FOR IMMEDIATE RELEASE: | April 15, 2010 |
SIMMONS FIRST ANNOUNCES FIRST QUARTER EARNINGS
Pine Bluff, AR – Simmons First National Corporation (NASDAQ-GS: SFNC) today announced first quarter earnings of $5.0 million, compared to $5.2 million for the same period in 2009. “As we expected, due to our equity offering in November, our first quarter diluted EPS was $0.29, compared to $0.37 diluted EPS in Q1 2009,” commented J. Thomas May, Chairman and CEO, regarding the Company’s first quarter results.
“While our first quarter earnings approximated our expectations, the EPS was below the consensus expectations of our research analysts. We believe the difference is primarily associated with the seasonality of our loan portfolio, which normally results in our first quarter earnings being the lowest of any quarter during the year. At this point, our expectations are that our annual performance is in line with the current consensus average,” said May. “Considering the conservative posture that we have taken relative to asset quality, capital and liquidity, we are willing to sacrifice some short-term earnings. As such, we are pleased with the first quarter earnings of $5 million.”
The Company’s net interest income for the first quarter of 2010 increased 4.4% to $24.4 million compared to $23.4 million for the same period of 2009. Net interest margin increased 3 basis points to 3.71% from the first quarter of 2009.
Non-performing assets as a percent of total assets remains relatively unchanged from year end at 1.10%. Non-performing loans as a percent of total loans improved to 0.83% from 1.35% at year end. These ratios include approximately $2.5 million of Government guaranteed student loans that were over 90 days past due at the end of the quarter. Excluding the guaranteed past due student loans, non-performing assets as a percent of total assets were 1.02% and non-performing loans as a percent of total loans were 0.70%. “While our nonperforming assets are above our internal target levels, we continue to have relatively good asset quality. In fact, our nonperforming asset ratio puts us in the 87th percentile within our peer group,” added May.
The allowance for loan losses was $25.0 million at March 31, 2010, or 1.35% of total loans and 164% of non-performing loans. The Company’s annualized net charge-off ratio for the first quarter of 2010 was 0.70%. Excluding credit cards, the annualized net charge-off ratio for the first quarter was 0.48%. Annualized net credit card charge-offs for the first quarter were 2.71%, which is more than 800 basis points below the most recently published credit card charge-off industry average of over 11%.
Total deposits were $2.4 billion and total assets for the Company were $3.1 billion at March 31, 2010. Stockholders’ equity increased 27.8% to $373 million at March 31, 2010, compared to $292 million at March 31, 2009. At March 31, 2010, book value per share was $21.72, tangible book value per share was $18.10 and the equity to assets ratio was 12.0%.
“One of the major strengths of our Company is our exceptional level of capital,” continued May. “We enhanced the strength of our capital during the fourth quarter of 2009 when we completed a $75 million secondary stock offering. The offering bolstered our already strong capital ratios, placing us in the 97th percentile in our peer group for regulatory capital. While this offering was dilutive to EPS of approximately $0.05 in the first quarter, the excess capital positions us to take advantage of unprecedented acquisition opportunities through FDIC assisted transactions of failed banks and future traditional acquisitions of healthy banks.”
Simmons First National Corporation is an Arkansas based 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 88 offices, of which 84 are financial centers, in 47 communities.
CONFERENCE CALL
Management will conduct a conference call to review this information beginning at 3:00 p.m. Central Time on Thursday, April 15, 2010. Interested persons can listen to this call by dialing 1-800-854-4175 (United States and Canada only) and asking for the Simmons First National Corporation conference call. A replay of the call will be available through 5:00 p.m. Central Time on April 22, 2010, by dialing 1-800-642-1687. The passcode for the replay is 63848859. In addition, the call will be available live or in recorded version on the Company’s website at www.simmonsfirst.com.
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 the Securities and Exchange Commission.
