updated 4/21/2011 9:16:14 AM ET 2011-04-21T13:16:14

PINE BLUFF, Ark., April 21, 2011 (GLOBE NEWSWIRE) -- Simmons First National Corporation (Nasdaq:SFNC) today announced core net income of $5.2 million for the quarter ended March 31, 2011, an increase of $225,000, or 4.5%, compared to the same period in 2010. Diluted core earnings per share for the quarter ended March 31, 2011 were $0.30, compared to $0.29 for 2010.

Core earnings exclude $115,000 in after-tax merger related expenses associated with the Company's 2010 FDIC-assisted acquisitions. Including the merger related expenses, net income for the first quarter of 2011 was $5.1 million, or $0.29 diluted earnings per share.

"While we are somewhat disappointed with the lack of loan demand throughout our markets, it was expected based on the economy. Considering the challenges of the economy and the negative impact of historically low interest rates on margins, we are pleased with our first quarter earnings performance," commented J. Thomas May, Chairman and CEO.

Total assets were $3.3 billion at March 31, 2011, an increase of 5.6% from $3.1 billion at March 31, 2010.

Loans

Total loans, including those covered by FDIC loss share agreements, were $1.8 billion at March 31, 2011, a decrease of 1.2% from the same period in 2010. "In our legacy portfolio, we experienced a decrease of $231 million, or 12.5%, compared to March 31, 2010. As expected, we saw a $96 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 a slow economy. We believe loan demand is likely to remain soft throughout the remainder of 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% Government guaranteed protection against credit risk on those covered assets, were $209 million at March 31, 2011.

Deposits

At March 31, 2011, total deposits were $2.6 billion, an increase of $173 million, or 7.1%, compared to the same period in 2010. The March 31, 2011, deposits include $212 million of deposits in Missouri and Kansas. "We continue to emphasize core deposit growth and were able to achieve more than 22% growth, on average, of non-interest bearing deposits. We are very pleased with our ratio of non-time deposits as a percent of total deposits, which is a very favorable 64%," added May.

Net Interest Income

The Company's net interest income for the first quarter of 2011 increased 9.9% to $26.8 million compared to the same period of 2010. Net interest margin increased 16 basis points to 3.87% from the first quarter of 2010. The increase in both net interest income and margin was primarily due to a higher yield on covered loans acquired through acquisitions compared to the yield on loans in the Company's legacy portfolio.

Non-Interest Income

Non-interest income for the first quarter increased $432,000, or 3.5%, to $12.6 million compared to $12.2 million for the first quarter of 2010. Credit card fees increased $266,000, or 7.2%, due to a higher volume of credit and debit card transactions. Other non-interest income increased by $356,000 over the same period last year primarily due to accretion on assets acquired through FDIC-assisted transactions in 2010. In contrast, non-interest income was negatively impacted by a $444,000 decrease in service charges on deposit accounts, primarily due to lower fee income as a result of regulatory changes related to overdraft charges on point-of-sale transactions.

Non-Interest Expense

Non-interest expense for the first quarter of 2011 was $30.0 million, an increase of $3.2 million, compared to the same period in 2010. "This increase includes $2.7 million in normal operating expense at our Missouri and Kansas regions and $190,000 in merger related costs. Normalizing for these expenses, non-interest expense increased by less than 1%, compared to last year. This modest increase is the result of the implementation of our efficiency initiatives. Obviously, we are beginning to see the positive impact from our efficiency initiatives," according to May. "Initiatives related to revenue enhancements, process improvement and branch staffing levels are well into the implementation phase."

Asset Quality

During 2010, the Company acquired loans and foreclosed real estate ("OREO") through FDIC-assisted acquisitions. 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 indemnification asset 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 March 31, 2011, loans covered by loss share were carried at $209 million (net of discount), OREO covered by loss share was carried at $13 million (net of discount) and the FDIC loss share indemnification asset was carried at $59 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.

