Simmons First Announces Record 2nd Quarter Earnings.Business Editors PINE BLUFF Pine Bluff, city (1990 pop. 57,140), seat of Jefferson co., S central Ark., on the Arkansas River; inc. 1839. It is a port and trade center for an agricultural area and has industries producing metal, wood, and paper products; machinery; electrical equipment; and , Ark.--(BUSINESS WIRE)--July 17, 2003 Simmons Simmons may refer to: People:
An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the quarter ended June June: see month. 30, 2003, compared to earnings of $5,705,000, or $0.40 diluted earnings per share for the same period in 2002. This represents an $824,000, or 14.4% increase in the 2003 earnings over 2002. Return on average assets and return on average stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. for the three-month period ended June 30, 2003, was 1.32% and 12.83%, compared to 1.18% and 12.17%, respectively, for the same period in 2002. During the second quarter 2003, the Company recorded a nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. $0.03 addition to earnings per share. On June 30, 1998, the Company sold its $1.2 billion residential mortgage-servicing portfolio. As a result of this sale, the Company established a reserve for potential liabilities due to certain representations and warranties warranties, n.pl the details of a contract; considered less important than the conditions. Whereas the penalty for breach of conditions is the termination of the contract, the penalty for breach of warranties is payment of damages to the innocent party. made on the sale date. The time period for making claims under the terms of the mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. sale's representations and warranties expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. on June 30, 2003. Thus, the Company reversed this remaining reserve in the second quarter, which is reflected in the $771,000 pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain on sale of mortgage servicing. Excluding this nonrecurring gain, the Company would have reported $0.42 diluted earnings per share for the second quarter of 2003. "With second quarter earnings at a record level even excluding the nonrecurring gain, we are obviously pleased with the results," said J. Thomas May Thomas May (1595 – November 13, 1650) was a poet and historian. May was born in Mayfield, the son of Sir Thomas May. He went to Cambridge, and then to Gray's Inn, but discarded law for literature. , Chairman and Chief Executive Officer. "The significant increase in earnings over the same quarter last year is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the increased volume of the Company's mortgage banking operation, improved asset quality as reflected in the provision for loan losses and the nonrecurring gain on sale of mortgage servicing." Earnings for the six months ended June 30, 2003, were $11,861,000, or $0.82 diluted earnings per share. These earnings reflect an 11.4% increase in net income and a 10.8% increase in diluted earnings per share over the same six-month period last year. As of June 30, 2003, asset quality remained strong with non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. decreasing $2.2 million from the same period last year. Correspondently cor·re·spon·dent n. 1. One who communicates by means of letters. 2. One employed by the print or broadcast media to supply news stories or articles: a foreign correspondent. 3. , non-performing loans to total loans improved to 0.90% from 1.11% from the same period last year, and the allowance for loan losses improved to 191% of non-performing loans, compared to 149% from the same period last year. At quarter end, the allowance for loan losses equaled 1.73% of total loans. Total assets for the Corporation at June 30, 2003, were $1.989 billion, an increase of $44.5 million over the period ended June 30, 2002. Stockholders' equity at the end of the second quarter of 2003 was $205.1 million, a $16.1 million, or 8.5%, increase from June 30, 2002. J. Thomas May also noted, "The ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors for Simmons First will change on August 1, 2003 from SFNCA to SFNC SFNC Shiba Fanciers of Northern California to more accurately align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. our identity on Wall Street with the Company's name and make it more representative of our corporate name." CONFERENCE CALL Management will conduct a conference call to review this information at 3:00 p.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. (4:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. ) on Thursday Thursday: see week. , July July: see month. 17, 2003. Interested parties can listen to this call by calling 1-800-854-4175 (United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of only) and ask for the Simmons First National Corporation conference call. A recorded playback Playback could mean:
