SFNC - Earnings call transcript Q3 2018 | Simmons First National Corporation

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Operator

Good day, ladies and gentlemen, and welcome to the Simmons First National Corporation Third Quarter Earnings Call and Webcast. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] I would now like to introduce your host for today’s conference, Mr. Steve Massanelli. begin. may you Sir,

Stephen Massanelli

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

Makris, today Controller President bank Executive Garner, Enterprise. Banking Officer; and me of wholly-owned Southeast Accounting Chief Reddin, of of Barry Officer; purpose the is discuss and call the Chief outlook Matt Joining Ledbetter, release Company by Chairman Chairman the Officer; this and Division; Simmons and earnings for our to future. of Fehlman, CEO information The discuss Financial Chief yesterday subsidiary; President quarterly in to and George our are Company's David issued and data the Bob Marty Casteel, provided our Bank,

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

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

you different and current certain actual and and factors, the During during about statements make performance cause this than and which remind the matters certain discussed constitute materially uncertainties, and estimates. special statements, expectations, to may call that our estimates forward-looking may other be presentations our results forward-looking or known certain forward-looking cautionary and unknown regarding plans, in today's risks, call involve may of other Company, and I’ll disclosures outlook. statements by notice made we may goals, expectations,

our earnings Securities the all certain on risk in release and please with risk press recent section filed a and our of refer with Annual U.S. to is list Commission. factors Form business, description contained the XX-K, the most certain Report Forward-Looking Information of For our Exchange of associated

made of by future Company Company occurrence obligation future its to the of new on no forward-looking not or such management based events, and on performance. and at assumptions are time management are statements of the or based any beliefs otherwise. statements of revise of undertakes and information Forward-looking the guarantees the The estimates, receipt projections, update statements,

non-GAAP certain are Lastly, in will metrics of this for X-K. those companies. viewed non-GAAP the in current non-GAAP necessarily the provide should nor metrics. Form on These be they comparable be presented the I’ll a contained GAAP to Makris. over disclosures our turn now by presentation, with non-GAAP to that insights. intended other as in George may we Please to and call substitute discuss note, Any financial measures GAAP not meaningful determined filed performance accordance references financial operating to that are results measures are yesterday SEC core report with reconciliations

George Makris

XX.X% and of year. were earnings the an last million quarter third Included XXXX. $X.XX net $X.XX, compared and quarter welcome to for our $XX.X an million earnings press to of issued conference $X.X same per in Diluted in in Steve, million quarter the from were share we after-tax XXXX, increase call. period or Thanks yesterday, net the $XX.X XX.X% quarter reported same release right-sizing income of increase that third earnings our merger-related costs. or of third In branch

period earnings Diluted $XX.X an the that in compared period quarter, $X.XX, XX.X% to of core earnings were third increase these or were of for XXXX. the share impact core million of in an from the or XXX.X% $XX.X million the increase per items, same Excluding Company's same XXXX. $X.XX

an the of of year-end. and million $X.X billon XX% $XX.X an was end increase quarter $XXX billion, or the increase quarter, since at of from balance loan Our last

and City, Southwest Arkansas, Northwest Louis, growth Kansas all outpaced City rate. Oklahoma Texas, North in Company's markets Middle St. have Our average the Tennessee, Tennessee,

increase loan Our approximately was the XX.X% billion, period acquired loans interest of of year. development same Company’s a quarter. of and million Accretion end quarter. to ready third September at was last third income an Total at The define estimates concentration our Based consolidated was loans. On quarter was at XXXX. of the CRE the or $X $XXX and quarter, XXth net million flow accelerated XX.X% $XXX cash fourth increase billion accretion were we million, quarter and accretion projections, the as of income for an the income during approximately and end more original quarter flows approved $X.X increase The than was for million. from our of from the the loans expect on last construction of deposits our close, X% XXX.X% cash loans loans basis, from the acquired to pipeline, in $XX $X.X due $XXX.X year-end million. quarter and from $XX.X which our million of concentration we the was

first issuance risen and interest prepayment an net of excludes additional while basis bearing compared impact point Our for debt to deposits was previous Since margin. December quarter. The loan of interest of previous was the the basis core yield to at has X.XX% quarter. third XX point existing net end a had X.XX% The points, margin margin interest accretion net debt increased X risen X.XX% subordinated borrowed the cost the core which Company's the XX for quarter cost X had X.XX% The of quarter compared XX, basis has timing the quarter has interest on third subordinated the impact. funds basis basis our points, XXXX, points. quarter XX

quarter lending for due compared quarter million to fees a the income in Our and of million, to $X.X $XX.X last primarily card the income. was decrease non-interest debit decreases mortgage

second to in card the As the by reduction resulting $X.X to quarter. third rate interchange Amendment, the the quarter of compared July fees subject million as in cap, Xst, became Durbin we a established debit in

