PINE BLUFF, Ark., Jan. 15, 2009 (GLOBE NEWSWIRE) -- Simmons First National Corporation (Nasdaq:SFNC) today announced fourth quarter 2008 earnings of $5.6 million, or $0.40 diluted earnings per share for the quarter ended December 31, 2008, compared to $0.44 per share for the same period in 2007.
"While the national economy continues to be under considerable stress, the Arkansas economy has fared much better, to date, due to the fact that we simply do not have the same highs and lows as seen in many other regions throughout our country. Considering the challenges in the economy, we are very pleased with our earnings of $5.6 million," commented J. Thomas May, chairman and CEO. "We believe it is the strength of our capital, asset quality and liquidity that enables us to navigate through these turbulent times."
Net income for the year ended December 31, 2008 was $26.9 million, or $1.91 diluted earnings per share, relatively unchanged from $1.92 per share for the same period in 2007. During the first quarter of 2008 the Company recorded earnings of $0.18 per share for nonrecurring items related to Visa, Inc.'s IPO. Excluding these nonrecurring items, core earnings for the year ended December 31, 2008 were $1.73 per share.
The Company's net interest income for the fourth quarter of 2008 increased 1.1% to $23.8 million compared to $23.5 million for 2007. Net interest margin decreased 30 basis points to 3.70% from the fourth quarter of 2007 and declined 14 basis points from the third quarter of 2008.
The Company's loan portfolio increased 4.5% to $1.93 billion at December 31, 2008. The growth was primarily attributable to increases in the student loan portfolio, as well as in real estate loans. "In the banking industry, there has been a lot of focus regarding the potential loss in loan portfolios with a high concentration of construction loans. Our construction loans as a percent of total loans outstanding were only 11.6% at December 31, very favorable to the industry average," added May.
Non-performing assets as a percent of total assets were 0.64% as of December 31, 2008, up 1 basis point from September 30, 2008. Non-performing loans as a percent of total loans were 0.81%.
The allowance for loan losses was $25.8 million at December 31, 2008, or 1.34% of total loans and 165% of non-performing loans. The Company's annualized net charge-off ratio for the fourth quarter of 2008 was 0.50%, flat compared to the third quarter. Excluding credit cards, the annualized net charge-off ratio for the fourth quarter was 0.36% compared to 0.38% for the third quarter. Annualized net credit card charge-offs for the fourth quarter were 2.02%, an increase of 22 basis points from the previous quarter, but still more than 400 basis points below the most recently published credit card charge-off industry average. "Our conservative culture has enabled us to engage in banking for 105 years, and that culture is a big part of our success today," added May.
Total deposits were $2.3 billion at December 31, 2008, an increase of $153 million, or 7.0% from the same period in 2007. At the beginning of 2008, the Company implemented strategic initiatives to reduce its dependency on time deposits. As a result, non-time core deposits increased $290 million, or 27%, while the dependency on more costly time deposits decreased by $137 million from December 31, 2007.
Total assets for the Company were $2.9 billion at December 31, 2008. Stockholders' equity increased 6.0% to $289 million at December 31, 2008 compared to $272 million at December 31, 2007. At December 31, 2008, book value per share was $20.69 and tangible book value per share was $16.16.
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.
The Simmons First National Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4819
CONFERENCE CALL
Management will conduct a conference call to review this information beginning at 3:00 p.m. Central Time on Thursday, January 15, 2009. 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 January 22, 2009 by dialing 1-800-642-1687. The passcode for the replay is 77843240. 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.