GENERAL Statements in this press release that are not historical facts should be considered forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filing with the Securities and Exchange Commission. Simmons First National Corporation is a financial holding company, with community banks in Pine Bluff, Jonesboro Jonesboro, city (1990 pop. 46,535), a seat of Craighead co., NE Ark., on Crowley's Ridge; founded 1859, inc. 1883. The city services a rich agricultural area with many processing plants. , Lake Village, Rogers, Russellville Russellville, city (1990 pop. 21,260), seat of Pope co., central Ark., in an area yielding coal, timber, and diverse agricultural products; settled 1835, inc. 1870. Transportation equipment is manufactured and there is poultry processing. Arkansas Tech Univ. , Searcy Searcy may refer to:
Simmons First National Corporation
Consolidated End of Period Balance Sheets
For the Quarters Ended
(In thousands)
Jun 30 Mar 31 Dec 31
2003 2003 2002
----------- ----------- -----------
ASSETS
Cash and non-interest bearing
balances due from banks $ 71,168 $ 74,609 $ 76,452
Interest bearing balances due
from banks 43,623 32,631 28,473
Federal funds sold and
securities purchased under
agreements to resell 35,625 51,400 86,620
----------- ----------- -----------
Cash and cash equivalents 150,416 158,640 191,545
Investment securities 432,938 413,669 404,048
Mortgage loans held for sale 30,700 26,223 33,332
Assets held in trading accounts 212 11,349 192
Loans 1,286,842 1,257,455 1,257,305
Allowance for loan losses (22,229) (21,826) (21,948)
----------- ----------- -----------
Net loans 1,264,613 1,235,629 1,235,357
Premises and equipment 45,980 46,125 47,047
Foreclosed assets held for
sale, net 2,700 2,426 2,705
Interest receivable 11,985 13,519 13,133
Goodwill 32,877 32,877 32,877
Core deposits, net 562 587 613
Other assets 16,220 17,112 16,730
----------- ----------- -----------
TOTAL ASSETS $ 1,989,203 $ 1,958,156 $ 1,977,579
=========== =========== ===========
LIABILITIES
Non-interest bearing
transaction accounts $ 257,006 $ 239,996 $ 239,545
Interest bearing transaction
accounts and savings deposits 568,380 571,614 565,041
Time deposits less than
$100,000 476,835 495,621 504,029
Time deposits greater than
$100,000 309,906 308,440 310,581
----------- ----------- -----------
Total deposits 1,612,127 1,615,671 1,619,196
----------- ----------- -----------
Federal funds purchased and
securities sold under
agreements to repurchase 80,342 53,053 86,705
Short-term debt 1,943 1,712 3,619
Long-term debt - parent company 10,000 10,000 10,000
Long-term FHLB debt - affiliate
banks 48,339 43,259 27,032
Trust preferred securities 17,250 17,250 17,250
Accrued interest and other
liabilities 14,144 16,210 16,172
----------- ----------- -----------
TOTAL LIABILITIES 1,784,145 1,757,155 1,779,974
----------- ----------- -----------
STOCKHOLDERS' EQUITY
Capital stock 14,104 7,075 7,071
Surplus 36,545 44,536 44,495
Undivided profits 152,066 147,371 143,808
Accumulated other
comprehensive income
Unrealized appreciation on
AFS securities 2,343 2,019 2,231
----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 205,058 201,001 197,605
----------- ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 1,989,203 $ 1,958,156 $ 1,977,579
=========== =========== ===========
Sep 30 Jun 30
2002 2002
----------- -----------
ASSETS
Cash and non-interest bearing
balances due from banks $ 71,814 $ 63,416
Interest bearing balances due
from banks 22,564 31,557
Federal funds sold and securities purchased
under agreements to resell 26,150 67,880
----------- -----------
Cash and cash equivalents 120,528 162,853
Investment securities 421,384 419,700
Mortgage loans held for sale 25,096 10,440
Assets held in trading accounts 1,013 14,140
Loans 1,281,634 1,247,625
Allowance for loan losses (21,688) (20,608)
----------- -----------
Net loans 1,259,946 1,227,017
Premises and equipment 47,551 45,192
Foreclosed assets held for sale, net 2,263 2,394
Interest receivable 15,074 14,528
Goodwill 32,877 31,819
Core deposits, net 593 419
Other assets 17,030 16,159
----------- -----------
TOTAL ASSETS $ 1,943,355 $ 1,944,661
=========== ===========
