PINE BLUFF, Ark., Oct. 16, 2008 (GLOBE NEWSWIRE) -- Simmons First National Corporation (Nasdaq:SFNC) today announced third quarter 2008 earnings of $6.5 million, or $0.46 diluted earnings per share for the quarter ended September 30, 2008, compared to $0.53 per share for the same period in 2007.
"Considering the challenges in the economy, we are very pleased with our earnings of $6.5 million," commented J. Thomas May, chairman and CEO. "We continue to believe the diverse economy of Arkansas will better sustain the current economic challenges because we have not, and likely will not, experience the same highs and lows that will challenge much of our nation. However, while Arkansas is not in the middle of the storm, our state certainly feels the indirect pressures of the economic headwinds. We believe it is the strength of our capital, asset quality and liquidity that enables us to navigate through these turbulent times."
For the nine month period ended September 30, 2008, net income was $21.3 million, or $1.51 diluted earnings per share, compared to $1.48 per share for the same period in 2007, an increase of $0.03, or 2.0%. 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 first nine months of 2008 were $1.33 per share.
The Company's net interest income for the third quarter of 2008 increased 3.3% to $24.3 million compared to $23.6 million for 2007. Net interest margin decreased 17 basis points to 3.84% from the third quarter of 2007, but increased 17 basis points from the second quarter of 2008.
The Company's loan portfolio increased 3.3% to $1.94 billion at September 30, 2008. The growth was primarily attributable to increases in real estate loans, as well as credit card and student 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 was only 11.7% at September 30, favorable to the industry average," added May.
Non-performing assets as a percent of total assets were 0.63% as of September 30, 2008, up 2 basis points from June 30, 2008. Non-performing loans as a percent of total loans were 0.72%, a decrease of 4 basis points over the previous quarter.
The allowance for loan losses was $25.5 million at September 30, 2008, or 1.32% of total loans and 182% of non-performing loans. The Company's annualized net charge-off ratio for the third quarter of 2008 was 0.51% compared to 0.40% for the second quarter. Excluding credit cards, the annualized net charge-off ratio for the third quarter was 0.39% compared to 0.27% for the second quarter. Annualized net credit card charge-offs for the third quarter were 1.80%, a decrease of 3 basis points from the previous quarter, and 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 September 30, 2008, an increase of $121 million, or 5.6% from the same period in 2007. "At the beginning of 2008, we implemented strategic initiatives to reduce our dependency on time deposits. As a result, time deposits decreased $172 million from September 30, 2007, while our non-time core deposits increased $293 million," said May.
Total assets for the Company were $2.9 billion at September 30, 2008. Stockholders' equity increased 4.9% to $281 million at September 30, 2008 compared to $268 million at September 30, 2007. At September 30, 2008, book value per share was $20.12 and tangible book value per share was $15.88.
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 48 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 16, 2008. 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 23, 2008 by dialing 1-800-642-1687. The passcode for the replay is 66609319. 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 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(Unaudited) 2008 2008 2008 2007 2007
---------- ---------- ---------- ---------- ----------
(in thousands)
ASSETS
Cash and
non-interest
bearing
balances due
from banks $ 70,640 $ 79,569 $ 86,891 $ 82,630 $ 85,370