The Company's allowance for loan losses was $27.9 million at March 31, 2011, or 1.72% of total loans and 144% of non-performing loans. Non-performing assets as a percent of total assets were 1.32% as of March 31, 2011, an increase from 1.12% as of December 31, 2010. Non-performing loans as a percent of total loans were 1.19% as of March 31, 2011, an increase of 36 basis points from 0.83% as of December 31, 2010. These ratios include $2.6 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 1.24% and non-performing loans as a percent of total loans were 1.03%. "The increase in non-performings was primarily related to two classified credits, previously reported as TDRs, moving to a nonaccrual status" commented May. "As a result of this reclassification, non-performing assets, including TDRs, as a percent of total assets were 1.65%, compared to 1.71% at Q4 2010." 

Excluding credit cards, the Company's annualized net charge-off ratio was 0.07% for the first quarter of 2011. The credit card annualized net charge-off ratio decreased to 2.06%, compared to 2.71% for the first quarter of 2010. The Company's credit card loss ratio is more than 500 basis points below the most recently published credit card charge-off industry average of over 7.5%.

Capital

At March 31, 2011, stockholders' equity was $400 million, book value per share was $23.06 and tangible book value per share was $19.43. The Company's ratio of stockholders' equity to total assets was 12.2% and its ratio of tangible stockholders' equity to tangible assets was 10.5%, as of March 31, 2011.

"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 March 31, 2011, the Company's regulatory capital ratios remain significantly higher than regulatory "well capitalized" guidelines:

  "Well Capitalized"  SFNC
Tier 1 Leverage Ratio 5.00% 11.74%
Tier 1 Risk-Based Capital Ratio 6.00% 20.99%
Total Risk-Based Capital Ratio 10.00% 22.24%

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. 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, April 21, 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 April 28, 2011, by dialing 1-800-642-1687. The passcode for the replay is 58112452. 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   Mar 31   Dec 31   Sep 30   Jun 30   Mar 31 
 (Unaudited)   2011   2010   2010   2010   2010 
(in thousands)          
 ASSETS           
 Cash and non-interest bearing balances due from banks   $ 35,923  $ 33,717  $ 77,874  $ 80,883  $ 61,975
 Interest bearing balances due from banks   473,247  418,343  247,300  161,443  365,396
 Federal funds sold   --   --   750  2,750  -- 
 Cash and cash equivalents   509,170  452,060  325,924  245,076  427,371
 Investment securities - held-to-maturity   501,745  465,183  461,548  436,018  432,004
 Investment securities - available-for-sale   119,847  148,479  183,942  224,031  156,096
 Mortgage loans held for sale   6,618  17,237  25,383  18,298  6,930
 Assets held in trading accounts   7,468  7,577  7,412  7,827  7,521
 Loans   1,619,374  1,683,464  1,739,554  1,822,028  1,849,960
 Allowance for loan losses   (27,905)  (26,416)  (25,682)  (25,881)  (25,047)
 Net loans   1,591,469  1,657,048  1,713,872  1,796,147  1,824,913
 Covered assets:           
 Loans, net of discount   208,774  231,600  38,160  39,346  -- 
 Other real estate owned, net of discount   12,933  8,717  2,650  3,609  -- 
 FDIC indemnification asset   58,520  60,235  9,600  12,614  -- 
 Premises and equipment   82,948  77,199  77,967  76,349  77,408
 Foreclosed assets held for sale, net   23,686  23,204  23,903  20,091  18,744
 Interest receivable   15,382  17,363  16,884  16,264  16,421
 Bank owned life insurance   49,475  49,072  48,662  48,258  47,667
 Goodwill   60,605  60,605  60,605  60,605  60,605
 Core deposit premiums   2,239  2,463  1,194  1,381  1,568
 Other assets   18,511  38,390  20,451  19,211  20,251
 Total assets   $ 3,269,390  $ 3,316,432  $ 3,018,157  $ 3,025,125  $ 3,097,499
           
 LIABILITIES AND STOCKHOLDERS' EQUITY           
 Deposits:           
 Non-interest bearing transaction accounts   $ 459,628  $ 428,750  $ 374,494  $ 358,171  $ 385,495
 Interest bearing transaction accounts and savings deposits   1,217,718  1,220,133  1,146,433  1,172,746  1,167,836
 Time deposits less than $100,000   537,070  599,537  483,285  496,809  482,181
 Time deposits greater than $100,000   387,000  360,349  377,957  365,868  392,757
 Total deposits   2,601,416  2,608,769  2,382,169  2,393,594  2,428,269
 Federal funds purchased and securities           
 sold under agreements to repurchase   107,099  109,139  85,561  84,456  131,750
 Short-term debt   718  1,033  1,728  3,202  3,263
 Long-term debt   127,344  164,324  136,829  138,893  139,183
 Accrued interest and other liabilities   33,266  35,796  27,901  25,836  21,780
 Total liabilities   2,869,843  2,919,061  2,634,188  2,645,981  2,724,245
           
