updated 1/27/2011 9:16:48 AM ET 2011-01-27T14:16:48

PINE BLUFF, Ark., Jan. 27, 2011 (GLOBE NEWSWIRE) -- Simmons First National Corporation (Nasdaq:SFNC) today announced net income of $37.1 million for the year ended December 31, 2010, an increase of $11.9 million, or 47% compared to the same period in 2009. Diluted earnings per share for the year ended 2010 were $2.15, compared to $1.74 for 2009.

Net income for the fourth quarter 2010 was $16.6 million, or $0.96 diluted earnings per share, compared to net income of $6.8 million, or $0.44 diluted earnings per share for the same period in 2009. This represents an increase of $9.8 million in net income and $0.52 diluted earnings per share.

On October 15, 2010, the Company announced that its wholly-owned bank subsidiary, Simmons First National Bank, entered into a purchase and assumption agreement with loss share arrangements with the FDIC to purchase substantially all of the assets and to assume substantially all of the deposits and certain other liabilities of Security Savings Bank ("SSB") in Olathe, Kansas. In the fourth quarter 2010, the Company recognized a pre-tax bargain purchase gain of $18.3 million on this transaction and incurred pre-tax merger related costs of $2.0 million. As part of the Company's acquisition strategy, the investment portfolio was liquidated resulting in a pre-tax gain of $317,000. Additionally, in order to utilize some of the Company's excess liquidity, $58.4 million in FHLB advances were paid off, which resulted in a one-time pre-payment expense of $594,000. After taxes, the combined fourth quarter 2010 non-recurring items contributed $9.7 million to net income, or $0.56 to diluted earnings per share.

On May 14, 2010, the Company announced that its wholly-owned bank subsidiary, Simmons First National Bank, entered into a purchase and assumption agreement with loss share arrangements with the FDIC to purchase substantially all of the assets and to assume substantially all of the deposits and certain other liabilities of Southwest Community Bank ("SWCB") in Springfield, Missouri. In the second quarter 2010, the Company recognized a pre-tax bargain purchase gain of $3.0 million on this transaction and incurred pre-tax merger related costs of $0.4 million. After taxes, these non-recurring items contributed $1.6 million to net income, or $0.09 to diluted earnings per share, for the second quarter and the year ended 2010.

Excluding all non-recurring items, fourth quarter core earnings were $6.8 million, or $0.40 diluted core earnings per share and excluding all non-recurring items for the year ended December 31, 2010, core earnings were $26.0 million, or $1.51 diluted core earnings per share.

"We are excited about our expansion beyond the borders of Arkansas into Missouri and Kansas. We are pleased with our 2010 results, which resulted in a significant bargain purchase gain on two acquisitions, record net interest income, good expense control through our efficiency initiatives and continued good asset quality compared to the rest of the industry," commented J. Thomas May, Chairman and CEO. "As expected, while the impact of our November 2009 stock offering was dilutive to 2010 by approximately $0.25; however, the excess capital positions us to continue to take advantage of unprecedented acquisition opportunities through FDIC assisted transactions of failed banks. We have seen the dilutive impact of the offering over the past five quarters; in contrast, going forward we will see the accretive impact from our two acquisitions beginning in the first quarter of 2011."

Total assets were $3.3 billion at December 31, 2010, an increase of 7.2% from $3.1 billion at December 31, 2009.

Loans

Total loans, excluding those covered by FDIC loss share agreements, were $1.7 billion at December 31, 2010, a decrease of 10.2% from the same period in 2009. "As expected, we saw a $53 million decrease in our Student Loan Portfolio as a result of the irrational decision by the administration and congress to eliminate the private sector from providing student loans. Additionally, like the rest of the industry, we continue to experience weak loan demand as a result of the recession. We believe loan demand is likely to remain soft throughout 2011, but we are committed and positioned to meet the borrowing needs of our consumer and business customers," commented May. Loans covered by FDIC loss share agreements, which provide 80% guaranteed protection against credit risk on those covered assets, were $232 million at December 31, 2010.

Deposits

At December 31, 2010, total deposits were $2.6 billion, an increase of $177 million, or 7.3% compared to the same period in 2009. The December 31, 2010, deposits include $231 million of previously acquired deposits in Missouri and Kansas. "In both acquisitions, we made a strategic decision to redeem brokered deposits and reduce non-core deposits by lowering interest rates to manage cost of funds and utilize excess liquidity. As expected, since the acquisition date, deposits have decreased $79 million in Springfield and $125 million in Kansas. We are very pleased with our non-time deposits as a percent of total deposits, which is a very favorable 63%," commented May.

Net Interest Income

The Company's net interest income for the fourth quarter of 2010 increased 4.2% to a record $26.3 million compared to the same period of 2009. Net interest margin decreased 17 basis points to 3.60% from the fourth quarter of 2009. The decrease was the result of the impact from the pre-payment of FHLB advances related to the SSB transaction, the decrease in the loan portfolio and a higher level of liquidity than planned. The yield on earning assets was 4.52%, a decrease of 45 basis points from the fourth quarter of 2009 and the rate on the cost of funds was 1.12%, a decrease of 30 basis points.