SBA $X million less a in income our was $XX for X% less $XXX.X than and recent lending driven to compared as transactions to an platform was for X% initiative. XX% and premium on sales, expensed in range part we were software remain mainly Core the loan income the as $X.X the the was due the we rates of months XXXX we quarter quarter Generation basis. of the environment. card in when reminder, to our computer rate by Mortgage represented rising in estimate $X.X million approximately fewer lowered have the a selective fees in pre-tax second during As the non-interest will million XXXX compared in compared quarter Next receive flat million Banking second the for when increase debit to $X.X year. items that to quarter remained less million as $XX.X expense first of million, quarter Non-interest XXXX. which quarter million. of second expense during the quarter,

third expense. an million in the directed for deposit XXX(k) incremental spent $X.X we campaigns addition, $X.X towards In and quarter growth of marketing profit-sharing million

owned, quarter loans. ratio This with million of equates of and million for asset quarter. of $X.X total Income loans. efficiency allowance from mark the $XX assets real-estate credit we for was largely This to losses in The acquired in XX in lower benefits second to was bank end closed million quarter $XX.X for study in made was balance the XX Our as expense includes of decrease September for for million additional a of for tax non-performing coverage At branches million coverage. added were was loan million $XX.X for non-performing held gross $XXX.X million, branches. third loans tax XX, $XX.X an points million $X.X discount total cost other third At state due loan a loans up bank legacy primarily in basis $X.X XX.XX%. which in tax closed segregation and million XXXX, closed to allowance total the a accounting a ratio sale. of quarter, September the was deferred the $X.X tax million related the $XX.X adjustment. to discrete branches is

during points. quarter the guidance. million, an quarter annualized increase includes for XXXX total strong were with consistent the the third which our our during acquisitions, the $XX.X basis was loan During quarter, due XX is provision and which growth loan charge-offs loan migration previous net The legacy from loss increased loans to an

rated adequate reserves, had Company During was million consisted approximately the sold loans acquired expense required. no provision $XX substandard that of loans additional both of September, thus The legacy loans. and

However, the sale million. approximately increased $X.X net by charge-offs

our charge-offs, annualized charge-offs these basis Excluding loans XX were points. net total

was position the stockholders' $X.X billion. At quarter very common equity capital Our remains strong. end,

$XX.XX, Our an last period per from was year. share book same increase the XX.X% value of

experience this share pleased an organic was per increase value our $XX.XX, same ratio excellent have X.X%. the bankers book of the was last very The tangible growth period from balance sheet we’ve X.X% of job. with an tangible equity common year. We're done year; Our

to growth. available of we the While sources have sustain current funding level substantial loan

intend liquidity this During at of deposit time we funding. a balance to core growth tight pace with rising our the grow of rates and loans

a opportunities. have our loan relationship This manage comments. capital concludes as consider our commitment provide We which we we our clients, for to a priority prepared will

call research from instructions line open We come and back for the the will I’ll our analysts give on and the now take investors. ask operator and questions please institutional questions. to

Operator

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

open. is line You

Brady Gailey

Hey. Good morning, guys.

George Makris

Good Brady. morning,

Brady Gailey

things and your you quarter of I quarterly $XX $XX.X there see do expense at rate rate know couple kind expense a quarterly all up how of of kind forward But XQ. that of push we in going that million, I talked about million, around are understand last came forward, trending?

George Makris

consistent think a still basis. a is rate we on million $XX Brady good that Well, run

technology experienced our However, in that Also systems. to note that completely to we’ll our more related little for at had growth the keep And in our That And year. so good to change, what most $X we has our the far spend year, on on which to over business. project, place. loans Workday, say the of loan a went HR loan outpaced replaced chose accounting is, deposits, we're And to extra August. live in the noted current intend probably expectations you growth we've that we little growth going therefore, quarter exceeded you our promote have we million the while throughout efficiency was that our ratio dollars during deposits. deposit much focused that still marketing probably invest

on we’ll ratio strong see market manage and based we will our advantage growth other within range. conditions, as efficiency we of take opportunities expenses that. But that So appropriately

a at be what got don't we we with we know. So deal flexible what know. when and budget, that's We've to take look

that recall may we You were year clear the beginning going we adjustment, when also of of some we're very this obviously, that at that And were been possible. our sharing successful benefit share rate very who that how think that allocate about tax associates. profit to we've the demonstrates from building sharing talked our accrual I with some our it the were going of And financially made we to profit plan the for those with we year.