 Stockholders' equity:           
 Preferred stock   --   --   --   --   -- 
 Common stock   173  173  172  172  172
 Surplus   114,537  114,040  113,376  112,851  112,250
 Undivided profits   284,420  282,646  269,369  265,021  260,310
 Accumulated other comprehensive income           
 Unrealized appreciation on AFS securities   417  512  1,052  1,100  522
 Total stockholders' equity   399,547  397,371  383,969  379,144  373,254
 Total liabilities and stockholders' equity   $ 3,269,390  $ 3,316,432  $ 3,018,157  $ 3,025,125  $ 3,097,499

 

 Simmons First National Corporation           SFNC 
 Consolidated Average Quarter-to-Date Balance Sheets           
 For the Quarters Ended   Mar 31   Dec 31   Sep 30   Jun 30   Mar 31 
 (Unaudited)   2011   2010   2010   2010   2010 
(in thousands)          
 ASSETS           
 Cash and non-interest bearing balances due from banks   $ 34,869  $ 71,780  $ 75,606  $ 76,983  $ 75,267
 Interest bearing balances due from banks   463,858  400,174  159,996  240,847  290,990
 Federal funds sold   583  1,208  3,477  1,044  1,015
 Cash and cash equivalents   499,310  473,162  239,079  318,874  367,272
 Investment securities - held-to-maturity   493,128  462,328  457,368  421,878  453,740
 Investment securities - available-for-sale   120,085  180,634  197,419  228,972  186,503
 Mortgage loans held for sale   7,445  27,832  19,842  13,560  5,815
 Assets held in trading accounts   7,598  7,615  7,438  7,092  6,968
 Loans   1,633,298  1,697,937  1,809,902  1,831,766  1,863,850
 Allowance for loan losses   (27,073)  (23,316)  (26,396)  (25,584)  (25,849)
 Net loans   1,606,225  1,674,621  1,783,506  1,806,182  1,838,001
 Covered assets:           
 Loans, net of discount   219,956  256,619  38,956  24,074  -- 
 Other real estate owned, net of discount   9,171  12,978  3,056  2,632  -- 
 FDIC indemnification asset   59,777  32,008  12,601  4,544  -- 
 Premises and equipment   80,516  77,876  76,673  77,330  77,939
 Foreclosed assets held for sale, net   23,382  23,658  22,540  18,727  9,238
 Interest receivable   15,831  18,325  15,451  16,928  17,005
 Bank owned life insurance   49,275  48,868  48,463  47,915  42,023
 Goodwill   60,605  60,605  60,605  60,605  60,605
 Core deposit premiums   2,363  1,612  1,300  1,484  1,684
 Other assets   29,784  20,515  18,800  20,415  18,308
 Total assets   $ 3,284,451  $ 3,379,256  $ 3,003,097  $ 3,071,212  $ 3,085,101
           
 LIABILITIES AND STOCKHOLDERS' EQUITY           
 Deposits:           
 Non-interest bearing transaction accounts   $ 436,272  $ 416,343  $ 363,599  $ 366,340  $ 357,483
 Interest bearing transaction accounts and savings deposits   1,216,903  1,239,736  1,143,827  1,176,180  1,166,643
 Time deposits less than $100,000   570,426  617,288  493,890  500,070  491,603
 Time deposits greater than $100,000   370,004  364,481  366,375  385,736  409,137
 Total deposits   2,593,605  2,637,848  2,367,691  2,428,326  2,424,866
 Federal funds purchased and securities           
 sold under agreements to repurchase   114,491  111,594  82,708  98,995  114,376
 Short-term debt   865  2,094  3,241  3,455  3,751
 Long-term debt   139,728  166,774  137,631  138,375  145,387
 Accrued interest and other liabilities   34,480  67,113  27,600  22,890  21,386
 Total liabilities   2,883,169  2,985,423  2,618,871  2,692,041  2,709,766
 Total stockholders' equity   401,282  393,833  384,226  379,171  375,335
 Total liabilities and stockholders' equity   $ 3,284,451  $ 3,379,256  $ 3,003,097  $ 3,071,212  $ 3,085,101