Non-Interest Income

Non-interest income for the fourth quarter increased $20.7 million, or 160.3%, to $33.7 million compared to $12.9 million for the fourth quarter of 2009. Excluding the bargain purchase gains and securities gains, non-interest income increased $2.1 million, or 16.58% from the fourth quarter of 2009. This increase is primarily the result of volume increases in both mortgage refinancing and credit card operations.

Non-Interest Expense

Non-interest expense for the fourth quarter of 2010 was $30.5 million, an increase of 18.15% from $25.8 million for the fourth quarter of 2009. Included in fourth quarter 2010 non-interest expense is $2.0 million in merger related costs associated with the previously mentioned FDIC assisted acquisitions and incremental operating expenses related to the acquisitions in Missouri and Kansas. Excluding the non-recurring items and additional expenses related to the acquisitions, non-interest expense increased $133,000, or 0.5%. "Obviously, we are beginning to see the positive impact from our efficiency initiatives," according to May.

Asset Quality

During 2010, the Company acquired substantially all of the loans and foreclosed real estate ("OREO") of SWCB and SSB. Through the loss share provisions of the purchase and assumption agreements, the FDIC agreed to reimburse the Company for 80% of the losses incurred on the disposition of such loans and OREO. The loans and OREO covered by the FDIC loss share agreements and the related FDIC loss share receivable were presented in the Company's financial reports as "covered" assets (i.e., covered by the FDIC loss share agreements) with a carrying value equal to the discounted net present value of expected future proceeds. At December 31, 2010, loans covered by loss share were carried at $232 million (net of discount), OREO covered by loss share was carried at $9 million (net of discount) and the FDIC loss share receivable was carried at $60 million. As a result of the FDIC loss share indemnification related to these assets and the discounted net present value method of valuing these assets, such assets are excluded from the computations of the following asset quality ratios, except for their inclusion in total assets.

Nonperforming assets as a percent of total assets were 1.12% as of December 31, 2010, a decrease from 1.23% as of September 30, 2010. Nonperforming loans as a percent of total loans were 0.83% as of December 31, 2010, an increase of 8 basis points from 0.75% as of September 30, 2010. These ratios include approximately $1.7 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 1.07% and non-performing loans as a percent of total loans were 0.72%.

Excluding credit cards, the Company's annualized net charge-off ratio was 0.52% for the fourth quarter of 2010. The credit card annualized net charge-off ratio decreased to 2.14%, compared to 2.24% for the third quarter of 2010. The Company's credit card loss ratio is more than 600 basis points below the most recently published credit card charge-off industry average of over 8.5%.

For the fourth quarter of 2010, the Company's provision for loan losses was $3.7 million, compared to $3.4 million for the third quarter of 2010 and $2.8 million for the fourth quarter of 2009. The Company's allowance for loan losses was $26.4 million at December 31, 2010, or 1.57% of total loans and 190% of non-performing loans.

Capital

At December 31, 2010, stockholders' equity was $397 million, book value per share was $23.01, and tangible book value per share was $19.36. The Company's ratio of stockholders' equity to total assets was 12.0% and its ratio of tangible stockholders' equity to tangible assets was 10.28%, as of December 31, 2010.

"Our exceptional level of capital puts us in the 97th percentile of our peer group and allows us to actively pursue the right opportunities that meet our strategic plan regarding mergers and acquisitions," continued May. As of December 31, 2010, the Company's regulatory capital ratios remain significantly higher than regulatory "well capitalized" guidelines:

  "Well Capitalized"  SFNC
Tier 1 Leverage Ratio 5.00% 11.33%
Tier 1 Risk-Based Capital Ratio 6.00% 20.05%
Total Risk-Based Capital Ratio 10.00% 21.30%

Simmons First National Corporation

Simmons First National Corporation is an eight bank financial holding company with community banks in Pine Bluff, Lake Village, Jonesboro, Rogers, Searcy, Russellville, El Dorado and Hot Springs, Arkansas. Including the recently acquired Kansas locations, the Company's eight banks conduct financial operations from 89 offices, of which 85 are financial centers, in 47 communities in Arkansas, Missouri and Kansas. The Company's common stock trades on the NASDAQ Global Select Market under the symbol "SFNC".

The Simmons First National Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4819

Conference Call

Management will conduct a conference call to review this information beginning at 3:00 p.m. Central Time on Thursday, January 27, 2011. 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 February 4, 2011, by dialing 1-800-642-1687. The passcode for the replay is 33464347. In addition, the call will be available live or in recorded version on the Company's website at www.simmonsfirst.com .

