Simmons First National (SFNC) 8-K Results of Operations and Financial Condition

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Exchange Act of 1934

Date of Report (Date of earliest event reported) January 20, 2005

SIMMONS FIRST NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)

Arkansas	0-6253	71-0407808
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)

501 Main Street, Pine Bluff, Arkansas	71601
(Address of principal executive offices)	(Zip Code)

(870) 541-1000
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))

ITEM: 2.02                     RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     The following is the text of a press release issued by the registrant at 8:25 A.M. Central Standard Time on January 20, 2005.

SIMMONS FIRST ANNOUNCES FOURTH QUARTER EARNINGS

                Pine Bluff, AR – Simmons First National Corporation (NASDAQ NM: SFNC) today announced fourth quarter 2004 operating earnings (net income excluding nonrecurring items) of $6,310,000, or $0.42 diluted earnings per share, compared to $5,318,000, or $0.37 diluted earnings per share for the same period in 2003. This represents a $992,000, or $0.05 increase in diluted earnings per share, which is approximately a 13.5% increase on a per share basis over the comparable periods. During the fourth quarter the Company recorded a nonrecurring $0.03 reduction in earnings per share related to the write off of deferred debt issuance cost associated with the redemption of its 9.12% trust preferred securities. Including the nonrecurring expense, Simmons First’s fourth quarter 2004 earnings were $5,840, 000, or $0.39 diluted earnings per share.

                “We are pleased with the Company’s solid financial performance in the fourth quarter,” said J. Thomas May, Chairman and Chief Executive Officer. “The earnings increase over the same quarter last year is primarily attributable to growth in the loan portfolio, increases in non-interest income and a lower provision for loan losses, which correlates to a continued improvement in asset quality. While the nonrecurring charge related to the early redemption of the trust preferred securities adversely affected our earnings for the fourth quarter, going forward this prepayment will reduce interest expense by approximately $1.6 million per year. We project this savings will have a $0.05 positive impact to diluted earnings per share in 2005.”

                Operating earnings for the year ended December 31, 2004, were $24,916,000, or $1.68 diluted operating earnings per share. These operating earnings reflect a 3.7% increase on a diluted per share basis when compared to operating earnings for the same period last year. For the twelve month period ended December 31, 2004, the Company reported net income after nonrecurring expenses of $24,446,000, or $1.65 diluted earnings per share.

                At December 31, 2004, the Company’s loan portfolio totaled $1.6 billion, which is a $153 million, or a 10.8%, increase from the same period last year. This increase is partially due to the $70 million in loans associated with the Company’s first quarter acquisition in Hot Springs. Excluding the merger, loans grew $83 million or 5.9%.

                Asset quality remains strong with the allowance for loan losses as a percent of total loans at 1.69% as of December 31, 2004. Non-performing loans equaled 0.76% of total loans, while the allowance for loan losses equaled 221% of non-performing loans. As of December 31, 2004, the non-performing assets ratio was 0.89%.

                Total assets for the Corporation at December 31, 2004, were $2.4 billion, an increase of $178 million over the period ended December 31, 2003, of which $156 million was related to the first quarter acquisition. Stockholders’ equity as of December 31, 2004 was $238 million.

                Simmons First National Corporation is an Arkansas based, Arkansas committed financial holding company with eight community banks in Pine Bluff, Lake Village, Jonesboro, Rogers, Searcy, Russellville, El Dorado and Hot Springs, Arkansas. The Company’s eight banks conduct financial operations from 80 offices, of which 78 are financial centers, in 45 communities.

                CONFERENCE CALL

                Management will conduct a conference call to review this information at 3:00 p.m. CST (4:00 p.m. EST) on Thursday, January 20, 2005. Interested parties can listen to this call by calling 1-800-854-4175 (United States and Canada only) and ask for the Simmons First National Corporation conference call. A recorded playback of the call will be available the next morning by calling 1-800-642-1687. The passcode for this playback is 2952776 and the recording will be available through the end of business February 20, 2005. In addition, the call will also be available live or in recorded version on the Company’s website at www.simmonsfirst.com under the “webcast” icon.

