Simmons First Announces Record Annual 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)--Jan. 15, 2004 Simmons Simmons may refer to: People:
in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NM: SFNC SFNC Shiba Fanciers of Northern California ) today announced record earnings of $23,790,000 or $1.65 diluted earnings per share diluted earnings per share 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 year ended December December: see month. 31, 2003, compared to earnings of $22,078,000, or $1.54 diluted earnings per share for the year ended 2002. This represents a $1.7 million, or 7.8% 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 year ended December 31, 2003, was 1.18% and 11.57%, compared to 1.12% and 11.56%, respectively, for the year ended 2002. "With 2003 earnings at a record level, 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 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, growth in the loan portfolio, and a lower provision for loan losses, which correlates to the improved asset quality ratios." Earnings for the fourth quarter of 2003 were $5,318,000 or $0.37 diluted earnings per share. The diluted earnings per share reflect a decrease of $0.03 when compared to the fourth quarter 2002 diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. earnings of $0.40. This decrease in the fourth quarter is primarily attributable to a lower refinancing Refinancing An extension and/or increase in amount of existing debt. volume in the Company's mortgage production and increased expenses associated with the use of the Company's credit card air mile reward program. At December 31, 2003, the Company's loan portfolio totaled $1.418 billion, which is a $161 million, or a 12.8%, increase from the same period last year. This increase is due partially to the recently completed acquisition of nine branches in North Central and Northeast “Northeastern” redirects here. For the Boston college, see Northeastern University, Boston. Northeast or north east is the ordinal direction halfway between north and east. It is the opposite of southwest. See boxing the compass. Arkansas Arkansas, river, United States Arkansas (ärkăn`zəs, är`kənsô'), river, c.1,450 mi (2,330 km) long, rising in the Rocky Mts., central Colo. during the fourth quarter of 2003, which included $99 million in loans. The additional growth was attributable to increased loan demand the Company experienced in its construction and commercial real estate loan portfolios. As of December 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. lower by $690,000 from the same period last year. Non-performing loans to total loans improved to 0.82% from 0.97% from the same period last year, and the allowance for loan losses improved to 219% of non-performing loans, compared to 179% from the same period last year. At year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. , the allowance for loan losses equaled 1.79% of total loans, which is an improvement of 4 basis points from the 1.75% reflected at year-end 2002. Total assets for the Corporation at December 31, 2003, were $2.236 billion, an increase of $258 million over the year ended December 31, 2002. Stockholders' equity at the end of 2003 was $210 million, a $12.4 million, or 6.3%, increase from December 31, 2002. Upon completion of the recently announced acquisitions, Simmons First National Corporation, a financial holding company, will have assets of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.4 billion, with eight community banks in Pine Bluff, Lake Village, 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. , Rogers, Searcy Searcy may refer to:
El Dorado (ĕl`dərä`dō, –rā`–) [Span.,=the gilded man], legendary country of the Golden Man sought by adventurers in South America. , and Hot Springs, Arkansas Hot Springs is the tenth most populous city in the state of Arkansas in the United States of America, the county seat of Garland County, Arkansas, and the principal city of the Hot Springs Metropolitan Statistical Area encompassing all of Garland County. . The Company's eight banks will conduct financial operations from 79 offices, of which 77 are financial centers, in 45 communities. 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. , January January: see month. 15, 2004. 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
Consolidated End of Period Balance Sheets
For the Quarters Ended
(In thousands)
Dec 31 Sep 30 Jun 30
2003 2003 2003
---------- ---------- ----------
