Simmons Reports Fourth Quarter Net Income of $27 Million


PINE BLUFF, Ark., Jan. 18, 2017 (GLOBE NEWSWIRE) -- Simmons First National Corp. (NASDAQ:SFNC) today announced net income available to common shareholders of $27.0 million for the fourth quarter of 2016, an increase of $3.2 million, or 13.4 percent, compared with the same quarter last year. Diluted earnings per share were $0.85, an increase of $0.07, or 9.0 percent.

Included in fourth quarter 2016 results were $1.8 million in net after-tax merger-related and branch right-sizing costs. Excluding the impact of these items, core earnings were $28.8 million for the fourth quarter of 2016 and diluted core earnings per share were $0.91.

Year-to-date net income was $96.8 million, an increase of $22.7 million, or 30.6 percent, compared with the same period of 2015. Year-to-date diluted earnings per share were $3.13, an increase of $0.50, or 19.0 percent. Year-to-date core earnings were $101.4 million, or $3.28 diluted core earnings per share.

“We are very pleased with our results during the fourth quarter. Our associates are beginning to leverage our size and integrate more of our services in markets previously unserved,” said George A. Makris Jr., chairman and CEO. “We are excited about our future related to our previously announced mergers. Simmons Bank will enter new and very attractive markets as a result of the Bank SNB merger and will be able to expand in our current markets with the First South Bank merger. We look forward to significant growth from these mergers.”

Loans

Total loans, including those acquired, were $5.6 billion at Dec. 31, 2016, an increase of $714 million, or 14.5 percent, compared with the same period in 2016. Legacy loans (all loans excluding acquired loans) grew $1.1 billion, or 33.3 percent. On a linked quarter basis, total loan growth was $232 million, including a reduction in agricultural production loans of $53 million.

Deposits

At Dec. 31, 2016, total deposits were $6.7 billion, an increase of $649 million, or 10.7 percent, compared with the same period in 2015. Total non-time deposits were $5.4 billion, an increase of $682 million, or 14.3 percent, and comprised 81 percent of total deposits.

Net Interest Income

The company’s net interest income for the fourth quarter of 2016 was $74.3 million, an increase of $577,000, or 0.8 percent, from the same period of 2015. The net interest income was impacted by a $4.5 million decline in yield accretion on acquired loans. Included in interest income was the yield accretion recognized on acquired loans of $6.6 million and $11.1 million for the fourth quarter of 2016 and 2015, respectively. Net interest margin was 4.12 percent for the quarter ended Dec. 31, 2016, a 41 basis-point decline from the same quarter of 2015. The company’s core net interest margin, excluding the accretion, was 3.76 percent for the fourth quarter of 2016, an 11 basis-point decline from the same quarter of 2015.

Provision for Loan Losses

Provision for loan losses for the fourth quarter of 2016 was $4.3 million, an increase of $1.1 million compared with the fourth quarter of 2015. The provision increase was necessary in order to maintain an appropriate allowance for loan losses for the company’s growing legacy loan portfolio.

Non-Interest Income

Non-interest income for the fourth quarter was $36.1 million, an increase of $7.5 million compared with the fourth quarter of 2015. The increase in non-interest income was due to additional mortgage lending, trust income, debit and credit card income.

Non-Interest Expense

Non-interest expense for the fourth quarter of 2016 was $66.7 million, a decrease of $1.1 million compared with the fourth quarter of 2015. Included in the quarter were $2.8 million of merger-related expenses. Salaries and benefits decreased by $5.7 million, or 14.5 percent, compared with the same quarter of 2015. This decrease was partially offset by increases in occupancy expenses and other operating expenses related to our recent acquisition and the restructuring of our compliance and risk areas in preparation for growth.

Asset Quality

All acquired loans are recorded at their discounted net present value; therefore, they are excluded from the computations of the asset quality ratios for the legacy loan portfolio, except for their inclusion in total assets.

At Dec. 31, 2016, the allowance for loan losses for legacy loans was $36.3 million. The company's allowance for loan losses on legacy loans at Dec. 31, 2016 was 0.84 percent of total loans and 92 percent of non-performing loans. In the legacy portfolio, non-performing loans as a percent of total loans were 0.91 percent.

The allowance for loan losses for acquired loans was $1.0 million and the acquired loan discount credit mark was $35.5 million. The allowances for loan losses and credit marks provide a total of $72.7 million of coverage, which equates to a total coverage ratio of 1.3 percent of gross loans. The ratio of credit mark and related allowance to acquired loans was 2.7 percent.

The 2016 year-to-date net charge-off ratio, excluding credit cards, was 35 basis points, and the year-to-date credit card charge-off ratio was 1.28 percent.

Capital

At Dec. 31, 2016, common stockholders' equity was $1.2 billion, book value per share was $36.80 and tangible book value per share was $23.97. The company's ratio of stockholders' equity to total assets was 13.7 percent and its ratio of tangible common equity to tangible assets was 9.4 percent.

Simmons First National Corporation

Simmons First National Corp. is a financial holding company, headquartered in Pine Bluff, Ark., with total assets of $8.4 billion conducting financial operations throughout Arkansas, Kansas, Missouri and Tennessee.  The company through its subsidiaries offers comprehensive financial solutions delivered with a client-centric approach. The company’s common stock trades on the NASDAQ Global Select Market under the symbol “SFNC.”

Conference Call

Management will conduct a live conference call to review this information beginning at 11 a.m. CST on Thursday, Jan. 19, 2017. Interested persons can listen to this call by dialing toll-free 1-866-298-7926 (United States and Canada only) and asking for the Simmons First National Corp. conference call, conference ID 46453886. In addition, the call will be available live or in recorded version on the company’s website at www.simmonsbank.com.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The company’s management uses these non-GAAP financial measures in their analysis of the company’s performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant non-core activities or nonrecurring transactions. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the company’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