LIABILITIES
Non-interest bearing transaction accounts $ 232,455 $ 229,091
Interest bearing transaction accounts and
savings deposits 542,237 535,680
Time deposits less than $100,000 522,400 523,354
Time deposits greater than $100,000 316,946 328,698
----------- -----------
Total deposits 1,614,038 1,616,823
----------- -----------
Federal funds purchased and securities sold
under agreements to repurchase 57,759 68,947
Short-term debt 11,450 5,003
Long-term debt - parent company 10,000 12,000
Long-term FHLB debt - affiliate banks 23,206 20,320
Trust preferred securities 17,250 17,250
Accrued interest and other liabilities 16,002 15,395
----------- -----------
TOTAL LIABILITIES 1,749,705 1,755,738
----------- -----------
STOCKHOLDERS' EQUITY
Capital stock 7,063 7,062
Surplus 44,392 44,384
Undivided profits 139,912 135,838
Accumulated other comprehensive income
Unrealized appreciation on AFS
securities 2,283 1,639
----------- -----------
TOTAL STOCKHOLDERS' EQUITY 193,650 188,923
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,943,355 $ 1,944,661
=========== ===========
Simmons First National Corporation
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended
(In thousands)
Jun 30 Mar 31 Dec 31
2003 2003 2002
----------- ----------- -----------
ASSETS
Cash and non-interest bearing
balances due from banks $ 61,259 $ 63,094 $ 67,260
Interest bearing balances due
from banks 57,314 51,151 33,780
Federal funds sold and
securities purchased under
agreements to resell 54,825 83,873 66,615
----------- ----------- -----------
Cash and cash equivalents 173,398 198,118 167,655
Investment securities -
held-to-maturity 196,382 204,910 216,785
Investment securities -
available-for-sale 220,698 201,477 188,799
Mortgage loans held for sale 27,908 21,635 26,837
Assets held in trading accounts 1,091 762 2,966
Loans 1,268,044 1,254,720 1,262,300
Allowance for loan losses (22,321) (22,488) (22,250)
----------- ----------- -----------
Net loans 1,245,723 1,232,232 1,240,050
Premises and equipment 46,284 46,729 47,512
Foreclosed assets held for
sale, net 2,494 2,640 2,283
Interest receivable 12,935 13,076 14,493
Goodwill and core deposits, net 33,451 33,476 33,493
Other assets 16,669 16,567 16,614
----------- ----------- -----------
TOTAL ASSETS $ 1,977,033 $ 1,971,622 $ 1,957,487
=========== =========== ===========
LIABILITIES
Non-interest bearing
transaction accounts $ 238,537 $ 230,222 $ 227,461
Interest bearing transaction
accounts 179,420 170,445 161,262
Savings deposits 395,322 396,872 392,754
Time deposits less than
$100,000 492,268 500,065 511,247
Time deposits greater than
$100,000 307,924 309,426 314,768
----------- ----------- -----------
Total deposits 1,613,471 1,607,030 1,607,492
----------- ----------- -----------
Federal funds purchased and
securities sold under
agreements to repurchase 68,102 84,839 78,335
Short-term debt 963 1,679 6,383
Long-term debt 76,162 62,744 52,130
Accrued interest and other
liabilities 14,173 14,413 16,014
----------- ----------- -----------
TOTAL LIABILITIES 1,772,871 1,770,705 1,760,354
----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 204,162 200,917 197,133
----------- ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 1,977,033 $ 1,971,622 $ 1,957,487
=========== =========== ===========
Sep 30 Jun 30
2002 2002
----------- -----------
ASSETS
Cash and non-interest bearing
balances due from banks $ 64,237 $ 62,778
Interest bearing balances due
from banks 26,468 35,893
Federal funds sold and securities purchased
under agreements to resell 51,672 62,789
----------- -----------
Cash and cash equivalents 142,377 161,460
Investment securities - held-to-maturity 234,541 215,155
Investment securities - available-for-sale 186,462 233,045
Mortgage loans held for sale 14,918 10,591
Assets held in trading accounts 2,470 1,379
Loans 1,268,801 1,232,458
Allowance for loan losses (21,257) (20,860)
----------- -----------
Net loans 1,247,544 1,211,598
Premises and equipment 47,219 44,975
Foreclosed assets held for sale, net 2,211 2,174
Interest receivable 15,001 15,121
Goodwill and core deposits, net 33,190 32,251
Other assets 16,001 16,302
----------- -----------
TOTAL ASSETS $ 1,941,934 $ 1,944,051
=========== ===========
LIABILITIES
Non-interest bearing transaction accounts $ 225,054 $ 225,170
Interest bearing transaction accounts 159,605 157,264
Savings deposits 384,101 377,364
Time deposits less than $100,000 524,977 531,390
Time deposits greater than $100,000 324,155 326,056
----------- -----------
Total deposits 1,617,892 1,617,244
----------- -----------