 

 Simmons First National Corporation           SFNC 
 Consolidated Statements of Income - Quarter-to-Date           
 For the Quarters Ended  Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
 (Unaudited)   2011   2010   2010   2010   2010 
(in thousands, except per share data)          
 INTEREST INCOME           
 Loans   $ 24,094  $ 25,649  $ 26,934  $ 26,691  $ 26,788
 Covered loans   4,341  3,127  864  213  -- 
 Federal funds sold   1  3  6  2  4
 Investment securities   3,705  4,030  4,182  4,465  4,531
 Mortgage loans held for sale, net of unrealized gains (losses)   88  286  210  149  70
 Assets held in trading accounts   9  10  7  11  2
 Interest bearing balances due from banks   235  234  123  173  191
 TOTAL INTEREST INCOME   32,473  33,339  32,326  31,704  31,586
 INTEREST EXPENSE           
 Time deposits   3,134  3,500  3,369  3,522  3,919
 Other deposits   1,042  1,156  1,236  1,317  1,518
 Federal funds purchased and securities           
 sold under agreements to repurchase   116  134  126  123  149
 Short-term debt   12  13  15  15  15
 Long-term debt   1,335  2,260  1,524  1,522  1,573
 TOTAL INTEREST EXPENSE   5,639  7,063  6,270  6,499  7,174
 NET INTEREST INCOME   26,834  26,276  26,056  25,205  24,412
 Provision for loan losses   2,675  3,733  3,407  3,758  3,231
 NET INTEREST INCOME AFTER PROVISION           
 FOR LOAN LOSSES   24,159  22,543  22,649  21,447  21,181
 NON-INTEREST INCOME           
 Trust income   1,346  1,416  1,343  1,170  1,250
 Service charges on deposit accounts   3,857  4,272  4,388  4,739  4,301
 Other service charges and fees   806  716  646  671  779
 Income on sale of mortgage loans, net of commissions   626  2,033  1,242  932  603
 Income on investment banking, net of commissions   600  486  369  776  605
 Credit card fees   3,943  4,448  3,972  4,043  3,677
 Premiums on sale of student loans   --   --   1,979  545  -- 
 Bank owned life insurance income   403  410  404  566  290
 Gain on sale of securities   --   317  --   --   -- 
 Gain on FDIC assisted transactions   --   18,277  --   3,037  -- 
 Other income   1,051  1,286  479  769  695
 TOTAL NON-INTEREST INCOME   12,632  33,661  14,822  17,248  12,200
 NON-INTEREST EXPENSE           
 Salaries and employee benefits   17,116  15,692  14,809  15,064  15,166
 Occupancy expense, net   2,189  2,176  1,906  1,844  1,882
 Furniture and equipment expense   1,589  1,530  1,542  1,526  1,495
 Other real estate and foreclosure expense   94  298  304  314  58
 Deposit insurance   1,039  914  885  1,059  955
 Merger related costs   190  2,034  134  443  -- 
 Other operating expenses   7,758  7,846  7,178  7,026  7,240
 TOTAL NON-INTEREST EXPENSE   29,975  30,490  26,758  27,276  26,796
 NET INCOME BEFORE INCOME TAXES   6,816  25,714  10,713  11,419  6,585
 Provision for income taxes   1,750  9,154  3,093  3,438  1,629
 NET INCOME   $ 5,066  $ 16,560  $ 7,620  $ 7,981  $ 4,956
 BASIC EARNINGS PER SHARE   $ 0.29  $ 0.96  $ 0.45  $ 0.46  $ 0.29
 DILUTED EARNINGS PER SHARE   $ 0.29  $ 0.96  $ 0.44  $ 0.46  $ 0.29

 

