PINE BLUFF, Ark., Oct. 15, 2009 (GLOBE NEWSWIRE) -- Simmons First National Corporation (Nasdaq:SFNC) today announced record third quarter earnings of $7.7 million, or $0.54 diluted earnings per share for the quarter ended September 30, 2009, compared to $0.46 diluted earnings per share for the same period in 2008, a 17.4% increase. The earnings increase was primarily driven by improvement in non-interest income and net interest margin.
"We are very pleased with our earnings, despite the fact that our loan demand remains soft. Low loan demand is not totally unexpected considering the challenges in the economy. Obviously, we are very pleased with the 13 basis point improvement in our net interest margin and the continuation of strong asset quality," commented J. Thomas May, Chairman and CEO, regarding the Company's third quarter results.
For the nine-month period ended September 30, 2009, net income was $18.4 million, or $1.30 diluted earnings per share, compared to $21.3 million, or $1.51 per share for the same period in 2008, a $0.21 decrease. "During the first quarter of 2008 we recorded earnings of $0.18 per share for nonrecurring items related to Visa, Inc.'s IPO. Also, 2009 earnings were negatively impacted $0.06 per share by the $1.5 million FDIC special assessment incurred in the second quarter. Normalizing for the 2008 Visa items and the 2009 FDIC special assessment, our nine-month earnings per share increased by $0.03," explained May.
The Company's net interest income for the third quarter of 2009 increased 4.3% to $25.4 million compared to $24.3 million for the same period of 2008. Net interest margin increased 13 basis points to 3.97% from the third quarter of 2008 and 26 basis points from the second quarter of 2009.
The Company's loan portfolio remained relatively flat at $1.93 billion at September 30, 2009. "As expected, while each of our eight banks continues providing loans to its respective customers, the loan demand today is significantly less than historical levels. However, we are positioned to meet the needs of our consumer and commercial borrowers when demand returns," added May.
Non-performing assets as a percent of total assets were 0.86% as of September 30, 2009. Non-performing loans as a percent of total loans were 0.99%. These ratios include approximately $2.3 million of Government guaranteed student loans that were over 90 days past due at the end of the quarter. Excluding the guaranteed past due student loans, non-performing assets as a percent of total assets were 0.79% and non-performing loans as a percent of total loans were 0.88%. Total loans greater than 30 days past due were 0.82% of total loans compared to 0.58% in the second quarter of 2009.
The allowance for loan losses was $25.8 million at September 30, 2009, or 1.34% of total loans and 135% of non-performing loans. The Company's annualized net charge-off ratio for the third quarter of 2009 was 0.40%. Excluding credit cards, the annualized net charge-off ratio for the third quarter was 0.19%. Annualized net credit card charge-offs for the third quarter were 2.58%, a decrease of 25 basis points from the previous quarter, and now almost 900 basis points below the most recently published credit card charge-off industry average of 11.49%.
Total deposits were $2.3 billion and total assets for the Company were $2.9 billion at September 30, 2009. Stockholders' equity increased 6.1% to $298 million at September 30, 2009 compared to $281 million at September 30, 2008. At September 30, 2009, book value per share was $21.20, tangible book value per share was $16.75 and the equity to assets ratio was 10.2%.
"One of the major strengths of our Company is our exceptional level of capital," continued May. "We have historically been in the upper quartile of our peer group, and it is particularly important during times of economic turbulence. We believe our capital positions us to take advantage of opportunities that will likely present themselves during these challenging times."
"Despite the challenges in the national economy, the Arkansas economy has fared relatively well. Likewise, the banking industry has performed relatively well compared to many other regions of the country. I believe the Arkansas banks are prepared to meet the needs of consumers and small business throughout our state as the economy begins the anticipated recovery," concluded May.