do think still to what those a today rate. on we decisions. continue quarter business run good based we'll good are But $XX and So is we million things know a

Brady Gailey

to could in think XX% little at better the loan and it in Okay. mid-teens, higher you last past if right And talked in XQ? kind about still been XX% that then you’ve the XX% Is to range, you've way better? if that a of about quarters loan be growth, to couple or look growth than the forward XX% the not

George Makris

intent Matt we predict slowed the marketplace. I'll and seen all of a down little make has going a be, think demonstrated bit, I have prove couple growth to in loan economy of but going and our to out that let the is the rates rising comments. is, I’m One Well, obviously what

Commercial same this think loans and the were Our I when national increases in months. down – six are two that you bucket month trend. probably expect that's in rate mortgage loans next in the more

rates have questioning not really today's You the or based borrowers flows cash realistic. on whether are

a seeing more about a forward. of what see the been bit part and year you willing talk loan going little have on may our to hesitancy borrowers risk the ago, to we're So Matt you pipeline take might take they but

Matthew Reddin

that our million, approved now if Yes. $XXX Brady, to closed, you, $XXX million. at it’s we're tell of ran rating quarter from Thanks, look at the second you kind George.

as I think pricing seeing we as underwriting while well standards. as conserve we’re our good George disciplined opportunity, and that, always relationship we really standards is have right remain to

as and at grow make pipeline standards, can will can we opportunities, we look see deposits, But we’re on our of as capabilities of relative going existing rising George that those but take that to long to sure I based we think do shrink it’s rates. that continue earlier, And customers care plenty do we our so to of we have so. as commented

Brady Gailey

All least kind then so the update everybody enter on stock your but of be finally back George, an on we you're but it game next at is off, traded price me, off, publicly I thinking right. you of the And as the for XXXX? year, in kind M&A. know guess update just about an is just I how guys, M&A said,

George Makris

We the optics around same that the we banks is price for a consider that M&A continue the sector opportunities has and excellent us on you an to publicly basis of whole especially fluctuation a stock believe affected don't in industry daily traded impact banks negative that that see, held good on when banking having somewhat acquisition, there a some arena. are believe We're privately The conversations devaluation of currently. really the however, see valuation. the that by

still to eye Company relative relative those the business good we because opportunity, of is within to compete valuation. there's the some that still the value eye believe to on So we We of see all healthy. our very really can M&A extent

So reasons for believe the on depends merger. care will really of that to of it the pricing take over time, just the the of the have itself. course the merger, I timing

Brady Gailey

guys. Got Thanks it.

Operator

Thank you.

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

line open. is Your

David Feaster

Hi. Good guys. morning,

George Makris

David. Hello

Robert Fehlman

Good morning, David.

David Feaster

of you sitting thoughts the get sub ag. the we’re just the parts moving pace? the core start could to of like going NIM the debt, core still So seasonal to at you balanced X.XX% more your as I in going lot low-end it forward. that we range loans inflect wanted here of strength that There forward with today NIM range. is the about reasonable? Is growing on a kind NIM X.XX% see at talked core Or

George Makris

been last should have First what of sub We that on took should about range all, probably clearer debt. quarter we additional be.

That to have, of a also basis with debt is some million by points took additional additional over we cost $XXX that we NIM. debt. on debt but regard So refinanced X going we to itself us little sub our

still that So that our raise first from should of yields to believe to cost our the loan range core We end good with I and ability our move range, think increase. since a really deposit is of to X.XX% the top X.XX%. we've intend And X.XX% we balance X.XX%, demonstrated year combined of quarter-to-quarter, since that's but And paying when some we that little manage the by end and we've of Simmons XXXX. that process driven Southwest refinanced had Bank been Bank all of we’ve SNB of into been Bank timing a – variance debt. able to the some the

the So us. was range a X.XX%, we still X.XX% believe good operating for

we're loan that believe a in costs. position also up lag We catching still yields for deposit to

yields. So in future. about expand the currently, ability maybe we very to ability that with the cost to are satisfied balance to a more the little optimistic deposits But NIM loan we're with