GENERAL

                Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors, including, but not limited to, economic conditions, credit quality, interest rates, loan demand and changes in the assumptions used in making the forward-looking statements, could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect Simmons First National Corporation’s financial results is included in its Form 10-K filing with t he Securities and Exchange Commission.

####

FOR MORE INFORMATION CONTACT:
ROBERT A. FEHLMAN
Senior Vice President and Chief Financial Officer
Simmons First National Corporation
(870) 541-1231

Simmons First National Corporation														SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(In thousands)		2004			2004			2004			2004			2003
ASSETS
Cash and non-interest bearing balances due from banks	$	72,032		$	77,944		$	79,555		$	69,234		$	78,205
Interest bearing balances due from banks		36,249			11,273			12,660			51,747			31,850
Federal funds sold and securities purchased
under agreements to resell		45,450			17,300			41,555			83,660			91,560
Cash and cash equivalents		153,731			106,517			133,770			204,641			201,615
Investment securities		542,058			563,581			555,414			544,723			491,950
Mortgage loans held for sale		9,246			11,153			9,094			13,327			12,211
Assets held in trading accounts		4,916			2,149			389			205			90
Loans		1,571,376			1,602,127			1,543,163			1,504,173			1,418,314
Allowance for loan losses		(26,508	)		(27,602	)		(27,268	)		(26,764	)		(25,347	)
Net loans		1,544,868			1,574,525			1,515,895			1,477,409			1,392,967
Premises and equipment		57,211			55,027			51,614			51,306			49,369
Foreclosed assets held for sale, net		1,839			1,789			1,641			2,509			2,979
Interest receivable		14,248			15,361			12,797			13,683			12,678
Goodwill		60,454			60,454			60,432			59,454			45,159
Core deposits, net		5,829			6,035			6,243			6,330			5,258
Other assets		19,544			21,692			23,224			21,275			21,502
TOTAL ASSETS	$	2,413,944		$	2,418,283		$	2,370,513		$	2,394,862		$	2,235,778
LIABILITIES
Non-interest bearing transaction accounts	$	293,137		$	287,632		$	298,556		$	291,594		$	270,343
Interest bearing transaction accounts and savings deposits		769,296			749,492			746,595			727,258			670,908
Time deposits less than $100,000		539,836			547,510			545,551			552,606			525,806
Time deposits greater than $100,000		356,926			357,566			340,368			353,344			336,411
Total deposits		1,959,195			1,942,200			1,931,070			1,924,802			1,803,468
Federal funds purchased and securities
sold under agreements to repurchase		104,785			96,384			70,656			88,491			100,209
Short-term debt		2,373			13,763			11,665			6,257			6,833
Long-term debt - parent company		6,000			6,000			8,000			8,000			8,000
Long-term FHLB debt - affiliate banks		57,733			59,775			56,077			58,543			45,666
Subordinated debt issued to capital trusts		30,930			48,714			48,714			48,714			47,250
Accrued interest and other liabilities		14,706			15,993			16,721			30,440			14,357
TOTAL LIABILITIES		2,175,722			2,182,829			2,142,903			2,165,247			2,025,783
STOCKHOLDERS’ EQUITY
Capital stock		146			146			146			147			14,102
Surplus		62,826			62,659			63,044			64,399			35,988
Undivided profits		176,374			172,726			167,864			163,625			160,191
Accumulated other comprehensive (loss) income
Unrealized (depreciation) appreciation on AFS securities		(1,124	)		(77	)		(3,444	)		1,444			(286	)
TOTAL STOCKHOLDERS’ EQUITY		238,222			235,454			227,610			229,615			209,995
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,413,944		$	2,418,283		$	2,370,513		$	2,394,862		$	2,235,778