Simmons First National Corporation SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended
(Unaudited)
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
2008 2008 2008 2008 2007
---------- ---------- ---------- ---------- ----------
(in thousands)
ASSETS
Cash and
non-interest
bearing
balances due
from banks $ 71,801 $ 70,640 $ 79,569 $ 86,891 $ 82,630
Interest
bearing
balances due
from banks 61,085 71,837 76,253 107,332 21,140
Federal funds
sold 6,650 7,310 44,430 53,775 6,460
---------- ---------- ---------- ---------- ----------
Cash and cash
equivalents 139,536 149,787 200,252 247,998 110,230
Investment
securities -
held-to-
maturity 187,301 181,805 186,400 182,194 190,284
Investment
securities -
available-for-
sale 463,683 394,267 439,625 389,214 340,646
Mortgage loans
held for sale 10,336 4,377 11,581 7,735 11,097
Assets held in
trading
accounts 904 890 1,004 5,806 5,658
Loans 1,933,074 1,936,279 1,908,328 1,842,138 1,850,454
Allowance for
loan losses (25,841) (25,548) (25,752) (25,392) (25,303)
---------- ---------- ---------- ---------- ----------
Net loans 1,907,233 1,910,731 1,882,576 1,816,746 1,825,151
Premises and
equipment 78,904 78,357 78,299 77,281 75,473
Foreclosed
assets held
for sale, net 2,995 4,044 3,440 3,556 2,629
Interest
receivable 20,930 23,322 20,863 19,696 21,345
Bank owned life
insurance 39,617 39,220 38,851 38,400 38,039
Goodwill 60,605 60,605 60,605 60,605 60,605
Core deposit
premiums 2,575 2,777 2,978 3,180 3,382
Other assets 8,490 10,010 8,968 9,347 7,908
---------- ---------- ---------- ---------- ----------
TOTAL ASSETS $2,923,109 $2,860,192 $2,935,442 $2,861,758 $2,692,447
========== ========== ========== ========== ==========
LIABILITIES
Non-interest
bearing
transaction
accounts $ 334,998 $ 318,660 $ 335,310 $ 327,627 $ 310,181
Interest
bearing
transaction
accounts and
savings
deposits 1,026,824 1,024,176 1,025,908 901,852 761,233
Time deposits
less than
$100,000 556,118 556,516 577,435 618,173 659,181
Time deposits
greater than
$100,000 418,393 395,040 424,330 449,199 452,262
---------- ---------- ---------- ---------- ----------
Total
deposits 2,336,333 2,294,392 2,362,983 2,296,851 2,182,857
---------- ---------- ---------- ---------- ----------
Federal funds
purchased and
securities
sold under
agreements to
repurchase 115,449 104,002 115,554 113,891 128,806
Short-term debt 1,112 1,480 4,549 590 1,777
Long-term
FHLB debt -
affiliate
banks 127,741 126,089 119,973 108,809 51,355
Subordinated
debt issued to
capital trusts 30,930 30,930 30,930 30,930 30,930
Accrued
interest and
other
liabilities 22,752 22,482 23,302 29,898 24,316
---------- ---------- ---------- ---------- ----------
TOTAL
LIABILITIES 2,634,317 2,579,375 2,657,291 2,580,969 2,420,041
---------- ---------- ---------- ---------- ----------
STOCKHOLDERS'
EQUITY
Capital stock 140 140 139 139 139
Surplus 40,807 40,744 40,674 40,655 41,019
Undivided
profits 244,655 241,682 237,859 234,515 229,520
Accumulated
other
comprehensive
income (loss)
Unrealized
appreciation
(depreciation)
on AFS
securities 3,190 (1,749) (521) 5,480 1,728
---------- ---------- ---------- ---------- ----------
TOTAL
STOCKHOLDERS'
EQUITY 288,792 280,817 278,151 280,789 272,406
---------- ---------- ---------- ---------- ----------
TOTAL
LIABILITIES
AND
STOCKHOLDERS'
EQUITY $2,923,109 $2,860,192 $2,935,442 $2,861,758 $2,692,447
========== ========== ========== ========== ==========
Simmons First National Corporation SFNC
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended
(Unaudited)
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
2008 2008 2008 2008 2007
---------- ---------- ---------- ---------- ----------
(in thousands)
ASSETS
Cash and
non-interest
bearing
balances due
from banks $ 63,005 $ 70,908 $ 69,197 $ 70,105 $ 75,416
Interest
bearing
balances due
from banks 107,211 65,819 85,578 56,384 21,855
Federal funds