Interest
bearing
balances due
from banks 71,837 76,253 107,332 21,140 6,557
Federal funds
sold 7,310 44,430 53,775 6,460 25,655
---------- ---------- ---------- ---------- ----------
Cash and cash
equivalents 149,787 200,252 247,998 110,230 117,582
Investment
securities -
held-to-
maturity 181,805 186,400 182,194 190,284 180,206
Investment
securities -
available-for-
sale 394,267 439,625 389,214 340,646 349,282
Mortgage loans
held for sale 4,377 11,581 7,735 11,097 8,244
Assets held in
trading
accounts 890 1,004 5,806 5,658 5,482
Loans 1,936,279 1,908,328 1,842,138 1,850,454 1,875,235
Allowance for
loan losses (25,548) (25,752) (25,392) (25,303) (25,107)
---------- ---------- ---------- ---------- ----------
Net loans 1,910,731 1,882,576 1,816,746 1,825,151 1,850,128
Premises and
equipment 78,357 78,299 77,281 75,473 73,088
Foreclosed
assets held
for sale, net 4,044 3,440 3,556 2,629 1,629
Interest
receivable 23,322 20,863 19,696 21,345 25,699
Bank owned life
insurance 39,220 38,851 38,400 38,039 37,632
Goodwill 60,605 60,605 60,605 60,605 60,605
Core deposit
premiums 2,777 2,978 3,180 3,382 3,583
Other assets 10,010 8,968 9,347 7,908 8,527
---------- ---------- ---------- ---------- ----------
TOTAL ASSETS $2,860,192 $2,935,442 $2,861,758 $2,692,447 $2,721,687
========== ========== ========== ========== ==========
LIABILITIES
Non-interest
bearing
transaction
accounts $ 318,660 $ 335,310 $ 327,627 $ 310,181 $ 319,792
Interest
bearing
transaction
accounts and
savings
deposits 1,024,176 1,025,908 901,852 761,233 730,533
Time deposits
less than
$100,000 556,516 577,435 618,173 659,181 680,288
Time deposits
greater than
$100,000 395,040 424,330 449,199 452,262 442,706
---------- ---------- ---------- ---------- ----------
Total
deposits 2,294,392 2,362,983 2,296,851 2,182,857 2,173,319
---------- ---------- ---------- ---------- ----------
Federal funds
purchased and
securities
sold under
agreements to
repurchase 104,002 115,554 113,891 128,806 106,984
Short-term debt 1,480 4,549 590 1,777 67,595
Long-term FHLB
debt -
affiliate
banks 126,089 119,973 108,809 51,355 48,725
Subordinated
debt issued to
capital trusts 30,930 30,930 30,930 30,930 30,930
Accrued
interest and
other
liabilities 22,482 23,302 29,898 24,316 26,533
---------- ---------- ---------- ---------- ----------
TOTAL
LIABILITIES 2,579,375 2,657,291 2,580,969 2,420,041 2,454,086
---------- ---------- ---------- ---------- ----------
STOCKHOLDERS'
EQUITY
Capital stock 140 139 139 139 139
Surplus 40,744 40,674 40,655 41,019 41,470
Undivided
profits 241,682 237,859 234,515 229,520 225,972
Accumulated
other
comprehensive
income (loss)
Unrealized
appreciation
(depreciation)
on AFS
securities (1,749) (521) 5,480 1,728 20
---------- ---------- ---------- ---------- ----------
TOTAL
STOCKHOLDERS'
EQUITY 280,817 278,151 280,789 272,406 267,601
---------- ---------- ---------- ---------- ----------
TOTAL
LIABILITIES
AND
STOCKHOLDERS'
EQUITY $2,860,192 $2,935,442 $2,861,758 $2,692,447 $2,721,687
========== ========== ========== ========== ==========
Simmons First National Corporation SFNC
Consolidated Average Quarter-to-Date Balance Sheets
For the
Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(Unaudited) 2008 2008 2008 2007 2007
---------- ---------- ---------- ---------- ----------
(in thousands)
ASSETS
Cash and
non-interest
bearing
balances due
from banks $ 70,908 $ 69,197 $ 70,105 $ 75,416 $ 72,325
Interest
bearing
balances due
from banks 65,819 85,578 56,384 21,855 9,382
Federal funds
sold 32,910 55,543 35,460 9,464 21,083
---------- ---------- ---------- ---------- ----------
Cash and cash
equivalents 169,637 210,318 161,949 106,735 102,790
Investment
securities -
held-to-
maturity 184,734 184,603 184,062 180,631 179,616
Investment
securities -
available-for-
sale 431,215 431,869 382,939 338,276 348,085
Mortgage loans
held for sale 6,759 8,740 7,474 7,535 8,747