David Feaster

and where this – downs dark pay Okay. in other quarter, from your think That's outside And loans it’s that great driving the you. strong of specific you ability pace? strong where color. competitions On your C&I was commercial quarter, really there several gaining notably what growth in weighed on you're Thank share? banks where an segments seen is any loan growth. we've is contrast notably to grow are or kind in to which What were do

George Makris

I’ll Matt, ask, for us. sort Well, address to of that

Matthew Reddin

Yes. has energy That’s growth our The we’ve been that question. in C&I group. quarter-to-quarter a seen good

experienced very team. that you SNB came Bank If from group very, at our onboard look

last have We taken quarters. and very underwriting over disciplined advantage two that we’ve the of conservative

with Now sector we’ll energy tell the you now now. right that robust

come credit We getting spreads seeing are good, standards are are to compete, banks bigger down staying credit while smaller.

discipline now, down credit slow that our we’ll seeing are remain on but we spreads. So

David Feaster

tough on down. to in get SBA, sectors in one thoughts more your mortgage Last income of It's I coming some talked with just for margins these broadly. of like it. fee about wanted kind me. you been Got

any you Just thoughts supplement like Are opportunity kind of and you’d getting other or either M&A? or there fee – up? back start on fees, the your revenues fees, wanted income to organically of talk that do going lines hear to where to through most the to forward, grow add see ratio

George Makris

Yes.

where comment First of of banks important is first. M&A, your all, to us. Non-interest is lines business, I’ll answer yes. last through acquired income that And very

priority. that's to going be So a

We wealth to businesses footprint, fee some have particularly our rollout of in management our ability lagged behind new group. our our throughout

Now wealth two to will the us to focus for to in our to But that's lose We're We made real entrenched it we the management not be we've going over forward. group make all next going going but big in need that's the overcome. income, a be get Durbin years. past, chunk sure priority prominently markets. our a of that

Doesn’t the we will out a are the revenue pre-tax window those say size. game. make is the because for exceeded XXXX that’s and it the of sense, million $XX this. certain So but rules way just I

group not going a job. Our to if bank. a product does offered mortgage call going intend one ourselves we in be necessary is mortgage we're create very to all communities. a as line view mortgage a community fantastic of It company. We business our do We to

case. better you've on we sell going early in and analysis what breakeven And to of choices. effect book do the obviously the loan of If option those that's indicates can collect fee two past. We in that go you be and to loans on and purchases. income. It's marketplace us. we in that have those that in or rates the think and the sort a income, our us premium the home will not we're do guarantee seen loans fortune can SBA for ahead a process subject book life the of I mortgage on see the it’s fee Currently the reflected. books The course or and to SBA, loans So interest over that business our leave normal sell have we

premium better good. the rates, is when in the are very, rising marketplace. X% yields to We're keeping very SBA justify books. doesn't So off with them selling those on And X%, it only loan the the

most to will what’s the fluctuate on Company So advantages based that long-term.

So, to our extremely us, yes stream of and us. our fee important for table is sort do everything including revenue is income diversity we stake

focus are on our to forward going of driving business. So we income non-interest that lines of going in all

David Feaster

Thank great. you. Okay,

Operator

question Matt line Stephens. And you. Olney our of from Thank of the next is

Your line is open.

Matt Olney

morning, Good Great. guys. Thanks.

George Makris

Matt. Hey

Robert Fehlman

Hey Matt.

Matt Olney

seeing Are and go previous that any want campaign the discussion these run helpful operating I complete? be color deposit cost still rate savings XQ to from close the results. acquisitions? the Is million why expense coming to to be should more expenses, confused after will now on back I'm there more on that. any $XX Just

George Makris

have the expense savings closures from we Well, forward. fourth close the branch that until end going They the the quarter of September. have we'll in didn't

So branch third at the benefit no got we quarter in closings. the from all

to is there be going that. benefit So from a little

expenses other occurrences. sort two of The were one-time

profit-sharing have Now we have XXXX. to our our take that just we'll looks year, our budget a to what we in profit sharing number We exceeded expectations I look plan, still about like. at But good what pretty think up feel was and therefore, this do plan proportionally.