Page 1

Simmons First National Corporation														SFNC
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(In thousands)		2004			2004			2004			2004			2003
ASSETS
Cash and non-interest bearing balances due from banks	$	85,375		$	77,139		$	75,206		$	73,961		$	71,551
Interest bearing balances due from banks		38,498			13,817			33,677			60,587			61,436
Federal funds sold and securities purchased
under agreements to resell		60,033			36,389			46,206			83,915			88,853
Cash and cash equivalents		183,906			127,345			155,089			218,463			221,840
Investment securities - held-to-maturity		171,402			178,537			180,143			176,139			152,310
Investment securities - available-for-sale		383,325			378,591			374,576			321,009			292,662
Mortgage loans held for sale		9,682			10,211			12,512			7,946			12,355
Assets held in trading accounts		5,510			236			734			622			417
Loans		1,570,724			1,577,821			1,529,321			1,434,915			1,355,088
Allowance for loan losses		(27,823	)		(27,648	)		(27,325	)		(25,936	)		(24,375	)
Net loans		1,542,901			1,550,173			1,501,996			1,408,979			1,330,713
Premises and equipment		56,128			52,508			51,287			49,892			47,163
Foreclosed assets held for sale, net		1,728			1,798			1,841			2,597			2,811
Interest receivable		14,854			13,852			13,349			12,433			13,376
Goodwill and core deposits, net		66,401			66,603			65,859			52,401			40,926
Other assets		21,719			22,734			22,439			20,597			19,222
TOTAL ASSETS	$	2,457,556		$	2,402,588		$	2,379,825		$	2,271,078		$	2,133,795
LIABILITIES
Non-interest bearing transaction accounts	$	302,117		$	292,578		$	297,109		$	280,755		$	260,254
Interest bearing transaction accounts		260,341			251,702			254,144			226,342			192,358
Savings deposits		505,837			488,857			478,341			453,290			421,061
Time deposits less than $100,000		545,003			550,054			550,858			526,534			506,743
Time deposits greater than $100,000		357,800			348,148			350,832			340,030			330,891
Total deposits		1,971,098			1,931,339			1,931,284			1,826,951			1,711,307
Federal funds purchased and securities
sold under agreements to repurchase		107,150			91,950			78,372			100,947			108,181
Short-term debt		10,143			19,967			8,529			6,287			13,993
Long-term debt		113,370			111,025			113,913			105,443			76,909
Accrued interest and other liabilities		15,799			15,263			17,788			15,702			13,196
TOTAL LIABILITIES		2,217,560			2,169,544			2,149,886			2,055,330			1,923,586
TOTAL STOCKHOLDERS’ EQUITY		239,996			233,044			229,939			215,748			210,209
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,457,556		$	2,402,588		$	2,379,825		$	2,271,078		$	2,133,795

Page 2

Simmons First National Corporation														SFNC
Consolidated Average Year-to-Date Balance Sheets
For the Quarters Ended		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(In thousands)		2004			2004			2004			2004			2003
ASSETS
Cash and non-interest bearing balances due from banks	$	77,836		$	75,305		$	74,377		$	73,961		$	65,297
Interest bearing balances due from banks		36,587			35,946			47,132			60,587			51,325
Federal funds sold and securities purchased
under agreements to resell		56,423			55,211			64,726			83,915			63,642
Cash and cash equivalents		170,846			166,462			186,235			218,463			180,264
Investment securities - held-to-maturity		176,585			178,325			178,219			176,139			177,407
Investment securities - available-for-sale		361,231			358,082			347,715			321,009			249,731
Mortgage loans held for sale		10,087			10,223			10,229			7,946			22,692
Assets held in trading accounts		4,980			531			678			622			1,146
Loans		1,528,447			1,514,252			1,482,118			1,434,915			1,298,127
Allowance for loan losses		(27,186	)		(26,972	)		(26,631	)		(25,936	)		(22,994	)
Net loans		1,501,261			1,487,280			1,455,487			1,408,979			1,275,133
Premises and equipment		52,464			51,234			50,589			49,892			46,491
Foreclosed assets held for sale, net		1,990			2,077			2,219			2,597			2,655
Interest receivable		13,626			13,214			12,891			12,433			13,070
Goodwill and core deposits, net		62,836			61,638			59,128			52,401			35,335
Other assets		21,874			21,927			21,520			20,597			17,615
TOTAL ASSETS	$	2,377,780		$	2,350,993		$	2,324,910		$	2,271,078		$	2,021,539
LIABILITIES
Non-interest bearing transaction accounts	$	293,060		$	290,019		$	288,725		$	280,755		$	242,902
Interest bearing transaction accounts		248,175			244,091			240,243			226,342			179,941
Savings deposits		481,667			473,552			465,815			453,290			399,677
Time deposits less than $100,000		543,136			542,508			538,696			526,534			497,728
Time deposits greater than $100,000		349,224			346,344			345,432			340,030			316,245
Total deposits		1,915,262			1,896,514			1,878,911			1,826,951			1,636,493
Federal funds purchased and securities
sold under agreements to repurchase		94,465			90,206			89,324			100,947			87,847
Short-term debt		11,252			11,626			7,408			6,287			5,489
Long-term debt		110,946			110,131			109,678			105,443			72,211
Accrued interest and other liabilities		16,136			16,248			16,746			15,702			13,816
TOTAL LIABILITIES		2,148,061			2,124,725			2,102,067			2,055,330			1,815,856
TOTAL STOCKHOLDERS’ EQUITY		229,719			226,268			222,843			215,748			205,683
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,377,780		$	2,350,993		$	2,324,910		$	2,271,078		$	2,021,539