Assets held in
trading
accounts 727 5,747 5,731 5,588 4,930
Loans 1,905,979 1,869,369 1,841,762 1,856,973 1,849,091
Allowance for
loan losses (25,878) (25,426) (25,622) (25,540) (25,642)
---------- ---------- ---------- ---------- ----------
Net loans 1,880,101 1,843,943 1,816,140 1,831,433 1,823,449
Premises and
equipment 78,383 78,170 76,528 74,569 71,943
Foreclosed
assets held
for sale, net 3,693 3,685 2,659 2,086 1,877
Interest
receivable 21,886 20,745 21,069 24,636 24,156
Bank owned life
insurance 39,038 38,600 38,213 37,820 37,315
Goodwill 60,605 60,605 60,605 60,605 60,605
Core deposit
premiums 2,895 3,095 3,299 3,498 3,702
Other assets 8,270 5,053 7,273 7,238 9,374
---------- ---------- ---------- ---------- ----------
TOTAL ASSETS $2,887,943 $2,895,173 $2,767,941 $2,680,650 $2,676,589
========== ========== ========== ========== ==========
LIABILITIES
Non-interest
bearing
transaction
accounts $ 320,160 $ 318,978 $ 308,715 $ 306,939 $ 305,453
Interest
bearing
transaction
accounts and
savings
deposits 1,021,519 972,687 803,439 748,670 724,782
Time deposits
less than
$100,000 569,859 598,264 647,150 668,458 686,750
Time deposits
greater than
$100,000 404,694 438,887 452,872 443,790 437,217
---------- ---------- ---------- ---------- ----------
Total
deposits 2,316,232 2,328,816 2,212,176 2,167,857 2,154,202
---------- ---------- ---------- ---------- ----------
Federal funds
purchased and
securities
sold under
agreements to
repurchase 102,704 110,646 126,459 121,792 113,060
Short-term debt 9,668 2,791 1,715 13,202 38,710
Long-term debt 154,676 147,948 123,221 81,146 80,123
Accrued
interest and
other
liabilities 21,948 21,935 26,484 24,211 23,943
---------- ---------- ---------- ---------- ----------
TOTAL
LIABILITIES 2,605,228 2,612,136 2,490,055 2,408,208 2,410,038
---------- ---------- ---------- ---------- ----------
TOTAL
STOCKHOLDERS'
EQUITY 282,715 283,037 277,886 272,442 266,551
---------- ---------- ---------- ---------- ----------
TOTAL
LIABILITIES
AND
STOCKHOLDERS'
EQUITY $2,887,943 $2,895,173 $2,767,941 $2,680,650 $2,676,589
========== ========== ========== ========== ==========
Simmons First National Corporation SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(Unaudited) 2008 2008 2008 2007 2007
------- ------- ------- ------- -------
(in thousands, except per
share data)
INTEREST INCOME
Loans $31,548 $31,159 $33,106 $35,955 $36,604
Federal funds sold 176 285 256 116 302
Investment securities 7,063 7,055 6,569 5,990 6,046
Mortgage loans held for
sale, net of unrealized
gains (losses) 112 113 112 122 147
Assets held in trading
accounts -- 41 1 (23) 71
Interest bearing balances
due from banks 309 487 388 223 131
------- ------- ------- ------- -------
TOTAL INTEREST INCOME 39,208 39,140 40,432 42,383 43,301
------- ------- ------- ------- -------
INTEREST EXPENSE
Time deposits 8,491 10,006 11,922 12,918 13,307
Other deposits 4,116 3,899 3,266 3,257 3,328
Federal funds purchased
and securities sold
under agreements to
repurchase 429 463 921 1,317 1,404
Short-term debt 62 19 20 167 519
Long-term debt 1,763 1,655 1,511 1,203 1,173
------- ------- ------- ------- -------
TOTAL INTEREST EXPENSE 14,861 16,042 17,640 18,862 19,731
------- ------- ------- ------- -------
NET INTEREST INCOME 24,347 23,098 22,792 23,521 23,570
Provision for loan losses 2,214 2,214 1,467 1,749 850
------- ------- ------- ------- -------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 22,133 20,884 21,325 21,772 22,720
------- ------- ------- ------- -------
NON-INTEREST INCOME
Trust income 1,608 1,450 1,648 1,580 1,528
Service charges on
deposit accounts 4,009 3,691 3,434 3,882 3,759
Other service charges
and fees 648 621 753 818 698
Income on sale of
mortgage loans, net of
commissions 595 760 721 644 715
Income on investment
banking, net of
commissions 131 199 449 230 90