Non-GAAP Financial Measures

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

Forward Looking Statements

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   Dec 31   Sep 30   Jun 30   Mar 31   Dec 31 
 (Unaudited)   2010   2010   2010   2010   2009 
(in thousands)          
 ASSETS           
 Cash and non-interest bearing balances due from banks   $ 33,717  $ 77,874  $ 80,883  $ 61,975  $ 71,575
 Interest bearing balances due from banks   418,343  247,300  161,443  365,396  282,010
 Federal funds sold   --   750  2,750  --   -- 
 Cash and cash equivalents   452,060  325,924  245,076  427,371  353,585
 Investment securities - held-to-maturity   465,183  461,548  436,018  432,004  464,061
 Investment securities - available-for-sale   148,479  183,942  224,031  156,096  182,854
 Mortgage loans held for sale   17,237  25,383  18,298  6,930  8,397
 Assets held in trading accounts   7,577  7,412  7,827  7,521  6,886
 Loans   1,683,464  1,739,554  1,822,028  1,849,960  1,874,989
 Allowance for loan losses   (26,416)  (25,682)  (25,881)  (25,047)  (25,016)
 Net loans   1,657,048  1,713,872  1,796,147  1,824,913  1,849,973
 Covered assets:           
 Loans, net of discount   231,600  38,160  39,346  --   -- 
 Other real estate owned, net of discount   8,717  2,650  3,609  --   -- 
 FDIC indemnification asset   60,235  9,600  12,614  --   -- 
 Premises and equipment   77,199  77,967  76,349  77,408  78,126
 Foreclosed assets held for sale, net   23,204  23,903  20,091  18,744  9,179
 Interest receivable   17,363  16,884  16,264  16,421  17,881
 Bank owned life insurance   49,072  48,662  48,258  47,667  40,920
 Goodwill   60,605  60,605  60,605  60,605  60,605
 Core deposit premiums   2,463  1,194  1,381  1,568  1,769
 Other assets   38,390  20,451  19,211  20,251  19,086
 Total assets   $ 3,316,432  $ 3,018,157  $ 3,025,125  $ 3,097,499  $ 3,093,322
           
 LIABILITIES AND STOCKHOLDERS' EQUITY           
 Deposits:           
 Non-interest bearing transaction accounts   $ 428,750  $ 374,494  $ 358,171  $ 385,495  $ 363,154
 Interest bearing transaction accounts and savings deposits   1,220,133  1,146,433  1,172,746  1,167,836  1,156,264
 Time deposits less than $100,000   599,537  483,285  496,809  482,181  492,217
 Time deposits greater than $100,000   360,349  377,957  365,868  392,757  420,537
 Total deposits   2,608,769  2,382,169  2,393,594  2,428,269  2,432,172
Federal funds purchased and securities sold under agreements to repurchase   109,139  85,561  84,456  131,750  105,910
 Short-term debt   1,033  1,728  3,202  3,263  3,640
 Long-term debt   164,324  136,829  138,893  139,183  159,823
 Accrued interest and other liabilities   35,796  27,901  25,836  21,780  20,530
 Total liabilities   2,919,061  2,634,188  2,645,981  2,724,245  2,722,075
           
 Stockholders' equity:           
 Preferred stock   --   --   --   --   -- 
 Common stock   173  172  172  172  171
 Surplus   114,040  113,376  112,851  112,250  111,694
 Undivided profits   282,646  269,369  265,021  260,310  258,620
 Accumulated other comprehensive income           
 Unrealized appreciation on AFS securities   512  1,052  1,100  522  762
 Total stockholders' equity   397,371  383,969  379,144  373,254  371,247
 Total liabilities and stockholders' equity   $ 3,316,432  $ 3,018,157  $ 3,025,125  $ 3,097,499  $ 3,093,322
           
 Simmons First National Corporation           SFNC 
 Consolidated Average Quarter-to-Date Balance Sheets         
 For the Quarters Ended   Dec 31   Sep 30   Jun 30   Mar 31   Dec 31 
 (Unaudited)   2010   2010   2010   2010   2009 
(in thousands)          
 ASSETS           
 Cash and non-interest bearing balances due from banks   $ 71,780  $ 75,606  $ 76,983  $ 75,267  $ 74,862
 Interest bearing balances due from banks   400,174  159,996  240,847  290,990  292,219
 Federal funds sold   1,208  3,477  1,044  1,015  1,280
 Cash and cash equivalents   473,162  239,079  318,874  367,272  368,361
 Investment securities - held-to-maturity   462,328  457,368  421,878  453,740  408,431
 Investment securities - available-for-sale   180,634  197,419  228,972  186,503  172,290
 Mortgage loans held for sale   27,832  19,842  13,560  5,815  8,603
 Assets held in trading accounts   7,615  7,438  7,092  6,968  8,260
 Loans   1,697,937  1,809,902  1,831,766  1,863,850  1,898,629
 Allowance for loan losses   (23,316)  (26,396)  (25,584)  (25,849)  (26,021)
 Net loans   1,674,621  1,783,506  1,806,182  1,838,001  1,872,608
 Covered assets:           
 Loans, net of discount   256,619  38,956  24,074  --   -- 
 Other real estate owned, net of discount   12,978  3,056  2,632  --   -- 
 FDIC indemnification asset   32,008  12,601  4,544  --   -- 
 Premises and equipment   77,876  76,673  77,330  77,939  78,636
 Foreclosed assets held for sale, net   23,658  22,540  18,727  9,238  7,049
 Interest receivable   18,325  15,451  16,928  17,005  20,582
 Bank owned life insurance   48,868  48,463  47,915  42,023  40,761
 Goodwill   60,605  60,605  60,605  60,605  60,605
 Core deposit premiums   1,612  1,300  1,484  1,684  1,869
 Other assets   20,515  18,800  20,415  18,308  7,605
 Total assets   $ 3,379,256  $ 3,003,097  $ 3,071,212  $ 3,085,101  $ 3,055,660
           