Page 3

Simmons First National Corporation										SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended		Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(In thousands, except per share data)		2004		2004		2004		2004		2003
INTEREST INCOME
Loans	$	25,363	$	24,956	$	23,802	$	22,732	$	22,334
Federal funds sold and securities purchased
under agreements to resell		303		140		110		195		206
Investment securities		4,496		4,494		4,343		4,114		3,874
Mortgage loans held for sale, net of unrealized gains (losses)		130		159		174		112		210
Assets held in trading accounts		35		2		1		3		4
Interest bearing balances due from banks		172		34		76		118		129
TOTAL INTEREST INCOME		30,499		29,785		28,506		27,274		26,757
INTEREST EXPENSE
Time deposits		4,752		4,555		4,475		4,416		4,545
Other deposits		1,469		1,269		1,177		1,050		1,014
Federal funds purchased and securities
sold under agreements to repurchase		471		302		202		252		280
Short-term debt		41		94		24		16		51
Long-term debt		1,512		1,448		1,478		1,425		999
TOTAL INTEREST EXPENSE		8,245		7,668		7,356		7,159		6,889
NET INTEREST INCOME		22,254		22,117		21,150		20,115		19,868
Provision for loan losses		1,932		1,932		2,019		2,144		2,197
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		20,322		20,185		19,131		17,971		17,671
NON-INTEREST INCOME
Trust income		1,400		1,388		1,233		1,400		1,428
Service charges on deposit accounts		3,642		3,928		3,767		3,227		2,710
Other service charges and fees		524		571		518		545		413
Income on sale of mortgage loans, net of commissions		781		814		1,045		751		792
Income on investment banking, net of commissions		131		101		198		215		371
Credit card fees		2,630		2,544		2,517		2,310		2,456
Student loan premiums		247		417		843		607		308
Other income		635		656		670		592		585
Gain on sale of mortgage servicing		—		—		—		—		—
Loss on sale of securities, net		—		—		—		—		(14	)
TOTAL NON-INTEREST INCOME		9,990		10,419		10,791		9,647		9,049
NON-INTEREST EXPENSE
Salaries and employee benefits		12,357		12,091		12,280		11,805		10,845
Occupancy expense, net		1,374		1,431		1,377		1,318		1,218
Furniture & equipment expense		1,444		1,445		1,399		1,358		1,265
Loss on foreclosed assets		116		49		137		44		71
Deposit insurance		68		76		71		69		70
Write off of deferred debt issuance cost		771		—		—		—		—
Other operating expenses		5,542		5,503		5,304		5,098		5,569
TOTAL NON-INTEREST EXPENSE		21,672		20,595		20,568		19,692		19,038
NET INCOME BEFORE INCOME TAXES		8,640		10,009		9,354		7,926		7,682
Provision for income taxes		2,800		3,102		3,066		2,515		2,364
NET INCOME	$	5,840	$	6,907	$	6,288	$	5,411	$	5,318
BASIC EARNINGS PER SHARE	$	0.40	$	0.47	$	0.43	$	0.38	$	0.38
DILUTED EARNINGS PER SHARE	$	0.39	$	0.47	$	0.42	$	0.37	$	0.37

