PINE BLUFF, Ark., April 16, 2009 (GLOBE NEWSWIRE) -- Simmons First National Corporation (Nasdaq:SFNC) today announced first quarter 2009 earnings of $5.2 million, or $0.37 diluted earnings per share for the quarter ended March 31, 2009, compared to $0.45 diluted core earnings per share for the same period in 2008. During the first quarter of 2008 the Company recorded additional earnings of $0.18 per share for nonrecurring items related to Visa, Inc.'s IPO.
"Considering the challenges of our national economy, we are pleased with our performance for the first quarter. Our conservative culture has sustained us well during these turbulent times. Our earnings were relatively close to our expectations for this economy, our asset quality continues to be strong and our capital remains in the top twenty percent of our peer group," according to J. Thomas May, Chairman and CEO. "We are cautiously optimistic that the Arkansas economy will continue to perform at a level better than many other regions throughout the country. However, we must continue to be alert as to the potential of a lag effect that often accompanies a recession. On a positive note, we share some of the cautious optimism that the recession is beginning to show signs of nearing the bottom."
The Company's net interest income for the first quarter of 2009 increased 2.6% to $23.4 million compared to $22.8 million for the same period of 2008. Net interest margin decreased 12 basis points to 3.68% from the first quarter of 2008 primarily due to significant repricing of earning assets resulting from declining interest rates and the Company's concentrated effort to increase liquidity and grow core deposits. Net interest income declined 2 basis points from the fourth quarter primarily due to the seasonality of the loan portfolio and increased cash flows from the investment portfolio as a result of called bonds.
The Company's loan portfolio increased 4.1% to $1.92 billion at March 31, 2009. The growth was primarily attributable to increases in the student loan portfolio, as well as in real estate loans. "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. Additionally, 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 0.80% as of March 31, 2009. Non-performing loans as a percent of total loans were 1.03%. These ratios include approximately $2.7 million of Government guaranteed student loans that became over 90 days past due during the quarter. Excluding the guaranteed past due student loans, non-performing assets as a percent of total assets were 0.71% and non-performing loans as a percent of total loans were 0.89%.
The allowance for loan losses was $24.5 million at March 31, 2009, or 1.28% of total loans and 124% of non-performing loans. The Company's annualized net charge-off ratio for the first quarter of 2009 was 0.73%. Excluding credit cards, the annualized net charge-off ratio for the first quarter was 0.56%. Annualized net credit card charge-offs for the first quarter were 2.64%, an increase of 62 basis points from the previous quarter, but still more than 600 basis points below the most recently published credit card charge-off industry average of 8.82%.
Total deposits were $2.4 billion at March 31, 2009, an increase of $73 million, or 3.2% from the same period in 2008. At the beginning of 2008, the Company implemented strategic initiatives to reduce its dependency on time deposits. As a result, non-time core deposits increased $180 million, or 15%, while the dependency on more costly time deposits decreased by $107 million from March 31, 2008.
Total assets for the Company were $2.9 billion at March 31, 2009. Stockholders' equity increased 4.1% to $292 million at March 31, 2009 compared to $281 million at March 31, 2008. At March 31, 2009, book value per share was $20.85 and tangible book value per share was $16.35.
