolio to coming longer we're term. in are So and in in what team range. our I we Those our every approach. that doing is that will would it working for security on day, at opportunities are we our we'll look we're X.XX of shorter-term really reinvesting call but portfolio. then we're X.XX barbell more X going always the got -- the in X-year coming We've How the today on -- of

So probably range much. the not forward. increasing overall, when our look And duration on we're X.XX reinvestment a you very in

those to will deposits, first be the a not in money, do I number portfolio done I at a the look lot. Moving in to again, we're improvement in. -- Liquidity that, to getting in of in wise, believe you where we this quarter, in mean portfolio; But two, sizes, was second we We think the but mean one bit rates a going ends, George lot portfolio. bit work or more looking of low little more the there there's in to we're loan start little a loan quarter. -- put mentioned number in at the forward. a that. and environment there's stretch little bit the X continue we're room, we're not QX one going we investment the

go going to and And goal the this quarter. On control by we timed it's the as based in. would the very -- environment. to back reinvest liquidity, investment, we And side deposits. be the that our we're really the end measured billion of when up be can't on the to of other in It's about really $X.X

that's that started, now, but time in right lot So that that on where NIM deposits right now, COVID right where But the of we've are come see have a on goes the that. books when the impact we're we over maintain now. that a and negative does got we'll looking have if

Stephen Scouten

you I to they'd the there. That's And by like said XX% end you math bit helpful loans, color. right maybe that. better of then XX% loans, the looks if a come deferred mid-quarter on ex really guys X.X% thought my than but did down quarter, is call, at I we to it think got the the on PPP it Okay. the

the possible? of specifically note on -- could the loans? deferred expectation maybe deferred if on if And you maybe So kind of book, color outperformed what is the hotel path any

George Makris

Okay.

were again, gave relief. than in a But of So more before position once expected money third probably more put we in we our the them customers had we not borrowing payoffs quarter.

than pay a on in them period to several they're through deep They seeing deferred there. occupancy. slides, of construction. cautious really time. back open under that didn't is loans. with total comfortable X a of anticipated. book. X of We're hotels a planned. being get And very done comfortable hotels. see as to Category that goal. that's payments still And that hope over we've regular have earlier their But interest many So to we're want in of still our can almost deferred the you XX% quite one in come are, was to position to categorization were fairly we're gradual to We're dive of We with into going loans. how honestly, very increases hotel If then We got have problems these no they our out. able We've our as And

COVID better we're out on effort has come pandemic our this thought good I So helping a our have been seeing focused think been and reason in we of shape grow. guys performance would. we continue customers ready the field their primary very to to And than current

Stephen Scouten

do That's just meaningful classified loans and to then maybe to run Okay. looking increase And there you out pace Was the these in note non-accruals? charge-offs call anything the up maybe potential at next out? some loans maybe benefits in policy of of how and a me, great. deferrals great. X bit. for last fiscal quarters over That's there, And as or think X thing little non-accrual the about net

George Makris

a would say but was non-accrual. hit the of still opening loans that's had original I it couple Well, a large with hotel under we X loan date. One construction,

housing student today. Texas we're to a trying project work is Another through in that

a it at side you calculations, to important trying standpoint, of put in caution. thought loss look ACL to take we're they it we our the And our increase very on point, but our losses the X were loans. the on those non-performings for any bulk We of at of large they those that's in and either for non-accrual, up. our don't was when From So one requirement anticipate err ended a met this where presentation.

X%, or excluding ACL Our X.X%, at PPP. calculated X.XX% ACL our is is but below

we potential believe particularly weakness factors, certainly hotels, retail, recognized where we and our some conservative energy and our the in were very adjustment portfolio. that's So areas and management

Operator

Thank you.

Our question from of the comes Olney Matt Stephens. next line with

now line is Your open.

Matt Olney

the you non-accruals to stick in I credit just that George, And of multi-family with the increase and noted want discussion. hotel.

The other ask you to was loan was I retail. category going about

I Any that by geography think uptick you more the we or on in category. loans classified saw color retail can provide of anything? an

George Makris

it's And also retail you have our across portfolio. increased Matt, smattering as our know, footprint. on just a ACL our entire we

in What a is find will was really we late will reason the portfolio. renewing? those expect there's of Some leases still in when we start retail trouble that leases even from coming. facilities. And out flow be that in if more little in those And existing coming. cash there's that That's this, happens any when late

to trying little our prepare retail we're but to there across of aren't So portfolio that in bit non-accrual. loans and a for little bit bit footprint. seen a went that, It's a just we've and little there our here any it, big entire

Bob Fehlman

fact, is there's whole retail box portfolio smaller no In relatively that loans, big loans.