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, October 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 October 22, 2009, by dialing 1-800-642-1687. The passcode for the replay is 30614366. 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)
Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
2009 2009 2009 2008 2008
---------- ---------- ---------- ---------- ----------
(in thousands)
ASSETS
Cash and
non
-interest
bearing
balances
due from
banks $ 54,176 $ 53,956 $ 53,707 $ 71,801 $ 70,640
Interest
bearing
balances
due from
banks 142,714 52,321 43,219 61,085 71,837
Federal
funds sold 12,500 8,300 1,000 6,650 7,310
---------- ---------- ---------- ---------- ----------
Cash and
cash
equiv
-alents 209,390 114,577 97,926 139,536 149,787
Investment
securities
- held-to
-maturity 387,122 352,921 217,443 187,301 181,805
Investment
securities
- available
-for-sale 184,493 277,948 505,349 458,833 394,267
Mortgage
loans held
for sale 13,355 14,868 9,695 10,336 4,377
Assets held
in trading
accounts 6,839 6,051 7,510 5,754 890
Loans 1,925,101 1,943,460 1,917,332 1,933,074 1,936,279
Allowance
for loan
losses (25,830) (25,032) (24,508) (25,841) (25,548)
---------- ---------- ---------- ---------- ----------
Net loans 1,899,271 1,918,428 1,892,824 1,907,233 1,910,731
Premises
and
equipment 78,674 78,649 78,632 78,904 78,357
Foreclosed
assets
held for
sale, net 6,019 5,147 3,704 2,995 4,044
Interest
receivable 19,618 18,131 19,071 20,930 23,322
Bank owned
life
insurance 40,612 40,319 39,995 39,617 39,220
Goodwill 60,605 60,605 60,605 60,605 60,605
Core
deposit
premiums 1,970 2,172 2,373 2,575 2,777
Other
assets 7,469 8,015 8,452 8,490 10,010
---------- ---------- ---------- ---------- ----------
TOTAL
ASSETS $2,915,437 $2,897,831 $2,943,579 $2,923,109 $2,860,192
========== ========== ========== ========== ==========
LIABILITIES
Non
-interest
bearing
trans
-action
accounts $ 325,594 $ 324,686 $ 330,656 $ 334,998 $ 318,660
Interest
bearing
trans
-action
accounts
and
savings
deposits 1,090,842 1,065,646 1,078,324 1,026,824 1,024,176
Time
deposits
less than
$100,000 513,696 532,200 550,676 556,118 556,516
Time
deposits
greater
than
$100,000 401,137 396,612 409,846 418,393 395,040
---------- ---------- ---------- ---------- ----------
Total
deposits 2,331,269 2,319,144 2,369,502 2,336,333 2,294,392
---------- ---------- ---------- ---------- ----------
Federal
funds
purchased
and
securities
sold under
agreements
to
repurchase 96,666 98,146 98,680 115,449 104,002
Short-term
debt 3,493 2,647 1,456 1,112 1,480
Long-term
debt 161,560 162,726 160,423 158,671 157,019
Accrued
interest
and other
liabil
-ities 24,626 22,953 21,348 22,752 22,482
---------- ---------- ---------- ---------- ----------
TOTAL
LIABIL
-ITIES 2,617,614 2,605,616 2,651,409 2,634,317 2,579,375
---------- ---------- ---------- ---------- ----------
STOCK
-HOLDERS'
EQUITY
Capital
stock 140 140 140 140 140
Surplus 41,048 40,824 41,901 40,807 40,744
Undivided
profits 255,062 250,070 247,228 244,655 241,682
Accumulated
other
compre
-hensive
income
(loss)
Unrealized
apprec
-iation
(deprec
-iation)
on AFS
secur
-ities 1,573 1,181 2,901 3,190 (1,749)
---------- ---------- ---------- ---------- ----------
TOTAL
STOCK
-HOLDERS'
EQUITY 297,823 292,215 292,170 288,792 280,817
---------- ---------- ---------- ---------- ----------
TOTAL
LIABIL
-ITIES
AND
STOCK
-HOLDERS'
EQUITY $2,915,437 $2,897,831 $2,943,579 $2,923,109 $2,860,192
========== ========== ========== ========== ==========
Simmons First National Corporation SFNC
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended
(Unaudited)
Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
2009 2009 2009 2008 2008
---------- ---------- ---------- ---------- ----------
(in thousands)
ASSETS
Cash and
non
-interest
bearing
balances
due from
banks $ 56,953 $ 57,708 $ 62,974 $ 63,005 $ 70,908
Interest
bearing
balances
due from
banks 91,832 44,946 54,057 107,211 65,819
Federal
funds sold 5,962 9,355 486 14,394 32,910
---------- ---------- ---------- ---------- ----------
Cash and
cash
equiv
-alents 154,747 112,009 117,517 184,610 169,637
Investment
securities
- held-to