and roll down payments go Our compensation off, we as continue end year. the of expect severance down, retirements to would to the expense was we that have at some

number. we're that with comfortable So fairly

Robert Fehlman

of Matt, end year as what numbers said quarter. The the a for to little became back truer gave the of was the we third to as as the on part we got year results the part would George that what be. profit sharing, tax – into savings the the associates

not the true-up a of so was indicative more of quarter. that And one number, of

So it's adjustment a some of really that. one-time on

up. fourth year-to-date Now, it we higher quarter, one the that as in it accrue but catch was will a be quarter

Matt Olney

to to I are efficiency that earlier trying ratio. And you think you Okay. mentioned manage an

to more ratio you color talked next over I give trying when the what think few to about mentioned you manage Can that you're expenses. about quarters? efficiency us you

George Makris

Yes.

at metrics X.XX%, One non-interest So today level, driving the internally we on in decisions. lot that's a up use here and as our dependent is a about not XX% income or of financial this of target to it where is to we're be XX%. we are make successful whether ROA going

Of revenue assets course, a has to of no that lot tied it.

efficiency and we're ratio. we expect to XX% manage get going should between we X.XX%, to and So XX%

from we need we're that going to So to have investments time-to-time, make.

our those to For put no have invest of rollout instances, those in management revenue our we and We're coverage wealth going markets, associated place. people to with people group. in hire

we offer and So those can products services.

the between we that decision ROA really that two and those efficiency internally on. use financial XX%. ratio our we at So are think drivers we – XX% X.XX%, base

Matt Olney

size third success XX deposit Okay. the around George. bps talk quarter, you the or would new on good that That's mentioned Are those ticked quarter. which is this you the slow ran I helpful, the and next campaigns, to ends be expect saying somewhat growth pretty the then campaign down deposit quarters any you And you cost, and jump from previously. helpful? think some increase deposit a relative cost, we campaigns where cost? were up few that bearing you interest color of as there in Can during about

George Makris

balance Yes. to I do on pick the expect I down slow expect – fourth those Matt. that like pretty pace. this, looks XXXX, expect which I’ll quarter. a again, up take fourth good say in loan look a We'll to we're our the for and yields And quarter. at it what a growth about manage we basis once

gathering other to – marketplace, systems. factors reside that the to you most or is real And in that were That see and it's that business. the mention dollars in used one is challenge and FinTech billions back in bank there like is You payment probably if in every happened be of help could companies really from it deposit are I'd heard we now that couple today banking of really cover. it system banking a they

in to to entities are is those that return the given in We are Public I their And think of help institutions a have are recently seen that to responsibility bid economy. maybe geographers. local we public drive disappointed our way instead at managed. understanding there funds be of public funds process little the of a maximize more economic help the growth a to least drive

of you we we then think deposits so in when holds see local dollars. currently focused and with those the economy. That digital why do banking, And that interested doesn't in as So our much any deposit going billions on we’re on But not investing much factors obviously digital very deposits offerings well. emphasis that's digital control I serve are deposit more economies growth is in markets nationwide in group a gathering. that growing those the good those two

[something's relationship on So going really whether in point don't it's funding not answer good in bank, commercial at have we're we I what interested our to we're do with the to as transactional give] Those effect customers. the is, a business loans. and make that having or think to got time. banking an support growth. some know their I sure value their We know of primary that but capital it's particularly at to look our customers take causing hard us us

be other bank? seeing my who the happy Because to going of going going primary in here other to we’re our growth they these ability So are in shift only to a marketplace, is to drive transactional the choice but as is Simmons, my And the at of to commercial make in have banks fund going not customers. They're forward? some up are well. loans

Matt Olney

that sub-debt paid the a you also George, capital you follow-up point. you over was guys this you remarks. sub-debt capital year, about and but confused I capital? new issued prepared as that in And down some was Did confused I say mentioned

George Makris

know we trust we’re timing we – $XX is But we debt called September on sub-debt it on able of $XXX a sub March, in have XX million about actually had there million XX. raised. in paying No, you was X% to or September pay Matt, the We off called as until not off September preferred. that at back either

The sub-debt. the was was rest of it TruPS. that So the

Robert Fehlman

Yes, but second our new million we on debt was current $XXX the of to was books. $XXX debt, that million a raised in refinance Matt, quarter. $XXX

Matt Olney

it, okay. guys. Thank Got you,

George Makris

You bet.

Robert Fehlman

Thanks.

Operator

line from Bryce And Rowe you. next our Thank question of the of Baird. comes

open. Your line is

Bryce Rowe

Thanks. Good morning.

Robert Fehlman

Good morning.

George Makris

How morning, Good are you? Bryce.