 LIABILITIES AND STOCKHOLDERS' EQUITY           
 Deposits:           
 Non-interest bearing transaction accounts   $ 416,343  $ 363,599  $ 366,340  $ 357,483  $ 347,279
 Interest bearing transaction accounts and savings deposits   1,239,736  1,143,827  1,176,180  1,166,643  1,159,372
 Time deposits less than $100,000   617,288  493,890  500,070  491,603  507,236
 Time deposits greater than $100,000   364,481  366,375  385,736  409,137  412,132
 Total deposits   2,637,848  2,367,691  2,428,326  2,424,866  2,426,019
 Federal funds purchased and securities sold under agreements to repurchase   111,594  82,708  98,995  114,376  105,295
 Short-term debt   2,094  3,241  3,455  3,751  3,802
 Long-term debt   166,774  137,631  138,375  145,387  160,215
 Accrued interest and other liabilities   67,113  27,600  22,890  21,386  25,487
 Total liabilities   2,985,423  2,618,871  2,692,041  2,709,766  2,720,818
 Total stockholders' equity   393,833  384,226  379,171  375,335  334,842
 Total liabilities and stockholders' equity   $ 3,379,256  $ 3,003,097  $ 3,071,212  $ 3,085,101  $ 3,055,660
           
 Simmons First National Corporation           SFNC 
 Consolidated Statements of Income - Quarter-to-Date           
 For the Quarters Ended  Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
 (Unaudited)   2010   2010   2010   2010   2009 
(in thousands, except per share data)          
 INTEREST INCOME           
 Loans   $ 25,649  $ 26,934  $ 26,691  $ 26,788  $ 28,275
 Covered loans   3,127  864  213  --   -- 
 Federal funds sold   3  6  2  4  2
 Investment securities   4,030  4,182  4,465  4,531  5,029
 Mortgage loans held for sale, net of unrealized gains (losses)   286  210  149  70  119
 Assets held in trading accounts   10  7  11  2  7
 Interest bearing balances due from banks   234  123  173  191  204
 TOTAL INTEREST INCOME   33,339  32,326  31,704  31,586  33,636
 INTEREST EXPENSE           
 Time deposits   3,500  3,369  3,522  3,919  4,643
 Other deposits   1,156  1,236  1,317  1,518  1,866
 Federal funds purchased and securities           
 sold under agreements to repurchase   134  126  123  149  172
 Short-term debt   13  15  15  15  15
 Long-term debt   2,260  1,524  1,522  1,573  1,719
 TOTAL INTEREST EXPENSE   7,063  6,270  6,499  7,174  8,415
 NET INTEREST INCOME   26,276  26,056  25,205  24,412  25,221
 Provision for loan losses   3,733  3,407  3,758  3,231  2,767
 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   22,543  22,649  21,447  21,181  22,454
 NON-INTEREST INCOME           
 Trust income   1,416  1,343  1,170  1,250  1,317
 Service charges on deposit accounts   4,272  4,388  4,739  4,301  4,883
 Other service charges and fees   716  646  671  779  634
 Income on sale of mortgage loans, net of commissions   2,033  1,242  932  603  834
 Income on investment banking, net of commissions   486  369  776  605  469
 Credit card fees   4,448  3,972  4,043  3,677  3,897
 Premiums on sale of student loans   --   1,979  545  --   -- 
 Bank owned life insurance income   410  404  566  290  300
 Gain on sale of securities   317  --   --   --   -- 
 Gain on FDIC assisted transactions   18,277  --   3,037  --   -- 
 Other income   1,286  479  769  695  597
 TOTAL NON-INTEREST INCOME   33,661  14,822  17,248  12,200  12,931
 NON-INTEREST EXPENSE           
 Salaries and employee benefits   15,692  14,809  15,064  15,166  14,619
 Occupancy expense, net   2,176  1,906  1,844  1,882  1,898
 Furniture and equipment expense   1,530  1,542  1,526  1,495  1,572
 Other real estate and foreclosure expense   298  304  314  58  161
 Deposit insurance   914  885  1,059  955  687
 Merger related costs   2,034  134  443  --   -- 
 Other operating expenses   7,846  7,178  7,026  7,240  6,869
 TOTAL NON-INTEREST EXPENSE   30,490  26,758  27,276  26,796  25,806
 NET INCOME BEFORE INCOME TAXES   25,714  10,713  11,419  6,585  9,579
 Provision for income taxes   9,154  3,093  3,438  1,629  2,774
 NET INCOME   $ 16,560  $ 7,620  $ 7,981  $ 4,956  $ 6,805
 BASIC EARNINGS PER SHARE   $ 0.96  $ 0.45  $ 0.46  $ 0.29  $ 0.44
 DILUTED EARNINGS PER SHARE   $ 0.96  $ 0.44  $ 0.46  $ 0.29  $ 0.44
           