-maturity 365,825 288,794 194,100 181,249 184,734
Investment
securities
- avail
-able-for
-sale 231,962 404,406 515,648 405,812 431,215
Mortgage
loans held
for sale 11,063 16,316 13,731 4,661 6,759
Assets held
in trading
accounts 6,293 5,981 4,213 5,774 727
Loans 1,957,600 1,923,787 1,917,251 1,948,320 1,905,979
Allowance
for loan
losses (25,603) (25,013) (25,840) (25,817) (25,878)
---------- ---------- ---------- ---------- ----------
Net loans 1,931,997 1,898,774 1,891,411 1,922,503 1,880,101
Premises
and
equipment 78,763 78,743 78,847 79,048 78,383
Foreclosed
assets
held for
sale, net 5,813 4,362 3,365 3,724 3,693
Interest
receivable 19,280 19,161 19,856 22,716 21,886
Bank owned
life
insurance 40,465 40,161 39,802 39,411 39,038
Goodwill 60,605 60,605 60,605 60,605 60,605
Core
deposit
premiums 2,089 2,288 2,491 2,694 2,895
Other
assets 5,979 6,945 7,777 7,748 8,270
---------- ---------- ---------- ---------- ----------
TOTAL
ASSETS $2,914,881 $2,938,545 $2,949,363 $2,920,555 $2,887,943
========== ========== ========== ========== ==========
LIABILITIES
Non
-interest
bearing
trans
-action
accounts $ 329,427 $ 328,036 $ 327,250 $ 322,540 $ 320,160
Interest
bearing
trans
-action
accounts
and
savings
deposits 1,074,415 1,081,416 1,052,635 1,040,619 1,021,519
Time
deposits
less than
$100,000 524,367 539,165 558,969 565,219 569,859
Time
deposits
greater
than
$100,000 398,208 402,939 414,418 408,764 404,694
---------- ---------- ---------- ---------- ----------
Total
deposits 2,326,417 2,351,556 2,353,272 2,337,142 2,316,232
---------- ---------- ---------- ---------- ----------
Federal
funds
purchased
and
securities
sold under
agreements
to
repurchase 100,470 106,288 119,846 116,048 102,704
Short-term
debt 3,032 1,802 1,695 3,153 9,668
Long-term
debt 161,882 161,065 160,692 159,027 154,676
Accrued
interest
and other
liabil
-ities 25,107 22,566 21,100 20,078 21,948
---------- ---------- ---------- ---------- ----------
TOTAL
LIABIL
-ITIES 2,616,908 2,643,277 2,656,605 2,635,448 2,605,228
---------- ---------- ---------- ---------- ----------
TOTAL
STOCK
-HOLDERS'
EQUITY 297,973 295,268 292,758 285,107 282,715
---------- ---------- ---------- ---------- ----------
TOTAL
LIABIL
-ITIES
AND
STOCK
-HOLDERS'
EQUITY $2,914,881 $2,938,545 $2,949,363 $2,920,555 $2,887,943
========== ========== ========== ========== ==========
Simmons First National Corporation SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended
(Unaudited)
Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
2009 2009 2009 2008 2008
------- ------- ------- ------- -------
(in thousands, except per share data)
INTEREST INCOME
Loans $29,122 $28,017 $28,234 $30,266 $31,548
Federal funds sold 10 14 1 31 176
Investment securities 5,089 5,256 6,417 6,749 7,063
Mortgage loans held for
sale, net of unrealized
gains (losses) 136 195 158 74 112
Assets held in trading
accounts 3 5 5 10 --
Interest bearing balances
due from banks 87 70 78 231 309
------- ------- ------- ------- -------
TOTAL INTEREST INCOME 34,447 33,557 34,893 37,361 39,208
------- ------- ------- ------- -------
INTEREST EXPENSE
Time deposits 5,242 5,975 6,934 7,807 8,491
Other deposits 1,891 1,926 2,569 3,643 4,116
Federal funds purchased
and securities sold
under agreements to
repurchase 172 182 243 297 429
Short-term debt 6 6 6 10 62
Long-term debt 1,743 1,748 1,748 1,824 1,763
------- ------- ------- ------- -------
TOTAL INTEREST EXPENSE 9,054 9,837 11,500 13,581 14,861
------- ------- ------- ------- -------
NET INTEREST INCOME 25,393 23,720 23,393 23,780 24,347
Provision for loan losses 2,789 2,622 2,138 2,751 2,214
------- ------- ------- ------- -------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 22,604 21,098 21,255 21,029 22,133
------- ------- ------- ------- -------
NON-INTEREST INCOME
Trust income 1,361 1,223 1,326 1,524 1,608
Service charges on
deposit accounts 4,763 4,571 3,727 4,013 4,009
Other service charges
and fees 642 646 746 659 648
Income on sale of
mortgage loans, net of
commissions 798 1,361 1,039 530 595
Income on investment
banking, net of
commissions 598 675 411 246 131
Credit card fees 3,745 3,597 3,153 3,435 3,491
Premiums on sale