####
FOR MORE INFORMATION CONTACT:
DAVID W. GARNER
Senior Vice President and Investor Relations Officer
Simmons First National Corporation
(870) 541-1000
Simmons First National Corporation | SFNC | |||||||||||||||||||
Consolidated End of Period Balance Sheets | ||||||||||||||||||||
For the Quarters Ended | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||||||||||||||
(Unaudited) | 2010 | 2009 | 2009 | 2009 | 2009 | |||||||||||||||
(in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and non-interest bearing balances due from banks | $ | 61,975 | $ | 71,575 | $ | 54,176 | $ | 53,956 | $ | 53,707 | ||||||||||
Interest bearing balances due from banks | 365,396 | 282,010 | 142,714 | 52,321 | 43,219 | |||||||||||||||
Federal funds sold | - | - | 12,500 | 8,300 | 1,000 | |||||||||||||||
Cash and cash equivalents | 427,371 | 353,585 | 209,390 | 114,577 | 97,926 | |||||||||||||||
Investment securities - held-to-maturity | 432,004 | 464,061 | 387,122 | 352,921 | 217,443 | |||||||||||||||
Investment securities - available-for-sale | 156,096 | 182,854 | 184,493 | 277,948 | 505,349 | |||||||||||||||
Mortgage loans held for sale | 6,930 | 8,397 | 13,355 | 14,868 | 9,695 | |||||||||||||||
Assets held in trading accounts | 7,521 | 6,886 | 6,839 | 6,051 | 7,510 | |||||||||||||||
Loans | 1,849,960 | 1,874,989 | 1,925,101 | 1,943,460 | 1,917,332 | |||||||||||||||
Allowance for loan losses | (25,047 | ) | (25,016 | ) | (25,830 | ) | (25,032 | ) | (24,508 | ) | ||||||||||
Net loans | 1,824,913 | 1,849,973 | 1,899,271 | 1,918,428 | 1,892,824 | |||||||||||||||
Premises and equipment | 77,408 | 78,126 | 78,674 | 78,649 | 78,632 | |||||||||||||||
Foreclosed assets held for sale, net | 18,744 | 9,179 | 6,019 | 5,147 | 3,704 | |||||||||||||||
Interest receivable | 16,421 | 17,881 | 19,618 | 18,131 | 19,071 | |||||||||||||||
Bank owned life insurance | 47,667 | 40,920 | 40,612 | 40,319 | 39,995 | |||||||||||||||
Goodwill | 60,605 | 60,605 | 60,605 | 60,605 | 60,605 | |||||||||||||||
Core deposit premiums | 1,568 | 1,769 | 1,970 | 2,172 | 2,373 | |||||||||||||||
Other assets | 20,251 | 19,086 | 7,469 | 8,015 | 8,452 | |||||||||||||||
TOTAL ASSETS | $ | 3,097,499 | $ | 3,093,322 | $ | 2,915,437 | $ | 2,897,831 | $ | 2,943,579 | ||||||||||
LIABILITIES | ||||||||||||||||||||
Non-interest bearing transaction accounts | $ | 385,495 | $ | 363,154 | $ | 325,594 | $ | 324,686 | $ | 330,656 | ||||||||||
Interest bearing transaction accounts and savings deposits | 1,167,836 | 1,156,264 | 1,090,842 | 1,065,646 | 1,078,324 | |||||||||||||||
Time deposits less than $100,000 | 482,181 | 492,217 | 513,696 | 532,200 | 550,676 | |||||||||||||||
Time deposits greater than $100,000 | 392,757 | 420,537 | 401,137 | 396,612 | 409,846 | |||||||||||||||
Total deposits | 2,428,269 | 2,432,172 | 2,331,269 | 2,319,144 | 2,369,502 | |||||||||||||||
Federal funds purchased and securities | ||||||||||||||||||||
sold under agreements to repurchase | 131,750 | 105,910 | 96,666 | 98,146 | 98,680 | |||||||||||||||
Short-term debt | 3,263 | 3,640 | 3,493 | 2,647 | 1,456 | |||||||||||||||
Long-term debt | 139,183 | 159,823 | 161,560 | 162,726 | 160,423 | |||||||||||||||
Accrued interest and other liabilities | 21,780 | 20,530 | 24,626 | 22,953 | 21,348 | |||||||||||||||
TOTAL LIABILITIES | 2,724,245 | 2,722,075 | 2,617,614 | 2,605,616 | 2,651,409 | |||||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||||||||||
Capital stock | 172 | 171 | 140 | 140 | 140 | |||||||||||||||
Surplus | 112,250 | 111,694 | 41,048 | 40,824 | 41,901 | |||||||||||||||
Undivided profits | 260,310 | 258,620 | 255,062 | 250,070 | 247,228 | |||||||||||||||
Accumulated other comprehensive income | ||||||||||||||||||||
Unrealized appreciation on AFS securities | 522 | 762 | 1,573 | 1,181 | 2,901 | |||||||||||||||