sold 14,394 32,910 55,543 35,460 9,464
---------- ---------- ---------- ---------- ----------
Cash and cash
equivalents 184,610 169,637 210,318 161,949 106,735
Investment
securities -
held-to-
maturity 181,249 184,734 184,603 184,062 180,631
Investment
securities -
available-for-
sale 410,628 431,215 431,869 382,939 338,276
Mortgage loans
held for sale 4,661 6,759 8,740 7,474 7,535
Assets held in
trading
accounts 958 727 5,747 5,731 5,588
Loans 1,948,320 1,905,979 1,869,369 1,841,762 1,856,973
Allowance for
loan losses (25,817) (25,878) (25,426) (25,622) (25,540)
---------- ---------- ---------- ---------- ----------
Net loans 1,922,503 1,880,101 1,843,943 1,816,140 1,831,433
Premises and
equipment 79,048 78,383 78,170 76,528 74,569
Foreclosed
assets held
for sale, net 3,724 3,693 3,685 2,659 2,086
Interest
receivable 22,716 21,886 20,745 21,069 24,636
Bank owned life
insurance 39,411 39,038 38,600 38,213 37,820
Goodwill 60,605 60,605 60,605 60,605 60,605
Core deposit
premiums 2,694 2,895 3,095 3,299 3,498
Other assets 7,748 8,270 5,053 7,273 7,238
---------- ---------- ---------- ---------- ----------
TOTAL ASSETS $2,920,555 $2,887,943 $2,895,173 $2,767,941 $2,680,650
========== ========== ========== ========== ==========
LIABILITIES
Non-interest
bearing
transaction
accounts $ 322,540 $ 320,160 $ 318,978 $ 308,715 $ 306,939
Interest
bearing
transaction
accounts and
savings
deposits 1,040,619 1,021,519 972,687 803,439 748,670
Time deposits
less than
$100,000 565,219 569,859 598,264 647,150 668,458
Time deposits
greater than
$100,000 408,764 404,694 438,887 452,872 443,790
---------- ---------- ---------- ---------- ----------
Total
deposits 2,337,142 2,316,232 2,328,816 2,212,176 2,167,857
---------- ---------- ---------- ---------- ----------
Federal funds
purchased and
securities
sold under
agreements to
repurchase 116,048 102,704 110,646 126,459 121,792
Short-term debt 3,153 9,668 2,791 1,715 13,202
Long-term debt 159,027 154,676 147,948 123,221 81,146
Accrued
interest and
other
liabilities 20,078 21,948 21,935 26,484 24,211
---------- ---------- ---------- ---------- ----------
TOTAL
LIABILITIES 2,635,448 2,605,228 2,612,136 2,490,055 2,408,208
---------- ---------- ---------- ---------- ----------
TOTAL
STOCKHOLDERS'
EQUITY 285,107 282,715 283,037 277,886 272,442
---------- ---------- ---------- ---------- ----------
TOTAL
LIABILITIES
AND
STOCKHOLDERS'
EQUITY $2,920,555 $2,887,943 $2,895,173 $2,767,941 $2,680,650
========== ========== ========== ========== ==========
Simmons First National Corporation SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended
(Unaudited)
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
2008 2008 2008 2008 2007
-------- -------- -------- -------- --------
(in thousands, except
per share data)
INTEREST INCOME
Loans $ 30,266 $ 31,548 $ 31,159 $ 33,106 $ 35,955
Federal funds sold 31 176 285 256 116
Investment
securities 6,758 7,063 7,055 6,569 5,990
Mortgage loans held
for sale, net of
unrealized gains
(losses) 74 112 113 112 122
Assets held in
trading accounts 1 -- 41 1 (23)
Interest bearing
balances due from
banks 231 309 487 388 223
-------- -------- -------- -------- --------
TOTAL INTEREST
INCOME 37,361 39,208 39,140 40,432 42,383
-------- -------- -------- -------- --------
INTEREST EXPENSE
Time deposits 7,807 8,491 10,006 11,922 12,918
Other deposits 3,643 4,116 3,899 3,266 3,257
Federal funds
purchased and
securities sold
under agreements
to repurchase 297 429 463 921 1,317
Short-term debt 10 62 19 20 167
Long-term debt 1,824 1,763 1,655 1,511 1,203
-------- -------- -------- -------- --------
TOTAL INTEREST
EXPENSE 13,581 14,861 16,042 17,640 18,862
-------- -------- -------- -------- --------
NET INTEREST INCOME 23,780 24,347 23,098 22,792 23,521
Provision for loan
losses 2,751 2,214 2,214 1,467 1,749
-------- -------- -------- -------- --------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 21,029 22,133 20,884 21,325 21,772