of student loans 2,047 286 -- -- 3
Bank owned life
insurance income 293 299 378 389 370
Other income 716 556 679 530 433
Gain on sale of
securities -- 144 -- -- --
------- ------- ------- ------- -------
TOTAL NON-INTEREST
INCOME 14,963 13,358 11,459 11,326 11,288
------- ------- ------- ------- -------
NON-INTEREST EXPENSE
Salaries and employee
benefits 14,441 14,674 14,583 14,353 14,056
Occupancy expense, net 1,846 1,824 1,889 1,857 1,912
Furniture and equipment
expense 1,553 1,527 1,543 1,462 1,543
Other real estate and
foreclosure expense 132 90 70 53 57
Deposit insurance 865 2,557 533 325 267
Other operating expenses 7,470 6,279 7,040 6,530 6,606
------- ------- ------- ------- -------
TOTAL NON-INTEREST
EXPENSE 26,307 26,951 25,658 24,580 24,441
------- ------- ------- ------- -------
NET INCOME BEFORE
INCOME TAXES 11,260 7,505 7,056 7,775 8,980
Provision for
income taxes 3,600 1,996 1,820 2,149 2,506
------- ------- ------- ------- -------
NET INCOME $ 7,660 $ 5,509 $ 5,236 $ 5,626 $ 6,474
======= ======= ======= ======= =======
BASIC EARNINGS PER SHARE $ 0.54 $ 0.40 $ 0.37 $ 0.40 $ 0.47
======= ======= ======= ======= =======
DILUTED EARNINGS
PER SHARE $ 0.54 $ 0.39 $ 0.37 $ 0.40 $ 0.46
======= ======= ======= ======= =======
Simmons First National Corporation SFNC
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended
(Unaudited)
Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
2009 2009 2009 2008 2008
-------- -------- -------- -------- --------
(in thousands, except per share data)
INTEREST INCOME
Loans $ 85,373 $ 56,251 $ 28,234 $126,079 $ 95,812
Federal funds sold 25 15 1 748 716
Investment
securities 16,762 11,673 6,417 27,415 20,687
Mortgage loans held
for sale, net of
unrealized gains
(losses) 489 353 158 411 338
Assets held in
trading accounts 13 10 5 73 42
Interest bearing
balances due
from banks 235 148 78 1,415 1,184
-------- -------- -------- -------- --------
TOTAL INTEREST
INCOME 102,897 68,450 34,893 156,141 118,779
-------- -------- -------- -------- --------
INTEREST EXPENSE
Time deposits 18,151 12,909 6,934 38,226 30,420
Other deposits 6,386 4,495 2,569 14,924 11,280
Federal funds
purchased and
securities sold
under agreements to
repurchase 597 425 243 2,110 1,813
Short-term debt 18 12 6 111 101
Long-term debt 5,239 3,496 1,748 6,753 4,929
-------- -------- -------- -------- --------
TOTAL INTEREST
EXPENSE 30,391 21,337 11,500 62,124 48,543
-------- -------- -------- -------- --------
NET INTEREST INCOME 72,506 47,113 23,393 94,017 70,236
Provision for
loan losses 7,549 4,760 2,138 8,646 5,895
-------- -------- -------- -------- --------
NET INTEREST INCOME
AFTER PROVISION
FOR LOAN LOSSES 64,957 42,353 21,255 85,371 64,341
-------- -------- -------- -------- --------
NON-INTEREST INCOME
Trust income 3,910 2,549 1,326 6,230 4,707
Service charges on
deposit accounts 13,061 8,298 3,727 15,145 11,134
Other service
charges and fees 2,034 1,392 746 2,681 2,021
Income on sale of
mortgage loans,
net of commissions 3,198 2,400 1,039 2,606 2,077
Income on
investment
banking, net of
commissions 1,684 1,086 411 1,025 779
Credit card fees 10,495 6,750 3,153 13,579 10,144
Premiums on sale
of student loans 2,333 286 -- 1,134 1,135
Bank owned life
insurance income 970 677 378 1,547 1,157
Other income 1,951 1,235 679 5,379 4,843
Gain on sale
of securities 144 144 -- -- --
-------- -------- -------- -------- --------
TOTAL NON-INTEREST
INCOME 39,780 24,817 11,459 49,326 37,997
-------- -------- -------- -------- --------
NON-INTEREST EXPENSE
Salaries and
employee benefits 43,698 29,257 14,583 57,050 42,697
Occupancy
expense, net 5,559 3,713 1,889 7,383 5,526
Furniture and
equipment expense 4,623 3,070 1,543 5,967 4,505
Other real estate
and foreclosure
expense 292 160 70 239 185
Deposit insurance 3,955 3,090 533 793 468
Other operating
expenses 20,789 13,319 7,040 24,928 18,395
-------- -------- -------- -------- --------
TOTAL NON-INTEREST
EXPENSE 78,916 52,609 25,658 96,360 71,776
-------- -------- -------- -------- --------
NET INCOME BEFORE
INCOME TAXES 25,821 14,561 7,056 38,337 30,562
Provision for
income taxes 7,416 3,816 1,820 11,427 9,278