Credit card fees 3,491 3,480 3,173 3,428 3,115
Premiums on sale of
student loans 3 507 624 299 419
Bank owned life insurance
income 370 425 361 403 367
Other income 433 587 3,829 557 682
------- ------- ------- ------- -------
TOTAL NON-INTEREST
INCOME 11,288 11,720 14,992 11,841 11,373
------- ------- ------- ------- -------
NON-INTEREST EXPENSE
Salaries and employee
benefits 14,056 14,433 14,208 13,458 13,778
Occupancy expense, net 1,912 1,804 1,810 1,729 1,671
Furniture and equipment
expense 1,543 1,472 1,490 1,438 1,455
Other real estate and
foreclosure expense 57 87 42 76 77
Deposit insurance 267 113 88 108 85
Other operating expenses 6,606 6,300 5,492 7,941 6,157
------- ------- ------- ------- -------
TOTAL NON-INTEREST
EXPENSE 24,441 24,209 23,130 24,750 23,223
------- ------- ------- ------- -------
NET INCOME BEFORE INCOME
TAXES 8,980 8,395 13,187 8,863 10,870
Provision for income
taxes 2,506 2,401 4,371 2,671 3,370
------- ------- ------- ------- -------
NET INCOME $ 6,474 $ 5,994 $ 8,816 $ 6,192 $ 7,500
======= ======= ======= ======= =======
BASIC EARNINGS PER SHARE $ 0.47 $ 0.43 $ 0.63 $ 0.45 $ 0.53
======= ======= ======= ======= =======
DILUTED EARNINGS PER
SHARE $ 0.46 $ 0.42 $ 0.63 $ 0.44 $ 0.53
======= ======= ======= ======= =======
Simmons First National Corporation SFNC
Consolidated Statements of Income - Year-to-Date
For the Quarters
Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(Unaudited) 2008 2008 2008 2007 2007
-------- -------- -------- -------- --------
(in thousands, except
per share data)
INTEREST INCOME
Loans $ 95,812 $ 64,264 $ 33,106 $141,706 $105,751
Federal funds sold 716 540 256 1,418 1,303
Investment
securities 20,687 13,624 6,569 23,646 17,656
Mortgage loans held
for sale, net of
unrealized gains
(losses) 338 226 112 505 383
Assets held in
trading accounts 42 42 1 100 124
Interest bearing
balances due from
banks 1,184 875 388 1,161 938
-------- -------- -------- -------- --------
TOTAL INTEREST
INCOME 118,779 79,571 40,432 168,536 126,155
-------- -------- -------- -------- --------
INTEREST EXPENSE
Time deposits 30,420 21,929 11,922 52,385 39,467
Other deposits 11,280 7,163 3,266 13,089 9,832
Federal funds
purchased and
securities sold
under agreements to
repurchase 1,813 1,385 921 5,371 4,057
Short-term debt 101 38 20 804 637
Long-term debt 4,929 3,166 1,511 4,771 3,568
-------- -------- -------- -------- --------
TOTAL INTEREST
EXPENSE 48,543 33,681 17,640 76,420 57,561
-------- -------- -------- -------- --------
NET INTEREST INCOME 70,236 45,890 22,792 92,116 68,594
Provision for loan
losses 5,895 3,681 1,467 4,181 2,432
-------- -------- -------- -------- --------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 64,341 42,209 21,325 87,935 66,162
-------- -------- -------- -------- --------
NON-INTEREST INCOME
Trust income 4,707 3,098 1,648 6,218 4,639
Service charges on
deposit accounts 11,134 7,125 3,434 14,794 10,912
Other service
charges and fees 2,021 1,374 753 3,016 2,198
Income on sale of
mortgage loans, net
of commissions 2,077 1,482 721 2,766 2,121
Income on investment
banking, net of
commissions 779 648 449 623 393
Credit card fees 10,144 6,653 3,173 12,217 8,789
Premiums on sale of
student loans 1,135 1,132 624 2,341 2,042
Bank owned life
insurance income 1,157 787 361 1,493 1,090
Other income 4,843 4,413 3,829 2,535 1,980
-------- -------- -------- -------- --------
TOTAL NON-INTEREST
INCOME 37,997 26,712 14,992 46,003 34,164
-------- -------- -------- -------- --------
NON-INTEREST EXPENSE
Salaries and
employee benefits 42,697 28,641 14,208 54,865 41,406
Occupancy expense,
net 5,526 3,615 1,810 6,674 4,945
Furniture and
equipment expense 4,505 2,962 1,490 5,865 4,428
Other real estate
and foreclosure
expense 185 129 42 212 137
Deposit insurance 468 201 88 328 220
Other operating
expenses 18,395 11,791 5,492 26,253 18,312