-------- -------- -------- -------- --------
NON-INTEREST INCOME
Trust income 1,524 1,608 1,450 1,648 1,580
Service charges on
deposit accounts 4,013 4,009 3,691 3,434 3,882
Other service
charges and fees 659 648 621 753 818
Income on sale of
mortgage loans, net
of commissions 530 595 760 721 644
Income on investment
banking, net of
commissions 246 131 199 449 230
Credit card fees 3,435 3,491 3,480 3,173 3,428
Premiums on sale of
student loans -- 3 507 624 299
Bank owned life
insurance income 389 370 425 361 403
Other income 530 433 587 3,829 557
-------- -------- -------- -------- --------
TOTAL NON-INTEREST
INCOME 11,326 11,288 11,720 14,992 11,841
-------- -------- -------- -------- --------
NON-INTEREST EXPENSE
Salaries and
employee benefits 14,353 14,056 14,433 14,208 13,458
Occupancy expense,
net 1,857 1,912 1,804 1,810 1,729
Furniture and
equipment expense 1,462 1,543 1,472 1,490 1,438
Other real estate
and foreclosure
expense 53 57 87 42 76
Deposit insurance 325 267 113 88 108
Other operating
expenses 6,530 6,606 6,300 5,492 7,941
-------- -------- -------- -------- --------
TOTAL NON-INTEREST
EXPENSE 24,580 24,441 24,209 23,130 24,750
-------- -------- -------- -------- --------
NET INCOME BEFORE
INCOME TAXES 7,775 8,980 8,395 13,187 8,863
Provision for income
taxes 2,149 2,506 2,401 4,371 2,671
-------- -------- -------- -------- --------
NET INCOME $ 5,626 $ 6,474 $ 5,994 $ 8,816 $ 6,192
======== ======== ======== ======== ========
BASIC EARNINGS PER
SHARE $ 0.40 $ 0.47 $ 0.43 $ 0.63 $ 0.45
======== ======== ======== ======== ========
DILUTED EARNINGS PER
SHARE $ 0.40 $ 0.46 $ 0.42 $ 0.63 $ 0.44
======== ======== ======== ======== ========
Simmons First National Corporation SFNC
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended
(Unaudited)
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
2008 2008 2008 2008 2007
-------- -------- -------- -------- --------
(in thousands, except
per share data)
INTEREST INCOME
Loans $126,079 $ 95,812 $ 64,264 $ 33,106 $141,706
Federal funds sold 748 716 540 256 1,418
Investment
securities 27,445 20,687 13,624 6,569 23,646
Mortgage loans held
for sale, net of
unrealized gains
(losses) 411 338 226 112 505
Assets held in
trading accounts 43 42 42 1 100
Interest bearing
balances due from
banks 1,415 1,184 875 388 1,161
-------- -------- -------- -------- --------
TOTAL INTEREST
INCOME 156,141 118,779 79,571 40,432 168,536
-------- -------- -------- -------- --------
INTEREST EXPENSE
Time deposits 38,226 30,420 21,929 11,922 52,385
Other deposits 14,924 11,280 7,163 3,266 13,089
Federal funds
purchased and
securities sold
under agreements
to repurchase 2,110 1,813 1,385 921 5,371
Short-term debt 111 101 38 20 804
Long-term debt 6,753 4,929 3,166 1,511 4,771
-------- -------- -------- -------- --------
TOTAL INTEREST
EXPENSE 62,124 48,543 33,681 17,640 76,420
-------- -------- -------- -------- --------
NET INTEREST INCOME 94,017 70,236 45,890 22,792 92,116
Provision for loan
losses 8,646 5,895 3,681 1,467 4,181
-------- -------- -------- -------- --------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 85,371 64,341 42,209 21,325 87,935
-------- -------- -------- -------- --------
NON-INTEREST INCOME
Trust income 6,230 4,707 3,098 1,648 6,218
Service charges on
deposit accounts 15,145 11,134 7,125 3,434 14,794
Other service
charges and fees 2,681 2,021 1,374 753 3,016
Income on sale of
mortgage loans, net
of commissions 2,606 2,077 1,482 721 2,766
Income on investment
banking, net of
commissions 1,025 779 648 449 623
Credit card fees 13,579 10,144 6,653 3,173 12,217
Premiums on sale of
student loans 1,134 1,135 1,132 624 2,341
Bank owned life
insurance income 1,547 1,157 787 361 1,493
Other income 5,379 4,843 4,413 3,829 2,535
-------- -------- -------- -------- --------
TOTAL NON-INTEREST
INCOME 49,326 37,997 26,712 14,992 46,003