Page 4

Simmons First National Corporation										SFNC
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended		Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(In thousands, except per share data)		2004		2004		2004		2004		2003
INTEREST INCOME
Loans	$	96,853	$	71,490	$	46,534	$	22,732	$	89,315
Federal funds sold and securities purchased
under agreements to resell		748		445		305		195		652
Investment securities		17,447		12,951		8,457		4,114		15,889
Mortgage loans held for sale, net of unrealized gains (losses)		575		445		286		112		1,220
Assets held in trading accounts		41		6		4		3		37
Interest bearing balances due from banks		400		228		194		118		494
TOTAL INTEREST INCOME		116,064		85,565		55,780		27,274		107,607
INTEREST EXPENSE
Time deposits		18,198		13,446		8,891		4,416		19,921
Other deposits		4,965		3,496		2,227		1,050		4,594
Federal funds purchased and securities
sold under agreements to repurchase		1,227		756		454		252		941
Short-term debt		175		134		40		16		89
Long-term debt		5,863		4,351		2,903		1,425		4,192
TOTAL INTEREST EXPENSE		30,428		22,183		14,515		7,159		29,737
NET INTEREST INCOME		85,636		63,382		41,265		20,115		77,870
Provision for loan losses		8,027		6,095		4,163		2,144		8,786
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		77,609		57,287		37,102		17,971		69,084
NON-INTEREST INCOME
Trust income		5,421		4,021		2,633		1,400		5,487
Service charges on deposit accounts		14,564		10,922		6,994		3,227		10,589
Other service charges and fees		2,158		1,634		1,063		545		1,508
Income on sale of mortgage loans, net of commissions		3,391		2,610		1,796		751		4,931
Income on investment banking, net of commissions		645		514		413		215		1,887
Credit card fees		10,001		7,371		4,827		2,310		9,782
Student loan premiums		2,114		1,867		1,450		607		1,479
Other income		2,553		1,918		1,262		592		2,297
Gain on sale of mortgage servicing		—		—		—		—		771
Loss on sale of securities, net		—		—		—		—		(14	)
TOTAL NON-INTEREST INCOME		40,847		30,857		20,438		9,647		38,717
NON-INTEREST EXPENSE
Salaries and employee benefits		48,533		36,176		24,085		11,805		42,979
Occupancy expense, net		5,500		4,126		2,695		1,318		5,080
Furniture & equipment expense		5,646		4,202		2,757		1,358		5,195
Loss on foreclosed assets		346		230		181		44		269
Deposit insurance		284		216		140		69		273
Write off of deferred debt issuance cost		771		—		—		—		—
Other operating expenses		21,447		15,905		10,402		5,098		19,321
TOTAL NON-INTEREST EXPENSE		82,527		60,855		40,260		19,692		73,117
NET INCOME BEFORE INCOME TAXES		35,929		27,289		17,280		7,926		34,684
Provision for income taxes		11,483		8,683		5,581		2,515		10,894
NET INCOME	$	24,446	$	18,606	$	11,699	$	5,411	$	23,790
BASIC EARNINGS PER SHARE	$	1.68	$	1.28	$	0.81	$	0.38	$	1.69
DILUTED EARNINGS PER SHARE	$	1.65	$	1.26	$	0.79	$	0.37	$	1.65