Forward-Looking Statements

Statements in this news release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any forward-looking statement speaks only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after 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 Corp.’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  Dec 31  Sep 30  Jun 30  Mar 31  Dec 31 
(Unaudited)  2016  2016  2016  2016  2015 
($ in thousands)
 ASSETS      
 Cash and non-interest bearing balances due from banks $  117,007 $  112,572 $  96,037 $  118,468 $  97,656 
 Interest bearing balances due from banks    168,652    324,951    151,570    100,593    154,606 
 Federal funds sold      17,000    3,000    4,000    -  
  Cash and cash equivalents    285,659    454,523    250,607    223,061    252,262 
 Interest bearing balances due from banks - time    4,563    4,393    9,781    11,188    14,107 
 Investment securities - held-to-maturity    462,096    496,594    632,154    674,502    705,373 
 Investment securities - available-for-sale    1,157,354    1,024,206    821,372    857,673    821,407 
 Mortgage loans held for sale    27,788    28,069    30,529    24,563    30,265 
 Assets held in trading accounts    41    2,969    7,321    7,074    4,422 
 Loans:                
 Legacy loans    4,327,207    3,943,089    3,725,422    3,472,691    3,246,454 
 Allowance for loan losses    (36,286)   (34,094)   (33,523)   (32,681)   (31,351)
 Loans acquired (net of discount and allowance)    1,305,683    1,458,198    1,288,435    1,457,370    1,672,901 
 Net loans    5,596,604    5,367,193    4,980,334    4,897,380    4,888,004 
 Premises and equipment    199,359    192,523    183,362    192,327    193,618 
 Premises held for sale    6,052    6,732    6,167    2,364    923 
 Foreclosed assets    26,895    30,396    30,529    41,126    44,820 
 Interest receivable    27,788    27,390    24,150    23,545    25,793 
 Bank owned life insurance    138,620    138,298    130,943    130,092    131,536 
 Goodwill    348,505    348,769    327,686    327,686    327,686 
 Other intangible assets    52,959    54,268    50,329    51,783    53,237 
 Other assets    65,773    50,669    48,955    72,589    66,205 
 Total assets $  8,400,056 $  8,226,992 $  7,534,219 $  7,536,953 $  7,559,658 
                
 LIABILITIES AND STOCKHOLDERS' EQUITY                
 Deposits:                
 Non-interest bearing transaction accounts $  1,491,676 $  1,473,420 $  1,283,426 $  1,274,816 $  1,280,234 
 Interest bearing transaction accounts and savings deposits    3,956,483    3,815,939    3,538,808    3,524,808    3,485,845 
 Time deposits less than $100,000    686,780    653,105    643,081    674,915    694,262 
 Time deposits greater than $100,000    600,280    674,917    562,888    605,236    625,755 
  Total deposits    6,735,219    6,617,381    6,028,203    6,079,775    6,086,096 
 Federal funds purchased and securities sold                
 under agreements to repurchase    115,029    124,289    103,038    97,429    99,398 
 Other borrowings    273,159    215,276    191,827    176,829    162,289 
 Subordinated debentures    60,397    60,290    60,184    60,077    60,570 
 Accrued interest and other liabilities    65,141    62,615    60,256    50,859    74,450 
 Total liabilities    7,248,945    7,079,851    6,443,508    6,464,969    6,482,803 
                
 Stockholders' equity:                
 Preferred stock    -     -     -     -     30,852 
 Common stock    313    313    304    303    303 
 Surplus    711,976    710,132    668,306    665,850    662,378 
 Undivided profits    454,034    434,579    417,863    402,265    385,987 
 Accumulated other comprehensive income (loss):                
 Unrealized appreciation (depreciation) on AFS securities    (15,212)   2,117    4,238    3,566    (2,665)
 Total stockholders' equity    1,151,111    1,147,141    1,090,711    1,071,984    1,076,855 
 Total liabilities and stockholders' equity $  8,400,056 $  8,226,992 $  7,534,219 $  7,536,953 $  7,559,658 

 

 Simmons First National Corporation      SFNC 
 Consolidated Statements of Income - Quarter-to-Date      
 For the Quarters Ended Dec 31Sep 30Jun 30Mar 31Dec 31
 (Unaudited)   2016   2016   2016   2016  2015
($ in thousands, except per share data)
INTEREST INCOME      
  Loans $  70,887$  65,078$  63,009$  66,678$  70,511
  Federal funds sold    11   19   17   10   10
  Investment securities    8,700   7,774   8,499   8,506   8,350
  Mortgage loans held for sale    230   299   295   278   237
  Assets held in trading accounts    3   4   3   6   6
  Interest bearing balances due from banks    234   244   77   144   225
  TOTAL INTEREST INCOME    80,065   73,418   71,900   75,622   79,339
INTEREST EXPENSE           
  Time deposits    2,023   1,767   1,741   1,636   1,858
  Other deposits    2,032   1,965   2,035   2,018   2,105
  Federal funds purchased and securities           
  sold under agreements to repurchase    90   59   59   65   60
  Other borrowings    1,034   1,048   938   1,128   1,084
  Subordinated debentures    558   516   544   543   481
  TOTAL INTEREST EXPENSE    5,737   5,355   5,317   5,390   5,588
NET INTEREST INCOME    74,328   68,063   66,583   70,232   73,751
  Provision for loan losses    4,332   8,294   4,616   2,823   3,230
NET INTEREST INCOME AFTER PROVISION           
  FOR LOAN LOSSES    69,996   59,769   61,967   67,409   70,521
NON-INTEREST INCOME           
  Trust income    4,282   3,873   3,656   3,631   2,725
  Service charges on deposit accounts    8,666   8,771   7,661   7,316   8,104
  Other service charges and fees    1,593   1,840   1,571   1,909   1,654
  Mortgage lending income    7,013   5,760   5,877   3,792   2,298
  Investment banking income    472   1,131   1,181   687   784
  Debit and credit card fees    8,027   7,825   7,688   7,200   7,647
  Bank owned life insurance income    895   606   826   997   614
  Gain on sale of securities, net    1,445   315   3,759   329   305
  Other income    3,722   6,755   4,669   3,642   4,518
  TOTAL NON-INTEREST INCOME    36,115   36,876   36,888   29,503   28,649
NON-INTEREST EXPENSE           
  Salaries and employee benefits    33,797   31,784   33,103   34,773   39,523
  Occupancy expense, net    4,516   4,690   4,990   4,471   3,418
  Furniture and equipment expense    4,387   4,272   4,077   3,947   3,731
  Other real estate and foreclosure expense    679   1,849   967   966   1,167
  Deposit insurance    89   1,136   1,096   1,148   1,222
  Merger-related costs    2,846   1,524   372   93   1,237
  Other operating expenses    20,411   17,179   19,532   16,391   17,508
  TOTAL NON-INTEREST EXPENSE    66,725   62,434   64,137   61,789   67,806
NET INCOME BEFORE INCOME TAXES    39,386   34,211   34,718   35,123   31,364
  Provision for income taxes    12,415   10,782   11,809   11,618   7,505
NET INCOME    26,971   23,429   22,909   23,505   23,859
  Preferred stock dividends    -    -    -    24   77
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $  26,971$  23,429$  22,909$  23,481$  23,782
BASIC EARNINGS PER SHARE $  0.86$  0.77$  0.75$  0.77$  0.79
DILUTED EARNINGS PER SHARE $  0.85$  0.76$  0.75$  0.77$  0.78