ASSETS
Cash and non-interest bearing
balances due from banks $ 78,205 $ 68,068 $ 71,168
Interest bearing balances due from
banks 31,850 32,880 43,623
Federal funds sold and securities
purchased under agreements
to resell 91,560 34,975 35,625
---------- ---------- ----------
Cash and cash equivalents 201,615 135,923 150,416
Investment securities 491,950 444,845 432,938
Mortgage loans held for sale 12,211 19,349 30,700
Assets held in trading accounts 90 370 212
Loans 1,418,314 1,325,428 1,286,842
Allowance for loan losses (25,347) (22,795) (22,229)
---------- ---------- ----------
Net loans 1,392,967 1,302,633 1,264,613
Premises and equipment 49,369 45,366 45,980
Foreclosed assets held for sale,
net 2,979 2,774 2,700
Interest receivable 12,678 13,757 11,985
Goodwill 45,159 32,877 32,877
Core deposits, net 5,258 539 562
Other assets 21,502 17,198 16,220
---------- ---------- ----------
TOTAL ASSETS $2,235,778 $2,015,631 $1,989,203
========== ========== ==========
LIABILITIES
Non-interest bearing transaction
accounts $ 270,343 $ 245,176 $ 257,006
Interest bearing transaction
accounts and savings deposits 670,908 563,344 568,380
Time deposits less than $100,000 525,806 495,654 476,835
Time deposits greater than
$100,000 336,411 320,475 309,906
---------- ---------- ----------
Total deposits 1,803,468 1,624,649 1,612,127
---------- ---------- ----------
Federal funds purchased and
securities sold under agreements
to repurchase 100,209 84,781 80,342
Short-term debt 6,833 13,559 1,943
Long-term debt - parent company 8,000 8,000 10,000
Long-term FHLB debt - affiliate
banks 45,666 47,901 48,339
Trust preferred securities 47,250 17,250 17,250
Accrued interest and other
liabilities 14,357 12,293 14,144
---------- ---------- ----------
TOTAL LIABILITIES 2,025,783 1,808,433 1,784,145
---------- ---------- ----------
STOCKHOLDERS' EQUITY
Capital stock 14,102 14,083 14,104
Surplus 35,988 35,846 36,545
Undivided profits 160,191 156,847 152,066
Accumulated other comprehensive
(loss) income
Unrealized (depreciation)
appreciation on AFS
securities (286) 422 2,343
---------- ---------- ----------
TOTAL STOCKHOLDERS' EQUITY 209,995 207,198 205,058
---------- ---------- ----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $2,235,778 $2,015,631 $1,989,203
========== ========== ==========
Mar 31 Dec 31
2003 2002
---------- ----------
ASSETS
Cash and non-interest bearing balances due
from banks $ 74,609 $ 76,452
Interest bearing balances due from banks 32,631 28,473
Federal funds sold and securities purchased
under agreements to resell 51,400 86,620
---------- ----------
Cash and cash equivalents 158,640 191,545
Investment securities 413,669 404,048
Mortgage loans held for sale 26,223 33,332
Assets held in trading accounts 11,349 192
Loans 1,257,455 1,257,305
Allowance for loan losses (21,826) (21,948)
---------- ----------
Net loans 1,235,629 1,235,357
Premises and equipment 46,125 47,047
Foreclosed assets held for sale, net 2,426 2,705
Interest receivable 13,519 13,133
Goodwill 32,877 32,877
Core deposits, net 587 613
Other assets 17,112 16,730
---------- ----------
TOTAL ASSETS $1,958,156 $1,977,579
========== ==========
LIABILITIES
Non-interest bearing transaction accounts $ 239,996 $ 239,545
Interest bearing transaction accounts and
savings deposits 571,614 565,041
Time deposits less than $100,000 495,621 504,029
Time deposits greater than $100,000 308,440 310,581
---------- ----------
Total deposits 1,615,671 1,619,196
---------- ----------
Federal funds purchased and securities
sold under agreements to repurchase 53,053 86,705
Short-term debt 1,712 3,619
Long-term debt - parent company 10,000 10,000
Long-term FHLB debt - affiliate banks 43,259 27,032
Trust preferred securities 17,250 17,250
Accrued interest and other liabilities 16,210 16,172
---------- ----------
TOTAL LIABILITIES 1,757,155 1,779,974
---------- ----------
STOCKHOLDERS' EQUITY
Capital stock 7,075 7,071
Surplus 44,536 44,495
Undivided profits 147,371 143,808
Accumulated other comprehensive (loss)
income
Unrealized (depreciation) appreciation
on AFS securities 2,019 2,231
---------- ----------
TOTAL STOCKHOLDERS' EQUITY 201,001 197,605
---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,958,156 $1,977,579
========== ==========
Simmons First National Corporation
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended
(In thousands)
Dec 31 Sep 30 Jun 30
2003 2003 2003
---------- ---------- ----------
ASSETS
Cash and non-interest bearing