 Simmons First National Corporation         SFNC 
 Consolidated Risk-Based Capital           
 For the Quarters Ended   Mar 31   Dec 31   Sep 30   Jun 30   Mar 31 
 (Unaudited)   2011   2010   2010   2010   2010 
(in thousands)          
Tier 1 capital          
 Stockholders' equity   $ 399,547  $ 397,371  $ 383,969  $ 379,144  $ 373,254
 Trust preferred securities, net allowable   30,000  30,000  30,000  30,000  30,000
 Disallowed intangible assets, net of deferred tax   (49,447)  (49,953)  (48,986)  (49,476)  (50,503)
 Unrealized gain on AFS securities   (417)  (512)  (1,052)  (1,100)  (522)
           
 Total Tier 1 capital   379,683  376,906  363,931  358,568  352,229
           
Tier 2 capital          
 Qualifying unrealized gain on AFS equity securities   14  7  4  1  8
 Qualifying allowance for loan losses   22,700  23,553  23,729  23,737  23,574
           
 Total Tier 2 capital   22,714  23,560  23,733  23,738  23,582
           
 Total risk-based capital   $ 402,397  $ 400,466  $ 387,664  $ 382,306  $ 375,811
           
 Risk weighted assets   $ 1,809,241  $ 1,879,832  $ 1,894,845  $ 1,895,258  $ 1,882,902
           
 Adjusted average assets for leverage ratio   $ 3,234,262  $ 3,327,825  $ 2,952,227  $ 3,020,704  $ 3,033,367
           
Ratios at end of quarter          
 Equity to assets  12.22% 11.98% 12.72% 12.53% 12.05%
 Tangible common equity to tangible assets  10.50% 10.28% 10.90% 10.70% 10.25%
 Tier 1 leverage ratio  11.74% 11.33% 12.33% 11.87% 11.61%
 Tier 1 risk-based capital ratio  20.99% 20.05% 19.21% 18.92% 18.71%
 Total risk-based capital ratio  22.24% 21.30% 20.46% 20.17% 19.96%

 

 Simmons First National Corporation         SFNC 
 Consolidated Loans and Investments           
 For the Quarters Ended   Mar 31   Dec 31   Sep 30   Jun 30   Mar 31 
 (Unaudited)   2011   2010   2010   2010   2010 
(in thousands)          
Loan Portfolio - End of Period (1)          
 Consumer           
 Credit cards   $ 176,544  $ 190,329  $ 181,774  $ 180,591  $ 177,959
 Student loans   57,181  61,305  64,989  133,012  153,291
 Other consumer   110,954  118,581  123,062  127,343  131,735
 Total consumer   344,679  370,215  369,825  440,946  462,985
 Real Estate           
 Construction   142,261  153,772  150,137  153,869  173,080
 Single-family residential   358,152  364,442  375,150  386,570  389,257
 Other commercial   546,659  548,360  566,370  574,859  592,728
 Total real estate   1,047,072  1,066,574  1,091,657  1,115,298  1,155,065
 Commercial           
 Commercial   144,298  150,501  146,258  151,817  155,970
 Agricultural   72,205  86,171  121,716  104,247  65,964
 Financial institutions   --   --   --   --   4,093
 Total commercial   216,503  236,672  267,974  256,064  226,027
 Other   11,120  10,004  10,098  9,720  5,883
 Total Loans   $ 1,619,374  $ 1,683,465  $ 1,739,554  $ 1,822,028  $ 1,849,960
           
 (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  $ 4,000  $ -- 
 U.S. Government agencies   289,844  249,844  250,927  224,928  221,885
 Mortgage-backed securities   75  78  81  84  88
 State and political subdivisions   206,896  210,331  205,610  206,076  209,101
 Other securities   930  930  930  930  930
 Total held-to-maturity   501,745  465,183  461,548  436,018  432,004
 Available-for-Sale           
 U.S. Treasury   --   --   --   300  4,008
 U.S. Government agencies   97,830  125,469  166,624  206,497  135,038
 Mortgage-backed securities   2,657  2,789  2,993  3,008  2,996
 FHLB stock   9,604  11,508  7,549  7,490  7,484
 Other securities   9,756  8,713  6,776  6,736  6,570
 Total available-for-sale   119,847  148,479  183,942  224,031  156,096
 Total investment securities   $ 621,592  $ 613,662  $ 645,490  $ 660,049  $ 588,100
 Fair value - HTM investment securities   $ 505,150  $ 466,907  $ 469,101  $ 440,603  $ 435,810
           