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, April 16, 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 April 23, 2009 by dialing 1-800-642-1687. The passcode for the replay is 93291865. 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)
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2009 2008 2008 2008 2008
---------- ---------- ---------- ---------- ----------
(in thousands)
ASSETS
Cash and
non-interest
bearing
balances due
from banks $ 53,707 $ 71,801 $ 70,640 $ 79,569 $ 86,891
Interest
bearing
balances due
from banks 43,219 61,085 71,837 76,253 107,332
Federal funds
sold 1,000 6,650 7,310 44,430 53,775
---------- ---------- ---------- ---------- ----------
Cash and cash
equivalents 97,926 139,536 149,787 200,252 247,998
Investment
securities -
held-to-
maturity 217,443 187,301 181,805 186,400 182,194
Investment
securities -
available-for-
sale 505,349 458,833 394,267 439,625 389,214
Mortgage loans
held for sale 9,695 10,336 4,377 11,581 7,735
Assets held in
trading
accounts 7,510 5,754 890 1,004 5,806
Loans 1,917,332 1,933,074 1,936,279 1,908,328 1,842,138
Allowance for
loan losses (24,508) (25,841) (25,548) (25,752) (25,392)
---------- ---------- ---------- ---------- ----------
Net loans 1,892,824 1,907,233 1,910,731 1,882,576 1,816,746
Premises and
equipment 78,632 78,904 78,357 78,299 77,281
Foreclosed
assets held
for sale, net 3,704 2,995 4,044 3,440 3,556
Interest
receivable 19,071 20,930 23,322 20,863 19,696
Bank owned life
insurance 39,995 39,617 39,220 38,851 38,400
Goodwill 60,605 60,605 60,605 60,605 60,605
Core deposit
premiums 2,373 2,575 2,777 2,978 3,180
Other assets 8,452 8,490 10,010 8,968 9,347
---------- ---------- ---------- ---------- ----------
TOTAL ASSETS $2,943,579 $2,923,109 $2,860,192 $2,935,442 $2,861,758
========== ========== ========== ========== ==========
LIABILITIES
Non-interest
bearing
transaction
accounts $ 330,656 $ 334,998 $ 318,660 $ 335,310 $ 327,627
Interest
bearing
transaction
accounts and
savings
deposits 1,078,324 1,026,824 1,024,176 1,025,908 901,852
Time deposits
less than
$100,000 550,676 556,118 556,516 577,435 618,173
Time deposits
greater than
$100,000 409,846 418,393 395,040 424,330 449,199
---------- ---------- ---------- ---------- ----------
Total
deposits 2,369,502 2,336,333 2,294,392 2,362,983 2,296,851
---------- ---------- ---------- ---------- ----------
Federal funds
purchased and
securities
sold under
agreements to
repurchase 98,680 115,449 104,002 115,554 113,891
Short-term debt 1,456 1,112 1,480 4,549 590
Long-term FHLB
debt -
affiliate
banks 129,493 127,741 126,089 119,973 108,809
Subordinated
debt issued to
capital trusts 30,930 30,930 30,930 30,930 30,930
Accrued
interest and
other
liabilities 21,348 22,752 22,482 23,302 29,898
---------- ---------- ---------- ---------- ----------
TOTAL
LIABILITIES 2,651,409 2,634,317 2,579,375 2,657,291 2,580,969
---------- ---------- ---------- ---------- ----------
STOCKHOLDERS'
EQUITY
Capital stock 140 140 140 139 139
Surplus 41,901 40,807 40,744 40,674 40,655
Undivided
profits 247,228 244,655 241,682 237,859 234,515
Accumulated
other
comprehensive
income (loss)
Unrealized
appreciation
(depreciation)
on AFS
securities 2,901 3,190 (1,749) (521) 5,480
---------- ---------- ---------- ---------- ----------
TOTAL
STOCKHOLDERS'
EQUITY 292,170 288,792 280,817 278,151 280,789
---------- ---------- ---------- ---------- ----------
TOTAL
LIABILITIES
AND
STOCKHOLDERS'