Page 5

Simmons First National Corporation														SFNC
Consolidated Risk-Based Capital
For the Quarters Ended		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(In thousands)		2004			2004			2004			2004			2003
Tier 1 capital
Stockholders’ equity	$	238,222		$	235,454		$	227,610		$	229,615		$	209,995
Trust preferred securities, net allowable		30,000			47,250			46,993			47,013			47,250
Intangible assets		(66,283	)		(66,489	)		(66,675	)		(65,784	)		(50,417	)
Unrealized loss (gain) on AFS securities		1,124			77			3,444			(1,444	)		286
Other		(738	)		(1,532	)		(1,110	)		(1,134	)		(1,160	)
Total Tier 1 capital		202,325			214,760			210,262			208,266			205,954
Tier 2 capital
Qualifying unrealized gain on AFS securities		392			405			373			353			326
Qualifying allowance for loan losses		19,961			20,540			19,924			19,325			18,320
Total Tier 2 capital		20,353			20,945			20,297			19,678			18,646
Total risk-based capital	$	222,678		$	235,705		$	230,559		$	227,944		$	224,600
Risk weighted assets	$	1,590,373		$	1,636,142		$	1,586,554		$	1,538,608		$	1,458,583
Assets for leverage ratio	$	2,391,149		$	2,337,627		$	2,314,344		$	2,203,461		$	2,082,552
Ratios at end of quarter
Leverage ratio		8.46	%		9.19	%		9.09	%		9.45	%		9.89	%
Tier 1 capital		12.72	%		13.13	%		13.25	%		13.54	%		14.12	%
Total risk-based capital		14.00	%		14.41	%		14.53	%		14.81	%		15.40	%

Page 6

Simmons First National Corporation														SFNC
Consolidated Loans and Investments
For the Quarters Ended		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(In thousands)		2004			2004			2004			2004			2003
Loan Portfolio - End of Period
Consumer
Credit cards	$	155,326		$	152,198		$	150,265		$	153,505		$	165,919
Student loans		83,283			82,140			72,410			89,829			86,301
Other consumer		128,552			130,267			135,448			138,818			142,995
Real Estate
Construction		169,001			148,561			138,747			135,143			111,567
Single-family residential		318,498			311,291			297,388			287,154			261,947
Other commercial		481,728			483,467			468,023			466,558			408,452
Unearned income		(10	)		(10	)		(11	)		(11	)		(11	)
Commercial
Commercial		158,613			184,017			185,126			164,252			162,122
Agricultural		62,340			94,751			77,023			51,536			57,393
Financial institutions		1,079			2,249			3,322			3,622			6,370
Other		12,966			13,196			15,422			13,767			15,259
Total Loans	$	1,571,376		$	1,602,127		$	1,543,163		$	1,504,173		$	1,418,314
Investment Securities - End of Period
Held-to-Maturity
U.S. Treasury	$	4,020		$	7,027		$	8,039		$	10,559		$	12,583
U.S. Government agencies		21,500			22,495			22,494			23,506			30,017
Mortgage-backed securities		307			494			516			539			553
State and political subdivisions		122,457			126,822			126,456			126,559			113,306
Other securities		2,980			21,612			21,811			21,758			20,108
Total held-to-maturity		151,264			178,450			179,316			182,921			176,567
Available-for-Sale
U.S. Treasury		24,096			20,008			18,933			61,545			16,331
U.S. Government agencies		341,086			338,309			330,291			272,563			280,672
Mortgage-backed securities		3,877			4,477			5,027			6,038			1,382
State and political subdivisions		4,746			4,434			4,429			4,740			4,849
FHLB stock		8,206			8,162			7,777			6,933			6,849
Other securities		8,783			9,741			9,641			9,983			5,300
Total available-for-sale		390,794			385,131			376,098			361,802			315,383
Total investment securities	$	542,058		$	563,581		$	555,414		$	544,723		$	491,950
Fair Value - HTM investment securities	$	149,453		$	180,593		$	178,983		$	186,370		$	179,494
Investment Securities - QTD Average
Taxable securities	$	428,184		$	426,355		$	425,292		$	378,545		$	329,745
Tax exempt securities		126,543			130,773			129,427			118,603			115,227
Total investment securities - QTD average	$	554,727		$	557,128		$	554,719		$	497,148		$	444,972