-------- -------- -------- -------- --------
TOTAL NON-INTEREST
EXPENSE 71,776 47,339 23,130 94,197 69,448
-------- -------- -------- -------- --------
NET INCOME BEFORE
INCOME TAXES 30,562 21,582 13,187 39,741 30,878
Provision for income
taxes 9,278 6,772 4,371 12,381 9,710
-------- -------- -------- -------- --------
NET INCOME $ 21,284 $ 14,810 $ 8,816 $ 27,360 $ 21,168
======== ======== ======== ======== ========
BASIC EARNINGS PER
SHARE $ 1.53 $ 1.06 $ 0.63 $ 1.95 $ 1.50
======== ======== ======== ======== ========
DILUTED EARNINGS PER
SHARE $ 1.51 $ 1.05 $ 0.63 $ 1.92 $ 1.48
======== ======== ======== ======== ========
Simmons First National Corporation SFNC
Consolidated Risk-Based Capital
For the
Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(Unaudited) 2008 2008 2008 2007 2007
---------- ---------- ---------- ---------- ----------
(in thousands)
Tier 1 capital
--------------
Stockholders'
equity $ 280,817 $ 278,151 $ 280,789 $ 272,406 $ 267,601
Trust
preferred
securities,
net allowable 30,000 30,000 30,000 30,000 30,000
Disallowed
intangible
assets, net
of def. tax (63,125) (63,330) (63,536) (63,706) (63,924)
Unrealized
loss (gain)
on AFS
securities 1,749 521 (5,480) (1,728) (20)
---------- ---------- ---------- ---------- ----------
Total Tier 1
capital 249,441 245,342 241,773 236,972 233,657
---------- ---------- ---------- ---------- ----------
Tier 2 capital
--------------
Qualifying
unrealized
gain on AFS
securities 3 19 17 52 158
Qualifying
allowance for
loan losses 24,888 25,136 24,405 23,866 24,188
---------- ---------- ---------- ---------- ----------
Total Tier 2
capital 24,891 25,155 24,422 23,918 24,346
---------- ---------- ---------- ---------- ----------
Total
risk-based
capital $ 274,332 $ 270,497 $ 266,195 $ 260,890 $ 258,003
========== ========== ========== ========== ==========
Risk weighted
assets $1,988,879 $2,008,764 $1,949,862 $1,906,321 $1,932,608
========== ========== ========== ========== ==========
Adjusted
average assets
for leverage
ratio $2,825,844 $2,826,216 $2,698,488 $2,615,915 $2,615,527
========== ========== ========== ========== ==========
Ratios at end
of quarter
-------------
Equity to
assets 9.82% 9.48% 9.81% 10.12% 9.83%
Tangible
equity to
tangible
assets 7.77% 7.47% 7.76% 7.93% 7.65%
Leverage ratio 8.83% 8.68% 8.96% 9.06% 8.93%
Tier 1 capital 12.54% 12.21% 12.40% 12.43% 12.09%
Total
risk-based
capital 13.79% 13.47% 13.65% 13.69% 13.35%
Simmons First National Corporation SFNC
Consolidated Loans and Investments
For the
Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(Unaudited) 2008 2008 2008 2007 2007
---------- ---------- ---------- ---------- ----------
(in thousands)
Loan Portfolio
- End of
Period
--------------
Consumer
Credit cards $ 162,862 $ 162,103 $ 158,701 $ 166,044 $ 149,185
Student loans 102,346 75,371 84,884 76,277 78,377
Other
consumer 137,763 135,342 135,247 137,624 140,771
---------- ---------- ---------- ---------- ----------
Total
consumer 402,971 372,816 378,832 379,945 368,333
Real Estate
Construction 227,071 245,284 257,635 260,924 259,705
Single-family
residential 400,845 388,353 383,167 382,676 377,153
Other
commercial 576,958 558,257 547,335 542,184 538,924
---------- ---------- ---------- ---------- ----------
Total real
estate 1,204,874 1,191,894 1,188,137 1,185,784 1,175,782
Commercial
Commercial 184,690 229,817 198,209 193,091 201,903
Agricultural 130,988 100,923 62,373 73,470 111,984
Financial
institutions 2,581 4,506 4,503 7,440 5,905
---------- ---------- ---------- ---------- ----------
Total
commercial 318,259 335,246 265,085 274,001 319,792
Other 10,175 8,372 10,084 10,724 11,328
---------- ---------- ---------- ---------- ----------
Total Loans $1,936,279 $1,908,328 $1,842,138 $1,850,454 $1,875,235
========== ========== ========== ========== ==========
Investment
Securities -
End of Period
--------------
Held-to-
Maturity
U.S.