EQUITY $2,943,579 $2,923,109 $2,860,192 $2,935,442 $2,861,758
========== ========== ========== ========== ==========
Simmons First National Corporation SFNC
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended
(Unaudited)
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2009 2008 2008 2008 2008
---------- ---------- ---------- ---------- ----------
(in thousands)
ASSETS
Cash and
non-interest
bearing
balances due
from banks $ 62,974 $ 63,005 $ 70,908 $ 69,197 $ 70,105
Interest
bearing
balances due
from banks 54,057 107,211 65,819 85,578 56,384
Federal funds
sold 486 14,394 32,910 55,543 35,460
---------- ---------- ---------- ---------- ----------
Cash and cash
equivalents 117,517 184,610 169,637 210,318 161,949
Investment
securities -
held-to-
maturity 194,100 181,249 184,734 184,603 184,062
Investment
securities -
available-for-
sale 515,648 405,812 431,215 431,869 382,939
Mortgage loans
held for sale 13,731 4,661 6,759 8,740 7,474
Assets held in
trading
accounts 4,213 5,774 727 5,747 5,731
Loans 1,917,251 1,948,320 1,905,979 1,869,369 1,841,762
Allowance for
loan losses (25,840) (25,817) (25,878) (25,426) (25,622)
---------- ---------- ---------- ---------- ----------
Net loans 1,891,411 1,922,503 1,880,101 1,843,943 1,816,140
Premises and
equipment 78,847 79,048 78,383 78,170 76,528
Foreclosed
assets held
for sale, net 3,365 3,724 3,693 3,685 2,659
Interest
receivable 19,856 22,716 21,886 20,745 21,069
Bank owned life
insurance 39,802 39,411 39,038 38,600 38,213
Goodwill 60,605 60,605 60,605 60,605 60,605
Core deposit
premiums 2,491 2,694 2,895 3,095 3,299
Other assets 7,777 7,748 8,270 5,053 7,273
---------- ---------- ---------- ---------- ----------
TOTAL ASSETS $2,949,363 $2,920,555 $2,887,943 $2,895,173 $2,767,941
========== ========== ========== ========== ==========
LIABILITIES
Non-interest
bearing
transaction
accounts $ 327,250 $ 322,540 $ 320,160 $ 318,978 $ 308,715
Interest
bearing
transaction
accounts and
savings
deposits 1,052,635 1,040,619 1,021,519 972,687 803,439
Time deposits
less than
$100,000 558,969 565,219 569,859 598,264 647,150
Time deposits
greater than
$100,000 414,418 408,764 404,694 438,887 452,872
---------- ---------- ---------- ---------- ----------
Total
deposits 2,353,272 2,337,142 2,316,232 2,328,816 2,212,176
---------- ---------- ---------- ---------- ----------
Federal funds
purchased and
securities
sold under
agreements to
repurchase 119,846 116,048 102,704 110,646 126,459
Short-term debt 1,695 3,153 9,668 2,791 1,715
Long-term debt 160,692 159,027 154,676 147,948 123,221
Accrued
interest and
other
liabilities 21,100 20,078 21,948 21,935 26,484
---------- ---------- ---------- ---------- ----------
TOTAL
LIABILITIES 2,656,605 2,635,448 2,605,228 2,612,136 2,490,055
---------- ---------- ---------- ---------- ----------
TOTAL
STOCKHOLDERS'
EQUITY 292,758 285,107 282,715 283,037 277,886
---------- ---------- ---------- ---------- ----------
TOTAL
LIABILITIES
AND
STOCKHOLDERS'
EQUITY $2,949,363 $2,920,555 $2,887,943 $2,895,173 $2,767,941
========== ========== ========== ========== ==========
Simmons First National Corporation SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended
(Unaudited)
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2009 2008 2008 2008 2008
-------- -------- -------- -------- --------
(in thousands, except
per share data)
INTEREST INCOME
Loans $ 28,234 $ 30,266 $ 31,548 $ 31,159 $ 33,106
Federal funds sold 1 31 176 285 256
Investment securities 6,417 6,749 7,063 7,055 6,569