Federal funds purchased and securities sold
under agreements to repurchase 59,765 77,834
Short-term debt 7,223 2,259
Long-term debt 49,094 44,451
Accrued interest and other liabilities 15,186 14,256
----------- -----------
TOTAL LIABILITIES 1,749,160 1,756,044
----------- -----------
TOTAL STOCKHOLDERS' EQUITY 192,774 188,007
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,941,934 $ 1,944,051
=========== ===========
Simmons First National Corporation
Consolidated Average Year-to-Date Balance Sheets
For the Quarters Ended
(In thousands)
Jun 30 Mar 31 Dec 31
2003 2003 2002
---------- ---------- ----------
ASSETS
Cash and non-interest bearing
balances due from banks $ 62,171 $ 63,094 $ 65,594
Interest bearing balances due
from banks 54,250 51,151 41,314
Federal funds sold and
securities purchased under
agreements to resell 69,269 83,873 65,199
---------- ---------- ----------
Cash and cash equivalents 185,690 198,118 172,107
Investment securities -
held-to-maturity 200,623 204,910 214,846
Investment securities -
available-for-sale 211,141 201,477 216,018
Mortgage loans held for sale 24,789 21,635 16,560
Assets held in trading accounts 928 762 1,784
Loans 1,261,418 1,254,720 1,251,072
Allowance for loan losses (22,404) (22,488) (21,318)
---------- ---------- ----------
Net loans 1,239,014 1,232,232 1,229,754
Premises and equipment 46,505 46,729 46,085
Foreclosed assets held for
sale, net 2,567 2,640 2,101
Interest receivable 13,005 13,076 15,045
Goodwill and core deposits, net 33,464 33,476 32,808
Other assets 16,617 16,567 16,236
---------- ---------- ----------
TOTAL ASSETS $ 1,974,343 $ 1,971,622 $ 1,963,344
=========== =========== ===========
LIABILITIES
Non-interest bearing
transaction accounts $ 234,403 $ 230,222 $ 226,128
Interest bearing transaction
accounts 174,957 170,445 159,171
Savings deposits 396,093 396,872 381,283
Time deposits less than
$100,000 496,144 500,065 532,807
Time deposits greater than
$100,000 308,671 309,426 326,735
---------- ---------- ----------
Total deposits 1,610,268 1,607,030 1,626,124
---------- ---------- ----------
Federal funds purchased and
securities sold under
agreements to repurchase 76,424 84,839 78,518
Short-term debt 994 1,679 5,435
Long-term debt 69,816 62,744 47,117
Accrued interest and other
liabilities 14,292 14,413 15,203
---------- ---------- ----------
TOTAL LIABILITIES 1,771,794 1,770,705 1,772,397
---------- ---------- ----------
TOTAL STOCKHOLDERS' EQUITY 202,549 200,917 190,947
---------- ---------- ----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 1,974,343 $ 1,971,622 $ 1,963,344
=========== =========== ===========
Sep 30 Jun 30
2002 2002
----------- -----------
ASSETS
Cash and non-interest bearing
balances due from banks $ 65,031 $ 65,435
Interest bearing balances due
from banks 43,854 52,691
Federal funds sold and securities purchased
under agreements to resell 64,722 71,355
----------- -----------
Cash and cash equivalents 173,607 189,481
Investment securities - held-to-maturity 214,193 203,850
Investment securities - available-for-sale 225,191 244,877
Mortgage loans held for sale 13,097 12,171
Assets held in trading accounts 1,386 835
Loans 1,247,289 1,236,354
Allowance for loan losses (21,003) (20,874)
----------- -----------
Net loans 1,226,286 1,215,480
Premises and equipment 45,604 44,782
Foreclosed assets held for sale, net 2,040 1,953
Interest receivable 15,231 15,348
Goodwill and core deposits, net 32,576 32,262
Other assets 16,107 16,164
----------- -----------
TOTAL ASSETS $ 1,965,318 $ 1,977,203
=========== ===========
LIABILITIES
Non-interest bearing transaction accounts $ 225,680 $ 225,997
Interest bearing transaction accounts 158,466 157,888
Savings deposits 377,418 374,021
Time deposits less than $100,000 540,072 547,743
Time deposits greater than $100,000 330,767 334,128
----------- -----------
Total deposits 1,632,403 1,639,777
----------- -----------
Federal funds purchased and securities sold
under agreements to repurchase 78,580 88,144
Short-term debt 5,116 4,044
Long-term debt 45,428 43,564
Accrued interest and other liabilities 14,928 14,799
----------- -----------
TOTAL LIABILITIES 1,776,455 1,790,328
----------- -----------
TOTAL STOCKHOLDERS' EQUITY 188,863 186,875
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,965,318 $ 1,977,203
=========== ===========
Simmons First National Corporation
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended
(In thousands, except per share data)
Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
2003 2003 2002 2002 2002