balances due from banks $ 71,551 $ 65,196 $ 61,259
Interest bearing balances due
from banks 61,436 35,458 57,314
Federal funds sold and securities
purchased under agreements
to resell 88,853 27,363 54,825
---------- ---------- ----------
Cash and cash equivalents 221,840 128,017 173,398
Investment securities - held-to-
maturity 152,310 156,828 196,382
Investment securities -
available-for-sale 292,662 282,722 220,698
Mortgage loans held for sale 12,355 28,901 27,908
Assets held in trading accounts 417 2,306 1,091
Loans 1,355,088 1,313,382 1,268,044
Allowance for loan losses (24,375) (22,775) (22,321)
---------- ---------- ----------
Net loans 1,330,713 1,290,607 1,245,723
Premises and equipment 47,163 45,789 46,284
Foreclosed assets held for sale,
net 2,811 2,673 2,494
Interest receivable 13,376 12,893 12,935
Goodwill and core deposits, net 40,926 33,425 33,451
Other assets 19,222 17,974 16,669
---------- ---------- ----------
TOTAL ASSETS $2,133,795 $2,002,135 $1,977,033
========== ========== ==========
LIABILITIES
Non-interest bearing transaction
accounts $ 260,254 $ 242,271 $ 238,537
Interest bearing transaction
accounts 192,358 177,330 179,420
Savings deposits 421,061 385,344 395,322
Time deposits less than $100,000 506,743 491,828 492,268
Time deposits greater than
$100,000 330,891 316,501 307,924
---------- ---------- ----------
Total deposits 1,711,307 1,613,274 1,613,471
---------- ---------- ----------
Federal funds purchased and
securities sold under agreements
to repurchase 108,181 89,986 68,102
Short-term debt 13,993 4,220 963
Long-term debt 76,909 73,834 76,162
Accrued interest and other
liabilities 13,196 13,499 14,173
---------- ---------- ----------
TOTAL LIABILITIES 1,923,586 1,794,813 1,772,871
---------- ---------- ----------
TOTAL STOCKHOLDERS' EQUITY 210,209 207,322 204,162
---------- ---------- ----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $2,133,795 $2,002,135 $1,977,033
========== ========== ==========
Mar 31 Dec 31
2003 2002
---------- ----------
ASSETS
Cash and non-interest bearing balances due
from banks $ 63,094 $ 67,260
Interest bearing balances due from banks 51,151 33,780
Federal funds sold and securities purchased
under agreements to resell 83,873 66,615
---------- ----------
Cash and cash equivalents 198,118 167,655
Investment securities - held-to-maturity 204,910 216,785
Investment securities - available-for-sale 201,477 188,799
Mortgage loans held for sale 21,635 26,837
Assets held in trading accounts 762 2,966
Loans 1,254,720 1,262,300
Allowance for loan losses (22,488) (22,250)
---------- ----------
Net loans 1,232,232 1,240,050
Premises and equipment 46,729 47,512
Foreclosed assets held for sale, net 2,640 2,283
Interest receivable 13,076 14,493
Goodwill and core deposits, net 33,476 33,493
Other assets 16,567 16,614
---------- ----------
TOTAL ASSETS $1,971,622 $1,957,487
========== ==========
LIABILITIES
Non-interest bearing transaction accounts $ 230,222 $ 227,461
Interest bearing transaction accounts 170,445 161,262
Savings deposits 396,872 392,754
Time deposits less than $100,000 500,065 511,247
Time deposits greater than $100,000 309,426 314,768
---------- ----------
Total deposits 1,607,030 1,607,492
---------- ----------
Federal funds purchased and securities
sold under agreements to repurchase 84,839 78,335
Short-term debt 1,679 6,383
Long-term debt 62,744 52,130
Accrued interest and other liabilities 14,413 16,014
---------- ----------
TOTAL LIABILITIES 1,770,705 1,760,354
---------- ----------
TOTAL STOCKHOLDERS' EQUITY 200,917 197,133
---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,971,622 $1,957,487
========== ==========
Simmons First National Corporation
Consolidated Average Year-to-Date Balance Sheets
For the Quarters Ended
(In thousands)
Dec 31 Sep 30 Jun 30
2003 2003 2003
---------- ---------- ----------
ASSETS
Cash and non-interest bearing
balances due from banks $ 65,297 $ 63,191 $ 62,171
Interest bearing balances due
from banks 51,325 47,917 54,250
Federal funds sold and securities
purchased under agreements
to resell 63,642 55,147 69,269
---------- ---------- ----------
Cash and cash equivalents 180,264 166,255 185,690
Investment securities - held-to-
maturity 177,407 185,864 200,623
Investment securities -
available-for-sale 249,731 235,264 211,141
Mortgage loans held for sale 22,692 26,175 24,789
Assets held in trading accounts 1,146 1,392 928
Loans 1,298,127 1,278,930 1,261,418
Allowance for loan losses (22,994) (22,529) (22,404)
---------- ---------- ----------