TOTAL STOCKHOLDERS' EQUITY | 373,254 | 371,247 | 297,823 | 292,215 | 292,170 | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 3,097,499 | $ | 3,093,322 | $ | 2,915,437 | $ | 2,897,831 | $ | 2,943,579 |
Page 1
Simmons First National Corporation | SFNC | |||||||||||||||||||
Consolidated Average Quarter-to-Date Balance Sheets | ||||||||||||||||||||
For the Quarters Ended | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||||||||||||||
(Unaudited) | 2010 | 2009 | 2009 | 2009 | 2009 | |||||||||||||||
(in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and non-interest bearing balances due from banks | $ | 75,267 | $ | 74,862 | $ | 56,953 | $ | 57,708 | $ | 62,974 | ||||||||||
Interest bearing balances due from banks | 290,990 | 292,219 | 91,832 | 44,946 | 54,057 | |||||||||||||||
Federal funds sold | 1,015 | 1,280 | 5,962 | 9,355 | 486 | |||||||||||||||
Cash and cash equivalents | 367,272 | 368,361 | 154,747 | 112,009 | 117,517 | |||||||||||||||
Investment securities - held-to-maturity | 453,740 | 408,431 | 365,825 | 288,794 | 194,100 | |||||||||||||||
Investment securities - available-for-sale | 186,503 | 172,290 | 231,962 | 404,406 | 515,648 | |||||||||||||||
Mortgage loans held for sale | 5,815 | 8,603 | 11,063 | 16,316 | 13,731 | |||||||||||||||
Assets held in trading accounts | 6,968 | 8,260 | 6,293 | 5,981 | 4,213 | |||||||||||||||
Loans | 1,863,850 | 1,898,629 | 1,957,600 | 1,923,787 | 1,917,251 | |||||||||||||||
Allowance for loan losses | (25,849 | ) | (26,021 | ) | (25,603 | ) | (25,013 | ) | (25,840 | ) | ||||||||||
Net loans | 1,838,001 | 1,872,608 | 1,931,997 | 1,898,774 | 1,891,411 | |||||||||||||||
Premises and equipment | 77,939 | 78,636 | 78,763 | 78,743 | 78,847 | |||||||||||||||
Foreclosed assets held for sale, net | 9,238 | 7,049 | 5,813 | 4,362 | 3,365 | |||||||||||||||
Interest receivable | 17,005 | 20,582 | 19,280 | 19,161 | 19,856 | |||||||||||||||
Bank owned life insurance | 42,023 | 40,761 | 40,465 | 40,161 | 39,802 | |||||||||||||||
Goodwill | 60,605 | 60,605 | 60,605 | 60,605 | 60,605 | |||||||||||||||
Core deposit premiums | 1,684 | 1,869 | 2,089 | 2,288 | 2,491 | |||||||||||||||
Other assets | 18,308 | 7,605 | 5,979 | 6,945 | 7,777 | |||||||||||||||
TOTAL ASSETS | $ | 3,085,101 | $ | 3,055,660 | $ | 2,914,881 | $ | 2,938,545 | $ | 2,949,363 | ||||||||||
LIABILITIES | ||||||||||||||||||||
Non-interest bearing transaction accounts | $ | 357,483 | $ | 347,279 | $ | 329,427 | $ | 328,036 | $ | 327,250 | ||||||||||
Interest bearing transaction accounts and savings deposits | 1,166,643 | 1,159,372 | 1,074,415 | 1,081,416 | 1,052,635 | |||||||||||||||
Time deposits less than $100,000 | 491,603 | 507,236 | 524,367 | 539,165 | 558,969 | |||||||||||||||
Time deposits greater than $100,000 | 409,137 | 412,132 | 398,208 | 402,939 | 414,418 | |||||||||||||||
Total deposits | 2,424,866 | 2,426,019 | 2,326,417 | 2,351,556 | 2,353,272 | |||||||||||||||
Federal funds purchased and securities | ||||||||||||||||||||
sold under agreements to repurchase | 114,376 | 105,295 | 100,470 | 106,288 | 119,846 | |||||||||||||||
Short-term debt | 3,751 | 3,802 | 3,032 | 1,802 | 1,695 | |||||||||||||||
Long-term debt | 145,387 | 160,215 | 161,882 | 161,065 | 160,692 | |||||||||||||||
Accrued interest and other liabilities | 21,386 | 25,487 | 25,107 | 22,566 | 21,100 | |||||||||||||||
TOTAL LIABILITIES | 2,709,766 | 2,720,818 | 2,616,908 | 2,643,277 | 2,656,605 | |||||||||||||||
TOTAL STOCKHOLDERS' EQUITY | 375,335 | 334,842 | 297,973 | 295,268 | 292,758 | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 3,085,101 | $ | 3,055,660 | $ | 2,914,881 | $ | 2,938,545 | $ | 2,949,363 |
Page 2
Simmons First National Corporation | SFNC | |||||||||||||||||||
Consolidated Statements of Income - Quarter-to-Date | ||||||||||||||||||||