-------- -------- -------- -------- --------
NET INCOME $ 18,405 $ 10,745 $ 5,236 $ 26,910 $ 21,284
======== ======== ======== ======== ========
BASIC EARNINGS
PER SHARE $ 1.31 $ 0.77 $ 0.37 $ 1.93 $ 1.53
======== ======== ======== ======== ========
DILUTED EARNINGS
PER SHARE $ 1.30 $ 0.76 $ 0.37 $ 1.91 $ 1.51
======== ======== ======== ======== ========
Simmons First National Corporation SFNC
Consolidated Risk-Based Capital
For the Quarters Ended
(Unaudited)
Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
2009 2009 2009 2008 2008
---------- ---------- ---------- ---------- ----------
(in thousands)
Tier 1
capital
--------
Stock
-holders'
equity $ 297,823 $ 292,215 $ 292,170 $ 288,792 $ 280,817
Trust
preferred
secur
-ities,
net
allowable 30,000 30,000 30,000 30,000 30,000
Disallowed
intang
-ible
assets,
net of
def. tax (51,483) (51,958) (52,459) (53,034) (63,125)
Unrealized
loss
(gain) on
AFS
secur
-ities (1,573) (1,181) (2,901) (3,190) 1,749
---------- ---------- ---------- ---------- ----------
Total
Tier 1
capital 274,767 269,076 266,810 262,568 249,441
---------- ---------- ---------- ---------- ----------
Tier 2
capital
--------
Qualifying
unrea
-lized
gain on
AFS
equity
secur
-ities -- 162 186 179 3
Qualifying
allowance
for loan
losses 24,754 24,796 24,537 24,827 24,888
---------- ---------- ---------- ---------- ----------
Total
Tier 2
capital 24,754 24,958 24,723 25,006 24,891
---------- ---------- ---------- ---------- ----------
Total
risk
-based
capital $ 299,521 $ 294,034 $ 291,533 $ 287,574 $ 274,332
========== ========== ========== ========== ==========
Risk
weighted
assets $1,977,736 $1,981,955 $1,961,351 $1,983,654 $1,988,879
========== ========== ========== ========== ==========
Adjusted
average
assets for
leverage
ratio $2,861,329 $2,883,021 $2,893,210 $2,870,882 $2,825,844
========== ========== ========== ========== ==========
Ratios at
end of
quarter
---------
Equity to
assets 10.22% 10.08% 9.93% 9.88% 9.82%
Tangible
common
equity to
tangible
assets 8.25% 8.09% 7.96% 7.89% 7.77%
Tier 1
leverage
ratio 9.60% 9.33% 9.22% 9.15% 8.83%
Tier 1
risk
-based
capital
ratio 13.89% 13.58% 13.60% 13.24% 12.54%
Total risk
-based
capital
ratio 15.14% 14.84% 14.86% 14.50% 13.79%
Simmons First National Corporation SFNC
Consolidated Loans and Investments
For the Quarters Ended
(Unaudited)
Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
2009 2009 2009 2008 2008
---------- ---------- ---------- ---------- ----------
(in thousands)
Loan
Portfolio
- End of
Period
----------
Consumer
Credit
cards $ 175,493 $ 168,897 $ 158,503 $ 169,615 $ 162,862
Student
loans 106,080 139,928 143,130 111,584 102,346
Other
consumer 144,155 142,040 139,502 138,145 137,763
---------- ---------- ---------- ---------- ----------
Total
consumer 425,728 450,865 441,135 419,344 402,971
Real
Estate
Constr
-uction 192,051 197,336 208,664 224,924 227,071
Single
-family
resid
-ential 403,035 401,447 410,315 409,540 400,845
Other
comm
-ercial 600,436 601,217 588,216 584,843 576,958
---------- ---------- ---------- ---------- ----------
Total
real
estate 1,195,522 1,200,000 1,207,195 1,219,307 1,204,874
Commercial
Comm
-ercial 165,747 182,064 187,645 192,496 184,690
Agricul
-tural 125,566 96,526 68,731 88,233 130,988
Financial
insti
-tutions 4,087 3,598 3,471 3,471 2,581
---------- ---------- ---------- ---------- ----------
Total
comm
-ercial 295,400 282,188 259,847 284,200 318,259
Other 8,451 10,407 9,155 10,223 10,175
---------- ---------- ---------- ---------- ----------
Total
Loans $1,925,101 $1,943,460 $1,917,332 $1,933,074 $1,936,279
========== ========== ========== ========== ==========
Investment
Securities
- End of
Period
-----------
Held-to
-Maturity
U.S.
Treas
-ury $ -- $ -- $ -- $ -- $ --
U.S.
Govern
-ment
agencies 176,340 149,698 33,000 18,000 19,000
Mortgage
-backed
secur
-ities 95 98 105 109 112
State and
polit
-ical
subdiv
-isions 209,757 202,195 183,408 168,262 161,763
Other
secur
-ities 930 930 930 930 930
---------- ---------- ---------- ---------- ----------
Total
held-to
-matur
-ity 387,122 352,921 217,443 187,301 181,805
---------- ---------- ---------- ---------- ----------
Available
-for-Sale
U.S.