Mortgage loans held for
sale, net of unrealized
gains (losses) 158 74 112 113 112
Assets held in trading
accounts 5 10 -- 41 1
Interest bearing
balances due from banks 78 231 309 487 388
-------- -------- -------- -------- --------
TOTAL INTEREST INCOME 34,893 37,361 39,208 39,140 40,432
-------- -------- -------- -------- --------
INTEREST EXPENSE
Time deposits 6,934 7,807 8,491 10,006 11,922
Other deposits 2,569 3,643 4,116 3,899 3,266
Federal funds purchased
and securities sold
under agreements to
repurchase 243 297 429 463 921
Short-term debt 6 10 62 19 20
Long-term debt 1,748 1,824 1,763 1,655 1,511
-------- -------- -------- -------- --------
TOTAL INTEREST EXPENSE 11,500 13,581 14,861 16,042 17,640
-------- -------- -------- -------- --------
NET INTEREST INCOME 23,393 23,780 24,347 23,098 22,792
Provision for loan
losses 2,138 2,751 2,214 2,214 1,467
-------- -------- -------- -------- --------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN
LOSSES 21,255 21,029 22,133 20,884 21,325
-------- -------- -------- -------- --------
NON-INTEREST INCOME
Trust income 1,326 1,524 1,608 1,450 1,648
Service charges on
deposit accounts 3,727 4,013 4,009 3,691 3,434
Other service charges
and fees 746 659 648 621 753
Income on sale of
mortgage loans, net of
commissions 1,039 530 595 760 721
Income on investment
banking, net of
commissions 411 246 131 199 449
Credit card fees 3,153 3,435 3,491 3,480 3,173
Premiums on sale of
student loans -- -- 3 507 624
Bank owned life
insurance income 378 389 370 425 361
Other income 679 530 433 587 3,829
-------- -------- -------- -------- --------
TOTAL NON-INTEREST
INCOME 11,459 11,326 11,288 11,720 14,992
-------- -------- -------- -------- --------
NON-INTEREST EXPENSE
Salaries and employee
benefits 14,583 14,353 14,056 14,433 14,208
Occupancy expense, net 1,889 1,857 1,912 1,804 1,810
Furniture and equipment
expense 1,543 1,462 1,543 1,472 1,490
Other real estate and
foreclosure expense 70 53 57 87 42
Deposit insurance 533 325 267 113 88
Other operating
expenses 7,040 6,530 6,606 6,300 5,492
-------- -------- -------- -------- --------
TOTAL NON-INTEREST
EXPENSE 25,658 24,580 24,441 24,209 23,130
-------- -------- -------- -------- --------
NET INCOME BEFORE INCOME
TAXES 7,056 7,775 8,980 8,395 13,187
Provision for income
taxes 1,820 2,149 2,506 2,401 4,371
-------- -------- -------- -------- --------
NET INCOME $ 5,236 $ 5,626 $ 6,474 $ 5,994 $ 8,816
======== ======== ======== ======== ========
BASIC EARNINGS PER SHARE $ 0.37 $ 0.40 $ 0.47 $ 0.43 $ 0.63
======== ======== ======== ======== ========
DILUTED EARNINGS PER
SHARE $ 0.37 $ 0.40 $ 0.46 $ 0.42 $ 0.63
======== ======== ======== ======== ========
Simmons First National Corporation SFNC
Consolidated Risk-Based Capital
For the Quarters Ended
(Unaudited)
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2009 2008 2008 2008 2008
---------- ---------- ---------- ---------- ----------
(in thousands)
Tier 1 capital
--------------
Stockholders'
equity $ 292,170 $ 288,792 $ 280,817 $ 278,151 $ 280,789
Trust
preferred
securities,
net allowable 30,000 30,000 30,000 30,000 30,000
Disallowed
intangible
assets, net
of def. tax (52,459) (53,034) (63,125) (63,330) (63,536)
Unrealized
loss (gain)
on AFS
securities (2,901) (3,190) 1,749 521 (5,480)
---------- ---------- ---------- ---------- ----------
Total Tier 1
capital 266,810 262,568 249,441 245,342 241,773
---------- ---------- ---------- ---------- ----------