Page 7

Simmons First National Corporation														SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(In thousands)		2004			2004			2004			2004			2003
Allowance for Loan Losses
Balance, beginning of quarter	$	27,602		$	27,268		$	26,764		$	25,347		$	22,795
Loans charged off
Credit cards		1,006			1,176			1,145			1,262			1,186
Other consumer		567			418			552			607			544
Real estate		418			259			355			231			587
Commercial		1,884			165			188			172			1,434
Total loans charged off		3,875			2,018			2,240			2,272			3,751
Recoveries of loans previously charged off
Credit cards		206			182			171			161			148
Other consumer		167			125			214			177			132
Real estate		75			39			143			20			104
Commercial		401			74			197			79			758
Total recoveries		849			420			725			437			1,142
Net loans charged off		3,026			1,598			1,515			1,835			2,609
Allowance for loan losses on acquisitions		—			—			—			1,108			2,964
Provision for loan losses		1,932			1,932			2,019			2,144			2,197
Balance, end of quarter	$	26,508		$	27,602		$	27,268		$	26,764		$	25,347
Non-performing assets
Non-performing loans
Nonaccrual loans
Real estate	$	6,309		$	5,923		$	6,077		$	8,424		$	6,004
Commercial		3,429			2,920			3,597			3,426			1,969
Consumer		1,180			1,371			1,723			1,874			2,076
Total nonaccrual loans		10,918			10,214			11,397			13,724			10,049
Loans past due 90 days or more		1,085			1,372			1,415			2,062			1,518
Total non-performing loans		12,003			11,586			12,812			15,786			11,567
Other non-performing assets
Foreclosed assets held for sale		1,839			1,789			1,641			2,509			2,979
Other non-performing assets		83			78			53			29			393
Total other non-performing assets		1,922			1,867			1,694			2,538			3,372
Total non-performing assets	$	13,925		$	13,453		$	14,506		$	18,324		$	14,939
Ratios
Allowance for loan losses to total loans		1.69	%		1.72	%		1.77	%		1.78	%		1.79	%
Allowance for loan losses to
non-performing loans		220.84	%		238.24	%		212.83	%		169.54	%		219.13	%
Allowance for loan losses to
non-performing assets		190.36	%		205.17	%		187.98	%		146.06	%		169.67	%
Non-performing assets ratio *		0.89	%		0.83	%		0.94	%		1.23	%		1.05	%
Non-performing loans to total loans		0.76	%		0.72	%		0.83	%		1.05	%		0.82	%
Non-performing assets to total assets		0.58	%		0.56	%		0.61	%		0.77	%		0.67	%

* Non-performing assets ratio = ( non-performing loans + foreclosed assets) / ( total loans + foreclosed assets)

Page 8

Simmons First National Corporation														SFNC
Consolidated - Selected Financial Data
For the Quarters Ended		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(In thousands, except share data)		2004			2004			2004			2004			2003
QUARTER-TO-DATE
Diluted earnings per share	$	0.39		$	0.47		$	0.42		$	0.37		$	0.37
Operating earnings (excludes nonrecurring items)		6,310			6,907			6,288			5,411			5,318
Diluted operating earnings per share		0.42			0.47			0.42			0.37			0.37
Cash dividends declared per common share		0.15			0.14			0.14			0.14			0.14
Cash dividends declared - amount		2,193			2,045			2,049			1,977			1,974
Return on average stockholders’ equity		9.68	%		11.79	%		11.00	%		10.09	%		10.04	%
Return on average assets		0.95	%		1.14	%		1.06	%		0.96	%		0.99	%
Net interest margin (FTE)		4.09	%		4.16	%		4.05	%		4.03	%		4.17	%
FTE Adjustment - investments		689			729			708			686			675
FTE Adjustment - loans		86			91			92			92			94
Amortization of intangibles		208			208			203			173			98
Amortization of intangibles, net of taxes		132			132			129			110			61
Average shares outstanding		14,608,104			14,608,158			14,656,569			14,181,904			14,089,152
Shares repurchased		—			16,950			56,515			—			—
Average price of repurchased shares		—			24.65			24.17			—			—
Average earning assets		2,239,174			2,195,602			2,177,169			2,085,133			1,963,121
Average interest bearing liabilities		1,899,644			1,861,703			1,834,989			1,758,873			1,650,136
YEAR-TO-DATE
Diluted earnings per share	$	1.65		$	1.26		$	0.79		$	0.37		$	1.65
Operating earnings (excludes nonrecurring items)		24,916			18,606			11,699			5,411			23,320
Diluted operating earnings per share		1.68			1.26			0.79			0.37			1.62
Cash dividends declared per common share		0.570			0.420			0.280			0.140			0.525
Return on average stockholders’ equity		10.64	%		10.98	%		10.56	%		10.09	%		11.57	%
Return on average assets		1.03	%		1.06	%		1.01	%		0.96	%		1.18	%
Net interest margin (FTE)		4.08	%		4.08	%		4.04	%		4.03	%		4.34	%
FTE Adjustment - investments		2,812			2,123			1,394			686			2,710
FTE Adjustment - loans		361			275			184			92			402
Amortization of intangibles		792			584			376			173			172
Amortization of intangibles, net of taxes		503			371			239			110			109
Average shares outstanding		14,515,364			14,483,772			14,420,548			14,181,904			14,114,428
Diluted shares outstanding		333,196			328,479			335,077			358,188			301,279
Average earning assets		2,174,340			2,152,570			2,130,817			2,085,133			1,864,070
Average interest bearing liabilities		1,838,865			1,818,458			1,796,596			1,758,873			1,559,138
END OF PERIOD
Book value	$	16.29		$	16.13		$	15.57		$	15.65		$	14.89
Shares outstanding		14,621,707			14,601,030			14,614,074			14,669,789			14,101,521
Full-time equivalent employees		1,086			1,097			1,085			1,086			1,042
Total number of ATM’s		79			78			78			75			70
Total number of branches		78			78			78			76			71
Parent company only - investment in subsidiaries		257,851			257,610			250,055			251,268			221,626
Parent company only - intangible assets		133			133			133			133			133