Bryce Rowe

I’m doing well. you. Thank

if loans any process? sale within And just the of couple and planned to a here. of initiated ask or questions sub-standard about brought that – there what Just are wanted that I on more bucket.

George Makris

I marketing. have Well, we we’re that anymore currently don't that know

loans would Our other say eliminate estate. estate, we longer us. assets experience hold it then take other more substandard is the We good prospect and real that write not down. we The into rather a for get to this. foreclose real That's

So that the to business going is say and quite up. while our a associated It's these we large take can. we our philosophy with were allowance also I forward, most loans while for free distraction. of won’t become that large they would had them a those a part They to and performing move bit distraction a

we quality move portfolio. was an loans, it think troubled manage I those and one-time So to situation our get as forward. saw increase asset We opportunity of rid ahead go our and

comments So about have other Marty or Matt that. may

Marty Casteel

barrowers. that and not do And our We up that's change to do market, Well, financial right. But our will loan it’s now to always as if we’ll a but day every pool have all our think interest, match loans loans, opportunities. could other exactly I right of we we think an in so. plan institutions, best at be looking We get calls actively tomorrow.

Bryce Rowe

wanted fact an was then at sounds deposit color maybe directed bit a kind And in be understanding the nature wanted or markets to Was Thanks. around any would just of about the deposit it the more it medium, like And in campaign? then helpful? that certain have of That's to of the correct. get certain curious campaign. quarter, It third up little did wrapped helpful. if ask so may that I

Matthew Reddin

those we have can But additional to yet. where that into knew we opportunities. market did market customer also where campaign, of low in bank new we money as I’ll the markets well. of some Hey, existing well low you share this two bring share it we was bank, that markets, customers could we imagine, for we as had us our we now CDs had bank color was you But marketed that share and give to solicited the that new is – the markets. it market money Matt. market It and ways, we direct was but specifically the

Bryce Rowe

And quantify you’ve kind the been the tell up the able to campaign? and wrapped Matt, in me if quarter, results of of third it's

Matthew Reddin

Sure.

So are branches calling still up, direct wrapping it’s into still and marketing ongoing, but coming our in. but the those is opportunities

So we're look still seeing of $XXX to deposits new new campaign that the through And it’s new million mailing at bank not far overall growth, you but money, we're specific anymore. if in so campaign. direct

now products, Now rates. that’s on sold indicative specific existing of products deposit that other existing that’s we’ve our not

Bryce Rowe

called a seeing the here then the curious From Great. quarter. you fourth it That’s I'm what third helpful. as lower housekeeping And tax for in rate perspective, maybe item. quarter? one out being you're

Robert Fehlman

of tell was state of I’ll lot off, from one the as it to to it conversions charters. the a Well, anomaly all bit and on adjustments. of another our related A we've had several XXXX for an you, acquisitions first

we this we there had buildings and complete quarter, and it of some acquisitions and related they new cost segregation others. to the study, During did had the

take study able We’re segregation was to pretty cost of the That savings – advantage that. substantial.

But same to state some and had in into the a rate. as deferred even in in prior estimate fourth be our back in were say… be hit of I proportionate rate, taxes. we’ll also XXXX, We on range this then lot and this that the year tax I quarter would hit normal for quarter, that would quarters. say, that credits probably new taxes we’ll that we’ll market have of the this of tax benefit A quarter that

George Makris

XXXX.

Robert Fehlman

is the rate rough XXXX, right estimate sorry, in now. range I'm XX% tax normal

Bryce Rowe

Great. Thank you, guys.

George Makris

of End Q&A you. Thank

Operator

no the Mr. I’d [Operator to turn this conference time. back Thank to questions at George like further over remarks. I'm showing you. Makris closing for And Instructions]

George Makris

come. several we a our of that in today. able reputation very doing billion do you future the be that while flexible those grown year Okay. been organic accomplish integration growth think We integration us XXXX and much, at to And that going $X very year. projects is had business I marketplace to our beginning said able with over that the to I’m that awfully and during Thank that and organically demonstrate to on growth of established the capitalize easy want this have this in to We hope we our we to pleased all the as activities. on you thank with, joining should bank year, for We've we've years Company. of the by

and So great next us, visiting a Have to forward for joining thanks again look again day. we'll quarter.

Operator

gentlemen, program. and the you This in conference. does conclude today’s your thank for Ladies participation

day. You Everyone, great have a may disconnect. now

Simmons First National (SFNC) 23 Oct 182018 Q3 Earnings call transcript