------- ------- ------- ------- -------
INTEREST INCOME
Loans $22,526 $22,239 $23,265 $23,853 $23,668
Federal funds sold and
securities purchased
under agreements to
resell 160 214 197 207 264
Investment securities 4,005 3,984 4,092 4,636 4,858
Mortgage loans held for
sale, net of
unrealized gains
(losses) 352 300 383 206 185
Assets held in trading
accounts 7 2 38 30 18
Interest bearing
balances due from
banks 156 135 115 104 150
------- ------- ------- ------- -------
TOTAL INTEREST INCOME 27,206 26,874 28,090 29,036 29,143
------- ------- ------- ------- -------
INTEREST EXPENSE
Time deposits 5,121 5,517 6,275 6,904 7,356
Other deposits 1,263 1,327 1,506 1,608 1,590
Federal funds purchased
and securities sold
under agreements to
repurchase 194 223 249 236 316
Short-term debt 7 5 27 30 12
Long-term debt 1,363 922 854 841 818
------- ------- ------- ------- -------
TOTAL INTEREST
EXPENSE 7,948 7,994 8,911 9,619 10,092
------- ------- ------- ------- -------
NET INTEREST INCOME 19,258 18,880 19,179 19,417 19,051
Provision for loan
losses 2,196 2,197 2,562 2,864 2,436
------- ------- ------- ------- -------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 17,062 16,683 16,617 16,553 16,615
NON-INTEREST INCOME
Trust income 1,166 1,576 1,257 1,406 1,205
Service charges on
deposit accounts 2,639 2,454 2,655 2,648 2,543
Other service charges
and fees 317 479 353 321 365
Income on sale of
mortgage loans, net of
commissions 1,463 1,164 1,281 962 738
Income on investment
banking, net of
commissions 597 531 323 250 248
Credit card fees 2,512 2,319 2,675 2,598 2,550
Other income 951 781 717 960 886
Gain on sale of
mortgage servicing 771 - - - -
Loss on sale of
securities, net - - (10) - -
------- ------- ------- ------- -------
TOTAL NON-INTEREST
INCOME 10,416 9,304 9,251 9,145 8,535
------- ------- ------- ------- -------
NON-INTEREST EXPENSE
Salaries and employee
benefits 10,603 10,742 10,220 10,029 9,840
Occupancy expense, net 1,272 1,331 1,265 1,201 1,155
Furniture & equipment
expense 1,219 1,382 1,393 1,439 1,310
Loss on foreclosed
assets 127 35 25 69 40
Deposit insurance 67 69 70 72 76
Other operating
expenses 4,649 4,635 4,642 4,710 4,428
------- ------- ------- ------- -------
TOTAL NON-INTEREST
EXPENSE 17,937 18,194 17,615 17,520 16,849
------- ------- ------- ------- -------
NET INCOME BEFORE INCOME
TAXES 9,541 7,793 8,253 8,178 8,301
Provision for income
taxes 3,012 2,461 2,590 2,409 2,596
------- ------- ------- ------- -------
NET INCOME $ 6,529 $ 5,332 $ 5,663 $ 5,769 $ 5,705
======= ======= ======= ======= =======
BASIC EARNINGS PER SHARE $ 0.46 $ 0.38 $ 0.40 $ 0.41 $ 0.40
======= ======= ======= ======= =======
DILUTED EARNINGS PER
SHARE $ 0.45 $ 0.37 $ 0.40 $ 0.40 $ 0.40
======= ======= ======= ======= =======
Simmons First National Corporation
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended
(In thousands, except per share data)
Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
2003 2003 2002 2002 2002
------- ------- -------- ------- -------
INTEREST INCOME
Loans $44,765 $22,239 $ 94,892 $71,627 $47,774
Federal funds sold and
securities purchased
under agreements to
resell 374 214 996 799 592
Investment securities 7,989 3,984 18,509 14,417 9,781
Mortgage loans held for
sale, net of
unrealized gains
(losses) 652 300 1,007 624 418
Assets held in trading
accounts 9 2 88 50 20
Interest bearing
balances due from
banks 291 135 650 535 431
------- ------- -------- ------- -------
TOTAL INTEREST INCOME 54,080 26,874 116,142 88,052 59,016
------- ------- -------- ------- -------
INTEREST EXPENSE
Time deposits 10,638 5,517 29,503 23,228 16,324
Other deposits 2,590 1,327 6,304 4,798 3,190
Federal funds purchased
and securities sold
under agreements to
repurchase 417 223 1,198 949 713
Short-term debt 12 5 110 83 53
Long-term debt 2,285 922 3,319 2,465 1,624
------- ------- -------- ------- -------
TOTAL INTEREST
EXPENSE 15,942 7,994 40,434 31,523 21,904
------- ------- -------- ------- -------
NET INTEREST INCOME 38,138 18,880 75,708 56,529 37,112
Provision for loan
losses 4,393 2,197 10,223 7,661 4,797
------- ------- -------- ------- -------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 33,745 16,683 65,485 48,868 32,315
NON-INTEREST INCOME
Trust income 2,742 1,576 5,258 4,001 2,595
Service charges on
deposit accounts 5,093 2,454 10,084 7,429 4,781
Other service charges
and fees 796 479 1,450 1,097 776
Income on sale of
mortgage loans, net of
commissions 2,627 1,164 3,792 2,511 1,549
Income on investment
banking, net of
commissions 1,128 531 1,087 764 514