Investment Securities - QTD Average          
 Taxable securities   $ 405,257  $ 435,839  $ 448,978  $ 443,946  $ 432,736
 Tax exempt securities   207,956  207,123  205,809  206,904  207,507
 Total investment securities - QTD average   $ 613,213  $ 642,962  $ 654,787  $ 650,850  $ 640,243

 

 Simmons First National Corporation         SFNC 
 Consolidated Allowance and Asset Quality           
 For the Quarters Ended   Mar 31   Dec 31   Sep 30   Jun 30   Mar 31 
 (Unaudited)   2011   2010   2010   2010   2010 
(in thousands)          
Allowance for Loan Losses          
 Balance, beginning of quarter   $ 26,416  $ 25,682  $ 25,881  $ 25,047  $ 25,016
 Loans charged off           
 Credit cards   1,156  1,218  1,329  1,339  1,435
 Other consumer   289  560  559  852  500
 Real estate   343  1,361  3,548  2,254  2,401
 Commercial   95  567  164  288  227
 Total loans charged off   1,883  3,706  5,600  4,733  4,563
           
 Recoveries of loans previously charged off           
 Credit cards   237  225  308  273  229
 Other consumer   154  128  150  313  293
 Real estate   247  275  1,512  1,169  701
 Commercial   59  79  24  54  140
 Total recoveries   697  707  1,994  1,809  1,363
 Net loans charged off   1,186  2,999  3,606  2,924  3,200
 Provision for loan losses   2,675  3,733  3,407  3,758  3,231
 Balance, end of quarter   $ 27,905  $ 26,416  $ 25,682  $ 25,881  $ 25,047
           
Non-performing assets (1)          
 Non-performing loans           
 Nonaccrual loans           
 Real estate   $ 12,872  $ 8,345  $ 7,588  $ 10,930  $ 8,442
 Commercial   1,173  1,314  1,160  1,091  1,673
 Consumer   1,546  1,527  1,251  1,403  1,604
 Total nonaccrual loans   15,591  11,186  9,999  13,424  11,719
 Loans past due 90 days or more           
 Government guaranteed student loans   2,627  1,736  2,154  3,230  2,464
 Other loans   1,117  969  891  644  1,132
 Total loans past due 90 days or more   3,744  2,705  3,045  3,874  3,596
 Total non-performing loans   19,335  13,891  13,044  17,298  15,315
 Other non-performing assets           
 Foreclosed assets held for sale   23,686  23,204  23,903  20,091  18,744
 Other non-performing assets   246  109  104  128  15
 Total other non-performing assets   23,932  23,313  24,007  20,219  18,759
 Total non-performing assets   $ 43,267  $ 37,204  $ 37,051  $ 37,517  $ 34,074
 Performing TDRs   $ 10,653  $ 19,426  $ 14,607  $ 16,101  $ 15,776
           
Ratios (1)          
 Allowance for loan losses to total loans  1.72% 1.57% 1.48% 1.42% 1.35%
 Allowance for loan losses to non-performing loans  144.32% 190.17% 196.89% 149.62% 163.55%
 Non-performing loans to total loans  1.19% 0.83% 0.75% 0.95% 0.83%
 Non-performing assets (including TDRs) to total assets  1.65% 1.71% 1.71% 1.77% 1.61%
 Non-performing assets to total assets  1.32% 1.12% 1.23% 1.24% 1.10%
 Non-performing assets to total assets           
 (excluding Gov't guaranteed student loans)  1.24% 1.07% 1.16% 1.13% 1.02%
 Annualized net charge offs to total loans  0.29% 0.70% 0.79% 0.64% 0.70%
 Annualized net credit card charge offs to           
 total credit card loans  2.06% 2.14% 2.24% 2.41% 2.71%
 Annualized net charge offs to total loans           
 (excluding credit cards)  0.07% 0.52% 0.63% 0.45% 0.48%
 Past due loans >30 days (excluding nonaccrual)  1.41% 0.95% 0.74% 0.56% 1.02%
           