Page 9

Simmons First National Corporation											SFNC
Consolidated - Reconciliation of Operating Earnings
For the Quarters Ended		Dec 31			Sep 30		Jun 30		Mar 31		Dec 31
(In thousands, except share data)		2004			2004		2004		2004		2003
QUARTER-TO-DATE
Net Income	$	5,840		$	6,907	$	6,288	$	5,411	$	5,318
Nonrecurring items
Gain on sale of mortgage servicing		—			—		—		—		—
Write off of deferred debt issuance cost		771			—		—		—		—
Tax effect (39%)		(301	)		—		—		—		—
Net nonrecurring items		470			—		—		—		—
Operating income	$	6,310		$	6,907	$	6,288	$	5,411	$	5,318
Diluted earnings per share	$	0.39		$	0.47	$	0.42	$	0.37	$	0.37
Nonrecurring items
Gain on sale of mortgage servicing		—			—		—		—		—
Write off of deferred debt issuance cost		0.05			—		—		—		—
Tax effect (39%)		(0.02	)		—		—		—		—
Net nonrecurring items		0.03			—		—		—		—
Diluted operating earnings per share	$	0.42		$	0.47	$	0.42	$	0.37	$	0.37
YEAR-TO-DATE
Net Income	$	24,446		$	18,606	$	11,699	$	5,411	$	23,790
Nonrecurring items
Gain on sale of mortgage servicing		—			—		—		—		(771	)
Write off of deferred debt issuance cost		771			—		—		—		—
Tax effect (39%)		(301	)		—		—		—		301
Net nonrecurring items		470			—		—		—		(470	)
Operating income	$	24,916		$	18,606	$	11,699	$	5,411	$	23,320
Diluted earnings per share	$	1.65		$	1.26	$	0.79	$	0.37	$	1.65
Nonrecurring items
Gain on sale of mortgage servicing		—			—		—		—		(0.05	)
Write off of deferred debt issuance cost		0.05			—		—		—		—
Tax effect (39%)		(0.02	)		—		—		—		0.02
Net nonrecurring items		0.03			—		—		—		(0.03	)
Diluted operating earnings per share	$	1.68		$	1.26	$	0.79	$	0.37	$	1.62

Page 10

SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

Date: January 20, 2005       SIMMONS FIRST NATIONAL CORPORATION


      /s/ Robert A. Fehlman
      ————————————————————
      Robert A. Fehlman, Senior Vice President
         and Chief Financial Officer