 Simmons First National Corporation           SFNC 
 Consolidated Statements of Income - Year-to-Date           
 For the Quarters Ended  Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
 (Unaudited)   2010   2010   2010   2010   2009 
(in thousands, except per share data)          
 INTEREST INCOME           
 Loans   $ 106,062  $ 80,413  $ 53,479  $ 26,788  $ 113,648
 Covered loans   4,204  1,077  213  --   -- 
 Federal funds sold   15  12  7  4  27
 Investment securities   17,208  13,178  8,997  4,531  21,791
 Mortgage loans held for sale, net of unrealized gains (losses)   715  429  218  70  608
 Assets held in trading accounts   30  20  13  2  20
 Interest bearing balances due from banks   721  487  364  191  439
 TOTAL INTEREST INCOME   128,955  95,616  63,291  31,586  136,533
 INTEREST EXPENSE           
 Time deposits   14,310  10,810  7,441  3,919  22,794
 Other deposits   5,227  4,071  2,835  1,518  8,252
 Federal funds purchased and securities sold under agreements to repurchase   532  398  273  149  769
 Short-term debt   58  45  30  15  33
 Long-term debt   6,879  4,619  3,095  1,573  6,958
 TOTAL INTEREST EXPENSE   27,006  19,943  13,674  7,174  38,806
 NET INTEREST INCOME   101,949  75,673  49,617  24,412  97,727
 Provision for loan losses   14,129  10,396  6,990  3,231  10,316
 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   87,820  65,277  42,627  21,181  87,411
 NON-INTEREST INCOME           
 Trust income   5,179  3,763  2,420  1,250  5,227
 Service charges on deposit accounts   17,700  13,428  9,040  4,301  17,944
 Other service charges and fees   2,812  2,096  1,451  779  2,668
 Income on sale of mortgage loans, net of commissions   4,810  2,777  1,535  603  4,032
 Income on investment banking, net of commissions   2,236  1,750  1,381  605  2,153
 Credit card fees   16,140  11,692  7,720  3,677  14,392
 Premiums on sale of student loans   2,524  2,524  545  --   2,333
 Bank owned life insurance income   1,670  1,260  857  290  1,270
 Gain on sale of securities   317  --   --   --   144
 Gain on FDIC assisted transactions   21,314  3,037  3,037  --   -- 
 Other income   3,229  1,943  1,463  695  2,548
 TOTAL NON-INTEREST INCOME   77,931  44,270  29,449  12,200  52,711
 NON-INTEREST EXPENSE           
 Salaries and employee benefits   60,731  45,039  30,230  15,166  58,317
 Occupancy expense, net   7,808  5,632  3,726  1,882  7,457
 Furniture and equipment expense   6,093  4,563  3,021  1,495  6,195
 Other real estate and foreclosure expense   974  676  372  58  453
 Deposit insurance   3,813  2,899  2,014  955  4,642
 Merger related costs   2,611  577  443  --   -- 
 Other operating expenses   29,290  21,444  14,265  7,240  27,658
 TOTAL NON-INTEREST EXPENSE   111,320  80,830  54,071  26,796  104,722
 NET INCOME BEFORE INCOME TAXES   54,431  28,717  18,005  6,585  35,400
 Provision for income taxes   17,314  8,160  5,068  1,629  10,190
 NET INCOME   $ 37,117  $ 20,557  $ 12,937  $ 4,956  $ 25,210
 BASIC EARNINGS PER SHARE   $ 2.16  $ 1.20  $ 0.75  $ 0.29  $ 1.75
 DILUTED EARNINGS PER SHARE   $ 2.15  $ 1.19  $ 0.75  $ 0.29  $ 1.74
           
 Simmons First National Corporation         SFNC 
 Consolidated Risk-Based Capital           
 For the Quarters Ended   Dec 31   Sep 30   Jun 30   Mar 31   Dec 31 
 (Unaudited)   2010   2010   2010   2010   2009 
(in thousands)          
Tier 1 capital          
 Stockholders' equity   $ 397,371  $ 383,969  $ 379,144  $ 373,254  $ 371,247
 Trust preferred securities, net allowable   30,000  30,000  30,000  30,000  30,000
 Disallowed intangible assets, net of deferred tax   (49,953)  (48,986)  (49,476)  (50,503)  (51,128)
 Unrealized gain on AFS securities   (512)  (1,052)  (1,100)  (522)  (762)
           
 Total Tier 1 capital   376,906  363,931  358,568  352,229  349,357
           
Tier 2 capital          
 Qualifying unrealized gain on AFS equity securities   7  4  1  8  5
 Qualifying allowance for loan losses   23,553  23,729  23,737  23,574  24,405
           
 Total Tier 2 capital   23,560  23,733  23,738  23,582  24,410
           
 Total risk-based capital   $ 400,466  $ 387,664  $ 382,306  $ 375,811  $ 373,767
           
 Risk weighted assets   $ 1,879,832  $ 1,894,845  $ 1,895,258  $ 1,882,902  $ 1,950,227
           
 Adjusted average assets for leverage ratio   $ 3,327,825  $ 2,952,227  $ 3,020,704  $ 3,033,367  $ 3,002,275
           
Ratios at end of quarter          
 Equity to assets  11.98% 12.72% 12.53% 12.05% 12.00%
 Tangible common equity to tangible assets  10.28% 10.90% 10.70% 10.25% 10.19%
 Tier 1 leverage ratio  11.33% 12.33% 11.87% 11.61% 11.64%
 Tier 1 risk-based capital ratio  20.05% 19.21% 18.92% 18.71% 17.91%
 Total risk-based capital ratio  21.30% 20.46% 20.17% 19.96% 19.17%
           