For the Quarters Ended | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||||||||||||||
(Unaudited) | 2010 | 2009 | 2009 | 2009 | 2009 | |||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||
Loans | $ | 26,788 | $ | 28,275 | $ | 29,122 | $ | 28,017 | $ | 28,234 | ||||||||||
Federal funds sold | 4 | 2 | 10 | 14 | 1 | |||||||||||||||
Investment securities | 4,531 | 5,029 | 5,089 | 5,256 | 6,417 | |||||||||||||||
Mortgage loans held for sale, net of unrealized gains (losses) | 70 | 119 | 136 | 195 | 158 | |||||||||||||||
Assets held in trading accounts | 2 | 7 | 3 | 5 | 5 | |||||||||||||||
Interest bearing balances due from banks | 191 | 204 | 87 | 70 | 78 | |||||||||||||||
TOTAL INTEREST INCOME | 31,586 | 33,636 | 34,447 | 33,557 | 34,893 | |||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||
Time deposits | 3,919 | 4,643 | 5,242 | 5,975 | 6,934 | |||||||||||||||
Other deposits | 1,518 | 1,866 | 1,891 | 1,926 | 2,569 | |||||||||||||||
Federal funds purchased and securities | ||||||||||||||||||||
sold under agreements to repurchase | 149 | 172 | 172 | 182 | 243 | |||||||||||||||
Short-term debt | 15 | 15 | 6 | 6 | 6 | |||||||||||||||
Long-term debt | 1,573 | 1,719 | 1,743 | 1,748 | 1,748 | |||||||||||||||
TOTAL INTEREST EXPENSE | 7,174 | 8,415 | 9,054 | 9,837 | 11,500 | |||||||||||||||
NET INTEREST INCOME | 24,412 | 25,221 | 25,393 | 23,720 | 23,393 | |||||||||||||||
Provision for loan losses | 3,231 | 2,767 | 2,789 | 2,622 | 2,138 | |||||||||||||||
NET INTEREST INCOME AFTER PROVISION | ||||||||||||||||||||
FOR LOAN LOSSES | 21,181 | 22,454 | 22,604 | 21,098 | 21,255 | |||||||||||||||
NON-INTEREST INCOME | ||||||||||||||||||||
Trust income | 1,250 | 1,317 | 1,361 | 1,223 | 1,326 | |||||||||||||||
Service charges on deposit accounts | 4,301 | 4,883 | 4,763 | 4,571 | 3,727 | |||||||||||||||
Other service charges and fees | 779 | 634 | 642 | 646 | 746 | |||||||||||||||
Income on sale of mortgage loans, net of commissions | 603 | 834 | 798 | 1,361 | 1,039 | |||||||||||||||
Income on investment banking, net of commissions | 605 | 469 | 598 | 675 | 411 | |||||||||||||||
Credit card fees | 3,677 | 3,897 | 3,745 | 3,597 | 3,153 | |||||||||||||||
Premiums on sale of student loans | - | - | 2,047 | 286 | - | |||||||||||||||
Bank owned life insurance income | 290 | 300 | 293 | 299 | 378 | |||||||||||||||
Other income | 695 | 597 | 716 | 556 | 679 | |||||||||||||||
Gain on sale of securities | - | - | - | 144 | - | |||||||||||||||
TOTAL NON-INTEREST INCOME | 12,200 | 12,931 | 14,963 | 13,358 | 11,459 | |||||||||||||||
NON-INTEREST EXPENSE | ||||||||||||||||||||
Salaries and employee benefits | 15,166 | 14,619 | 14,441 | 14,674 | 14,583 | |||||||||||||||
Occupancy expense, net | 1,882 | 1,898 | 1,846 | 1,824 | 1,889 | |||||||||||||||
Furniture and equipment expense | 1,495 | 1,572 | 1,553 | 1,527 | 1,543 | |||||||||||||||
Other real estate and foreclosure expense | 58 | 161 | 132 | 90 | 70 | |||||||||||||||
Deposit insurance | 955 | 687 | 865 | 2,557 | 533 | |||||||||||||||
Other operating expenses | 7,240 | 6,869 | 7,470 | 6,279 | 7,040 | |||||||||||||||
TOTAL NON-INTEREST EXPENSE | 26,796 | 25,806 | 26,307 | 26,951 | 25,658 | |||||||||||||||
NET INCOME BEFORE INCOME TAXES | 6,585 | 9,579 | 11,260 | 7,505 | 7,056 | |||||||||||||||
Provision for income taxes | 1,629 | 2,774 | 3,600 | 1,996 | 1,820 | |||||||||||||||
NET INCOME | $ | 4,956 | $ | 6,805 | $ | 7,660 | $ | 5,509 | $ | 5,236 | ||||||||||
BASIC EARNINGS PER SHARE | $ | 0.29 | $ | 0.44 | $ | 0.54 | $ | 0.40 | $ | 0.37 | ||||||||||
DILUTED EARNINGS PER SHARE | $ | 0.29 | $ | 0.44 | $ | 0.54 | $ | 0.39 | $ | 0.37 |
Page 3
Simmons First National Corporation | SFNC | |||||||||||||||||||
Consolidated Risk-Based Capital | ||||||||||||||||||||