Tier 2 capital
--------------
Qualifying
unrealized
gain on AFS
securities 186 179 3 19 17
Qualifying
allowance for
loan losses 24,537 24,827 24,888 25,136 24,405
---------- ---------- ---------- ---------- ----------
Total Tier 2
capital 24,723 25,006 24,891 25,155 24,422
---------- ---------- ---------- ---------- ----------
Total
risk-based
capital $ 291,533 $ 287,574 $ 274,332 $ 270,497 $ 266,195
========== ========== ========== ========== ==========
Risk weighted
assets $1,961,351 $1,983,654 $1,988,879 $2,008,764 $1,949,862
========== ========== ========== ========== ==========
Adjusted
average assets
for leverage
ratio $2,893,210 $2,870,882 $2,825,844 $2,826,216 $2,698,488
========== ========== ========== ========== ==========
Ratios at end
of quarter
-------------
Equity to
assets 9.93% 9.88% 9.82% 9.48% 9.81%
Tangible
equity to
tangible
assets 7.96% 7.89% 7.77% 7.47% 7.76%
Leverage ratio 9.22% 9.15% 8.83% 8.68% 8.96%
Tier 1 capital 13.60% 13.24% 12.54% 12.21% 12.40%
Total
risk-based
capital 14.86% 14.50% 13.79% 13.47% 13.65%
Simmons First National Corporation SFNC
Consolidated Loans and Investments
For the Quarters Ended
(Unaudited)
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2009 2008 2008 2008 2008
---------- ---------- ---------- ---------- ----------
(in thousands)
Loan Portfolio
- End of
Period
--------------
Consumer
Credit cards $ 158,503 $ 169,615 $ 162,862 $ 162,103 $ 158,701
Student loans 143,130 111,584 102,346 75,371 84,884
Other
consumer 139,502 138,145 137,763 135,342 135,247
---------- ---------- ---------- ---------- ----------
Total
consumer 441,135 419,344 402,971 372,816 378,832
Real Estate
Construction 208,664 224,924 227,071 245,284 257,635
Single-family
residential 410,315 409,540 400,845 388,353 383,167
Other
commercial 588,216 584,843 576,958 558,257 547,335
---------- ---------- ---------- ---------- ----------
Total real
estate 1,207,195 1,219,307 1,204,874 1,191,894 1,188,137
Commercial
Commercial 187,645 192,496 184,690 229,817 198,209
Agricultural 68,731 88,233 130,988 100,923 62,373
Financial
institutions 3,471 3,471 2,581 4,506 4,503
---------- ---------- ---------- ---------- ----------
Total
commercial 259,847 284,200 318,259 335,246 265,085
Other 9,155 10,223 10,175 8,372 10,084
---------- ---------- ---------- ---------- ----------
Total Loans $1,917,332 $1,933,074 $1,936,279 $1,908,328 $1,842,138
========== ========== ========== ========== ==========
Investment
Securities -
End of Period
--------------
Held-to-
Maturity
U.S.
Treasury $ -- $ -- $ -- $ 1,500 $ 1,500
U.S
Government
agencies 33,000 18,000 19,000 24,000 24,000
Mortgage-
backed
securities 105 109 112 117 121
State and
political
subdivisions 183,408 168,262 161,763 159,853 154,166
Other
securities 930 930 930 930 2,407
---------- ---------- ---------- ---------- ----------
Total held-
to-maturity 217,443 187,301 181,805 186,400 182,194
---------- ---------- ---------- ---------- ----------
Available-for-
Sale
U.S. Treasury 7,563 6,089 6,990 2,465 2,510
U.S
Government
agencies 301,785 351,161 364,995 370,022 346,925
Mortgage-
backed
securities 3,008 2,879 2,798 2,840 2,961
State and
political
subdivisions 486 637 637 637 637
FHLB stock 7,376 7,358 7,890 7,453 6,468
Other
securities 185,131 90,709 10,957 56,208 29,713
---------- ---------- ---------- ---------- ----------
Total
available-
for-sale 505,349 458,833 394,267 439,625 389,214
---------- ---------- ---------- ---------- ----------
Total
investment