Treasury 4,345 5,058 7,563 6,089 6,990
U.S.
Govern
-ment
agencies 162,760 195,236 301,785 351,161 364,995
Mortgage
-backed
secur
-ities 2,998 2,936 3,008 2,879 2,798
State and
political
subdiv
-isions 366 486 486 637 637
FHLB stock 7,474 7,471 7,376 7,358 7,890
Other
secur
-ities 6,550 66,761 185,131 90,709 10,957
---------- ---------- ---------- ---------- ----------
Total
avail
-able
-for
-sale 184,493 277,948 505,349 458,833 394,267
---------- ---------- ---------- ---------- ----------
Total
invest
-ment
secur
-ities $ 571,615 $ 630,869 $ 722,792 $ 646,134 $ 576,072
========== ========== ========== ========== ==========
Fair
Value -
HTM
invest
-ment
secur
-ities $ 392,450 $ 353,021 $ 218,712 $ 187,320 $ 180,519
========== ========== ========== ========== ==========
Investment
Securities
- QTD
Average
-----------
Taxable
secur
-ities $ 390,226 $ 498,989 $ 536,443 $ 419,682 $ 455,547
Tax exempt
secur
-ities 207,561 194,211 173,305 162,563 160,402
---------- ---------- ---------- ---------- ----------
Total
invest
-ment
secur
-ities
- QTD
average $ 597,787 $ 693,200 $ 709,748 $ 582,245 $ 615,949
========= ========== ========== ========== ==========
Simmons First National Corporation SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended
(Unaudited)
Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
2009 2009 2009 2008 2008
------- ------- ------- ------- -------
(in thousands)
Allowance for Loan Losses
-------------------------
Balance, beginning
of quarter $25,032 $24,508 $25,841 $25,548 $25,752
------- ------- ------- ------- -------
Loans charged off
Credit cards 1,363 1,350 1,270 1,033 971
Other consumer 652 528 530 697 459
Real estate 483 1,389 1,697 517 1,274
Commercial 378 467 442 761 379
------- ------- ------- ------- -------
Total loans charged off 2,876 3,734 3,939 3,008 3,083
------- ------- ------- ------- -------
Recoveries of loans
previously charged off
Credit cards 242 201 214 202 237
Other consumer 151 214 190 97 137
Real estate 407 841 4 35 73
Commercial 85 380 60 216 218
------- ------- ------- ------- -------
Total recoveries 885 1,636 468 550 665
------- ------- ------- ------- -------
Net loans charged off 1,991 2,098 3,471 2,458 2,418
Provision for loan losses 2,789 2,622 2,138 2,751 2,214
------- ------- ------- ------- -------
Balance, end of quarter $25,830 $25,032 $24,508 $25,841 $25,548
======= ======= ======= ======= =======
Non-performing assets
---------------------
Non-performing loans
Nonaccrual loans
Real estate $12,269 $13,217 $12,690 $12,234 $ 9,248
Commercial 1,291 1,611 1,349 668 1,778
Consumer 1,836 1,517 1,563 1,456 1,420
------- ------- ------- ------- -------
Total nonaccrual loans 15,396 16,345 15,602 14,358 12,446
Loans past due 90 days
or more
Government guaranteed
student loans 2,258 2,371 2,739 -- --
Other loans 1,475 1,147 1,482 1,292 1,572
------- ------- ------- ------- -------
Total loans past due
90 days or more 3,733 3,518 4,221 1,292 1,572
------- ------- ------- ------- -------
Total non-performing
loans 19,129 19,863 19,823 15,650 14,018
------- ------- ------- ------- -------
Other non-performing
assets
Foreclosed assets held
for sale 6,019 5,147 3,704 2,995 4,044
Other non-performing
assets 21 17 12 12 --
------- ------- ------- ------- -------
Total other
non-performing assets 6,040 5,164 3,716 3,007 4,044
------- ------- ------- ------- -------
Total non-performing
assets $25,169 $25,027 $23,539 $18,657 $18,062
======= ======= ======= ======= =======
Ratios
------
Allowance for loan losses
to total loans 1.34% 1.29% 1.28% 1.34% 1.32%
Allowance for loan losses