George Makris

right. That's

Matt Olney

it. Got

you Okay. about That's portfolio just year. then update helpful. million we're we portfolio. X% expected not far us like $XXX give to more? that going Any originally about And ago? we've a quarters the talked the it get shifting over But loans energy of looks on there. a to an of down Can shrink this by to book It's think end been to why as months now. as that's getting than the even few more efforts few slower energy color I

George Makris

would usually are of Well, to credits, that we're would guys, of oil times available what percentage. is up is up. our that happens they signal couple going the our going time those and out, balance a raise of go yes, year. get would just That particularly prices That a are, portion happened. time redetermination to the not Well, oil if hasn't shared with would period. that that go national most a real that we out were is at for up, the expect the you And prices where we're loans, us

which We're of the done, We that redetermination the the going As be are is the relationship portion good -- couple to that we still therefore, future, been with these only energy shrinking, credit mentioned lower been loans at actually price our going loans. an portfolio be okay. the And have to And with comfortable a that in before redeterminations is is is have in feel are energy still energy lending we're of us. not just of very deeper their probably, exceptions oil borrowers a it date. pre was lines And borrowings with than we've a bank. previous with.

us get issue. credit than timing taken a loans longer to of It's believe just bit out it's a with I just we don't So anything has these expected. it do little But to deterioration.

Matt Olney

of Okay. just to mix And going Makes you I shrinking, I XX%. go increasing. or think balances around And moving we balances the X of about assets. more want curious the see think year book almost or back earning this loan XX% X to ago, at back securities then, today, sense. the so? represented next the And years I securities assets. guess, to discussion where earning if over we're I'm

Bob Fehlman

Matt, this the in is Bob. I would XX% say normalized is XX%. to probably

to while a Our time, security to we’re now is long-term XX%, the these I middle to a period this how our period, ratio. and say, go now -- pandemic and on in interim investment we're so. security the navigate not the portfolio. right that the would us security this XX% closer But higher right the though, the for as long-term in to a book That's increase percentage through XX% look trying XX% of of than to may asset. main safer in waters wouldn't figure going out target or build we're is I earning loan-to-deposit back back portfolio through to

Operator

you. Thank

line next of with the Our question Feaster David comes Raymond James. from

is line Your open. now

David Feaster

guys you clearly to start $X.X side. the business back of with mean, generation. organic open just about are loan the kind billion in we've for I pretty challenging, obviously, on market I talked loan is still wanted but

still you're business? now of segments what landscape right what's like curious And Just and the both demand competitive market kind just your for seeing are of where open by pipeline?

George Makris

Yes.

say, area one still is that pretty aggressively, single-family we I you I would tell would the are So construction. funding

by done where The And well driven footprint well. can throughout Northwest well. doing production new are: are in Arkansas over industry that, market time. that results is Dallas/Fort see really have developers has million. still our I markets mortgage extremely Kansas Tennessee, added the our year-to-date at think City point doing some has markets that this you Middle have Worth, extremely our $XXX We

the believe And Here not, XX, of year. it banks. the top is then the since hits everyone in collectively, Central of or one we've banks million that of beginning added those community this $XXX added is they've division year. while leading our And $XXX none individually our million else new loan production

throughout it's leading spread of So Those markets out the our sort entire way. are footprint.

David Feaster

Okay. of headwinds the we which your you just That's helpful. one just given the have. that fee built have, And breadth benefits bank then revenue you contribution is that the of income of the -- the of

and Just the an fill and going of those didn't income just maybe these institutions much fee able the to your gap curious of cross-sell to into forward? that NII some thoughts fee income that cross-sell opportunity as whether some can of on being be have the on lines side some acquired

George Makris

Well, hit our XXXX on you've just priority.

You probably we've hired our a Division. know new of head Wealth that

that very be tremendous platform. our new a have We've little perspective, business relationships about we light Management ago. footprint. have put out in believe bit, the our for staff half particularly of perspective. Mortgage presence we head year, Southwest also I customers markets. out And year light a us. great being a a lending doing really out Division to success. was given recap opportunity well. here him He footprint. and We a that products, staff across card will themselves. a to business. and mortgage Treasury for we what's green a of concentrated the in get And results And little opportunity entire really lot good got that's once Missouri, our new to a some a We with card a We that in speak very credit happened the It's in opportunity with that build met with rolled that purchasing given from our with think hired already build our throughout new and Arkansas green lot just you our then just deeper were entire out, come We've of to several And seen build had

Wealth same So I from kind of And they it we right. expect group think you're our performance out. as the absolutely build

opportunities One non-interest is of revenue our in area our of biggest income.