 

 Simmons First National Corporation     SFNC 
 Consolidated Risk-Based Capital      
 For the Quarters Ended  Dec 31  Sep 30  Jun 30  Mar 31  Dec 31 
 (Unaudited)  2016   2016    2016    2016   2015 
($ in thousands)
Tier 1 capital     
  Stockholders' equity $  1,151,111 $  1,147,141 $  1,090,711 $  1,071,984 $  1,076,855 
  Trust preferred securities, net allowable    60,397    60,290    60,184    60,077    60,570 
  Disallowed intangible assets, net of deferred tax    (354,028)   (354,582)   (334,395)   (335,166)   (331,931)
  Unrealized loss (gain) on AFS securities    15,212    (2,117)   (4,238)   (3,566)   2,665 
  Other    15    -     -     -     -  
  Total Tier 1 capital    872,707    850,732    812,262    793,329    808,159 
                
Tier 2 capital               
  Qualifying allowance for loan losses and                
  reserve for unfunded commitments    40,241    38,050    37,240    36,398    35,068 
  Total Tier 2 capital    40,241    38,050    37,240    36,398    35,068 
  Total risk-based capital $  912,948 $  888,782 $  849,502 $  829,727 $  843,227 
                
Common equity               
  Tier 1 capital $  872,707 $  850,732 $  812,262 $  793,329 $  808,159 
  Less: Non-cumulative preferred stock    -     -     -     -     (30,852)
  Less: Trust preferred securities    (60,397)   (60,290)   (60,184)   (60,077)   (60,570)
  Total common equity $  812,310 $  790,442 $  752,078 $  733,252 $  716,737 
                
 Risk weighted assets $  6,039,034 $  5,724,052 $  5,343,355 $  5,293,395 $  5,044,453 
                
 Adjusted average assets for leverage ratio $  7,966,681 $  7,355,702 $  7,185,633 $  7,167,839 $  7,218,559 
                
Ratios at end of quarter               
  Equity to assets  13.70% 13.94% 14.48% 14.22% 14.24%
  Tangible common equity to tangible assets (1)  9.37% 9.51% 9.96% 9.68% 9.26%
  Common equity Tier 1 ratio (CET1)  13.45% 13.81% 14.08% 13.85% 14.21%
  Tier 1 leverage ratio  10.95% 11.57% 11.30% 11.07% 11.20%
  Tier 1 risk-based capital ratio  14.45% 14.86% 15.20% 14.99% 16.02%
  Total risk-based capital ratio  15.12% 15.53% 15.90% 15.67% 16.72%
      
      
(1) Calculations of tangible common equity to tangible assets and the reconciliations to GAAP are included in the schedules accompanying this release.
      

 

 Simmons First National Corporation     SFNC  
 Consolidated Loans and Investments       
 For the Quarters Ended  Dec 31  Sep 30  Jun 30  Mar 31  Dec 31  
 (Unaudited)  2016    2016    2016   2016    2015 
($ in thousands) 
Legacy Loan Portfolio - End of Period (1)               
 Consumer                
  Credit cards $  184,591 $  175,032 $  171,468 $  167,803 $  177,288 
  Other consumer    303,972    275,947    248,018    227,480    208,380 
 Total consumer    488,563    450,979    419,486    395,283    385,668 
 Real Estate                
  Construction    336,759    304,082    330,666    300,042    279,740 
  Single-family residential    904,245    841,958    785,289    746,754    696,180 
  Other commercial    1,787,075    1,521,132    1,414,663    1,327,372    1,229,072 
 Total real estate    3,028,079    2,667,172    2,530,618    2,374,168    2,204,992 
 Commercial                
  Commercial    639,525    607,738    577,771    551,695    500,116 
  Agricultural    150,378    203,529    187,047    143,033    148,563 
 Total commercial    789,903    811,267    764,818    694,728    648,679 
 Other    20,662    13,671    10,500    8,512    7,115 
  Total Loans $  4,327,207 $  3,943,089 $  3,725,422 $  3,472,691 $  3,246,454 
                
 (1) Excludes all acquired loans.                
                
Investment Securities - End of Period               
 Held-to-Maturity                
  U.S. Government agencies $  76,875 $  80,849 $  199,505 $  223,484 $  237,139 
  Mortgage-backed securities    19,773    21,454    22,612    23,734    24,774 
  State and political subdivisions    362,532    391,495    407,273    424,586    440,676 
  Other securities    2,916    2,796    2,765    2,698    2,784 
  Total held-to-maturity    462,096    496,594    632,155    674,502    705,373 
 Available-for-Sale                
  U.S. Treasury $  300 $  63,985 $  4,305 $  4,302 $  3,994 
  U.S. Government agencies    137,771    148,781    58,113    78,308    120,237 
  Mortgage-backed securities    868,324    699,748    652,425    722,982    647,425 
  State and political subdivisions    102,943    67,019    64,836    11,260    9,874 
  FHLB stock    12,235    11,235    8,781    7,838    7,823 
  Other securities    35,781    33,438    32,911    32,983    32,054 
  Total available-for-sale    1,157,354    1,024,206    821,371    857,673    821,407 
  Total investment securities $  1,619,450 $  1,520,800 $  1,453,526 $  1,532,175 $  1,526,780 
  Fair value - HTM investment securities $  465,960 $  508,910 $  647,293 $  686,835 $  713,371 
                
Investment Securities - QTD Average               
 Taxable securities $  1,146,703 $  963,150 $  1,059,802 $  1,067,302 $  1,043,268 
 Tax exempt securities    467,757    466,782    443,492    439,370    463,631 
  Total investment securities - QTD average $  1,614,460 $  1,429,932 $  1,503,294 $  1,506,672 $  1,506,899 