securities $ 722,792 $ 646,134 $ 576,072 $ 626,025 $ 571,408
========== ========== ========== ========== ==========
Fair Value -
HTM
investment
securities $ 218,712 $ 187,320 $ 180,519 $ 185,665 $ 184,757
========== ========== ========== ========== ==========
Investment
Securities -
QTD Average
-------------
Taxable
securities $ 536,443 $ 419,682 $ 455,547 $ 457,918 $ 414,718
Tax exempt
securities 173,305 162,563 160,402 158,554 152,283
---------- ---------- ---------- ---------- ----------
Total
investment
securities -
QTD average $ 709,748 $ 582,245 $ 615,949 $ 616,472 $ 567,001
========== ========== ========== ========== ==========
Simmons First National Corporation SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended
(Unaudited)
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2009 2008 2008 2008 2008
-------- -------- -------- -------- --------
(in thousands)
Allowance for Loan Losses
-------------------------
Balance, beginning of
quarter $ 25,841 $ 25,548 $ 25,752 $ 25,392 $ 25,303
-------- -------- -------- -------- --------
Loans charged off
Credit cards 1,270 1,033 971 977 779
Other consumer 530 697 459 592 357
Real estate 1,697 517 1,274 719 477
Commercial 442 761 379 52 202
-------- -------- -------- -------- --------
Total loans charged
off 3,939 3,008 3,083 2,340 1,815
-------- -------- -------- -------- --------
Recoveries of loans
previously charged off
Credit cards 214 202 237 252 192
Other consumer 190 97 137 132 153
Real estate 4 35 73 20 79
Commercial 60 216 218 82 13
-------- -------- -------- -------- --------
Total recoveries 468 550 665 486 437
-------- -------- -------- -------- --------
Net loans charged off 3,471 2,458 2,418 1,854 1,378
Provision for loan
losses 2,138 2,751 2,214 2,214 1,467
-------- -------- -------- -------- --------
Balance, end of quarter $ 24,508 $ 25,841 $ 25,548 $ 25,752 $ 25,392
======== ======== ======== ======== ========
Non-performing assets
---------------------
Non-performing loans
Nonaccrual loans
Real estate $ 12,690 $ 12,234 $ 9,248 $ 10,373 $ 6,735
Commercial 1,349 668 1,778 1,494 619
Consumer 1,563 1,456 1,420 1,409 1,590
-------- -------- -------- -------- --------
Total nonaccrual
loans 15,602 14,358 12,446 13,276 8,944
Loans past due 90 days
or more
Government guaranteed
student loans 2,739 -- -- -- --
Other loans 1,482 1,292 1,572 1,202 2,158
-------- -------- -------- -------- --------
Total loans past due
90 days or more 4,221 1,292 1,572 1,202 2,158
-------- -------- -------- -------- --------
Total non-performing
loans 19,823 15,650 14,018 14,478 11,102
-------- -------- -------- -------- --------
Other non-performing
assets
Foreclosed assets held
for sale 3,704 2,995 4,044 3,440 3,556
Other non-performing
assets 12 12 -- 1 9
-------- -------- -------- -------- --------
Total other
non-performing assets 3,716 3,007 4,044 3,441 3,565
-------- -------- -------- -------- --------
Total non-performing
assets $ 23,539 $ 18,657 $ 18,062 $ 17,919 $ 14,667
======== ======== ======== ======== ========
Ratios
------
Allowance for loan
losses to total loans 1.28% 1.34% 1.32% 1.35% 1.38%
Allowance for loan
losses to
non-performing loans 123.63% 165.12% 182.25% 177.87% 228.72%
Allowance for loan
losses to
non-performing assets 104.12% 138.51% 141.45% 143.71% 173.12%
Non-performing loans to
total loans 1.03% 0.81% 0.72% 0.76% 0.60%
Non-performing assets to
total assets 0.80% 0.64% 0.63% 0.61% 0.51%
Non-performing assets to
total assets (excluding