Treasury $ -- $ 1,500 $ 1,500 $ 1,500 $ 1,500
U.S
Government
agencies 19,000 24,000 24,000 37,000 43,000
Mortgage-
backed
securities 112 117 121 129 136
State and
political
subdivisions 161,763 159,853 154,166 149,262 133,196
Other
securities 930 930 2,407 2,393 2,374
---------- ---------- ---------- ---------- ----------
Total held-
to-maturity 181,805 186,400 182,194 190,284 180,206
---------- ---------- ---------- ---------- ----------
Available-for-
Sale
U.S. Treasury 6,990 2,465 2,510 5,524 7,517
U.S
Government
agencies 364,995 370,022 346,925 320,791 325,414
Mortgage-
backed
securities 2,798 2,840 2,961 2,757 2,769
State and
political
subdivisions 637 637 637 858 985
FHLB stock 7,890 7,453 6,468 5,913 7,554
Other
securities 10,957 56,208 29,713 4,804 5,043
---------- ---------- ---------- ---------- ----------
Total
available-
for-sale 394,267 439,625 389,214 340,647 349,282
---------- ---------- ---------- ---------- ----------
Total
investment
securities $ 576,072 $ 626,025 $ 571,408 $ 530,931 $ 529,488
========== ========== ========== ========== ==========
Fair Value -
HTM
investment
securities $ 180,519 $ 185,665 $ 184,757 $ 191,738 $ 179,685
========== ========== ========== ========== ==========
Investment
Securities -
QTD Average
-------------
Taxable
securities $ 455,547 $ 457,918 $ 414,718 $ 378,811 $ 394,878
Tax exempt
securities 160,402 158,554 152,283 140,096 132,823
---------- ---------- ---------- ---------- ----------
Total
investment
securities -
QTD average $ 615,949 $ 616,472 $ 567,001 $ 518,907 $ 527,701
========== ========== ========== ========== ==========
Simmons First National Corporation SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(Unaudited) 2008 2008 2008 2007 2007
------- ------- ------- ------- -------
(in thousands)
Allowance for Loan Losses
-------------------------
Balance, beginning
of quarter $25,752 $25,392 $25,303 $25,107 $25,197
------- ------- ------- ------- -------
Loans charged off
Credit cards 971 977 779 670 633
Other consumer 459 592 357 412 397
Real estate 1,274 719 477 669 499
Commercial 379 52 202 211 174
------- ------- ------- ------- -------
Total loans charged
off 3,083 2,340 1,815 1,962 1,703
------- ------- ------- ------- -------
Recoveries of loans
previously charged off
Credit cards 237 252 192 231 260
Other consumer 137 132 153 104 122
Real estate 73 20 79 38 207
Commercial 218 82 13 36 174
------- ------- ------- ------- -------
Total recoveries 665 486 437 409 763
------- ------- ------- ------- -------
Net loans charged off 2,418 1,854 1,378 1,553 940
Provision for loan losses 2,214 2,214 1,467 1,749 850
------- ------- ------- ------- -------
Balance, end of quarter $25,548 $25,752 $25,392 $25,303 $25,107
======= ======= ======= ======= =======
Non-performing assets
---------------------
Non-performing loans
Nonaccrual loans
Real estate $ 9,248 $10,373 $ 6,735 $ 7,350 $ 6,949
Commercial 1,778 1,494 619 883 576
Consumer 1,420 1,409 1,590 1,676 1,540
------- ------- ------- ------- -------
Total nonaccrual
loans 12,446 13,276 8,944 9,909 9,065
Loans past due 90 days
or more 1,572 1,202 2,158 1,282 946
------- ------- ------- ------- -------
Total non-performing
loans 14,018 14,478 11,102 11,191 10,011
------- ------- ------- ------- -------
Other non-performing
assets
Foreclosed assets held
for sale 4,044 3,440 3,556 2,629 1,629
Other non-performing
assets -- 1 9 17 38