 

 Simmons First National Corporation      SFNC 
 Consolidated Loans and Credit Coverage      
 For the Quarters Ended  Dec 31  Sep 30  Jun 30  Mar 31  Dec 31 
 (Unaudited)   2016    2016    2016    2016    2015  
 ($ in thousands)
 LOANS      
 Legacy loans $  4,327,207 $  3,943,089 $  3,725,422 $  3,472,691 $  3,246,454 
 Allowance for loan losses (legacy loans)  (36,286)   (34,094)   (33,523)   (32,681)   (31,351)
 Legacy loans (net of allowance)    4,290,921    3,908,995    3,691,899    3,440,010    3,215,103 
 Loans acquired    1,342,099    1,502,051    1,327,683    1,503,482    1,729,557 
 Credit discount    (35,462)   (42,899)   (38,294)   (45,158)   (55,702)
 Allowance for loan losses (loans acquired)    (954)   (954)   (954)   (954)   (954)
 Loans acquired (net of discount and allowance)    1,305,683    1,458,198    1,288,435    1,457,370    1,672,901 
 Net loans $  5,596,604 $  5,367,193 $  4,980,334 $  4,897,380 $  4,888,004 
                
                
Loan Coverage Ratios               
 Allowance for loan losses to legacy loans  0.84% 0.86% 0.90% 0.94% 0.97%
                
 Discount for credit losses and allowance on loans acquired                
 to total loans acquired plus discount for credit losses                
 and allowance on loans acquired (non-GAAP) (1)  2.71% 2.92% 2.96% 3.07% 3.28%
                
 Total allowance and credit coverage (non-GAAP) (1)  1.28% 1.43% 1.44% 1.58% 1.77%
      
      
(1) Calculations of the non-GAAP loan coverage ratios and the reconciliations to GAAP are included in the schedules accompanying this release.

 

 Simmons First National Corporation     SFNC 
 Consolidated Allowance and Asset Quality      
 For the Quarters Ended  Dec 31  Sep 30  Jun 30  Mar 31  Dec 31 
 (Unaudited)   2016    2016    2016   2016   2015  
($ in thousands)
Allowance for Loan Losses (Legacy Loans)     
 Balance, beginning of quarter $  34,094 $  33,523 $  32,681 $  31,351 $  30,380 
 Loans charged off                
  Credit cards    935    699    702    859    757 
  Other consumer    493    600    489    393    489 
  Real estate    167    6,297    824    229    845 
  Commercial    913    284    2,283    476    654 
  Total loans charged off    2,508    7,880    4,298    1,957    2,745 
                
 Recoveries of loans previously charged off                
  Credit cards    213    199    253    242    223 
  Other consumer    158    106    149    103    140 
  Real estate    73    55    111    112    120 
  Commercial    28    12    318    7    3 
  Total recoveries    472    372    831    464    486 
  Net loans charged off    2,036    7,508    3,467    1,493    2,259 
 Provision for loan losses    4,228    8,079    4,309    2,823    3,230 
 Balance, end of quarter $  36,286 $  34,094 $  33,523 $  32,681 $  31,351 
                
Non-performing assets (1) (2)               
 Non-performing loans                
  Nonaccrual loans    39,104    37,392    43,305    34,244    17,714 
  Loans past due 90 days or more    299    144    227    881    1,191 
  Total non-performing loans    39,403    37,536    43,532    35,125    18,905 
 Other non-performing assets                
Foreclosed assets held for sale (2)   26,895    30,396    30,529    41,126    44,820 
  Other non-performing assets    471    621    519    256    211 
  Total other non-performing assets    27,366    31,017    31,048    41,382    45,031 
  Total non-performing assets $  66,769 $  68,553 $  74,580 $  76,507 $  63,936 
 Performing TDRs (troubled debt restructurings) $  10,998 $  13,604 $  10,887 $  10,759 $  3,031 
      
Ratios (1) (2)     
 Allowance for loan losses to total loans  0.84% 0.86% 0.90% 0.94% 0.97%
 Allowance for loan losses to non-performing loans  92% 91% 77% 93% 166%
 Non-performing loans to total loans  0.91% 0.95% 1.17% 1.01% 0.58%
 Non-performing assets (including performing TDRs)      
  to total assets  0.93% 1.00% 1.13% 1.16% 0.89%
 Non-performing assets to total assets  0.79% 0.83% 0.99% 1.02% 0.85%
 Annualized net charge offs to total loans  0.20% 0.82% 0.39% 0.18% 0.31%
 Annualized net credit card charge offs to      
  total credit card loans  1.66% 1.14% 1.07% 1.46% 1.22%
 Annualized net charge offs to total loans        
  (excluding credit cards)  0.14% 0.81% 0.36% 0.11% 0.25%
      
 (1) Excludes all acquired loans, except for their inclusion in total assets. 
 (2) Includes acquired foreclosed assets held for sale.   

 

 Simmons First National Corporation           SFNC 
 Consolidated - Average Balance Sheet and Net Interest Income Analysis       
 For the Quarters Ended            
 (Unaudited)            
 Three Months Ended
Dec 2016
 Three Months Ended
Sep 2016
 Three Months Ended
Dec 2015
 ($ in thousands) Average
Balance
Income/
Expense
Yield/
Rate
 Average
Balance
Income/
Expense
Yield/
Rate
 Average
Balance
Income/
Expense
Yield/
Rate
ASSETS           
Earning assets:           
  Interest bearing balances due from banks$  243,396$  2340.38% $  246,818$  2440.39% $  247,930$  2250.36%
  Federal funds sold   5,381   110.81%    6,431   191.18%    1,930   102.06%
  Investment securities - taxable   1,236,864   5,6811.83%    1,038,437   4,7751.83%    1,053,874   4,9411.86%
  Investment securities - non-taxable (FTE)   377,596   4,9595.22%    391,495   4,9265.01%    453,025   5,5704.88%
  Mortgage loans held for sale   23,307   2303.93%    31,256   2993.81%    21,294   2374.42%
  Assets held in trading accounts   1,774   30.67%    5,108   40.31%    6,150   60.39%
  Loans, including acquired loans   5,484,918   70,9415.15%    5,105,474   65,1205.07%    4,868,283   70,5355.75%
  Total interest earning assets (FTE)   7,373,236   82,0594.43%    6,825,019   75,3874.39%    6,652,486   81,5244.86%
  Non-earning assets   935,222      878,818      898,083  
  Total assets$  8,308,458   $  7,703,837   $  7,550,569  
            