Gov't guaranteed
student loans) 0.71% 0.64% 0.63% 0.61% 0.51%
Annualized net charge
offs to total loans 0.73% 0.50% 0.50% 0.40% 0.30%
Annualized net charge
offs to total loans
(excluding credit
cards) 0.56% 0.36% 0.38% 0.27% 0.19%
Past due loans >30 days
(excluding nonaccrual) 0.78% 0.88% 0.63% 0.48% 1.07%
Simmons First National Corporation SFNC
Consolidated - Net Interest Income Analysis
For the Quarters Ended
(Unaudited)
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2009 2008 2008 2008 2008
------ ------ ------ ------ ------
ASSETS
Earning Assets
Interest bearing balances due
from banks 0.59% 0.86% 1.87% 2.29% 2.77%
Federal funds sold 0.83% 0.86% 2.13% 2.06% 2.90%
Investment securities 4.28% 5.24% 5.19% 5.22% 5.31%
Mortgage loans held for sale 4.67% 6.32% 6.59% 5.20% 6.03%
Assets held in trading
accounts 0.48% 0.69% 0.00% 2.87% 0.07%
Loans 5.98% 6.19% 6.60% 6.72% 7.24%
Total interest earning
assets 5.41% 5.73% 6.09% 6.11% 6.63%
LIABILITIES
Interest bearing liabilities
Interest bearing transaction
and savings accounts 0.99% 1.39% 1.60% 1.61% 1.63%
Time deposits 2.89% 3.19% 3.47% 3.88% 4.36%
Total interest bearing
deposits 1.90% 2.26% 2.51% 2.78% 3.21%
Federal funds purchased and
securities sold under
agreement to repurchase 0.82% 1.02% 1.66% 1.68% 2.93%
Short-term debt 1.44% 1.26% 2.55% 2.74% 4.69%
Long-term debt 4.41% 4.56% 4.53% 4.50% 4.93%
Total interest bearing
liabilities 2.02% 2.36% 2.61% 2.84% 3.29%
NET INTEREST MARGIN/SPREAD
Net interest spread 3.39% 3.37% 3.48% 3.27% 3.34%
Net interest margin -
quarter-to-date 3.68% 3.70% 3.84% 3.67% 3.80%
Net interest margin -
year-to-date 3.68% 3.75% 3.77% 3.74% 3.80%
Simmons First National Corporation SFNC
Consolidated - Selected Financial Data
For the Quarters Ended
(Unaudited)
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2009 2008 2008 2008 2008
---------- ---------- ---------- ---------- ----------
(in thousands,
except per
share data)
QUARTER-TO-DATE
---------------
Diluted
earnings per
share $ 0.37 $ 0.40 $ 0.46 $ 0.42 $ 0.63
Core earnings
(excludes
nonrecurring
items) (non-
GAAP) 5,236 5,626 6,474 5,994 6,258
Diluted core
earnings per
share (non-
GAAP) 0.37 0.40 0.46 0.42 0.45
Cash dividends
declared per
common share 0.19 0.19 0.19 0.19 0.19
Cash dividends
declared -
amount 2,663 2,653 2,651 2,650 2,647
Return on
average
stockholders'
equity 7.25% 7.85% 9.11% 8.52% 12.76%
Return on
tangible
equity 9.47% 10.32% 11.98% 11.22% 16.81%
Return on
average
assets 0.72% 0.77% 0.89% 0.83% 1.28%
Net interest
margin (FTE) 3.68% 3.70% 3.84% 3.67% 3.80%
FTE Adjustment
- investments 1,069 980 967 952 916
FTE Adjustment
- loans 57 63 64 57 61
Amortization
of
intangibles 202 202 201 202 202
Amortization
of
intangibles,
net of taxes 127 127 127 127 127
Average shares
outstanding 13,991,990 13,959,174 13,951,373 13,940,253 13,929,974
Shares
repurchased -- -- -- 21,700 23,480
Average price
of
repurchased
shares -- -- -- 30.25 26.65
Average
earning
assets 2,699,486 2,667,421 2,628,143 2,641,449 2,513,812
Average
interest
bearing
liabilities 2,308,255 2,292,830 2,263,120 2,271,223 2,154,856
YEAR-TO-DATE
------------
Diluted
earnings per
share $ 0.37 $ 1.91 $ 1.51 $ 1.05 $ 0.63
Core earnings
(excludes
nonrecurring
items) (non-
GAAP) 5,236 24,352 18,726 12,252 6,258
Diluted core
earnings per
share (non-
GAAP) 0.37 1.73 1.33 0.87 0.45
Cash dividends
declared per
common share 0.19 0.76 0.57 0.38 0.19
Return on
average
stockholders'
equity 7.25% 9.54% 10.11% 10.62% 12.76%