 Simmons First National Corporation         SFNC 
 Consolidated Loans and Investments           
 For the Quarters Ended   Dec 31   Sep 30   Jun 30   Mar 31   Dec 31 
 (Unaudited)   2010   2010   2010   2010   2009 
(in thousands)          
Loan Portfolio - End of Period (1)          
 Consumer           
 Credit cards   $ 190,329  $ 181,774  $ 180,591  $ 177,959  $ 189,154
 Student loans   61,305  64,989  133,012  153,291  114,296
 Other consumer   118,581  123,062  127,343  131,735  139,647
 Total consumer   370,215  369,825  440,946  462,985  443,097
 Real Estate           
 Construction   153,772  150,137  153,869  173,080  180,759
 Single-family residential   364,442  375,150  386,570  389,257  392,208
 Other commercial   548,360  566,370  574,859  592,728  596,517
 Total real estate   1,066,574  1,091,657  1,115,298  1,155,065  1,169,484
 Commercial           
 Commercial   150,501  146,258  151,817  155,970  168,206
 Agricultural   86,171  121,716  104,247  65,964  84,866
 Financial institutions   --   --   --   4,093  3,885
 Total commercial   236,672  267,974  256,064  226,027  256,957
 Other   10,004  10,098  9,720  5,883  5,451
 Total Loans   $ 1,683,465  $ 1,739,554  $ 1,822,028  $ 1,849,960  $ 1,874,989
           
 (1) Excludes loans covered by FDIC loss share agreements.         
           
Investment Securities - End of Period          
 Held-to-Maturity           
 U.S. Treasury   $ 4,000  $ 4,000  $ 4,000  $ --   $ -- 
 U.S. Government agencies   249,844  250,927  224,928  221,885  254,229
 Mortgage-backed securities   78  81  84  88  90
 State and political subdivisions   210,331  205,610  206,076  209,101  208,812
 Other securities   930  930  930  930  930
 Total held-to-maturity   465,183  461,548  436,018  432,004  464,061
 Available-for-Sale           
 U.S. Treasury   --   --   300  4,008  4,329
 U.S. Government agencies   125,469  166,624  206,497  135,038  161,524
 Mortgage-backed securities   2,789  2,993  3,008  2,996  2,972
 FHLB stock   11,508  7,549  7,490  7,484  7,477
 Other securities   8,713  6,776  6,736  6,570  6,552
 Total available-for-sale   148,479  183,942  224,031  156,096  182,854
 Total investment securities   $ 613,662  $ 645,490  $ 660,049  $ 588,100  $ 646,915
 Fair value - HTM investment securities   $ 466,907  $ 469,101  $ 440,603  $ 435,810  $ 465,665
           
Investment Securities - QTD Average          
 Taxable securities   $ 435,839  $ 448,978  $ 443,946  $ 432,736  $ 370,538
 Tax exempt securities   207,123  205,809  206,904  207,507  210,183
 Total investment securities - QTD average   $ 642,962  $ 654,787  $ 650,850  $ 640,243  $ 580,721
           
 Simmons First National Corporation         SFNC 
 Consolidated Allowance and Asset Quality           
 For the Quarters Ended   Dec 31   Sep 30   Jun 30   Mar 31   Dec 31 
 (Unaudited)   2010   2010   2010   2010   2009 
(in thousands)          
Allowance for Loan Losses          
 Balance, beginning of quarter   $ 25,682  $ 25,881  $ 25,047  $ 25,016  $ 25,830
 Loans charged off           
 Credit cards   1,218  1,329  1,339  1,435  1,353
 Other consumer   560  559  852  500  1,048
 Real estate   1,361  3,548  2,254  2,401  1,245
 Commercial   567  164  288  227  633
 Total loans charged off   3,706  5,600  4,733  4,563  4,279
           
 Recoveries of loans previously charged off           
 Credit cards   225  308  273  229  263
 Other consumer   128  150  313  293  118
 Real estate   275  1,512  1,169  701  141
 Commercial   79  24  54  140  176
 Total recoveries   707  1,994  1,809  1,363  698
 Net loans charged off   2,999  3,606  2,924  3,200  3,581
 Provision for loan losses   3,733  3,407  3,758  3,231  2,767
 Balance, end of quarter   $ 26,416  $ 25,682  $ 25,881  $ 25,047  $ 25,016
           
Non-performing assets (1)          
 Non-performing loans           
 Nonaccrual loans           
 Real estate   $ 8,345  7,588  10,930  8,442  18,358
 Commercial   1,314  1,160  1,091  1,673  1,776
 Consumer   1,527  1,251  1,403  1,604  1,860
 Total nonaccrual loans   11,186  9,999  13,424  11,719  21,994
 Loans past due 90 days or more           
 Government guaranteed student loans   1,736  2,154  3,230  2,464  1,939
 Other loans   969  891  644  1,132  1,383
 Total loans past due 90 days or more   2,705  3,045  3,874  3,596  3,322
 Total non-performing loans   13,891  13,044  17,298  15,315  25,316
 Other non-performing assets           
 Foreclosed assets held for sale   23,204  23,903  20,091  18,744  9,179
 Other non-performing assets   109  104  128  15  20
 Total other non-performing assets   23,313  24,007  20,219  18,759  9,199
 Total non-performing assets   $ 37,204  $ 37,051  $ 37,517  $ 34,074  $ 34,515
           
Ratios (1)          
 Allowance for loan losses to total loans  1.57% 1.48% 1.42% 1.35% 1.33%
 Allowance for loan losses to non-performing loans  190.17% 196.89% 149.62% 163.55% 98.81%
 Non-performing loans to total loans  0.83% 0.75% 0.95% 0.83% 1.35%
 Non-performing assets to total assets  1.12% 1.23% 1.24% 1.10% 1.12%
 Non-performing assets to total assets (excluding Gov't guaranteed student loans)  1.07% 1.16% 1.13% 1.02% 1.05%
 Annualized net charge offs to total loans  0.70% 0.79% 0.64% 0.70% 0.75%
 Annualized net credit card charge offs to total credit card loans  2.14% 2.24% 2.41% 2.71% 2.41%
 Annualized net charge offs to total loans (excluding credit cards)  0.52% 0.63% 0.45% 0.48% 0.57%
 Past due loans >30 days (excluding nonaccrual)  0.95% 0.74% 0.56% 1.02% 0.81%
           
 (1) Excludes assets covered by FDIC loss share agreements, except for their inclusion in total assets. 
           