 (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   Mar 31   Dec 31   Sep 30   Jun 30   Mar 31 
 (Unaudited)   2011   2010   2010   2010   2010 
           
ASSETS          
           
Earning Assets          
 Interest bearing balances due from banks 0.21% 0.23% 0.31% 0.29% 0.27%
 Federal funds sold 0.70% 0.99% 0.68% 0.77% 1.60%
 Investment securities 3.27% 3.24% 3.29% 3.52% 3.66%
 Mortgage loans held for sale 4.79% 4.08% 4.20% 4.41% 4.88%
 Assets held in trading accounts 0.48% 0.52% 0.37% 0.62% 0.12%
 Loans, including covered loans (1) 6.23% 5.84% 5.97% 5.82% 5.83%
 Total interest earning assets 4.64% 4.52% 4.94% 4.77% 4.74%
           
LIABILITIES          
           
Interest bearing liabilities          
 Interest bearing transaction and          
 savings accounts 0.35% 0.37% 0.43% 0.45% 0.53%
 Time deposits 1.35% 1.41% 1.55% 1.59% 1.76%
 Total interest bearing deposits 0.79% 0.83% 0.91% 0.94% 1.07%
 Federal funds purchased and securities          
 sold under agreement to repurchase 0.41% 0.48% 0.60% 0.50% 0.53%
 Short-term debt 5.63% 2.46% 1.84% 1.74% 1.62%
 Long-term debt 3.87% 5.38% 4.39% 4.41% 4.39%
 Total interest bearing liabilities 0.95% 1.12% 1.12% 1.13% 1.25%
           
NET INTEREST MARGIN/SPREAD          
           
 Net interest spread 3.69% 3.40% 3.82% 3.64% 3.49%
 Net interest margin - quarter-to-date 3.87% 3.60% 4.02% 3.83% 3.71%
 Net interest margin - year-to-date 3.87% 3.78% 3.85% 3.77% 3.71%
           
(1) Covered loans are loans covered by FDIC loss share agreements.

 

 Simmons First National Corporation         SFNC 
 Consolidated - Selected Financial Data           
 For the Quarters Ended   Mar 31   Dec 31   Sep 30   Jun 30   Mar 31 
 (Unaudited)   2011   2010   2010   2010   2010 
(in thousands, except share data)          
QUARTER-TO-DATE          
 Diluted earnings per share   $ 0.29  $ 0.96  $ 0.44  $ 0.46  $ 0.29
 Core earnings (excludes nonrecurring items) (non-GAAP)   5,181  6,856  7,701  6,528  4,956
 Diluted core earnings per share (non-GAAP)   0.30  0.40  0.44  0.38  0.29
 Cash dividends declared per common share   0.19  0.19  0.19  0.19  0.19
 Cash dividends declared - amount   3,292  3,282  3,273  3,270  3,266
 Return on average stockholders' equity  5.12% 16.68% 7.87% 8.44% 5.36%
 Return on tangible equity  6.24% 19.97% 9.52% 10.24% 6.58%
 Return on average assets  0.63% 1.94% 1.01% 1.04% 0.65%
 Net interest margin (FTE)  3.87% 3.60% 4.02% 3.83% 3.71%
 FTE adjustment - investments   1,239  1,216  1,243  1,245  1,250
 FTE adjustment - loans   13  14  14  14  16
 Amortization of intangibles   224  211  187  187  201
 Amortization of intangibles, net of taxes   136  128  114  114  127
 Average shares outstanding   17,296,684  17,255,366  17,220,572  17,199,705  17,139,732
 Average earning assets   2,945,951  3,034,347  2,694,398  2,769,233  2,808,881
 Average interest bearing liabilities   2,412,417  2,501,967  2,227,672  2,302,811  2,330,897
           