For the Quarters Ended | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||||||||||||||
(Unaudited) | 2010 | 2009 | 2009 | 2009 | 2009 | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Tier 1 capital | ||||||||||||||||||||
Stockholders' equity | $ | 373,254 | $ | 371,247 | $ | 297,823 | $ | 292,215 | $ | 292,170 | ||||||||||
Trust preferred securities, net allowable | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | |||||||||||||||
Disallowed intangible assets, net of deferred tax | (50,503 | ) | (51,128 | ) | (51,483 | ) | (51,958 | ) | (52,459 | ) | ||||||||||
Unrealized gain on AFS securities | (522 | ) | (762 | ) | (1,573 | ) | (1,181 | ) | (2,901 | ) | ||||||||||
Total Tier 1 capital | 352,229 | 349,357 | 274,767 | 269,076 | 266,810 | |||||||||||||||
Tier 2 capital | ||||||||||||||||||||
Qualifying unrealized gain on AFS equity securities | 8 | 5 | - | 162 | 186 | |||||||||||||||
Qualifying allowance for loan losses | 23,574 | 24,405 | 24,754 | 24,796 | 24,537 | |||||||||||||||
Total Tier 2 capital | 23,582 | 24,410 | 24,754 | 24,958 | 24,723 | |||||||||||||||
Total risk-based capital | $ | 375,811 | $ | 373,767 | $ | 299,521 | $ | 294,034 | $ | 291,533 | ||||||||||
Risk weighted assets | $ | 1,882,902 | $ | 1,950,227 | $ | 1,977,736 | $ | 1,981,955 | $ | 1,961,351 | ||||||||||
Adjusted average assets for leverage ratio | $ | 3,033,367 | $ | 3,002,275 | $ | 2,861,329 | $ | 2,883,021 | $ | 2,893,210 | ||||||||||
Ratios at end of quarter | ||||||||||||||||||||
Equity to assets | 12.05 | % | 12.00 | % | 10.22 | % | 10.08 | % | 9.93 | % | ||||||||||
Tangible common equity to tangible assets | 10.25 | % | 10.19 | % | 8.25 | % | 8.09 | % | 7.96 | % | ||||||||||
Tier 1 leverage ratio | 11.61 | % | 11.64 | % | 9.60 | % | 9.33 | % | 9.22 | % | ||||||||||
Tier 1 risk-based capital ratio | 18.71 | % | 17.91 | % | 13.89 | % | 13.58 | % | 13.60 | % | ||||||||||
Total risk-based capital ratio | 19.96 | % | 19.17 | % | 15.14 | % | 14.84 | % | 14.86 | % |
Page 4
Simmons First National Corporation | SFNC | |||||||||||||||||||
Consolidated Loans and Investments | ||||||||||||||||||||
For the Quarters Ended | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||||||||||||||
(Unaudited) | 2010 | 2009 | 2009 | 2009 | 2009 | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Loan Portfolio - End of Period | ||||||||||||||||||||
Consumer | ||||||||||||||||||||
Credit cards | $ | 177,959 | $ | 189,154 | $ | 175,493 | $ | 168,897 | $ | 158,503 | ||||||||||
Student loans | 153,291 | 114,296 | 106,080 | 139,928 | 143,130 | |||||||||||||||
Other consumer | 131,735 | 139,647 | 144,155 | 142,040 | 139,502 | |||||||||||||||
Total consumer | 462,985 | 443,097 | 425,728 | 450,865 | 441,135 | |||||||||||||||
Real Estate | ||||||||||||||||||||
Construction | 173,080 | 180,759 | 192,051 | 197,336 | 208,664 | |||||||||||||||
Single-family residential | 389,257 | 392,208 | 403,035 | 401,447 | 410,315 | |||||||||||||||
Other commercial | 592,728 | 596,517 | 600,436 | 601,217 | 588,216 | |||||||||||||||
Total real estate | 1,155,065 | 1,169,484 | 1,195,522 | 1,200,000 | 1,207,195 | |||||||||||||||
Commercial | ||||||||||||||||||||
Commercial | 155,970 | 168,206 | 165,747 | 182,064 | 187,645 | |||||||||||||||
Agricultural | 65,964 | 84,866 | 125,566 | 96,526 | 68,731 | |||||||||||||||
Financial institutions | 4,093 | 3,885 | 4,087 | 3,598 | 3,471 | |||||||||||||||
Total commercial | 226,027 | 256,957 | 295,400 | 282,188 | 259,847 | |||||||||||||||
Other | 5,883 | 5,451 | 8,451 | 10,407 | 9,155 | |||||||||||||||
Total Loans | $ | 1,849,960 | $ | 1,874,989 | $ | 1,925,101 | $ | 1,943,460 | $ | 1,917,332 | ||||||||||
Investment Securities - End of Period | ||||||||||||||||||||
Held-to-Maturity | ||||||||||||||||||||
U.S. Government agencies | $ | 221,885 | $ | 254,229 | $ | 176,340 | $ | 149,698 | $ | 33,000 | ||||||||||