 Simmons First National Corporation         SFNC 
 Consolidated - Net Interest Income Analysis         
 For the Quarters Ended   Dec 31   Sep 30   Jun 30   Mar 31   Dec 31 
 (Unaudited)   2010   2010   2010   2010   2009 
           
ASSETS          
           
Earning Assets          
 Interest bearing balances due from banks 0.23% 0.31% 0.29% 0.27% 0.28%
 Federal funds sold 0.99% 0.68% 0.77% 1.60% 0.62%
 Investment securities 3.24% 3.29% 3.52% 3.66% 4.30%
 Mortgage loans held for sale 4.08% 4.20% 4.41% 4.88% 5.49%
 Assets held in trading accounts 0.52% 0.37% 0.62% 0.12% 0.34%
 Loans, including covered loans (1) 5.84% 5.97% 5.82% 5.83% 5.92%
 Total interest earning assets 4.52% 4.94% 4.77% 4.74% 4.97%
           
           
LIABILITIES          
           
Interest bearing liabilities          
 Interest bearing transaction and savings accounts 0.37% 0.43% 0.45% 0.53% 0.64%
 Time deposits 1.41% 1.55% 1.59% 1.76% 2.00%
 Total interest bearing deposits 0.83% 0.91% 0.94% 1.07% 1.24%
Federal funds purchased and securities sold under agreement to repurchase 0.48% 0.60% 0.50% 0.53% 0.65%
 Short-term debt 2.46% 1.84% 1.74% 1.62% 1.57%
 Long-term debt 5.38% 4.39% 4.41% 4.39% 4.26%
 Total interest bearing liabilities 1.12% 1.12% 1.13% 1.25% 1.42%
           
NET INTEREST MARGIN/SPREAD          
           
 Net interest spread 3.40% 3.82% 3.64% 3.49% 3.55%
 Net interest margin - quarter-to-date 3.60% 4.02% 3.83% 3.71% 3.77%
 Net interest margin - year-to-date 3.78% 3.85% 3.77% 3.71% 3.78%
           
(1) Covered loans are loans covered by FDIC loss share agreements.
           
 Simmons First National Corporation         SFNC 
 Consolidated - Selected Financial Data           
 For the Quarters Ended   Dec 31   Sep 30   Jun 30   Mar 31   Dec 31 
 (Unaudited)   2010   2010   2010   2010   2009 
(in thousands, except share data)          
QUARTER-TO-DATE          
 Diluted earnings per share   $ 0.96  $ 0.44  $ 0.46  $ 0.29  $ 0.44
 Core earnings (excludes nonrecurring items) (non-GAAP)   6,856  7,701  6,528  4,956  6,805
 Diluted core earnings per share (non-GAAP)   0.40  0.44  0.38  0.29  0.44
 Cash dividends declared per common share   0.19  0.19  0.19  0.19  0.19
 Cash dividends declared - amount   3,282  3,273  3,270  3,266  3,248
 Return on average stockholders' equity  16.68% 7.87% 8.44% 5.36% 8.06%
 Return on tangible equity  19.97% 9.52% 10.24% 6.58% 10.10%
 Return on average assets  1.94% 1.01% 1.04% 0.65% 0.88%
 Net interest margin (FTE)  3.60% 4.02% 3.83% 3.71% 3.77%
 FTE adjustment - investments   1,216  1,243  1,245  1,250  1,265
 FTE adjustment - loans   14  14  14  16  37
 Amortization of intangibles   211  187  187  201  201
 Amortization of intangibles, net of taxes   128  114  114  127  127
 Average shares outstanding   17,255,366  17,220,572  17,199,705  17,139,732  15,432,821
 Average earning assets   3,034,347  2,694,398  2,769,233  2,808,881  2,789,712
 Average interest bearing liabilities   2,501,967  2,227,672  2,302,811  2,330,897  2,348,052
           