Net loans 1,275,133 1,256,401 1,239,014
Premises and equipment 46,491 46,264 46,505
Foreclosed assets held for sale,
net 2,655 2,603 2,567
Interest receivable 13,070 12,967 13,005
Goodwill and core deposits, net 35,335 33,451 33,464
Other assets 17,615 17,073 16,617
---------- ---------- ----------
TOTAL ASSETS $2,021,539 $1,983,709 $1,974,343
========== ========== ==========
LIABILITIES
Non-interest bearing transaction
accounts $ 242,902 $ 237,054 $ 234,403
Interest bearing transaction
accounts 179,941 175,757 174,957
Savings deposits 399,677 392,470 396,093
Time deposits less than $100,000 497,728 494,690 496,144
Time deposits greater than
$100,000 316,245 311,310 308,671
---------- ---------- ----------
Total deposits 1,636,493 1,611,281 1,610,268
---------- ---------- ----------
Federal funds purchased and
securities sold under agreements
to repurchase 87,847 80,994 76,424
Short-term debt 5,489 2,622 994
Long-term debt 72,211 70,629 69,816
Accrued interest and other
liabilities 13,816 14,026 14,292
---------- ---------- ----------
TOTAL LIABILITIES 1,815,856 1,779,552 1,771,794
---------- ---------- ----------
TOTAL STOCKHOLDERS' EQUITY 205,683 204,157 202,549
---------- ---------- ----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $2,021,539 $1,983,709 $1,974,343
========== ========== ==========
Mar 31 Dec 31
2003 2002
---------- ----------
ASSETS
Cash and non-interest bearing balances due
from banks $ 63,094 $ 65,594
Interest bearing balances due from banks 51,151 41,314
Federal funds sold and securities purchased
under agreements to resell 83,873 65,199
---------- ----------
Cash and cash equivalents 198,118 172,107
Investment securities - held-to-maturity 204,910 214,846
Investment securities - available-for-sale 201,477 216,018
Mortgage loans held for sale 21,635 16,560
Assets held in trading accounts 762 1,784
Loans 1,254,720 1,251,072
Allowance for loan losses (22,488) (21,318)
---------- ----------
Net loans 1,232,232 1,229,754
Premises and equipment 46,729 46,085
Foreclosed assets held for sale, net 2,640 2,101
Interest receivable 13,076 15,045
Goodwill and core deposits, net 33,476 32,808
Other assets 16,567 16,236
---------- ----------
TOTAL ASSETS $1,971,622 $1,963,344
========== ==========
LIABILITIES
Non-interest bearing transaction accounts $ 230,222 $ 226,128
Interest bearing transaction accounts 170,445 159,171
Savings deposits 396,872 381,283
Time deposits less than $100,000 500,065 532,807
Time deposits greater than $100,000 309,426 326,735
---------- ----------
Total deposits 1,607,030 1,626,124
---------- ----------
Federal funds purchased and securities
sold under agreements to repurchase 84,839 78,518
Short-term debt 1,679 5,435
Long-term debt 62,744 47,117
Accrued interest and other liabilities 14,413 15,203
---------- ----------
TOTAL LIABILITIES 1,770,705 1,772,397
---------- ----------
TOTAL STOCKHOLDERS' EQUITY 200,917 190,947
---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,971,622 $1,963,344
========== ==========
Simmons First National Corporation
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended
(In thousands, except per share data)
Dec 31 Sep 30 Jun 30
2003 2003 2003
------- ------- -------
INTEREST INCOME
Loans $22,334 $22,216 $22,526
Federal funds sold and securities
purchased under agreements to resell 206 72 160
Investment securities 3,874 4,026 4,005
Mortgage loans held for sale, net of
unrealized gains (losses) 210 358 352
Assets held in trading accounts 4 24 7
Interest bearing balances due from banks 129 74 156
------- ------- -------
TOTAL INTEREST INCOME 26,757 26,770 27,206
------- ------- -------
INTEREST EXPENSE
Time deposits 4,545 4,738 5,121
Other deposits 1,014 990 1,263
Federal funds purchased and securities
sold under agreements to repurchase 280 244 194
Short-term debt 51 26 7
Long-term debt 999 908 1,363
------- ------- -------
TOTAL INTEREST EXPENSE 6,889 6,906 7,948
------- ------- -------
NET INTEREST INCOME 19,868 19,864 19,258
Provision for loan losses 2,197 2,196 2,196
------- ------- -------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 17,671 17,668 17,062
------- ------- -------
NON-INTEREST INCOME
Trust income 1,428 1,317 1,166
Service charges on deposit accounts 2,710 2,786 2,639
Other service charges and fees 413 299 317
Income on sale of mortgage loans, net of
commissions 792 1,512 1,463
Income on investment banking, net of
commissions 371 388 597
Credit card fees 2,456 2,495 2,512
Other income 893 1,151 951