-------- -------- -------- -------- --------
NON-INTEREST EXPENSE
Salaries and
employee benefits 57,050 42,697 28,641 14,208 54,865
Occupancy expense,
net 7,383 5,526 3,615 1,810 6,674
Furniture and
equipment expense 5,967 4,505 2,962 1,490 5,865
Other real estate
and foreclosure
expense 239 185 129 42 212
Deposit insurance 793 468 201 88 328
Other operating
expenses 24,928 18,395 11,791 5,492 26,253
-------- -------- -------- -------- --------
TOTAL NON-INTEREST
EXPENSE 96,360 71,776 47,339 23,130 94,197
-------- -------- -------- -------- --------
NET INCOME BEFORE
INCOME TAXES 38,337 30,562 21,582 13,187 39,741
Provision for income
taxes 11,427 9,278 6,772 4,371 12,381
-------- -------- -------- -------- --------
NET INCOME $ 26,910 $ 21,284 $ 14,810 $ 8,816 $ 27,360
======== ======== ======== ======== ========
BASIC EARNINGS PER
SHARE $ 1.93 $ 1.53 $ 1.06 $ 0.63 $ 1.95
======== ======== ======== ======== ========
DILUTED EARNINGS PER
SHARE $ 1.91 $ 1.51 $ 1.05 $ 0.63 $ 1.92
======== ======== ======== ======== ========
Simmons First National Corporation SFNC
Consolidated Risk-Based Capital
For the Quarters Ended
(Unaudited)
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
2008 2008 2008 2008 2007
---------- ---------- ---------- ---------- ----------
(in thousands)
Tier 1 capital
--------------
Stockholders'
equity $ 288,792 $ 280,817 $ 278,151 $ 280,789 $ 272,406
Trust
preferred
securities,
net allowable 30,000 30,000 30,000 30,000 30,000
Disallowed
intangible
assets, net
of def. tax (53,034) (63,125) (63,330) (63,536) (63,706)
Unrealized
loss (gain)
on AFS
securities (3,190) 1,749 521 (5,480) (1,728)
---------- ---------- ---------- ---------- ----------
Total Tier 1
capital 262,568 249,441 245,342 241,773 236,972
---------- ---------- ---------- ---------- ----------
Tier 2 capital
--------------
Qualifying
unrealized
gain on AFS
securities 179 3 19 17 52
Qualifying
allowance for
loan losses 24,827 24,888 25,136 24,405 23,866
---------- ---------- ---------- ---------- ----------
Total Tier 2
capital 25,006 24,891 25,155 24,422 23,918
---------- ---------- ---------- ---------- ----------
Total
risk-based
capital $ 287,574 $ 274,332 $ 270,497 $ 266,195 $ 260,890
========== ========== ========== ========== ==========
Risk weighted
assets $1,983,654 $1,988,879 $2,008,764 $1,949,862 $1,906,321
========== ========== ========== ========== ==========
Adjusted
average assets
for leverage
ratio $2,870,882 $2,825,844 $2,826,216 $2,698,488 $2,615,915
========== ========== ========== ========== ==========
Ratios at end
of quarter
-------------
Equity to
assets 9.88% 9.82% 9.48% 9.81% 10.12%
Tangible
equity to
tangible
assets 7.89% 7.77% 7.47% 7.76% 7.93%
Leverage ratio 9.15% 8.83% 8.68% 8.96% 9.06%
Tier 1 capital 13.24% 12.54% 12.21% 12.40% 12.43%
Total
risk-based
capital 14.50% 13.79% 13.47% 13.65% 13.69%
Simmons First National Corporation SFNC
Consolidated Loans and Investments
For the Quarters Ended
(Unaudited)
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
2008 2008 2008 2008 2007
---------- ---------- ---------- ---------- ----------
(in thousands)
Loan Portfolio
- End of
Period
--------------
Consumer
Credit cards $ 169,615 $ 162,862 $ 162,103 $ 158,701 $ 166,044
Student
loans 111,584 102,346 75,371 84,884 76,277
Other
consumer 138,145 137,763 135,342 135,247 137,624
---------- ---------- ---------- ---------- ----------
Total
consumer 419,344 402,971 372,816 378,832 379,945
Real Estate
Construction 224,924 227,071 245,284 257,635 260,924
Single-family
residential 409,540 400,845 388,353 383,167 382,676
Other
commercial 584,843 576,958 558,257 547,335 542,184
---------- ---------- ---------- ---------- ----------
Total real
estate 1,219,307 1,204,874 1,191,894 1,188,137 1,185,784
Commercial
Commercial 192,496 184,690 229,817 198,209 193,091
Agricultural 88,233 130,988 100,923 62,373 73,470