LIABILITIES AND STOCKHOLDERS' EQUITY          
Interest bearing liabilities:           
  Interest bearing transaction and           
  savings accounts$  3,895,367$  2,0320.21% $  3,645,414$  1,9650.21% $  3,442,857$  2,1050.24%
  Time deposits   1,292,961   2,0230.62%    1,213,895   1,7670.58%    1,338,416   1,8580.55%
  Total interest bearing deposits   5,188,328   4,0550.31%    4,859,309   3,7320.31%    4,781,273   3,9630.33%
  Federal funds purchased and securities                    
  sold under agreement to repurchase   124,323   900.29%    105,576   590.22%    108,389   600.22%
  Other borrowings   203,615   1,0342.02%    192,453   1,0482.17%    167,167   1,0842.57%
  Subordinated debentures   60,345   5583.68%    60,238   5163.41%    61,697   4813.09%
  Total interest bearing liabilities   5,576,611   5,7370.41%    5,217,576   5,3550.41%    5,118,526   5,5880.43%
Non-interest bearing liabilities:                    
  Non-interest bearing deposits   1,515,853        1,322,818        1,295,713    
  Other liabilities   59,061        49,191        73,768    
  Total liabilities   7,151,525        6,589,585        6,488,007    
Stockholders' equity   1,156,933        1,114,252        1,062,562    
  Total liabilities and stockholders' equity$  8,308,458     $  7,703,837     $  7,550,569    
Net interest income (FTE)  $  76,322     $  70,032     $  75,936  
Net interest spread (FTE)    4.02%     3.98%     4.43%
Net interest margin (FTE) - quarter-to-date    4.12%     4.08%     4.53%
                     
Net interest margin (FTE) - year-to-date    4.19%     4.21%     4.55%
                     
Core net interest margin (FTE) - quarter-to-date (1)    3.76%     3.79%     3.87%
Core loan yield (FTE) - quarter-to-date (1)    4.67%     4.69%     4.84%
                     
Core net interest margin (FTE) - year-to-date (1)    3.83%     3.86%     3.82%
Core loan yield (FTE) - year-to-date (1)    4.72%     4.75%     5.01%
                     
(1) Calculations of core net interest margin and core loan yield and the reconciliations to GAAP are included in the schedules accompanying this release.

 

Simmons First National Corporation     SFNC 
Consolidated - Selected Financial Data      
For the Quarters Ended  Dec 31  Sep 30  Jun 30  Mar 31  Dec 31 
(Unaudited)   2016    2016    2016    2016    2015  
($ in thousands, except share data)
QUARTER-TO-DATE     
Financial Highlights - GAAP     
 Net Income $  26,971 $  23,429 $  22,909 $  23,481 $  23,782 
 Diluted earnings per share    0.85    0.76    0.75    0.77    0.78 
 Return on average assets  1.29% 1.21% 1.22% 1.26% 1.25%
 Return on average common equity  9.27% 8.36% 8.48% 8.87% 9.15%
 Return on tangible common equity  14.71% 13.26% 13.52% 14.30% 14.62%
 Net interest margin (FTE)  4.12% 4.08% 4.14% 4.41% 4.53%
 FTE adjustment    1,994    1,969    1,675    2,084    2,185 
 Amortization of intangibles    1,533    1,503    1,451    1,455    1,337 
 Amortization of intangibles, net of taxes    932    913    882    884    813 
 Average diluted shares outstanding    31,592,713    30,843,714    30,452,285    30,481,604    30,301,190 
 Cash dividends declared per common share    0.24    0.24    0.24    0.24    0.23 
Financial Highlights - Core (non-GAAP)     
 Core earnings (excludes non-core items) (1) $  28,751 $  24,382 $  25,091 $  23,185 $  25,913 
 Diluted core earnings per share (1)    0.91    0.79    0.82    0.76    0.86 
 Core net interest margin (FTE) (2)  3.76% 3.79% 3.86% 3.92% 3.87%
 Efficiency ratio (1)  55.47% 53.94% 57.33% 58.73% 59.26%
 Core return on average assets (1)  1.38% 1.26% 1.34% 1.24% 1.36%
 Core return on average common equity (1)  9.89% 8.71% 9.29% 8.75% 9.96%
 Core return on tangible common equity (1)  15.65% 13.78% 14.76% 14.13% 15.89%
YEAR-TO-DATE     
Financial Highlights - GAAP     
 Net Income $  96,790 $  69,819 $  46,390 $  23,481 $  74,107 
 Diluted earnings per share    3.13    2.28    1.52    0.77    2.63 
 Return on average assets  1.25% 1.23% 1.24% 1.26% 1.03%
 Return on average common equity  8.75% 8.57% 8.67% 8.87% 7.90%
 Return on tangible common equity  13.92% 13.68% 13.90% 14.30% 12.53%
 Net interest margin (FTE)  4.19% 4.21% 4.28% 4.41% 4.55%
 FTE adjustment    7,722    5,728    3,759    2,084    8,517 
 Amortization of intangibles    5,942    4,409    2,906    1,455    4,889 
 Amortization of intangibles, net of taxes    3,611    2,679    1,766    884    2,972 
 Average diluted shares outstanding    30,963,546    30,656,882    30,438,939    30,481,604    28,209,661 
 Cash dividends declared per common share    0.96    0.72    0.48    0.24    0.92 
Financial Highlights - Core (non-GAAP)     
 Core earnings (excludes non-core items) (1) $  101,409 $  72,658 $  48,276 $  23,185 $  89,622 
 Diluted core earnings per share (1)    3.28    2.37    1.59    0.76    3.18 
 Core net interest margin (FTE) (2)  3.83% 3.86% 3.89% 3.92% 3.82%
 Efficiency ratio (1)  56.32% 56.62% 58.03% 58.73% 59.01%
 Core return on average assets (1)  1.31% 1.28% 1.29% 1.24% 1.25%
 Core return on average common equity (1)  9.17% 8.91% 9.02% 8.75% 9.55%
 Core return on tangible common equity (1)  14.56% 14.22% 14.45% 14.13% 15.05%
END OF PERIOD     
 Book value per share $  36.80 $  36.69 $  35.86 $  35.35 $  34.55 
 Tangible book value per share    23.97    23.80    23.43    22.84    21.97 
 Shares outstanding    31,279,401    31,267,614    30,415,980    30,324,499    30,278,432 
 Full-time equivalent employees    1,875    1,985    1,880    1,931    1,946 
 Total number of ATM's    186    186    174    185    182 
 Total number of financial centers    150    150    140    149    149 
      
  (1) Core earnings exclude non-core items, which is a non-GAAP measurement. Reconciliations to GAAP are included in the schedules accompanying this release. 
 