Gain on sale of mortgage servicing - - 771
Loss on sale of securities, net (14) - -
------- ------- -------
TOTAL NON-INTEREST INCOME 9,049 9,948 10,416
------- ------- -------
NON-INTEREST EXPENSE
Salaries and employee benefits 10,845 10,789 10,603
Occupancy expense, net 1,218 1,259 1,272
Furniture & equipment expense 1,265 1,329 1,219
Loss on foreclosed assets 71 36 127
Deposit insurance 70 67 67
Other operating expenses 5,569 4,468 4,649
------- ------- -------
TOTAL NON-INTEREST EXPENSE 19,038 17,948 17,937
------- ------- -------
NET INCOME BEFORE INCOME TAXES 7,682 9,668 9,541
Provision for income taxes 2,364 3,057 3,012
------- ------- -------
NET INCOME $ 5,318 $ 6,611 $ 6,529
======= ======= =======
BASIC EARNINGS PER SHARE $ 0.38 $ 0.47 $ 0.46
======= ======= =======
DILUTED EARNINGS PER SHARE $ 0.37 $ 0.46 $ 0.45
======= ======= =======
Mar 31 Dec 31
2003 2002
------- -------
INTEREST INCOME
Loans $22,239 $23,265
Federal funds sold and securities purchased
under agreements to resell 214 197
Investment securities 3,984 4,092
Mortgage loans held for sale, net of unrealized
gains (losses) 300 383
Assets held in trading accounts 2 38
Interest bearing balances due from banks 135 115
------- -------
TOTAL INTEREST INCOME 26,874 28,090
------- -------
INTEREST EXPENSE
Time deposits 5,517 6,275
Other deposits 1,327 1,506
Federal funds purchased and securities
sold under agreements to repurchase 223 249
Short-term debt 5 27
Long-term debt 922 854
------- -------
TOTAL INTEREST EXPENSE 7,994 8,911
------- -------
NET INTEREST INCOME 18,880 19,179
Provision for loan losses 2,197 2,562
------- -------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 16,683 16,617
------- -------
NON-INTEREST INCOME
Trust income 1,576 1,257
Service charges on deposit accounts 2,454 2,655
Other service charges and fees 479 353
Income on sale of mortgage loans, net of
commissions 1,164 1,281
Income on investment banking, net of commissions 531 323
Credit card fees 2,319 2,675
Other income 781 717
Gain on sale of mortgage servicing - -
Loss on sale of securities, net - (10)
------- -------
TOTAL NON-INTEREST INCOME 9,304 9,251
------- -------
NON-INTEREST EXPENSE
Salaries and employee benefits 10,742 10,220
Occupancy expense, net 1,331 1,265
Furniture & equipment expense 1,382 1,393
Loss on foreclosed assets 35 25
Deposit insurance 69 70
Other operating expenses 4,635 4,642
------- -------
TOTAL NON-INTEREST EXPENSE 18,194 17,615
------- -------
NET INCOME BEFORE INCOME TAXES 7,793 8,253
Provision for income taxes 2,461 2,590
------- -------
NET INCOME $ 5,332 $ 5,663
======= =======
BASIC EARNINGS PER SHARE $ 0.38 $ 0.40
======= =======
DILUTED EARNINGS PER SHARE $ 0.37 $ 0.40
======= =======
Simmons First National Corporation
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended
(In thousands, except per share data)
Dec 31 Sep 30 Jun 30
2003 2003 2003
-------- ------- --------
INTEREST INCOME
Loans $ 89,315 $66,981 $ 44,765
Federal funds sold and securities
purchased under agreements to resell 652 446 374
Investment securities 15,889 12,015 7,989
Mortgage loans held for sale, net of
unrealized gains (losses) 1,220 1,010 652
Assets held in trading accounts 37 33 9
Interest bearing balances due from
banks 494 365 291
-------- ------- --------
TOTAL INTEREST INCOME 107,607 80,850 54,080
-------- ------- --------
INTEREST EXPENSE
Time deposits 19,921 15,376 10,638
Other deposits 4,594 3,580 2,590
Federal funds purchased and securities
sold under agreements to repurchase 941 661 417
Short-term debt 89 38 12
Long-term debt 4,192 3,193 2,285
-------- ------- --------
TOTAL INTEREST EXPENSE 29,737 22,848 15,942
-------- ------- --------
NET INTEREST INCOME 77,870 58,002 38,138
Provision for loan losses 8,786 6,589 4,393
-------- ------- --------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 69,084 51,413 33,745
-------- ------- --------
NON-INTEREST INCOME
Trust income 5,487 4,059 2,742
Service charges on deposit accounts 10,589 7,879 5,093
Other service charges and fees 1,508 1,095 796
Income on sale of mortgage loans, net
of commissions 4,931 4,139 2,627
Income on investment banking, net of
commissions 1,887 1,516 1,128
Credit card fees 9,782 7,326 4,831
Other income 3,776 2,883 1,732
Gain on sale of mortgage servicing 771 771 771
Loss on sale of securities, net (14) - -
-------- ------- --------
TOTAL NON-INTEREST INCOME 38,717 29,668 19,720
-------- ------- --------
NON-INTEREST EXPENSE
Salaries and employee benefits 42,979 32,134 21,345