Mortgage-backed securities | 88 | 90 | 95 | 98 | 105 | |||||||||||||||
State and political subdivisions | 209,101 | 208,812 | 209,757 | 202,195 | 183,408 | |||||||||||||||
Other securities | 930 | 930 | 930 | 930 | 930 | |||||||||||||||
Total held-to-maturity | 432,004 | 464,061 | 387,122 | 352,921 | 217,443 | |||||||||||||||
Available-for-Sale | ||||||||||||||||||||
U.S. Treasury | 4,008 | 4,329 | 4,345 | 5,058 | 7,563 | |||||||||||||||
U.S. Government agencies | 135,038 | 161,524 | 162,760 | 195,236 | 301,785 | |||||||||||||||
Mortgage-backed securities | 2,996 | 2,972 | 2,998 | 2,936 | 3,008 | |||||||||||||||
State and political subdivisions | - | - | 366 | 486 | 486 | |||||||||||||||
FHLB stock | 7,484 | 7,477 | 7,474 | 7,471 | 7,376 | |||||||||||||||
Other securities | 6,570 | 6,552 | 6,550 | 66,761 | 185,131 | |||||||||||||||
Total available-for-sale | 156,096 | 182,854 | 184,493 | 277,948 | 505,349 | |||||||||||||||
Total investment securities | $ | 588,100 | $ | 646,915 | $ | 571,615 | $ | 630,869 | $ | 722,792 | ||||||||||
Fair Value - HTM investment securities | $ | 435,810 | $ | 465,665 | $ | 392,450 | $ | 353,021 | $ | 218,712 | ||||||||||
Investment Securities - QTD Average | ||||||||||||||||||||
Taxable securities | $ | 432,736 | $ | 370,538 | $ | 390,226 | $ | 498,989 | $ | 536,443 | ||||||||||
Tax exempt securities | 207,507 | 210,183 | 207,561 | 194,211 | 173,305 | |||||||||||||||
Total investment securities - QTD average | $ | 640,243 | $ | 580,721 | $ | 597,787 | $ | 693,200 | $ | 709,748 |
Page 5
Simmons First National Corporation | SFNC | |||||||||||||||||||
Consolidated Allowance and Asset Quality | ||||||||||||||||||||
For the Quarters Ended | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||||||||||||||
(Unaudited) | 2010 | 2009 | 2009 | 2009 | 2009 | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||
Balance, beginning of quarter | $ | 25,016 | $ | 25,830 | $ | 25,032 | $ | 24,508 | $ | 25,841 | ||||||||||
Loans charged off | ||||||||||||||||||||
Credit cards | 1,435 | 1,353 | 1,363 | 1,350 | 1,270 | |||||||||||||||
Other consumer | 500 | 1,048 | 652 | 528 | 530 | |||||||||||||||
Real estate | 2,401 | 1,245 | 483 | 1,389 | 1,697 | |||||||||||||||
Commercial | 227 | 633 | 378 | 467 | 442 | |||||||||||||||
Total loans charged off | 4,563 | 4,279 | 2,876 | 3,734 | 3,939 | |||||||||||||||
Recoveries of loans previously charged off | ||||||||||||||||||||
Credit cards | 229 | 263 | 242 | 201 | 214 | |||||||||||||||
Other consumer | 293 | 118 | 151 | 214 | 190 | |||||||||||||||
Real estate | 701 | 141 | 407 | 841 | 4 | |||||||||||||||
Commercial | 140 | 176 | 85 | 380 | 60 | |||||||||||||||
Total recoveries | 1,363 | 698 | 885 | 1,636 | 468 | |||||||||||||||
Net loans charged off | 3,200 | 3,581 | 1,991 | 2,098 | 3,471 | |||||||||||||||
Provision for loan losses | 3,231 | 2,767 | 2,789 | 2,622 | 2,138 | |||||||||||||||
Balance, end of quarter | $ | 25,047 | $ | 25,016 | $ | 25,830 | $ | 25,032 | $ | 24,508 | ||||||||||
Non-performing assets | ||||||||||||||||||||
Non-performing loans | ||||||||||||||||||||
Nonaccrual loans | ||||||||||||||||||||
Real estate | $ | 8,442 | $ | 18,358 | $ | 12,269 | $ | 13,217 | $ | 12,690 | ||||||||||
Commercial | 1,673 | 1,776 | 1,291 | 1,611 | 1,349 | |||||||||||||||
Consumer | 1,604 | 1,860 | 1,836 | 1,517 | 1,563 | |||||||||||||||
Total nonaccrual loans | 11,719 | 21,994 | 15,396 | 16,345 | 15,602 | |||||||||||||||
Loans past due 90 days or more | ||||||||||||||||||||
Government guaranteed student loans | 2,464 | 1,939 | 2,258 | 2,371 | 2,739 | |||||||||||||||
Other loans | 1,132 | 1,383 | 1,475 | 1,147 | 1,482 | |||||||||||||||
Total loans past due 90 days or more | 3,596 | 3,322 | 3,733 | 3,518 | 4,221 | |||||||||||||||