YEAR-TO-DATE          
 Diluted earnings per share   $ 2.15  $ 1.19  $ 0.75  $ 0.29  $ 1.74
 Core earnings (excludes nonrecurring items) (non-GAAP)   26,041  19,185  11,484  4,956  25,210
 Diluted core earnings per share (non-GAAP)   1.51  1.11  0.67  0.29  1.74
 Cash dividends declared per common share   0.76  0.57  0.38  0.19  0.76
 Return on average stockholders' equity  9.69% 7.24% 6.92% 5.36% 8.26%
 Return on tangible equity  11.71% 8.80% 8.43% 6.58% 10.61%
 Return on average assets  1.18% 0.90% 0.85% 0.65% 0.85%
 Net interest margin (FTE)  3.78% 3.85% 3.77% 3.71% 3.78%
 FTE adjustment - investments   4,954  3,738  2,495  1,250  4,737
 FTE adjustment - loans   58  44  30  16  198
 Amortization of intangibles   786  575  388  201  806
 Amortization of intangibles, net of taxes   483  355  241  127  508
 Average shares outstanding   17,204,200  17,186,957  17,169,872  17,139,732  14,375,323
 Average diluted shares outstanding   17,264,900  17,248,878  17,237,990  17,212,980  14,465,718
 Average earning assets   2,826,718  2,757,509  2,789,058  2,808,881  2,713,330
 Average interest bearing liabilities   2,340,838  2,287,127  2,316,854  2,330,897  2,302,839
           
END OF PERIOD          
 Book value per share   $ 23.01  $ 22.28  $ 22.03  $ 21.72  $ 21.72
 Tangible book value per share   19.36  18.70  18.43  18.10  18.07
 Shares outstanding   17,271,594  17,230,920  17,209,973  17,186,263  17,093,931
 Full-time equivalent employees   1,075  1,029  1,045  1,057  1,091
 Total number of ATM's   103  93  93  93  93
 Total number of financial centers   85  85  76  84  84
 Parent company only - investment in subsidiaries   370,402  322,730  319,814  305,182  303,183
 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   Dec 31   Sep 30   Jun 30   Mar 31   Dec 31 
 (Unaudited)   2010   2010   2010   2010   2009 
(in thousands, except per share data)          
QUARTER-TO-DATE          
 Net Income   $ 16,560  $ 7,620  $ 7,981  $ 4,956  $ 6,805
 Nonrecurring items           
Gain on FDIC assisted transactions  (18,277)  --   (3,037)  --   -- 
Merger related costs  2,034  134  443  --   -- 
Gains from sale of securities (1)  (318)  --   --   --   -- 
FHLB prepayment penalties (2)  594  --   --   --   -- 
Branch right sizing  --   --   372  --   -- 
Tax effect (3)  6,263  (53)  769  --   -- 
 Net nonrecurring items   (9,704)  81  (1,453)  --   -- 
 Core earnings (non-GAAP)   $ 6,856  $ 7,701  $ 6,528  $ 4,956  $ 6,805
           
 Diluted earnings per share   $ 0.96  $ 0.44  $ 0.46  $ 0.29  $ 0.44
 Nonrecurring items           
Gain on FDIC assisted transactions  (1.05)  --   (0.18)  --   -- 
Merger related costs  0.12  --   0.03  --   -- 
Gains from sale of securities (1)  (0.02)  --   --   --   -- 
FHLB prepayment penalties (2)  0.03  --   --   --   -- 
Branch right sizing  --   --   0.02  --   -- 
Tax effect (3)  0.36  --   0.05  --   -- 
 Net nonrecurring items   (0.56)  --   (0.08)  --   -- 
 Diluted core earnings per share (non-GAAP)   $ 0.40  $ 0.44  $ 0.38  $ 0.29  $ 0.44
           
YEAR-TO-DATE          
 Net Income   $ 37,117  $ 20,557  $ 12,937  $ 4,956  $ 25,210
 Nonrecurring items           
Gain on FDIC assisted transactions  (21,314)  (3,037)  (3,037)  --   -- 
Merger related costs  2,611  577  443  --   -- 
Gains from sale of securities (1)  (318)  --   --   --   -- 
FHLB prepayment penalties (2)  594  --   --   --   -- 
Branch right sizing  372  372  372  --   -- 
Tax effect (3)  6,979  716  769  --   -- 
 Net nonrecurring items   (11,076)  (1,372)  (1,453)  --   -- 
 Core earnings (non-GAAP)   $ 26,041  $ 19,185  $ 11,484  $ 4,956  $ 25,210
           
 Diluted earnings per share   $ 2.15  $ 1.19  $ 0.75  $ 0.29  $ 1.74
 Nonrecurring items           
Gain on FDIC assisted transactions  (1.23)  (0.18)  (0.18)  --   -- 
Merger related costs  0.15  0.03  0.03  --   -- 
Gains from sale of securities (1)  (0.02)  --   --   --   -- 
FHLB prepayment penalties (2)  0.03  --   --   --   -- 
Branch right sizing  0.02  0.02  0.02  --   -- 
Tax effect (3)  0.41  0.05  0.05  --   -- 
 Net nonrecurring items   (0.64)  (0.08)  (0.08)  --   -- 
 Diluted core earnings per share (non-GAAP)   $ 1.51  $ 1.11  $ 0.67  $ 0.29  $ 1.74
           
 (1) Gains from sale of securities marked for sale at time of FDIC assisted transaction. 
 (2) Penalties for prepayment of FHLB advances marked for sale at time of FDIC assisted transaction. 
 (3) Effective tax rate of 39.225%, adjusted for additional fair value deduction related to donation of closed branch. 
CONTACT: David W. Garner
         Senior Vice President and Investor Relations Officer
         Simmons First National Corporation
         (870) 541-1000

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 2.79%
$30K home equity loan FICO 5.78%
$75K home equity loan FICO 4.54%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.57%
13.57%
Cash Back Cards 17.91%
17.91%
Rewards Cards 17.15%
17.15%
Source: Bankrate.com