Occupancy expense, net 5,080 3,862 2,603
Furniture & equipment expense 5,195 3,930 2,601
Loss on foreclosed assets 269 198 162
Deposit insurance 273 203 136
Other operating expenses 19,321 13,752 9,284
-------- ------- --------
TOTAL NON-INTEREST EXPENSE 73,117 54,079 36,131
-------- ------- --------
NET INCOME BEFORE INCOME TAXES 34,684 27,002 17,334
Provision for income taxes 10,894 8,530 5,473
-------- ------- --------
NET INCOME $ 23,790 $18,472 $ 11,861
======== ======= ========
BASIC EARNINGS PER SHARE $ 1.69 $ 1.31 $ 0.84
======== ======= ========
DILUTED EARNINGS PER SHARE $ 1.65 $ 1.28 $ 0.82
======== ======= ========
Mar 31 Dec 31
2003 2002
------- --------
INTEREST INCOME
Loans $22,239 $ 94,892
Federal funds sold and securities purchased
under agreements to resell 214 996
Investment securities 3,984 18,509
Mortgage loans held for sale, net of unrealized
gains (losses) 300 1,007
Assets held in trading accounts 2 88
Interest bearing balances due from banks 135 650
------- --------
TOTAL INTEREST INCOME 26,874 116,142
------- --------
INTEREST EXPENSE
Time deposits 5,517 29,503
Other deposits 1,327 6,304
Federal funds purchased and securities
sold under agreements to repurchase 223 1,198
Short-term debt 5 110
Long-term debt 922 3,319
------- --------
TOTAL INTEREST EXPENSE 7,994 40,434
------- --------
NET INTEREST INCOME 18,880 75,708
Provision for loan losses 2,197 10,223
------- --------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 16,683 65,485
------- --------
NON-INTEREST INCOME
Trust income 1,576 5,258
Service charges on deposit accounts 2,454 10,084
Other service charges and fees 479 1,450
Income on sale of mortgage loans, net of
commissions 1,164 3,792
Income on investment banking, net of commissions 531 1,087
Credit card fees 2,319 10,161
Other income 781 3,481
Gain on sale of mortgage servicing - -
Loss on sale of securities, net - (10)
------- --------
TOTAL NON-INTEREST INCOME 9,304 35,303
------- --------
NON-INTEREST EXPENSE
Salaries and employee benefits 10,742 40,039
Occupancy expense, net 1,331 4,747
Furniture & equipment expense 1,382 5,434
Loss on foreclosed assets 35 177
Deposit insurance 69 296
Other operating expenses 4,635 18,320
------- --------
TOTAL NON-INTEREST EXPENSE 18,194 69,013
------- --------
NET INCOME BEFORE INCOME TAXES 7,793 31,775
Provision for income taxes 2,461 9,697
------- --------
NET INCOME $ 5,332 $ 22,078
======= ========
BASIC EARNINGS PER SHARE $ 0.38 $ 1.56
======= ========
DILUTED EARNINGS PER SHARE $ 0.37 $ 1.54
======= ========
Simmons First National Corporation
Consolidated Risk-Based Capital
For the Quarters Ended
(In thousands)
Dec 31 Sep 30 Jun 30
2003 2003 2003
---------- ---------- ----------
Tier 1 capital
Stockholders' equity $ 209,995 $ 207,198 $ 205,058
Trust preferred securities 47,250 17,250 17,250
Intangible assets (50,417) (33,416) (33,439)
Unrealized loss (gain) on AFS
securities 286 (422) (2,343)
Other (1,160) (816) (825)
---------- ---------- ----------
Total Tier 1 capital 205,954 189,794 185,701
---------- ---------- ----------
Tier 2 capital
Qualifying unrealized gain on
AFS securities 326 370 415
Qualifying allowance for loan
losses 18,320 16,833 16,372
---------- ---------- ----------
Total Tier 2 capital 18,646 17,203 16,787
---------- ---------- ----------
Total risk-based capital $ 224,600 $ 206,997 $ 202,488
========== ========== ==========
Risk weighted assets $1,458,583 $1,340,640 $1,303,942
========== ========== ==========
Assets for leverage ratio $2,082,552 $1,967,798 $1,939,201
========== ========== ==========
Ratios at end of quarter
Leverage ratio 9.89% 9.64% 9.58%
Tier 1 capital 14.12% 14.16% 14.24%
Total risk-based capital 15.40% 15.44% 15.53%
Mar 31 Dec 31
2003 2002
---------- ----------
Tier 1 capital
Stockholders' equity $ 201,001 $ 197,605
Trust preferred securities 17,250 17,250
Intangible assets (33,464) (33,490)
Unrealized loss (gain) on AFS securities (2,019) (2,231)
Other (837) (845)
---------- ----------
Total Tier 1 capital 181,931 178,289
---------- ----------
Tier 2 capital
Qualifying unrealized gain on AFS
securities 385 363
Qualifying allowance for loan losses 15,852 15,976
---------- ----------
Total Tier 2 capital 16,237 16,339
---------- ----------
Total risk-based capital $ 198,168 $ 194,628
========== ==========
Risk weighted assets $1,262,159 $1,272,104
========== ==========
Assets for leverage ratio $1,933,475 $1,919,615
========== ==========
Ratios at end of quarter
Leverage ratio 9.41% 9.29%