Total non-performing loans | 15,315 | 25,316 | 19,129 | 19,863 | 19,823 | |||||||||||||||
Other non-performing assets | ||||||||||||||||||||
Foreclosed assets held for sale | 18,744 | 9,179 | 6,019 | 5,147 | 3,704 | |||||||||||||||
Other non-performing assets | 15 | 20 | 21 | 17 | 12 | |||||||||||||||
Total other non-performing assets | 18,759 | 9,199 | 6,040 | 5,164 | 3,716 | |||||||||||||||
Total non-performing assets | $ | 34,074 | $ | 34,515 | $ | 25,169 | $ | 25,027 | $ | 23,539 | ||||||||||
Ratios | ||||||||||||||||||||
Allowance for loan losses to total loans | 1.35 | % | 1.33 | % | 1.34 | % | 1.29 | % | 1.28 | % | ||||||||||
Allowance for loan losses to | ||||||||||||||||||||
non-performing loans | 163.55 | % | 98.81 | % | 135.03 | % | 126.02 | % | 123.63 | % | ||||||||||
Non-performing loans to total loans | 0.83 | % | 1.35 | % | 0.99 | % | 1.02 | % | 1.03 | % | ||||||||||
Non-performing assets to total assets | 1.10 | % | 1.12 | % | 0.86 | % | 0.86 | % | 0.80 | % | ||||||||||
Non-performing assets to total assets | ||||||||||||||||||||
(excluding Gov't guaranteed student loans) | 1.02 | % | 1.05 | % | 0.79 | % | 0.78 | % | 0.71 | % | ||||||||||
Annualized net charge offs to total loans | 0.70 | % | 0.75 | % | 0.40 | % | 0.44 | % | 0.73 | % | ||||||||||
Annualized net charge offs to total loans | ||||||||||||||||||||
(excluding credit cards) | 0.48 | % | 0.57 | % | 0.19 | % | 0.22 | % | 0.56 | % | ||||||||||
Past due loans >30 days (excluding nonaccrual) | 1.02 | % | 0.81 | % | 0.82 | % | 0.58 | % | 0.78 | % |
Page 6
Simmons First National Corporation | SFNC | |||||||||||||||||||
Consolidated - Net Interest Income Analysis | ||||||||||||||||||||
For the Quarters Ended | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||||||||||||||
(Unaudited) | 2010 | 2009 | 2009 | 2009 | 2009 | |||||||||||||||
ASSETS | ||||||||||||||||||||
Earning Assets | ||||||||||||||||||||
Interest bearing balances due from banks | 0.27 | % | 0.28 | % | 0.38 | % | 0.62 | % | 0.59 | % | ||||||||||
Federal funds sold | 1.60 | % | 0.62 | % | 0.67 | % | 0.60 | % | 0.83 | % | ||||||||||
Investment securities | 3.66 | % | 4.30 | % | 4.21 | % | 3.71 | % | 4.28 | % | ||||||||||
Mortgage loans held for sale | 4.88 | % | 5.49 | % | 4.88 | % | 4.79 | % | 4.67 | % | ||||||||||
Assets held in trading accounts | 0.12 | % | 0.34 | % | 0.19 | % | 0.34 | % | 0.48 | % | ||||||||||
Loans | 5.83 | % | 5.92 | % | 5.91 | % | 5.85 | % | 5.98 | % | ||||||||||
Total interest earning assets | 4.74 | % | 4.97 | % | 5.31 | % | 5.18 | % | 5.41 | % | ||||||||||
LIABILITIES | ||||||||||||||||||||
Interest bearing liabilities | ||||||||||||||||||||
Interest bearing transaction and | ||||||||||||||||||||
savings accounts | 0.53 | % | 0.64 | % | 0.70 | % | 0.71 | % | 0.99 | % | ||||||||||
Time deposits | 1.76 | % | 2.00 | % | 2.25 | % | 2.54 | % | 2.89 | % | ||||||||||
Total interest bearing deposits | 1.07 | % | 1.24 | % | 1.42 | % | 1.57 | % | 1.90 | % | ||||||||||
Federal funds purchased and securities | ||||||||||||||||||||
sold under agreement to repurchase | 0.53 | % | 0.65 | % | 0.68 | % | 0.69 | % | 0.82 | % | ||||||||||
Short-term debt | 1.62 | % | 1.57 | % | 0.79 | % | 1.34 | % | 1.44 | % | ||||||||||
Long-term debt | 4.39 | % | 4.26 | % | 4.27 | % | 4.35 | % | 4.41 | % | ||||||||||
Total interest bearing liabilities | 1.25 | % | 1.42 | % | 1.59 | % | 1.72 | % | 2.02 | % | ||||||||||
NET INTEREST MARGIN/SPREAD | ||||||||||||||||||||
Net interest spread | 3.49 | % | 3.55 | % | 3.72 | % | 3.46 | % | 3.39 | % | ||||||||||
Net interest margin - quarter-to-date | 3.71 | % | 3.77 | % | 3.97 | % | 3.71 | % | 3.68 | % | ||||||||||
Net interest margin - year-to-date | 3.71 | % | 3.78 | % | 3.79 | % | 3.70 | % | 3.68 | % |
Page 7
Simmons First National Corporation | SFNC | |||||||||||||||||||