Financial
institutions 3,471 2,581 4,506 4,503 7,440
---------- ---------- ---------- ---------- ----------
Total
commercial 284,200 318,259 335,246 265,085 274,001
Other 10,223 10,175 8,372 10,084 10,724
---------- ---------- ---------- ---------- ----------
Total Loans $1,933,074 $1,936,279 $1,908,328 $1,842,138 $1,850,454
========== ========== ========== ========== ==========
Investment
Securities -
End of Period
--------------
Held-to-
Maturity
U.S
Treasury $ -- $ -- $ 1,500 $ 1,500 $ 1,500
U.S
Government
agencies 18,000 19,000 24,000 24,000 37,000
Mortgage-
backed
securities 109 112 117 121 129
State and
political
subdivisions 168,262 161,763 159,853 154,166 149,262
Other
securities 930 930 930 2,407 2,393
---------- ---------- ---------- ---------- ----------
Total held-
to-maturity 187,301 181,805 186,400 182,194 190,284
---------- ---------- ---------- ---------- ----------
Available-for-
Sale
U.S. Treasury 6,089 6,990 2,465 2,510 5,524
U.S
Government
agencies 351,161 364,995 370,022 346,925 320,791
Mortgage-
backed
securities 2,879 2,798 2,840 2,961 2,757
State and
political
subdivisions 637 637 637 637 858
FHLB stock 7,358 7,890 7,453 6,468 5,913
Other
securities 95,559 10,957 56,208 29,713 4,804
---------- ---------- ---------- ---------- ----------
Total
available-
for-sale 463,683 394,267 439,625 389,214 340,647
---------- ---------- ---------- ---------- ----------
Total
investment
securities $ 650,984 $ 576,072 $ 626,025 $ 571,408 $ 530,931
========== ========== ========== ========== ==========
Fair Value -
HTM
investment
securities $ 187,320 $ 180,519 $ 185,665 $ 184,757 $ 191,738
========== ========== ========== ========== ==========
Investment
Securities -
QTD Average
-------------
Taxable
securities $ 429,314 $ 455,547 $ 457,918 $ 414,718 $ 378,811
Tax exempt
securities 162,563 160,402 158,554 152,283 140,096
---------- ---------- ---------- ---------- ----------
Total
investment
securities -
QTD average $ 591,877 $ 615,949 $ 616,472 $ 567,001 $ 518,907
========== ========== ========== ========== ==========
Simmons First National Corporation SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended
(Unaudited)
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
2008 2008 2008 2008 2007
-------- -------- -------- -------- --------
(in thousands)
Allowance for Loan
Losses
------------------
Balance, beginning
of quarter $ 25,548 $ 25,752 $ 25,392 $ 25,303 $ 25,107
-------- -------- -------- -------- --------
Loans charged off
Credit cards 1,033 971 977 779 670
Other consumer 697 459 592 357 412
Real estate 517 1,274 719 477 669
Commercial 761 379 52 202 211
-------- -------- -------- -------- --------
Total loans
charged off 3,008 3,083 2,340 1,815 1,962
-------- -------- -------- -------- --------
Recoveries of loans
previously charged
off
Credit cards 202 237 252 192 231
Other consumer 97 137 132 153 104
Real estate 35 73 20 79 38
Commercial 216 218 82 13 36
-------- -------- -------- -------- --------
Total recoveries 550 665 486 437 409
-------- -------- -------- -------- --------
Net loans charged
off 2,458 2,418 1,854 1,378 1,553
Provision for loan
losses 2,751 2,214 2,214 1,467 1,749
-------- -------- -------- -------- --------
Balance, end of
quarter $ 25,841 $ 25,548 $ 25,752 $ 25,392 $ 25,303
======== ======== ======== ======== ========
Non-performing assets
---------------------
Non-performing loans
Nonaccrual loans
Real estate $ 12,234 $ 9,248 $ 10,373 $ 6,735 $ 7,350
Commercial 668 1,778 1,494 619 883
Consumer 1,456 1,420 1,409 1,590 1,676
-------- -------- -------- -------- --------
Total nonaccrual
loans 14,358 12,446 13,276 8,944 9,909
Loans past due 90
days or more 1,292 1,572 1,202 2,158 1,282
-------- -------- -------- -------- --------
Total
non-performing
loans 15,650 14,018 14,478 11,102 11,191
-------- -------- -------- -------- --------
Other non-performing
assets