 (2) Excludes accretable yield adjustment on loans, which is a non-GAAP measurement. Reconciliations to GAAP are included in the schedules accompanying this release.

 

 Simmons First National Corporation     SFNC 
 Consolidated - Reconciliation of Core Earnings (non-GAAP)    
 For the Quarters Ended  Dec 31  Sep 30  Jun 30  Mar 31  Dec 31 
 (Unaudited)   2016    2016    2016    2016    2015  
($ in thousands, except per share data)     
QUARTER-TO-DATE     
 Net Income $  26,971 $  23,429 $  22,909 $  23,481 $  23,782 
 Non-core items                
Accelerated vesting on retirement agreements   -     -     -     -     2,209 
Gain from early retirement of trust preferred securities   -     -     -     (594)   -  
Merger-related costs   2,846    1,524    372    93    1,237 
Branch right-sizing   83    43    3,219    14    60 
Tax effect (1)   (1,149)   (614)   (1,409)   191    (1,375)
 Net non-core items    1,780    953    2,182    (296)   2,131 
 Core earnings (non-GAAP) $  28,751 $  24,382 $  25,091 $  23,185 $  25,913 
                
 Diluted earnings per share $  0.85 $  0.76 $  0.75 $  0.77 $  0.78 
 Non-core items                
Accelerated vesting on retirement agreements   -     -     -     -     0.08 
Gain from early retirement of trust preferred securities   -     -     -     (0.02)   -  
Merger-related costs   0.09    0.05    0.01    -     0.05 
Branch right-sizing   -     -     0.11    -     -  
Tax effect (1)   (0.03)   (0.02)   (0.05)   0.01    (0.05)
 Net non-core items    0.06    0.03    0.07    (0.01)   0.08 
 Core earnings (non-GAAP) $  0.91 $  0.79 $  0.82 $  0.76 $  0.86 
                
YEAR-TO-DATE               
 Net Income $  96,790 $  69,819 $  46,390 $  23,481 $  74,107 
 Non-core items                
Accelerated vesting on retirement agreements   -     -     -     -     2,209 
Gain on sale of banking operations   -     -     -     -     (2,110)
Gain from early retirement of trust preferred securities   (594)   (594)   (594)   (594)   -  
Loss on FDIC loss-share termination   -     -     -     -     7,476 
Merger-related costs   4,835    1,989    465    93    13,760 
Branch right-sizing   3,359    3,276    3,233    14    3,144 
Tax effect (1)   (2,981)   (1,832)   (1,218)   191    (8,964)
 Net non-core items    4,619    2,839    1,886    (296)   15,515 
 Core earnings (non-GAAP) $  101,409 $  72,658 $  48,276 $  23,185 $  89,622 
                
 Diluted earnings per share $  3.13 $  2.28 $  1.52 $  0.77 $  2.63 
 Non-core items                
Accelerated vesting on retirement agreements   -     -     -     -     0.08 
Gain on sale of banking operations   -     -     -     -     (0.07)
Gain from early retirement of trust preferred securities   (0.02)   (0.02)   (0.02)   (0.02)   -  
Loss on FDIC loss-share termination   -     -     -     -     0.27 
Merger-related costs   0.16    0.06    0.02    -     0.49 
Branch right-sizing   0.11    0.11    0.11    -     0.11 
Tax effect (1)   (0.10)   (0.06)   (0.04)   0.01    (0.33)
 Net non-core items    0.15    0.09    0.07    (0.01)   0.55 
 Core earnings (non-GAAP) $  3.28 $  2.37 $  1.59 $  0.76 $  3.18 
                
 (1) Effective tax rate of 39.225%, adjusted for non-deductible merger-related costs.    

 

Simmons First National Corporation     SFNC  
 Reconciliation Of Non-GAAP Financial Measures - End of Period     
 For the Quarters Ended       
 (Unaudited)  Dec 31  Sept 30  Jun 30  Mar 31  Dec 31  
   2016    2016    2016    2016    2015   
($ in thousands, except per share data)   
                 
Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets   
                 
Total stockholders' equity$  1,151,111 $  1,147,141 $  1,090,711 $  1,071,984 $  1,076,855  
Preferred stock   -      -      -      -     (30,852) 
Total common stockholders' equity   1,151,111    1,147,141    1,090,711    1,071,984    1,046,003  
Intangible assets:                
  Goodwill   (348,505)   (348,769)   (327,686)   (327,686)   (327,686) 
  Other intangible assets   (52,959)   (54,268)   (50,329)   (51,783)   (53,237) 
Total intangibles   (401,464)   (403,037)   (378,015)   (379,469)   (380,923) 
Tangible common stockholders' equity$  749,647 $  744,104 $  712,696 $  692,515 $  665,080  
                 
Total assets$  8,400,056 $  8,226,992 $  7,534,219 $  7,536,953 $  7,559,658  
Intangible assets:                
  Goodwill   (348,505)   (348,769)   (327,686)   (327,686)   (327,686) 
  Other intangible assets   (52,959)   (54,268)   (50,329)   (51,783)   (53,237) 
Total intangibles   (401,464)   (403,037)   (378,015)   (379,469)   (380,923) 
Tangible assets$  7,998,592 $  7,823,955 $  7,156,204 $  7,157,484 $  7,178,735  
                 
Ratio of equity to assets 13.70% 13.94% 14.48% 14.22% 14.24% 
Ratio of tangible common equity to tangible assets 9.37% 9.51% 9.96% 9.68% 9.26% 
                 
Calculation of Discount for credit losses and allowance on loans acquired to total loans acquired plus    
  discount for credit losses and allowance on loans acquired      
       