to non-performing loans 135.03% 126.02% 123.63% 165.12% 182.25%
Allowance for loan losses
to non-performing assets 102.63% 100.02% 104.12% 138.51% 141.45%
Non-performing loans to
total loans 0.99% 1.02% 1.03% 0.81% 0.72%
Non-performing assets to
total assets 0.86% 0.86% 0.80% 0.64% 0.63%
Non-performing assets to
total assets (excluding
Gov't guaranteed student
loans) 0.79% 0.78% 0.71% 0.64% 0.63%
Annualized net charge
offs to total loans 0.40% 0.44% 0.73% 0.50% 0.50%
Annualized net charge
offs to total loans
(excluding credit cards) 0.19% 0.22% 0.56% 0.36% 0.38%
Past due loans >30 days
(excluding nonaccrual) 0.82% 0.58% 0.78% 0.88% 0.63%
Simmons First National Corporation SFNC
Consolidated - Net Interest Income Analysis
For the Quarters Ended
(Unaudited)
Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
2009 2009 2009 2008 2008
------- ------- ------- ------- -------
ASSETS
Earning Assets
Interest bearing balances
due from banks 0.38% 0.62% 0.59% 0.86% 1.87%
Federal funds sold 0.67% 0.60% 0.83% 0.86% 2.13%
Investment securities 4.21% 3.71% 4.28% 5.24% 5.19%
Mortgage loans held
for sale 4.88% 4.79% 4.67% 6.32% 6.59%
Assets held in trading
accounts 0.19% 0.34% 0.48% 0.69% 0.00%
Loans 5.91% 5.85% 5.98% 6.19% 6.60%
Total interest
earning assets 5.31% 5.18% 5.41% 5.73% 6.09%
LIABILITIES
Interest bearing
liabilities
Interest bearing
transaction and savings
accounts 0.70% 0.71% 0.99% 1.39% 1.60%
Time deposits 2.25% 2.54% 2.89% 3.19% 3.47%
Total interest bearing
deposits 1.42% 1.57% 1.90% 2.26% 2.51%
Federal funds purchased
and securities sold
under agreement to
repurchase 0.68% 0.69% 0.82% 1.02% 1.66%
Short-term debt 0.79% 1.34% 1.44% 1.26% 2.55%
Long-term debt 4.27% 4.35% 4.41% 4.56% 4.53%
Total interest bearing
liabilities 1.59% 1.72% 2.02% 2.36% 2.61%
NET INTEREST MARGIN/SPREAD
Net interest spread 3.72% 3.46% 3.39% 3.37% 3.48%
Net interest margin
- quarter-to-date 3.97% 3.71% 3.68% 3.70% 3.84%
Net interest margin
- year-to-date 3.79% 3.70% 3.68% 3.75% 3.77%
Simmons First National Corporation SFNC
Consolidated - Selected Financial Data
For the Quarters Ended
(Unaudited)
Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
2009 2009 2009 2008 2008
---------- ---------- ---------- ---------- ----------
(in thousands, except per share data)
QUARTER-
TO-DATE
--------
Diluted
earnings
per
share $ 0.54 $ 0.39 $ 0.37 $ 0.40 $ 0.46
Core
earnings
(excludes
nonre
-curring
items)
(non
-GAAP) 7,660 5,509 5,236 5,626 6,474
Diluted
core
earnings
per share
(non
-GAAP) 0.54 0.39 0.37 0.40 0.46
Cash
dividends
declared
per
common
share 0.19 0.19 0.19 0.19 0.19
Cash
dividends
declared
- amount 2,668 2,667 2,663 2,653 2,651
Return on
average
stock
-holders'
equity 10.20% 7.48% 7.25% 7.85% 9.11%
Return on
tangible
equity 13.13% 9.73% 9.47% 10.32% 11.98%
Return on
average
assets 1.04% 0.75% 0.72% 0.77% 0.89%
Net
interest
margin
(FTE) 3.97% 3.71% 3.68% 3.70% 3.84%
FTE
adjust
-ment -
invest
-ments 1,253 1,150 1,069 980 967
FTE
adjust
-ment
- loans 51 53 57 63 64
Amorti
-zation
of
intang
-ibles 201 202 202 202 201
Amorti
-zation
of
intang
-ibles,
net of
taxes 127 127 127 127 127
Average
shares
outstand
-ing 14,042,813 14,021,727 13,991,748 13,959,174 13,951,373
Shares
repur
-chased -- -- -- -- --
Average
price of
repur
-chased
shares -- -- -- -- --
Average
earning
assets 2,670,537 2,693,585 2,699,486 2,667,421 2,628,143
Average
interest
bearing
liabil
-ities 2,262,374 2,292,675 2,308,255 2,292,830 2,263,120
YEAR-TO
-DATE
-------
Diluted
earnings
per
share $ 1.30 $ 0.76 $ 0.37 $ 1.91 $ 1.51
Core
earnings
(excludes
nonre
-curring
items)
(non
-GAAP) 18,405 10,745 5,236 24,352 18,726