Tier 1 capital 14.41% 14.02%
Total risk-based capital 15.70% 15.30%
Simmons First National Corporation
Consolidated Loans and Investments
For the Quarters Ended
(In thousands)
Dec 31 Sep 30 Jun 30
2003 2003 2003
---------- ---------- ----------
Loan Portfolio - End of Period
------------------------------
Consumer
Credit cards $ 165,919 $ 161,315 $ 162,554
Student loans 86,301 89,280 86,429
Other consumer 142,995 137,884 142,500
Real Estate
Construction 111,567 102,981 99,027
Single-family residential 261,947 230,163 231,514
Other commercial 408,452 359,708 334,335
Unearned income (11) (14) (18)
Commercial
Commercial 162,122 146,407 141,160
Agricultural 57,393 76,909 66,310
Financial institutions 6,370 7,369 7,369
Other 15,259 13,426 15,662
---------- ---------- ----------
Total Loans $1,418,314 $1,325,428 $1,286,842
========== ========== ==========
Investment Securities - End of Period
--------------------------------------
Held-to-Maturity
U.S. Treasury $ 12,583 $ 11,080 $ 12,610
U.S. Government agencies 30,017 29,500 41,756
Mortgage-backed securities 553 1,051 1,174
State and political
subdivisions 113,306 112,358 111,035
Other securities 20,108 100 100
---------- ---------- ----------
Total held-to-maturity 176,567 154,089 166,675
---------- ---------- ----------
Available-for-Sale
U.S. Treasury 16,331 16,134 20,737
U.S. Government agencies 280,672 255,232 227,830
Mortgage-backed securities 1,382 2,208 2,320
State and political
subdivisions 4,849 5,009 5,070
FHLB stock 6,849 6,821 4,765
Other securities 5,300 5,352 5,541
---------- ---------- ----------
Total available-for-sale 315,383 290,756 266,263
---------- ---------- ----------
Total investment securities $ 491,950 $ 444,845 $ 432,938
========== ========== ==========
Fair Value - HTM investment
securities $ 179,494 $ 157,091 $ 171,662
========== ========== ==========
Investment Securities - QTD Average
------------------------------------
Taxable securities $ 329,745 $ 322,947 $ 302,443
Tax exempt securities 115,227 116,603 114,637
---------- ---------- ----------
Total investment securities -
QTD average $ 444,972 $ 439,550 $ 417,080
========== ========== ==========
Mar 31 Dec 31
2003 2002
---------- ----------
Loan Portfolio - End of Period
------------------------------
Consumer
Credit cards $ 165,821 $ 180,439
Student loans 91,288 83,890
Other consumer 148,113 153,103
Real Estate
Construction 95,317 90,736
Single-family residential 231,660 233,218
Other commercial 298,146 290,469
Unearned income (22) (25)
Commercial
Commercial 157,313 144,678
Agricultural 48,821 58,585
Financial institutions 6,544 6,504
Other 14,454 15,708
---------- ----------
Total Loans $1,257,455 $1,257,305
========== ==========
Investment Securities - End of Period
-------------------------------------
Held-to-Maturity
U.S. Treasury $ 18,637 $ 26,153
U.S. Government agencies 77,983 59,324
Mortgage-backed securities 1,357 1,510
State and political subdivisions 110,981 120,230
Other securities 100 100
---------- ----------
Total held-to-maturity 209,058 207,317
---------- ----------
Available-for-Sale
U.S. Treasury 13,795 14,878
U.S. Government agencies 172,916 163,484
Mortgage-backed securities 2,618 3,015
State and political subdivisions 5,229 5,303
FHLB stock 4,623 4,552
Other securities 5,430 5,499
---------- ----------
Total available-for-sale 204,611 196,731
---------- ----------
Total investment securities $ 413,669 $ 404,048
========== ==========
Fair Value - HTM investment securities $ 213,778 $ 212,415
========== ==========
Investment Securities - QTD Average
-----------------------------------
Taxable securities $ 291,368 $ 287,418
Tax exempt securities 115,019 118,166
---------- ----------
Total investment securities - QTD average $ 406,387 $ 405,584
========== ==========
Simmons First National Corporation
Consolidated Allowance and Asset Quality
For the Quarters Ended
(In thousands)
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
2003 2003 2003 2003 2002
------- ------- ------- ------- -------
Allowance for Loan Losses
-------------------------
Balance, beginning of
quarter $22,795 $22,229 $21,826 $21,948 $21,688
------- ------- ------- ------- -------
Loans charged off
Credit cards 1,186 1,129 1,230 1,160 1,162
Other consumer 544 452 444 547 591
Real estate 587 152 307 458 610
Commercial 1,434 335 257 648 372
------- ------- ------- ------- -------
Total loans
charged off 3,751 2,068 2,238 2,813 2,735
------- ------- ------- ------- -------
Recoveries of loans