Credit discount on acquired loans$  35,462 $  42,899 $  38,294 $  45,158 $  55,702  
Allowance for loan losses on acquired loans   954    954    954    954    954  
Total credit discount and ALLL on acquired loans$  36,416 $  43,853 $  39,248 $  46,112 $  56,656  
Total loans acquired$  1,342,099 $  1,502,051 $  1,327,683 $  1,503,482 $  1,729,557  
Discount and ALLL on acquired loans to acquired loans 2.71% 2.92% 2.96% 3.07% 3.28% 
                 
Calculation of Total Allowance and Credit Coverage                
                 
Allowance for loan losses$  36,286 $  34,094 $  33,523 $  32,681 $  31,351  
Total credit discount and ALLL on acquired loans   36,416    43,853    39,248    46,112    56,656  
Total allowance and credit discount$  72,702 $  77,947 $  72,771 $  78,793 $  88,007  
Total loans$  5,669,306 $  5,445,140 $  5,053,105 $  4,976,173 $  4,976,011  
Total allowance and credit coverage 1.28% 1.43% 1.44% 1.58% 1.77% 
                 
Calculation of Tangible Book Value per Share                
                 
Total common stockholders' equity$  1,151,111 $  1,147,141 $  1,090,711 $  1,071,984 $  1,046,003  
Intangible assets:                
  Goodwill   (348,505)   (348,769)   (327,686)   (327,686)   (327,686) 
  Other intangible assets   (52,959)   (54,268)   (50,329)   (51,783)   (53,237) 
Total intangibles   (401,464)   (403,037)   (378,015)   (379,469)   (380,923) 
Tangible common stockholders' equity$  749,647 $  744,104 $  712,696 $  692,515 $  665,080  
Shares of common stock outstanding   31,279,401    31,267,614    30,415,980    30,324,499    30,278,432  
Book value per common share$  36.80 $  36.69 $  35.86 $  35.35 $  34.55  
Tangible book value per common share$  23.97 $  23.80 $  23.43 $  22.84 $  21.97  

 

Simmons First National Corporation     SFNC  
 Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date     
 For the Quarters Ended       
 (Unaudited)  Dec 31  Sept 30  Jun 30  Mar 31  Dec 31  
   2016    2016    2016    2016    2015   
($ in thousands)                
Calculation of Core Return on Average Assets                
                 
Net income available to common stockholders$  26,971 $  23,429 $  22,909 $  23,481 $  23,782  
Net non-core items, net of taxes, adjustment   1,780     953     2,182     (296)   2,131   
Core earnings$  28,751  $  24,382  $  25,091  $  23,185  $  25,913   
                 
Average total assets$  8,308,458  $  7,703,837  $  7,522,133  $  7,499,185  $  7,550,569   
                 
Return on average assets 1.29% 1.21% 1.22% 1.26% 1.25% 
Core return on average assets 1.38% 1.26% 1.34% 1.24% 1.36% 
                 
Calculation of Return on Tangible Common Equity                
                 
Net income available to common stockholders$  26,971 $  23,429 $  22,909 $  23,481 $  23,782  
Amortization of intangibles, net of taxes   932     913     882     884     813   
Total income available to common stockholders$  27,903  $  24,342  $  23,791  $  24,365  $  24,595   
                 
Net non-core items, net of taxes   1,780     953     2,182     (296)   2,131   
Core earnings   28,751    24,382    25,091    23,185    25,913  
Amortization of intangibles, net of taxes   932     913     882     884     813   
Total core income available to common stockholders$  29,683  $  25,295  $  25,973  $  24,069  $  26,726   
                 
Average common stockholders' equity$  1,156,933 $  1,114,252 $  1,086,618 $  1,065,296 $  1,031,710  
Average intangible assets:                
  Goodwill   (348,597)   (332,893)   (327,686)   (327,686)   (320,216) 
  Other intangibles   (53,646)   (50,893)   (51,043)   (52,498)   (44,302) 
Total average intangibles   (402,243)   (383,786)   (378,729)   (380,184)   (364,518) 
Average tangible common stockholders' equity$  754,690  $  730,466  $  707,889  $  685,112  $  667,192   
                 
Return on average common equity 9.27% 8.36% 8.48% 8.87% 9.15% 
Return on tangible common equity 14.71% 13.26% 13.52% 14.30% 14.62% 
Core return on average common equity 9.89% 8.71% 9.29% 8.75% 9.96% 
Core return on tangible common equity 15.65% 13.78% 14.76% 14.13% 15.89% 
                 
Calculation of Efficiency Ratio (1)                
                 
Non-interest expense$  66,725 $  62,434 $  64,137 $  61,789 $  67,806  
Non-core non-interest expense adjustment   (2,995)   (1,742)   (3,591)   (107)   (3,506) 
Other real estate and foreclosure expense adjustment   (669)   (1,787)   (967)   (966)   (1,167) 
Amortization of intangibles adjustment   (1,533)   (1,503)   (1,451)   (1,455)   (1,337) 
Efficiency ratio numerator$  61,528  $  57,402  $  58,128  $  59,261  $  61,796   
                 
Net-interest income$  74,328 $  68,063 $  66,583 $  70,232 $  73,751  
Non-interest income   36,115    36,876    36,888    29,503    28,649  
Non-core non-interest income adjustment   (66)   (175)   -     (594)   -   
Fully tax-equivalent adjustment   1,994    1,969    1,675    2,084    2,185  
(Gain) loss on sale of securities   (1,445)   (315)   (3,759)   (329)   (305) 
Efficiency ratio denominator$  110,926  $  106,418  $  101,387  $  100,896  $  104,280   
                 
Efficiency ratio (1) 55.47% 53.94% 57.33% 58.73% 59.26% 
                 
Calculation of Core Net Interest Margin                
                 
Net interest income$  74,328 $  68,063 $  66,583 $  70,232 $  73,751  
Fully tax-equivalent adjustment   1,994     1,969     1,675     2,084     2,185   
Fully tax-equivalent net interest income   76,322    70,032    68,258    72,316    75,936  
                 
Total accretable yield   (6,552)   (4,928)   (4,700)   (8,077)   (11,076) 
Core net interest income$  69,770  $  65,104  $  63,558  $  64,239  $  64,860   
Average earning assets$  7,373,236  $  6,825,019  $  6,625,642  $  6,597,389  $  6,652,486   
                 
Net interest margin 4.12% 4.08% 4.14% 4.41% 4.53% 
Core net interest margin 3.76% 3.79% 3.86% 3.92% 3.87% 
                 
Calculation of Core Loan Yield                
                 
Loan interest income$  70,887 $  65,078 $  63,009 $  66,678 $  70,511  
Total accretable yield   (6,552)   (4,928)   (4,700)   (8,077)   (11,076) 
Core loan interest income$  64,335  $  60,150  $  58,309  $  58,601  $  59,435   
Average loan balance$  5,484,918  $  5,105,474  $  4,957,888  $  4,889,685  $  4,868,283   
                 
Core loan yield 4.67% 4.69% 4.73% 4.82% 4.84% 
                 
(1) Efficiency ratio is noninterest expense before foreclosed property expense and amortization of intangibles as a percent of net interest income (fully 
taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and non-core items.  