YEAR-TO-DATE          
 Diluted earnings per share   $ 0.29  $ 2.15  $ 1.19  $ 0.75  $ 0.29
 Core earnings (excludes nonrecurring items) (non-GAAP)   5,181  26,041  19,185  11,484  4,956
 Diluted core earnings per share (non-GAAP)   0.30  1.51  1.11  0.67  0.29
 Cash dividends declared per common share   0.19  0.76  0.57  0.38  0.19
 Return on average stockholders' equity  5.12% 9.69% 7.24% 6.92% 5.36%
 Return on tangible equity  6.24% 11.71% 8.80% 8.43% 6.58%
 Return on average assets  0.63% 1.18% 0.90% 0.85% 0.65%
 Net interest margin (FTE)  3.87% 3.78% 3.85% 3.77% 3.71%
 FTE adjustment - investments   1,239  4,954  3,738  2,495  1,250
 FTE adjustment - loans   13  58  44  30  16
 Amortization of intangibles   224  786  575  388  201
 Amortization of intangibles, net of taxes   136  483  355  241  127
 Average shares outstanding   17,269,040  17,204,200  17,186,957  17,169,872  17,139,732
 Average diluted shares outstanding   17,329,740  17,264,900  17,248,878  17,237,990  17,212,980
 Average earning assets   2,945,951  2,826,718  2,757,509  2,789,058  2,808,881
 Average interest bearing liabilities   2,412,417  2,340,838  2,287,127  2,316,854  2,330,897
           
END OF PERIOD          
 Book value per share   $ 23.06  $ 23.01  $ 22.28  $ 22.03  $ 21.72
 Tangible book value per share   19.43  19.36  18.70  18.43  18.10
 Shares outstanding   17,327,601  17,271,594  17,230,920  17,209,973  17,186,263
 Full-time equivalent employees   1,082  1,075  1,029  1,045  1,057
 Total number of ATM's   103  103  93  93  93
 Total number of financial centers   85  85  76  76  84
 Parent company only - investment in subsidiaries   372,773  370,402  322,730  319,814  305,182
 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   Mar 31   Dec 31   Sep 30   Jun 30   Mar 31 
 (Unaudited)   2011   2010   2010   2010   2010 
(in thousands, except per share data)          
QUARTER-TO-DATE          
 Net Income   $ 5,066  $ 16,560  $ 7,620  $ 7,981  $ 4,956
 Nonrecurring items           
Gain on FDIC assisted transactions  --   (18,277)  --   (3,037)  -- 
Merger related costs  190  2,034  134  443  -- 
Gains from sale of securities (1)  --   (318)  --   --   -- 
FHLB prepayment penalties (2)  --   594  --   --   -- 
Branch right sizing  --   --   --   372  -- 
Tax effect (3)  (75)  6,263  (53)  769  -- 
 Net nonrecurring items   115  (9,704)  81  (1,453)  -- 
 Core earnings (non-GAAP)   $ 5,181  $ 6,856  $ 7,701  $ 6,528  $ 4,956
           
 Diluted earnings per share   $ 0.29  $ 0.96  $ 0.44  $ 0.46  $ 0.29
 Nonrecurring items           
Gain on FDIC assisted transactions  --   (1.05)  --   (0.18)  -- 
Merger related costs  0.01  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   0.01  (0.56)  --   (0.08)  -- 
 Diluted core earnings per share (non-GAAP)   $ 0.30  $ 0.40  $ 0.44  $ 0.38  $ 0.29
           
YEAR-TO-DATE          
 Net Income   $ 5,066  $ 37,117  $ 20,557  $ 12,937  $ 4,956
 Nonrecurring items           
Gain on FDIC assisted transactions  --   (21,314)  (3,037)  (3,037)  -- 
Merger related costs  190  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)  (75)  6,979  716  769  -- 
 Net nonrecurring items   115  (11,076)  (1,372)  (1,453)  -- 
 Core earnings (non-GAAP)   $ 5,181  $ 26,041  $ 19,185  $ 11,484  $ 4,956
           
 Diluted earnings per share   $ 0.29  $ 2.15  $ 1.19  $ 0.75  $ 0.29
 Nonrecurring items           
Gain on FDIC assisted transactions  --   (1.23)  (0.18)  (0.18)  -- 
Merger related costs  0.01  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   0.01  (0.64)  (0.08)  (0.08)  -- 
 Diluted core earnings per share (non-GAAP)   $ 0.30  $ 1.51  $ 1.11  $ 0.67  $ 0.29
           
 (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%; 2010 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

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