Consolidated - Selected Financial Data | ||||||||||||||||||||
For the Quarters Ended | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||||||||||||||
(Unaudited) | 2010 | 2009 | 2009 | 2009 | 2009 | |||||||||||||||
(in thousands, except share data) | ||||||||||||||||||||
QUARTER-TO-DATE | ||||||||||||||||||||
Diluted earnings per share | $ | 0.29 | $ | 0.44 | $ | 0.54 | $ | 0.39 | $ | 0.37 | ||||||||||
Cash dividends declared per common share | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | |||||||||||||||
Cash dividends declared - amount | 3,266 | 3,248 | 2,668 | 2,667 | 2,663 | |||||||||||||||
Return on average stockholders' equity | 5.36 | % | 8.06 | % | 10.20 | % | 7.48 | % | 7.25 | % | ||||||||||
Return on tangible equity | 6.58 | % | 10.10 | % | 13.13 | % | 9.73 | % | 9.47 | % | ||||||||||
Return on average assets | 0.65 | % | 0.88 | % | 1.04 | % | 0.75 | % | 0.72 | % | ||||||||||
Net interest margin (FTE) | 3.71 | % | 3.77 | % | 3.97 | % | 3.71 | % | 3.68 | % | ||||||||||
FTE adjustment - investments | 1,250 | 1,265 | 1,253 | 1,150 | 1,069 | |||||||||||||||
FTE adjustment - loans | 16 | 37 | 51 | 53 | 57 | |||||||||||||||
Amortization of intangibles | 201 | 201 | 201 | 202 | 202 | |||||||||||||||
Amortization of intangibles, net of taxes | 127 | 127 | 127 | 127 | 127 | |||||||||||||||
Average shares outstanding | 17,139,732 | 15,432,821 | 14,042,813 | 14,021,727 | 13,991,748 | |||||||||||||||
Average earning assets | 2,808,881 | 2,789,712 | 2,670,537 | 2,693,585 | 2,699,486 | |||||||||||||||
Average interest bearing liabilities | 2,330,897 | 2,348,052 | 2,262,374 | 2,292,675 | 2,308,255 | |||||||||||||||
YEAR-TO-DATE | ||||||||||||||||||||
Diluted earnings per share | $ | 0.29 | $ | 1.74 | $ | 1.30 | $ | 0.76 | $ | 0.37 | ||||||||||
Cash dividends declared per common share | 0.19 | 0.76 | 0.57 | 0.38 | 0.19 | |||||||||||||||
Return on average stockholders' equity | 5.36 | % | 8.26 | % | 8.33 | % | 7.37 | % | 7.25 | % | ||||||||||
Return on tangible equity | 6.58 | % | 10.61 | % | 10.80 | % | 9.60 | % | 9.47 | % | ||||||||||
Return on average assets | 0.65 | % | 0.85 | % | 0.84 | % | 0.74 | % | 0.72 | % | ||||||||||
Net interest margin (FTE) | 3.71 | % | 3.78 | % | 3.79 | % | 3.70 | % | 3.68 | % | ||||||||||
FTE adjustment - investments | 1,250 | 4,737 | 3,472 | 2,219 | 1,069 | |||||||||||||||
FTE adjustment - loans | 16 | 198 | 161 | 110 | 57 | |||||||||||||||
Amortization of intangibles | 201 | 806 | 605 | 404 | 202 | |||||||||||||||
Amortization of intangibles, net of taxes | 127 | 508 | 381 | 254 | 127 | |||||||||||||||
Average shares outstanding | 17,139,732 | 14,375,323 | 14,018,949 | 14,006,820 | 13,991,748 | |||||||||||||||
Average diluted shares outstanding | 17,212,980 | 14,465,718 | 14,108,546 | 14,093,163 | 14,090,246 | |||||||||||||||
Average earning assets | 2,808,881 | 2,713,330 | 2,687,868 | 2,696,535 | 2,699,486 | |||||||||||||||
Average interest bearing liabilities | 2,330,897 | 2,302,839 | 2,287,767 | 2,300,464 | 2,308,255 | |||||||||||||||
END OF PERIOD | ||||||||||||||||||||
Book value per share | $ | 21.72 | $ | 21.72 | $ | 21.20 | $ | 20.82 | $ | 20.85 | ||||||||||
Tangible book value per share | 18.10 | 18.07 | 16.75 | 16.35 | 16.35 | |||||||||||||||
Shares outstanding | 17,186,513 | 17,093,931 | 14,045,631 | 14,036,274 | 14,013,839 | |||||||||||||||
Full-time equivalent employees | 1,057 | 1,091 | 1,111 | 1,103 | 1,097 | |||||||||||||||
Total number of ATM's | 93 | 93 | 93 | 94 | 94 | |||||||||||||||
Total number of financial centers | 84 | 84 | 84 | 84 | 84 | |||||||||||||||
Parent company only - investment in subsidiaries | 305,182 | 303,183 | 300,946 | 298,310 | 297,860 | |||||||||||||||
Parent company only - intangible assets | 133 | 133 | 133 | 133 | 133 |
Page 8