------- ------- ------- ------- -------
Total other non-
performing assets 4,044 3,441 3,565 2,646 1,667
------- ------- ------- ------- -------
Total non-performing
assets $18,062 $17,919 $14,667 $13,837 $11,678
======= ======= ======= ======= =======
Ratios
------
Allowance for loan losses
to total loans 1.32% 1.35% 1.38% 1.37% 1.34%
Allowance for loan losses
to non-performing loans 182.25% 177.87% 228.72% 226.10% 250.79%
Allowance for loan losses
to non-performing assets 141.45% 143.71% 173.12% 182.86% 214.99%
Non-performing loans to
total loans 0.72% 0.76% 0.60% 0.60% 0.53%
Non-performing assets to
total assets 0.63% 0.61% 0.51% 0.51% 0.43%
Annualized net charge
offs to total loans 0.51% 0.40% 0.30% 0.33% 0.20%
Annualized net charge
offs to total loans
(excluding credit cards) 0.39% 0.27% 0.19% 0.26% 0.13%
Past due loans greater
than 30 days (excluding
nonaccrual) 0.63% 0.48% 1.07% 0.70% 0.57%
Simmons First National Corporation SFNC
Consolidated - Net Interest Income Analysis
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(Unaudited) 2008 2008 2008 2007 2007
------ ------ ------ ------ ------
ASSETS
Earning Assets
Interest bearing balances
due from banks 1.87% 2.29% 2.77% 4.05% 5.54%
Federal funds sold 2.13% 2.06% 2.90% 4.86% 5.68%
Investment securities 5.19% 5.22% 5.31% 5.22% 5.15%
Mortgage loans held for sale 6.59% 5.20% 6.03% 6.42% 6.67%
Assets held in trading
accounts 0.00% 2.87% 0.07% -1.63% 5.71%
Loans 6.60% 6.72% 7.24% 7.70% 7.87%
Total interest earning assets 6.09% 6.11% 6.63% 7.10% 7.24%
LIABILITIES
Interest bearing liabilities
Interest bearing transaction
and savings accounts 1.60% 1.61% 1.63% 1.73% 1.82%
Time deposits 3.47% 3.88% 4.36% 4.61% 4.70%
Total interest bearing
deposits 2.51% 2.78% 3.21% 3.45% 3.57%
Federal funds purchased and
securities sold under
agreement to repurchase 1.66% 1.68% 2.93% 4.29% 4.93%
Short-term debt 2.55% 2.74% 4.69% 5.02% 5.32%
Long-term debt 4.53% 4.50% 4.93% 5.88% 5.81%
Total interest bearing
liabilities 2.61% 2.84% 3.29% 3.60% 3.76%
NET INTEREST MARGIN/SPREAD
Net interest spread 3.48% 3.27% 3.34% 3.49% 3.48%
Net interest margin -
quarter-to-date 3.84% 3.67% 3.80% 4.00% 4.01%
Net interest margin -
year-to-date 3.77% 3.74% 3.80% 3.96% 3.95%
Simmons First National Corporation SFNC
Consolidated - Selected Financial Data
For the
Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(Unaudited) 2008 2008 2008 2007 2007
---------- ---------- ---------- ---------- ----------
(in thousands,
except per
share data)
QUARTER-TO-DATE
---------------
Diluted
earnings per
share $ 0.46 $ 0.42 $ 0.63 $ 0.44 $ 0.53
Core earnings
(excludes
nonrecurring
items)
(non-GAAP) 6,474 5,994 6,258 6,936 7,500
Diluted core
earnings per
share
(non-GAAP) 0.46 0.42 0.45 0.49 0.53
Cash dividends
declared per
common share 0.19 0.19 0.19 0.19 0.18
Cash dividends
declared -
amount 2,651 2,650 2,647 2,645 2,509
Return on
average
stockholders'
equity 9.11% 8.52% 12.76% 9.02% 11.16%
Return on
tangible
equity 11.98% 11.22% 16.81% 12.25% 14.96%
Return on
average
assets 0.89% 0.83% 1.28% 0.92% 1.11%
Net interest
margin (FTE) 3.84% 3.67% 3.80% 4.00% 4.01%
FTE Adjustment
- investments 967 952 916 842 802
FTE Adjustment
- loans 64 57 61 67 69
Amortization
of
intangibles 201 202 202 202 203
Amortization
of
intangibles,
net of taxes 127 127 127 127 128
Average shares
outstanding 13,951,373 13,940,253 13,929,974 13,924,592 13,976,706
Shares
repurchased -- 21,700 23,480 25,895 134,253