Foreclosed assets
held for sale 2,995 4,044 3,440 3,556 2,629
Other
non-performing
assets 12 -- 1 9 17
-------- -------- -------- -------- --------
Total other
non-performing
assets 3,007 4,044 3,441 3,565 2,646
-------- -------- -------- -------- --------
Total
non-performing
assets $ 18,657 $ 18,062 $ 17,919 $ 14,667 $ 13,837
======== ======== ======== ======== ========
Ratios
------
Allowance for loan
losses to total
loans 1.34% 1.32% 1.35% 1.38% 1.37%
Allowance for loan
losses to
non-performing
loans 165.12% 182.25% 177.87% 228.72% 226.10%
Allowance for loan
losses to
non-performing
assets 138.51% 141.45% 143.71% 173.12% 182.86%
Non-performing loans
to total loans 0.81% 0.72% 0.76% 0.60% 0.60%
Non-performing
assets to total
assets 0.64% 0.63% 0.61% 0.51% 0.51%
Annualized net
charge offs to
total loans 0.50% 0.50% 0.40% 0.30% 0.33%
Annualized net
charge offs to
total loans
(excluding credit
cards) 0.36% 0.38% 0.27% 0.19% 0.26%
Past due loans
greater than 30
days (excluding
nonaccrual) 0.88% 0.63% 0.48% 1.07% 0.70%
Simmons First National Corporation SFNC
Consolidated - Net Interest Income Analysis
For the Quarters Ended
(Unaudited)
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
2008 2008 2008 2008 2007
------ ------ ------ ------ ------
ASSETS
Earning Assets
Interest bearing balances due
from banks 0.86% 1.87% 2.29% 2.77% 4.05%
Federal funds sold 0.86% 2.13% 2.06% 2.90% 4.86%
Investment securities 5.20% 5.19% 5.22% 5.31% 5.22%
Mortgage loans held for sale 6.32% 6.59% 5.20% 6.03% 6.42%
Assets held in trading
accounts 0.42% 0.00% 2.87% 0.07% -1.63%
Loans 6.19% 6.60% 6.72% 7.24% 7.70%
Total interest earning assets 5.73% 6.09% 6.11% 6.63% 7.10%
LIABILITIES
Interest bearing liabilities
Interest bearing transaction
and savings accounts 1.39% 1.60% 1.61% 1.63% 1.73%
Time deposits 3.19% 3.47% 3.88% 4.36% 4.61%
Total interest bearing
deposits 2.26% 2.51% 2.78% 3.21% 3.45%
Federal funds purchased and
securities sold under
agreement to repurchase 1.02% 1.66% 1.68% 2.93% 4.29%
Short-term debt 1.26% 2.55% 2.74% 4.69% 5.02%
Long-term debt 4.56% 4.53% 4.50% 4.93% 5.88%
Total interest bearing
liabilities 2.36% 2.61% 2.84% 3.29% 3.60%
NET INTEREST MARGIN/SPREAD
Net interest spread 3.37% 3.48% 3.27% 3.34% 3.49%
Net interest margin -
quarter-to-date 3.70% 3.84% 3.67% 3.80% 4.00%
Net interest margin -
year-to-date 3.75% 3.77% 3.74% 3.80% 3.96%
Simmons First National Corporation SFNC
Consolidated - Selected Financial Data
For the Quarters Ended
(Unaudited)
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
2008 2008 2008 2008 2007
---------- ---------- ---------- ---------- ----------
(in thousands,
except per
share data)
QUARTER-TO-DATE
---------------
Diluted
earnings per
share $ 0.40 $ 0.46 $ 0.42 $ 0.63 $ 0.44
Core earnings
(excludes
nonrecurring
items)
(non-GAAP) 5,626 6,474 5,994 6,258 6,936
Diluted core
earnings per
share
(non-GAAP) 0.40 0.46 0.42 0.45 0.49
Cash dividends
declared per
common share 0.19 0.19 0.19 0.19 0.19
Cash dividends
declared -
amount 2,653 2,651 2,650 2,647 2,645
Return on
average
stockholders'
equity 7.85% 9.11% 8.52% 12.76% 9.02%
Return on
tangible
equity 10.32% 11.98% 11.22% 16.81% 12.25%
Return on
average
assets 0.77% 0.89% 0.83% 1.28% 0.92%
Net interest
margin (FTE) 3.70% 3.84% 3.67% 3.80% 4.00%
FTE Adjustment
- investments 980 967 952 916 842
FTE Adjustment
- loans 63 64 57 61 67
Amortization
of
intangibles 202 201 202 202 202
Amortization
of
intangibles,
net of taxes 127 127 127 127 127
Average shares
outstanding 13,959,174 13,951,373 13,940,253 13,929,974 13,924,592
Shares
repurchased -- -- 21,700 23,480 25,895
Average price
of
repurchased
shares -- -- 30.25 26.65 26.38
Average
earning
assets 2,667,421 2,628,143 2,641,449 2,513,812 2,420,322
Average
interest
bearing
liabilities 2,292,830 2,263,120 2,271,223 2,154,856 2,077,058
YEAR-TO-DATE
------------
Diluted
earnings per
share $ 1.91 $ 1.51 $ 1.05 $ 0.63 $ 1.92