Return on
tangible
equity 9.47% 12.54% 13.30% 13.98% 16.81%
Return on
average
assets 0.72% 0.94% 1.00% 1.05% 1.28%
Net interest
margin (FTE) 3.68% 3.75% 3.77% 3.74% 3.80%
FTE Adjustment
- investments 1,069 3,815 2,835 1,868 916
FTE Adjustment
- loans 57 245 182 118 61
Amortization
of
intangibles 202 807 605 404 202
Amortization
of
intangibles,
net of taxes 127 508 381 254 127
Average shares
outstanding 13,991,990 13,945,249 13,940,573 13,935,114 13,929,980
Average
diluted
shares
outstanding 14,090,488 14,107,943 14,109,028 14,087,690 14,069,322
Average
earning
assets 2,699,486 2,617,506 2,594,469 2,577,632 2,513,812
Average
interest
bearing
liabilities 2,308,255 2,245,509 2,229,733 2,213,039 2,154,856
END OF PERIOD
-------------
Book value per
share $ 20.85 $ 20.69 $ 20.12 $ 19.94 $ 20.14
Tangible book
value per
share 16.35 16.16 15.58 15.38 15.56
Shares
outstanding 14,013,839 13,960,680 13,958,932 13,948,442 13,941,849
Full-time
equivalent
employees 1,097 1,123 1,125 1,135 1,121
Total number
of ATM's 94 93 93 95 92
Total number
of financial
centers 84 84 84 85 85
Parent
company only
- investment
in
subsidiaries 297,860 291,392 285,474 284,614 290,465
Parent
company
only -
intangible
assets 133 133 133 133 133
Simmons First National Corporation SFNC
Consolidated - Reconciliation of Core Earnings (non-GAAP)
For the Quarters Ended
(Unaudited)
Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
2009 2008 2008 2008 2008
------- ------- ------- ------- -------
(in thousands, except per
share data)
QUARTER-TO-DATE
---------------
Net Income $ 5,236 $ 5,626 $ 6,474 $ 5,994 $ 8,816
Nonrecurring items
Mandatory stock
redemption gain (Visa) -- -- -- -- (2,973)
Litigation liability
(Visa) -- -- -- -- (1,220)
Tax effect (39%) -- -- -- -- 1,635
------- ------- ------- ------- -------
Net nonrecurring items -- -- -- -- (2,558)
------- ------- ------- ------- -------
Core earnings (non-GAAP) $ 5,236 $ 5,626 $ 6,474 $ 5,994 $ 6,258
======= ======= ======= ======= =======
Diluted earnings per
share $ 0.37 $ 0.40 $ 0.46 $ 0.42 $ 0.63
Nonrecurring items
Mandatory stock
redemption gain (Visa) -- -- -- -- (0.21)
Litigation liability
(Visa) -- -- -- -- (0.09)
Tax effect (39%) -- -- -- -- 0.12
------- ------- ------- ------- -------
Net nonrecurring items -- -- -- -- (0.18)
------- ------- ------- ------- -------
Diluted core earnings
per share (non-GAAP) $ 0.37 $ 0.40 $ 0.46 $ 0.42 $ 0.45
======= ======= ======= ======= =======
YEAR-TO-DATE
------------
Net Income $ 5,236 $26,910 $21,284 $14,810 $ 8,816
Nonrecurring items
Mandatory stock
redemption gain (Visa) -- (2,973) (2,973) (2,973) (2,973)
Litigation liability
(Visa) -- (1,220) (1,220) (1,220) (1,220)
Tax effect (39%) -- 1,635 1,635 1,635 1,635
------- ------- ------- ------- -------
Net nonrecurring items -- (2,558) (2,558) (2,558) (2,558)
------- ------- ------- ------- -------
Core earnings (non-GAAP) $ 5,236 $24,352 $18,726 $12,252 $ 6,258
======= ======= ======= ======= =======
Diluted earnings per
share $ 0.37 $ 1.91 $ 1.51 $ 1.05 $ 0.63
Nonrecurring items
Mandatory stock
redemption gain (Visa) -- (0.21) (0.21) (0.21) (0.21)
Litigation liability
(Visa) -- (0.09) (0.09) (0.09) (0.09)
Tax effect (39%) -- 0.12 0.12 0.12 0.12
------- ------- ------- ------- -------
Net nonrecurring items -- (0.18) (0.18) (0.18) (0.18)
------- ------- ------- ------- -------
Diluted core earnings
per share (non-GAAP) $ 0.37 $ 1.73 $ 1.33 $ 0.87 $ 0.45
======= ======= ======= ======= =======