Credit card fees 4,831 2,319 10,161 7,486 4,888
Other income 1,732 781 3,481 2,764 1,804
Gain on sale of
mortgage servicing 771 - - - -
Loss on sale of
securities, net - - (10) - -
------- ------- -------- ------- -------
TOTAL NON-INTEREST
INCOME 19,720 9,304 35,303 26,052 16,907
------- ------- -------- ------- -------
NON-INTEREST EXPENSE
Salaries and employee
benefits 21,345 10,742 40,039 29,819 19,790
Occupancy expense,
net 2,603 1,331 4,747 3,482 2,281
Furniture & equipment
expense 2,601 1,382 5,434 4,041 2,602
Loss on foreclosed
assets 162 35 177 152 83
Deposit insurance 136 69 296 226 154
Other operating
expenses 9,284 4,635 18,320 13,678 8,968
------- ------- -------- ------- -------
TOTAL NON-INTEREST
EXPENSE 36,131 18,194 69,013 51,398 33,878
------- ------- -------- ------- -------
NET INCOME BEFORE INCOME
TAXES 17,334 7,793 31,775 23,522 15,344
Provision for income
taxes 5,473 2,461 9,697 7,107 4,698
------- ------- -------- ------- -------
NET INCOME $11,861 $ 5,332 $ 22,078 $16,415 $10,646
======= ======= ======== ======= =======
BASIC EARNINGS PER
SHARE $ 0.84 $ 0.38 $ 1.56 $ 1.16 $ 0.75
======= ======= ======== ======= =======
DILUTED EARNINGS PER
SHARE $ 0.82 $ 0.37 $ 1.54 $ 1.14 $ 0.74
======= ======= ======== ======= =======
Simmons First National Corporation
Consolidated Risk-Based Capital
For the Quarters Ended
(In thousands)
Jun 30 Mar 31 Dec 31
2003 2003 2002
----------- ----------- -----------
Tier 1 capital
Stockholders' equity $ 205,058 $ 201,001 $ 197,605
Trust preferred securities 17,250 17,250 17,250
Intangible assets (33,439) (33,464) (33,490)
Unrealized gain on AFS
securities (2,343) (2,019) (2,231)
Debt issuance costs (825) (837) (845)
----------- ----------- -----------
Total Tier 1 capital 185,701 181,931 178,289
----------- ----------- -----------
Tier 2 capital
Qualifying unrealized gain on
AFS securities 415 385 363
Qualifying allowance for loan
losses 16,372 15,852 15,976
----------- ----------- -----------
Total Tier 2 capital 16,787 16,237 16,339
----------- ----------- -----------
Total risk-based capital $ 202,488 $ 198,168 $ 194,628
=========== =========== ===========
Risk weighted assets $ 1,303,942 $ 1,262,159 $ 1,272,104
=========== =========== ===========
Assets for leverage ratio $ 1,939,201 $ 1,933,475 $ 1,919,615
=========== =========== ===========
Ratios at end of quarter
Leverage ratio 9.58% 9.41% 9.29%
Tier 1 capital 14.24% 14.41% 14.02%
Total risk-based capital 15.53% 15.70% 15.30%
Sep 30 Jun 30
2002 2002
----------- -----------
Tier 1 capital
Stockholders' equity $ 193,650 $ 188,923
Trust preferred securities 17,250 17,250
Intangible assets (33,470) (32,238)
Unrealized gain on AFS securities (2,283) (1,639)
Debt issuance costs (854) (863)
----------- -----------
Total Tier 1 capital 174,293 171,433
----------- -----------
Tier 2 capital
Qualifying unrealized gain on AFS
securities 342 392
Qualifying allowance for loan losses 16,115 15,806
----------- -----------
Total Tier 2 capital 16,457 16,198
----------- -----------
Total risk-based capital $ 190,750 $ 187,631
=========== ===========
Risk weighted assets $ 1,283,588 $ 1,259,642
=========== ===========
Assets for leverage ratio $ 1,904,053 $ 1,908,788
=========== ===========
Ratios at end of quarter
Leverage ratio 9.15% 8.98%
Tier 1 capital 13.58% 13.61%
Total risk-based capital 14.86% 14.90%
Simmons First National Corporation
Consolidated Loans and Investments
For the Quarters Ended
(In thousands)
Jun 30 Mar 31 Dec 31
2003 2003 2002
----------- ----------- -----------
Loan Portfolio - End of Period
------------------------------
Consumer
Credit cards $ 162,554 $ 165,821 $ 180,439
Student loans 86,429 91,288 83,890
Other consumer 142,500 148,113 153,103
Real Estate
Construction 99,027 95,317 90,736
Single-family residential 231,514 231,660 233,218
Other commercial 334,335 298,146 290,469
Unearned income (18) (22) (25)
Commercial
Commercial 141,160 157,313 144,678
Agricultural 66,310 48,821 58,585
Financial institutions 7,369 6,544 6,504
Other 15,662 14,454 15,708
----------- ----------- -----------
Total Loans $ 1,286,842 $ 1,257,455 $ 1,257,305
=========== =========== ===========
Investment Securities - End of
Period
------------------------------
Held-to-Maturity
U.S. Treasury $ 12,610 $ 18,637 $ 26,153
U.S. Government agencies 41,756 77,983 59,324
Mortgage-backed securities 1,174 1,357 1,510
State and political
subdivisions 111,035 110,981 120,230
Other securities 100 100 100
----------- ----------- -----------
Total held-to-maturity 166,675 209,058 207,317
----------- ----------- -----------