Core earnings
(excludes
nonrecurring
items)
(non-GAAP) 24,352 18,726 12,252 6,258 28,104
Diluted core
earnings per
share
(non-GAAP) 1.73 1.33 0.87 0.45 1.97
Cash dividends
declared per
common share 0.76 0.57 0.38 0.19 0.73
Return on
average
stockholders'
equity 9.54% 10.11% 10.62% 12.76% 10.26%
Return on
tangible
equity 12.54% 13.30% 13.98% 16.81% 13.78%
Return on
average
assets 0.94% 1.00% 1.05% 1.28% 1.03%
Net interest
margin (FTE) 3.75% 3.77% 3.74% 3.80% 3.96%
FTE Adjustment
- investments 3,815 2,835 1,868 916 3,170
FTE Adjustment
- loans 245 182 118 61 293
Amortization
of
intangibles 807 605 404 202 819
Amortization
of
intangibles,
net of taxes 508 381 254 127 515
Average shares
outstanding 13,945,249 13,940,573 13,935,114 13,929,980 14,043,626
Average
diluted
shares
outstanding 14,107,943 14,109,028 14,087,690 14,069,322 14,241,182
Average
earning
assets 2,617,506 2,594,469 2,577,632 2,513,812 2,412,218
Average
interest
bearing
liabilities 2,245,509 2,229,733 2,213,039 2,154,856 2,070,049
END OF PERIOD
-------------
Book value per
share $ 20.69 $ 20.12 $ 19.94 $ 20.14 $ 19.57
Tangible book
value per
share 16.16 15.58 15.38 15.56 14.97
Shares
outstanding 13,960,680 13,958,932 13,948,442 13,941,849 13,918,368
Full-time
equivalent
employees 1,123 1,125 1,135 1,121 1,128
Total number
of ATM's 93 93 95 92 90
Total number
of financial
centers 84 84 85 85 84
Parent company
only -
investment in
subsidiaries 291,392 285,474 284,614 290,465 288,744
Parent company
only -
intangible
assets 133 133 133 133 133
Simmons First National Corporation SFNC
Consolidated - Reconciliation of Core Earnings (non-GAAP)
For the Quarters Ended
(Unaudited)
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
2008 2008 2008 2008 2007
-------- -------- -------- -------- --------
(in thousands, except
per share data)
QUARTER-TO-DATE
---------------
Net Income $ 5,626 $ 6,474 $ 5,994 $ 8,816 $ 6,192
Nonrecurring items
Mandatory stock
redemption gain
(Visa) -- -- -- (2,973) --
Litigation
liability (Visa) -- -- -- (1,220) 1,220
Tax effect (39%) -- -- -- 1,635 (476)
-------- -------- -------- -------- --------
Net nonrecurring
items -- -- -- (2,558) 744
-------- -------- -------- -------- --------
Core earnings
(non-GAAP) $ 5,626 $ 6,474 $ 5,994 $ 6,258 $ 6,936
======== ======== ======== ======== ========
Diluted earnings
per share $ 0.40 $ 0.46 $ 0.42 $ 0.63 $ 0.44
Nonrecurring items
Mandatory stock
redemption gain
(Visa) -- -- -- (0.21) --
Litigation
liability (Visa) -- -- -- (0.09) 0.09
Tax effect (39%) -- -- -- 0.12 (0.04)
-------- -------- -------- -------- --------
Net nonrecurring
items -- -- -- (0.18) 0.05
-------- -------- -------- -------- --------
Diluted core
earnings per share
(non-GAAP) $ 0.40 $ 0.46 $ 0.42 $ 0.45 $ 0.49
======== ======== ======== ======== ========
YEAR-TO-DATE
------------
Net Income $ 26,910 $ 21,284 $ 14,810 $ 8,816 $ 27,360
Nonrecurring items
Mandatory stock
redemption gain
(Visa) (2,973) (2,973) (2,973) (2,973) --
Litigation
liability (Visa) (1,220) (1,220) (1,220) (1,220) 1,220
Tax effect (39%) 1,635 1,635 1,635 1,635 (476)
-------- -------- -------- -------- --------
Net nonrecurring
items (2,558) (2,558) (2,558) (2,558) 744
-------- -------- -------- -------- --------
Core earnings
(non-GAAP) $ 24,352 $ 18,726 $ 12,252 $ 6,258 $ 28,104
======== ======== ======== ======== ========
Diluted earnings
per share $ 1.91 $ 1.51 $ 1.05 $ 0.63 $ 1.92
Nonrecurring items
Mandatory stock
redemption gain
(Visa) (0.21) (0.21) (0.21) (0.21) --
Litigation
liability (Visa) (0.09) (0.09) (0.09) (0.09) 0.09
Tax effect (39%) 0.12 0.12 0.12 0.12 (0.04)
-------- -------- -------- -------- --------
Net nonrecurring
items (0.18) (0.18) (0.18) (0.18) 0.05
-------- -------- -------- -------- --------
Diluted core
earnings per share
(non-GAAP) $ 1.73 $ 1.33 $ 0.87 $ 0.45 $ 1.97
======== ======== ======== ======== ========