David Feaster

think about just how PPP then expectations helpful. and talk from of front beneficiary smaller Okay. you’re just forgiveness. that? you the you last the one huge of I prefer your borrowers of timing on might that thoughts But mean the folks just the forgiveness? from rest, hearing timing some That's But we're delay to I get magnitude some about the the me. Could this of might -- your for obviously, to forgiveness wanted forgiveness and do And tax reasons. on timing a mean, loan

George Makris

get much think of the going to below. quarter. to we're of don't that's or that processed go make this to loans most difference most of that a and I smaller ahead $XX,XXX folks have say would I loans, Well, those going

as of ahead want year. to that then I and like I at on think books them go is, they'd don't X my the the end we the have we behind get One would. And schools. loan that

income documentation So If benefit. some my and about I unclear want go then for you We're that. delaying administration, be still in this still taxable not, still point. to believe change rate. higher be Whether going are at by or included forgiveness. there's who uncertain some a to tax be in we to is have process And going I have a there's those it, or going not may that ahead believe loans we tax to

thought of longer to submit recognition for of forgiveness, to delay They period income certainly So by time have now. caused that's and us have would just we a speculation. that that's we

XXXX. of could of most most submitted of income during the So -- to be the quarter. get fourth into Potentially, we expect we most deferred expect loans or the it

Operator

Our with question next the Gary D.A. Tenner comes [Operator line of Instructions] from Davidson.

Your open. now line is

Gary Tenner

I just had a couple of questions.

On you some there. color gave the on margin side,

a the it what much. costs I deposit side not what bit sense but of volumes side of loan interest-bearing do little sure wondering down a not came the bit of on pricing environment. you're on about very outlook on down us little am of quarter, side just give things. of terms But the in further? Maybe the you a Just your current side, -- given terms pushing on those costs Obviously, funding this in can is

Bob Fehlman

in some looking I that we're actively at made Well, and have QX, already think, changes.

expect basis stay points XX on another I'd maybe points, the QX. basis X So basis in points, X

of there. just range -- pool repriced. obviously So mature, big those deposits it's it's pick we're just a time We to the but it's move, getting those still as on get have, low the up harder the end obviously, -- towards

into funding X when decision. we'll of continue each as little has they're locked look At those a move up move and to term about get either time great if bit that, started repriced if ago forward. not, we they're half Most we wouldn't the in to a funds than longer And that at Other variable. side. to been period. much quarter borrowed So a was of I more year of a a of benefit the X-year

Now have back, needed wouldn't we obviously, looking it.

Gary Tenner

branch further? think kind of of kind just come think side I settling core like the could would Okay. look So for would I bit update dust with of expense expense down wonder because looks And of the the all if what kind things, then it of XQ a the number on you where kind number you on that clean rationalization?

Bob Fehlman

But said to believe. with end do you're as guidance to the we guidance work right core right your for quarter. taxes up XXX the But of remember, out, is and at we're gave have point in hit I level. the quarter savings going as do first on -- that we XXX XXX we're expenses We Obviously, in. would to in quarter, expense to our of XXX beginning going our continue come QX, that. the that expense of payroll into we do low it hit Well, do in. coming still that. We model, other, expenses the now, per from year 'XX George earlier, go

to XXX still say I'd I'm very XXX. all So is basically. that differences there conservative. timing that's some Hopefully, right on But banks -- now, in

Gary Tenner

Actually, one if question, last could. I

the wonder You on loans those your today could which hotel deck the and in update student talked I just of credit came at? the from gave X the the experience acquisitions about, acquisitions. kind you on detail you if the housing, just slide

George Makris

Bank One Bank. from One came came SNB. Southwest from

Operator

Thank you. to today's concludes for turn I Makris like to back session. the George question-and-answer now would call This closing remarks. Mr.

George Makris

Well, performance thank today. us Once each joining you quarter. our you very very much for again, to pleased we're with the financial for of

some trying prepared flexible returns uncertainty in marketplace We're we customers and can our reinvest, be to to there that is the the much help when decision-making ready in So so today. are we're certainty our as to as them.

hope So I again have a you us. day, thanks and for joining great

Operator

call. Ladies participation. for Thank this your conference you today’s and concludes gentlemen,

disconnect. You may now

Simmons First National (SFNC) 19 Oct 202020 Q3 Earnings call transcript