Available-for-Sale
U.S. Treasury 20,737 13,795 14,878
U.S. Government agencies 227,830 172,916 163,484
Mortgage-backed securities 2,320 2,618 3,015
State and political
subdivisions 5,070 5,229 5,303
FHLB stock 4,765 4,623 4,552
Other securities 5,541 5,430 5,499
----------- ----------- -----------
Total available-for-sale 266,263 204,611 196,731
----------- ----------- -----------
Total investment securities $ 432,938 $ 413,669 $ 404,048
=========== =========== ===========
Fair Value - HTM investment
securities $ 171,662 $ 213,778 $ 212,415
=========== =========== ===========
Investment Securities - QTD
Average
---------------------------
Taxable securities $ 302,443 $ 291,368 $ 287,418
Tax exempt securities 114,637 115,019 118,166
----------- ----------- -----------
Total investment securities -
QTD average $ 417,080 $ 406,387 $ 405,584
=========== =========== ===========
Sep 30 Jun 30
2002 2002
----------- -----------
Loan Portfolio - End of Period
------------------------------
Consumer
Credit cards $ 178,125 $ 179,682
Student loans 83,028 79,883
Other consumer 159,264 162,554
Real Estate
Construction 78,376 74,968
Single-family residential 236,934 226,942
Other commercial 286,363 266,995
Unearned income (25) (42)
Commercial
Commercial 149,622 158,167
Agricultural 85,974 75,441
Financial institutions 7,376 7,692
Other 16,597 15,343
----------- -----------
Total Loans $ 1,281,634 $ 1,247,625
=========== ===========
Investment Securities - End of Period
-------------------------------------
Held-to-Maturity
U.S. Treasury $ 27,170 $ 29,483
U.S. Government agencies 75,280 70,479
Mortgage-backed securities 4,752 5,355
State and political
subdivisions 121,254 121,719
Other securities 100 100
----------- -----------
Total held-to-maturity 228,556 227,136
----------- -----------
Available-for-Sale
U.S. Treasury 14,902 13,103
U.S. Government agencies 157,906 155,134
Mortgage-backed securities 5,165 5,724
State and political
subdivisions 5,376 5,270
FHLB stock 4,462 4,419
Other securities 5,017 8,914
----------- -----------
Total available-for-sale 192,828 192,564
----------- -----------
Total investment securities $ 421,384 $ 419,700
=========== ===========
Fair Value - HTM investment
securities $ 234,253 $ 231,991
=========== ===========
Investment Securities - QTD
Average
---------------------------
Taxable securities $ 303,040 $ 328,509
Tax exempt securities 117,963 119,691
----------- -----------
Total investment securities -
QTD average $ 421,003 $ 448,200
=========== ===========
Simmons First National Corporation
Consolidated Allowance and Asset Quality
For the Quarters Ended
(In thousands)
Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
2003 2003 2002 2002 2002
------- ------- ------- ------- -------
Allowance for Loan Losses
-------------------------
Balance, beginning of
quarter $21,826 $21,948 $21,688 $20,608 $20,152
------- ------- ------- ------- -------
Loans charged off
Credit cards 1,230 1,160 1,162 1,220 1,130
Other consumer 444 547 591 539 513
Real estate 307 458 610 364 395
Commercial 257 648 372 395 590
------- ------- ------- ------- -------
Total loans charged
off 2,238 2,813 2,735 2,518 2,628
------- ------- ------- ------- -------
Recoveries of loans
previously charged off
Credit cards 151 207 159 189 163
Other consumer 161 209 101 169 174
Real estate 36 24 29 52 90
Commercial 97 54 144 77 221
------- ------- ------- ------- -------
Total recoveries 445 494 433 487 648
------- ------- ------- ------- -------
Net loans charged off 1,793 2,319 2,302 2,031 1,980
Allowance for loan
losses of acquired
branch - - - 247 -
Provision for loan
losses 2,196 2,197 2,562 2,864 2,436
------- ------- ------- ------- -------
Balance, end of quarter $22,229 $21,826 $21,948 $21,688 $20,608
======= ======= ======= ======= =======
Non-performing assets
---------------------
Non-performing loans
Nonaccrual loans
Real estate $ 5,556 $ 6,310 $ 6,268 $ 6,029 $ 6,429
Commercial 2,491 2,325 2,230 2,969 3,074
Consumer 1,603 1,766 1,945 2,101 2,355
------- ------- ------- ------- -------
Total nonaccrual
loans 9,650 10,401 10,443 11,099 11,858
Loans past due 90 days
or more 1,994 1,605 1,814 1,291 1,944
------- ------- ------- ------- -------
Total non-
performing loans 11,644 12,006 12,257 12,390 13,802
------- ------- ------- ------- -------
Other non-performing
assets
Foreclosed assets held
for sale 2,700 2,426 2,705 2,263 2,394
Other non-performing
assets 405 418 426 406 484
------- ------- ------- ------- -------
Total other non-
performing assets 3,105 2,844 3,131 2,669 2,878