 

Simmons First National Corporation     SFNC  
 Reconciliation Of Non-GAAP Financial Measures - Year-to-Date      
 For the Quarters Ended       
 (Unaudited)  Dec 31  Sept 30  Jun 30  Mar 31  Dec 31  
   2016    2016    2016    2016    2015   
($ in thousands)      
Calculation of Core Return on Average Assets      
       
Net income available to common stockholders$  96,790 $  69,819 $  46,390 $  23,481 $  74,107  
Net non-core items, net of taxes, adjustment   4,619     2,839     1,886     (296)   15,515   
Core earnings$  101,409  $  72,658  $  48,276  $  23,185  $  89,622   
                 
Average total assets$  7,760,233  $  7,575,053  $  7,510,657  $  7,499,185  $  7,164,788   
                 
Return on average assets 1.25% 1.23% 1.24% 1.26% 1.03% 
Core return on average assets 1.31% 1.28% 1.29% 1.24% 1.25% 
                 
Calculation of Return on Tangible Common Equity                
                 
Net income available to common stockholders$  96,790 $  69,819 $  46,390 $  23,481 $  74,107  
Amortization of intangibles, net of taxes   3,611     2,679     1,766     884     2,972   
Total income available to common stockholders$  100,401  $  72,498  $  48,156  $  24,365  $  77,079   
                 
Net non-core items, net of taxes   4,619     2,839     1,886     (296)   15,515   
Core earnings   101,409    72,658    48,276    23,185    89,622  
Amortization of intangibles, net of taxes   3,611     2,679     1,766     884     2,972   
Total core income available to common stockholders$  105,020  $  75,337  $  50,042  $  24,069  $  92,594   
                 
Average common stockholders' equity$  1,105,775 $  1,088,723 $  1,075,957 $  1,065,296 $  938,521  
Average intangible assets:                
  Goodwill   (332,974)   (329,422)   (327,686)   (327,686)   (281,133) 
  Other intangibles   (51,710)   (51,478)   (51,771)   (52,498)   (42,104) 
Total average intangibles   (384,684)   (380,900)   (379,457)   (380,184)   (323,237) 
Average tangible common stockholders' equity$  721,091  $  707,823  $  696,500  $  685,112  $  615,284   
                 
Return on average common equity 8.75% 8.57% 8.67% 8.87% 7.90% 
Return on tangible common equity 13.92% 13.68% 13.90% 14.30% 12.53% 
Core return on average common equity 9.17% 8.91% 9.02% 8.75% 9.55% 
Core return on tangible common equity 14.56% 14.22% 14.45% 14.13% 15.05% 
                 
Calculation of Efficiency Ratio (1)                
                 
Non-interest expense$  255,085 $  188,360 $  125,931 $  61,789 $  256,970  
Non-core non-interest expense adjustment   (8,435)   (5,440)   (3,698)   (107)   (18,747) 
Other real estate and foreclosure expense adjustment   (4,389)   (3,720)   (1,934)   (966)   (4,861) 
Amortization of intangibles adjustment   (5,942)   (4,409)   (2,906)   (1,455)   (4,889) 
Efficiency ratio numerator$  236,319  $  174,791  $  117,393  $  59,261  $  228,473   
                 
Net-interest income$  279,206 $  204,878 $  136,814 $  70,232 $  278,595  
Non-interest income   139,382    103,267    66,397    29,503    94,661  
Non-core non-interest income adjustment   (835)   (769)   (594)   (594)   5,731  
Fully tax-equivalent adjustment   7,722    5,728    3,759    2,084    8,517  
(Gain) loss on sale of securities   (5,848)   (4,403)   (4,088)   (329)   (307) 
Efficiency ratio denominator$  419,627  $  308,701  $  202,288  $  100,896  $  387,197   
                 
Efficiency ratio (1) 56.32% 56.62% 58.03% 58.73% 59.01% 
                 
Calculation of Core Net Interest Margin                
                 
Net interest income$  279,206 $  204,878 $  136,814 $  70,232 $  278,595  
Fully tax-equivalent adjustment   7,722     5,728     3,759     2,084     8,517   
Fully tax-equivalent net interest income   286,928    210,606    140,573    72,316    287,112  
                 
Total accretable yield   (24,257)   (17,705)   (12,777)   (8,077)   (46,131) 
Core net interest income$  262,671  $  192,901  $  127,796  $  64,239  $  240,981   
Average earning assets$  6,855,322  $  6,682,683  $  6,611,516  $  6,597,389  $  6,305,966   
                 
Net interest margin 4.19% 4.21% 4.28% 4.41% 4.55% 
Core net interest margin 3.83% 3.86% 3.89% 3.92% 3.82% 
                 
Calculation of Core Loan Yield                
                 
Loan interest income$  265,652 $  194,765 $  129,688 $  66,678 $  268,367  
Total accretable yield   (24,257)   (17,705)   (12,777)   (8,077)   (46,131) 
Core loan interest income$  241,395  $  177,060  $  116,911  $  58,601  $  222,236   
Average loan balance$  5,109,492  $  4,984,349  $  4,923,787  $  4,889,685  $  4,434,074   
                 
Core loan yield 4.72% 4.75% 4.77% 4.82% 5.01% 
                 
(1) Efficiency ratio is noninterest expense before foreclosed property expense and amortization of intangibles as a percent of net interest income (fully 
taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and non-core items.  


 


            

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