Diluted
core
earnings
per share
(non
-GAAP) 1.30 0.76 0.37 1.73 1.33
Cash
dividends
declared
per
common
share 0.57 0.38 0.19 0.76 0.57
Return on
average
stock
-holders'
equity 8.33% 7.37% 7.25% 9.54% 10.11%
Return on
tangible
equity 10.80% 9.60% 9.47% 12.54% 13.30%
Return on
average
assets 0.84% 0.74% 0.72% 0.94% 1.00%
Net
interest
margin
(FTE) 3.79% 3.70% 3.68% 3.75% 3.77%
FTE adjust
-ment
- invest
-ments 3,472 2,219 1,069 3,815 2,835
FTE adjust
-ment
- loans 161 110 57 245 182
Amorti
-zation
of
intang
-ibles 605 404 202 807 605
Amorti
-zation
of
intang
-ibles,
net of
taxes 381 254 127 508 381
Average
shares
outstand
-ing 14,018,949 14,006,820 13,991,748 13,945,249 13,940,573
Average
diluted
shares
outstand
-ing 14,108,546 14,093,163 14,090,246 14,107,943 14,109,028
Average
earning
assets 2,687,868 2,696,535 2,699,486 2,617,506 2,594,469
Average
interest
bearing
liabil
-ities 2,287,767 2,300,464 2,308,255 2,245,509 2,229,733
END OF
PERIOD
-------
Book value
per
share $ 21.20 $ 20.82 $ 20.85 $ 20.69 $ 20.12
Tangible
book
value per
share 16.75 16.35 16.35 16.16 15.58
Shares
outstand
-ing 14,045,631 14,036,274 14,013,839 13,960,680 13,958,932
Full-time
equiv
-alent
employees 1,111 1,103 1,097 1,123 1,125
Total
number of
ATM's 93 94 94 93 93
Total
number of
financial
centers 84 84 84 84 84
Parent
company
only -
invest
-ment in
subsid
-iaries 300,946 298,310 297,860 291,392 285,474
Parent
company
only -
intang
-ible
assets 133 133 133 133 133
Simmons First National Corporation SFNC
Consolidated - Reconciliation of Core Earnings (non-GAAP)
For the Quarters Ended
(Unaudited)
Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
2009 2009 2009 2008 2008
------- ------- ------- ------- -------
(in thousands, except per share data)
QUARTER-TO-DATE
---------------
Net Income $ 7,660 $ 5,509 $ 5,236 $ 5,626 $ 6,474
Nonrecurring items
Mandatory stock
redemption gain (Visa) -- -- -- -- --
Litigation liability
(Visa) -- -- -- -- --
Tax effect (39%) -- -- -- -- --
------- ------- ------- ------- -------
Net nonrecurring items -- -- -- -- --
------- ------- ------- ------- -------
Core earnings (non-GAAP) $ 7,660 $ 5,509 $ 5,236 $ 5,626 $ 6,474
======= ======= ======= ======= =======
Diluted earnings
per share $ 0.54 $ 0.39 $ 0.37 $ 0.40 $ 0.46
Nonrecurring items
Mandatory stock
redemption gain (Visa) -- -- -- -- --
Litigation liability
(Visa) -- -- -- -- --
Tax effect (39%) -- -- -- -- --
------- ------- ------- ------- -------
Net nonrecurring items -- -- -- -- --
------- ------- ------- ------- -------
Diluted core earnings
per share (non-GAAP) $ 0.54 $ 0.39 0.37 $ 0.40 $ 0.46
======= ======= ======= ======= =======
YEAR-TO-DATE
------------
Net Income $13,169 $10,745 5,236 $26,910 $21,284
Nonrecurring items
Mandatory stock
redemption gain (Visa) -- -- -- (2,973) (2,973)
Litigation liability
(Visa) -- -- -- (1,220) (1,220)
Tax effect (39%) -- -- -- 1,635 1,635
------- ------- ------- ------- -------
Net nonrecurring items -- -- -- (2,558) (2,558)
------- ------- ------- ------- -------
Core earnings (non-GAAP) $13,169 $10,745 $ 5,236 $24,352 $18,726
======= ======= ======= ======= =======
Diluted earnings
per share $ 1.30 $ 0.76 $ 0.37 $ 1.91 $ 1.51
Nonrecurring items
Mandatory stock
redemption gain (Visa) -- -- -- (0.21) (0.21)
Litigation liability
(Visa) -- -- -- (0.09) (0.09)
Tax effect (39%) -- -- -- 0.12 0.12
------- ------- ------- ------- -------
Net nonrecurring items -- -- -- (0.18) (0.18)
------- ------- ------- ------- -------
Diluted core earnings
per share (non-GAAP) $ 1.30 $ 0.76 $ 0.37 $ 1.73 $ 1.33
======= ======= ======= ======= =======