Average price
of
repurchased
shares -- 30.25 26.65 26.38 25.43
Average
earning
assets 2,628,143 2,641,449 2,513,812 2,420,322 2,420,934
Average
interest
bearing
liabilities 2,263,120 2,271,223 2,154,856 2,077,058 2,080,642
YEAR-TO-DATE
------------
Diluted
earnings per
share $ 1.51 $ 1.05 $ 0.63 $ 1.92 $ 1.48
Core earnings
(excludes
nonrecurring
items)
(non-GAAP) 18,726 12,252 6,258 28,104 21,168
Diluted core
earnings per
share
(non-GAAP) 1.33 0.87 0.45 1.97 1.48
Cash dividends
declared per
common share 0.57 0.38 0.19 0.73 0.54
Return on
average
stockholders'
equity 10.11% 10.62% 12.76% 10.26% 10.69%
Return on
tangible
equity 13.30% 13.98% 16.81% 13.78% 14.40%
Return on
average
assets 1.00% 1.05% 1.28% 1.03% 1.06%
Net interest
margin (FTE) 3.77% 3.74% 3.80% 3.96% 3.95%
FTE Adjustment
- investments 2,835 1,868 916 3,170 2,328
FTE Adjustment
- loans 182 118 61 293 226
Amortization
of
intangibles 605 404 202 819 617
Amortization
of
intangibles,
net of taxes 381 254 127 515 388
Average shares
outstanding 13,940,573 13,935,114 13,929,980 14,043,626 14,083,739
Average
diluted
shares
outstanding 14,109,028 14,087,690 14,069,322 14,241,182 14,283,674
Average
earning
assets 2,594,469 2,577,632 2,513,812 2,412,218 2,409,516
Average
interest
bearing
liabilities 2,229,733 2,213,039 2,154,856 2,070,049 2,067,711
END OF PERIOD
-------------
Book value per
share $ 20.12 $ 19.94 $ 20.14 $ 19.57 $ 19.20
Tangible book
value per
share 15.58 15.38 15.56 14.97 14.60
Shares
outstanding 13,958,932 13,948,442 13,941,849 13,918,368 13,934,509
Full-time
equivalent
employees 1,125 1,135 1,121 1,128 1,131
Total number
of ATM's 93 95 92 90 89
Total number
of financial
centers 84 85 85 84 83
Parent company
only -
investment in
subsidiaries 285,474 284,614 290,465 288,744 285,340
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 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(Unaudited) 2008 2008 2008 2007 2007
------- ------- ------- ------- -------
(in thousands, except per
share data)
QUARTER-TO-DATE
---------------
Net Income $ 6,474 $ 5,994 $ 8,816 $ 6,192 $ 7,500
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) $ 6,474 $ 5,994 $ 6,258 $ 6,936 $ 7,500
======= ======= ======= ======= =======
Diluted earnings per
share $ 0.46 $ 0.42 $ 0.63 $ 0.44 $ 0.53
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) $ 0.46 $ 0.42 $ 0.45 $ 0.49 $ 0.53
======= ======= ======= ======= =======
YEAR-TO-DATE
------------
Net Income $21,284 $14,810 $ 8,816 $27,360 $21,168
Nonrecurring items
Mandatory stock
redemption gain (Visa) (2,973) (2,973) (2,973) -- --
Litigation liability
(Visa) (1,220) (1,220) (1,220) 1,220 --
Tax effect (39%) 1,635 1,635 1,635 (476) --
------- ------- ------- ------- -------
Net nonrecurring items (2,558) (2,558) (2,558) 744 --
------- ------- ------- ------- -------
Core earnings (non-GAAP) $18,726 $12,252 $ 6,258 $28,104 $21,168
======= ======= ======= ======= =======
Diluted earnings per
share $ 1.51 $ 1.05 $ 0.63 $ 1.92 $ 1.48
Nonrecurring items
Mandatory stock
redemption gain (Visa) (0.21) (0.21) (0.21) -- --
Litigation liability
(Visa) (0.09) (0.09) (0.09) 0.09 --
Tax effect (39%) 0.12 0.12 0.12 (0.04) --
------- ------- ------- ------- -------
Net nonrecurring items (0.18) (0.18) (0.18) 0.05 --
------- ------- ------- ------- -------
Diluted core earnings
per share (non-GAAP) $ 1.33 $ 0.87 $ 0.45 $ 1.97 $ 1.48
======= ======= ======= ======= =======