------- ------- ------- ------- -------
Total non-performing
assets $14,749 $14,850 $15,388 $15,059 $16,680
======= ======= ======= ======= =======
Ratios
------
Allowance for loan
losses to total loans 1.73% 1.74% 1.75% 1.69% 1.65%
Allowance for loan
losses to non-
performing loans 190.91% 181.79% 179.07% 175.04% 149.31%
Allowance for loan
losses to non-
performing assets 150.72% 146.98% 142.63% 144.02% 123.55%
Non-performing loans to
total loans 0.90% 0.95% 0.97% 0.97% 1.11%
Non-performing assets to
total assets 0.74% 0.76% 0.78% 0.77% 0.86%
Simmons First National Corporation
Consolidated - Selected Financial Data
For the Quarters Ended
(In thousands, except share data)
Jun 30 Mar 31 Dec 31
2003 2003 2002
----------- ----------- -----------
QUARTER-TO-DATE
---------------
Diluted earnings per share
(split adjusted) $ 0.45 $ 0.37 $ 0.40
Cash dividends declared
per common share
(split adj.) 0.130 0.125 0.125
Cash dividends declared -
amount 1,834 1,769 1,767
Return on average
stockholders' equity 12.83% 10.76% 11.40%
Return on average assets 1.32% 1.10% 1.15%
Net interest margin (FTE) 4.40% 4.39% 4.41%
FTE Adjustment - investments 664 695 707
FTE Adjustment - loans 113 98 105
Amortization of intangibles 26 25 (16)
Amortization of intangibles,
net of taxes 16 16 (26)
Average shares outstanding
(split adjusted) 14,128,383 14,148,314 14,132,390
Shares repurchased
(split adjusted) 50,000 - -
Average price of
repurchased shares
(split adjusted) 19.66 - -
Average earning assets 1,826,262 1,818,528 1,798,082
Average interest
bearing liabilities 1,520,161 1,526,070 1,516,879
YEAR-TO-DATE
------------
Diluted earnings
per share
(split adjusted) $ 0.82 $ 0.37 $ 1.54
Cash dividends declared
per common share
(split adj.) 0.255 0.125 0.480
Return on average
stockholders' equity 11.81% 10.76% 11.56%
Return on average assets 1.21% 1.10% 1.12%
Net interest margin (FTE) 4.39% 4.39% 4.37%
FTE Adjustment - investments 1,359 695 2,895
FTE Adjustment - loans 211 98 430
Amortization of intangibles 51 25 78
Amortization of intangibles,
net of taxes 32 16 49
Average shares outstanding
(split adjusted) 14,138,293 14,148,314 14,140,966
Diluted shares outstanding
(split adjusted) 240,391 214,330 235,532
Average earning assets 1,822,418 1,818,528 1,806,793
Average interest bearing
liabilities 1,523,099 1,526,070 1,531,066
END OF PERIOD
-------------
Book value
(split adjusted) $ 14.54 $ 14.21 $ 13.97
Shares outstanding
(split adjusted) 14,103,472 14,150,560 14,142,910
Full-time equivalent
employees 992 973 977
Total number of ATM's 61 61 62
Total number of branches 62 62 63
Parent company only -
investment in
subsidiaries 213,507 210,370 208,363
Parent company only -
intangible assets 134 134 134
Sep 30 Jun 30
2002 2002
----------- -----------
QUARTER-TO-DATE
---------------
Diluted earnings per share
(split adjusted) $ 0.40 $ 0.40
Cash dividends declared
per common share
(split adj.) 0.120 0.120
Cash dividends declared -
amount 1,695 1,695
Return on average
stockholders' equity 11.87% 12.17%
Return on average assets 1.18% 1.18%
Net interest margin (FTE) 4.50% 4.45%
FTE Adjustment - investments 714 727
FTE Adjustment - loans 107 111
Amortization of intangibles 39 27
Amortization of intangibles,
net of taxes 30 22
Average shares outstanding
(split adjusted) 14,125,004 14,128,614
Shares repurchased
(split adjusted) - 60,000
Average price of
repurchased shares
(split adjusted) - 16.33
Average earning assets 1,785,332 1,791,310
Average interest
bearing liabilities 1,508,920 1,516,618
YEAR-TO-DATE
------------
Diluted earnings
per share
(split adjusted) $ 1.14 $ 0.74
Cash dividends declared
per common share
(split adj.) 0.355 0.235
Return on average
stockholders' equity 11.62% 11.49%
Return on average assets 1.12% 1.09%
Net interest margin (FTE) 4.36% 4.29%
FTE Adjustment - investments 2,188 1,474
FTE Adjustment - loans 325 218
Amortization of intangibles 94 55
Amortization of intangibles,
net of taxes 75 45
Average shares outstanding
(split adjusted) 14,143,854 14,153,436
Diluted shares outstanding
(split adjusted) 234,216 221,562
Average earning assets 1,809,732 1,822,133
Average interest bearing
liabilities 1,535,847 1,549,532
END OF PERIOD
-------------
Book value
(split adjusted) $ 13.71 $ 13.38
Shares outstanding
(split adjusted) 14,125,590 14,124,240
Full-time equivalent
employees 988 962
Total number of ATM's 62 60
Total number of branches 63 62
Parent company only -
investment in
subsidiaries 206,904 204,726
Parent company only -
intangible assets 134 134
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