previously charged off
Credit cards 148 164 151 207 159
Other consumer 132 142 161 209 101
Real estate 104 54 36 24 29
Commercial 758 78 97 54 144
------- ------- ------- ------- -------
Total recoveries 1,142 438 445 494 433
------- ------- ------- ------- -------
Net loans charged off 2,609 1,630 1,793 2,319 2,302
Allowance for loan
losses of acquired
branch 2,964 - - - -
Provision for loan
losses 2,197 2,196 2,196 2,197 2,562
------- ------- ------- ------- -------
Balance, end of quarter $25,347 $22,795 $22,229 $21,826 $21,948
======= ======= ======= ======= =======
Non-performing assets
---------------------
Non-performing loans
Nonaccrual loans
Real estate $ 6,004 $ 5,833 $ 5,556 $ 6,310 $ 6,268
Commercial 1,969 2,747 2,491 2,325 2,230
Consumer 2,076 2,010 1,603 1,766 1,945
------- ------- ------- ------- -------
Total
nonaccrual
loans 10,049 10,590 9,650 10,401 10,443
Loans past due 90
days or more 1,518 1,770 1,994 1,605 1,814
------- ------- ------- ------- -------
Total non-
performing
loans 11,567 12,360 11,644 12,006 12,257
------- ------- ------- ------- -------
Other non-performing
assets
Foreclosed assets
held for sale 2,979 2,774 2,700 2,426 2,705
Other non-performing
assets 393 396 405 418 426
------- ------- ------- ------- -------
Total other non-
performing assets 3,372 3,170 3,105 2,844 3,131
------- ------- ------- ------- -------
Total non-
performing
assets $14,939 $15,530 $14,749 $14,850 $15,388
======= ======= ======= ======= =======
Ratios
------
Allowance for loan
losses to total loans 1.79% 1.72% 1.73% 1.74% 1.75%
Allowance for loan
losses to non-performing
loans 219.13% 184.43% 190.91% 181.79% 179.07%
Allowance for loan
losses to non-performing
assets 169.67% 146.78% 150.72% 146.98% 142.63%
Non-performing loans to
total loans 0.82% 0.93% 0.90% 0.95% 0.97%
Non-performing assets to
total assets 0.67% 0.77% 0.74% 0.76% 0.78%
Simmons First National Corporation
Consolidated - Selected Financial Data
For the Quarters Ended
(In thousands, except share data)
Dec 31 Sep 30 Jun 30
2003 2003 2003
----------- ----------- -----------
QUARTER-TO-DATE
---------------
Diluted earnings per share
(split adjusted) $ 0.37 $ 0.46 $ 0.45
Cash dividends declared per
common share (split adj.) 0.140 0.130 0.130
Cash dividends declared -
amount 1,974 1,830 1,834
Return on average stockholders'
equity 10.04% 12.65% 12.83%
Return on average assets 0.99% 1.31% 1.32%
Net interest margin (FTE) 4.17% 4.43% 4.40%
FTE Adjustment - investments 675 676 664
FTE Adjustment - loans 94 97 113
Amortization of intangibles 98 23 26
Amortization of intangibles,
net of taxes 61 16 16
Average shares outstanding
(split adjusted) 14,089,152 14,092,753 14,128,383
Shares repurchased (split
adjusted) - 32,000 50,000
Average price of repurchased
shares (split adjusted) - 23.07 19.66
Average earning assets 1,963,121 1,846,960 1,826,262
Average interest bearing
liabilities 1,650,136 1,539,043 1,520,161
YEAR-TO-DATE
------------
Diluted earnings per share
(split adjusted) $ 1.65 $ 1.28 $ 0.82
Cash dividends declared per
common share (split adj.) 0.525 0.385 0.255
Return on average stockholders'
equity 11.57% 12.10% 11.81%
Return on average assets 1.18% 1.24% 1.21%
Net interest margin (FTE) 4.34% 4.41% 4.39%
FTE Adjustment - investments 2,710 2,035 1,359
FTE Adjustment - loans 402 308 211
Amortization of intangibles 172 74 51
Amortization of intangibles,
net of taxes 109 48 32
Average shares outstanding
(split adjusted) 14,114,428 14,122,946 14,138,293
Diluted shares outstanding
(split adjusted) 301,279 273,436 240,391
Average earning assets 1,864,070 1,830,689 1,822,418
Average interest bearing
liabilities 1,559,138 1,528,472 1,523,099
END OF PERIOD
-------------
Book value (split adjusted) $ 14.89 $ 14.71 $ 14.54
Shares outstanding (split
adjusted) 14,101,521 14,083,109 14,103,472
Full-time equivalent employees 1,042 1,000 992
Total number of ATM's 70 62 61
Total number of branches 71 62 62
Parent company only -
investment in subsidiaries 221,626 213,583 213,507
Parent company only -
intangible assets 134 134 134
Mar 31 Dec 31
2003 2002
----------- -----------
QUARTER-TO-DATE
---------------
Diluted earnings per share (split adjusted) $ 0.37 $ 0.40
Cash dividends declared per common share
(split adj.) 0.125 0.125
Cash dividends declared - amount 1,769 1,767
Return on average stockholders' equity 10.76% 11.40%
Return on average assets 1.10% 1.15%
Net interest margin (FTE) 4.39% 4.41%
FTE Adjustment - investments 695 707
FTE Adjustment - loans 98 105
Amortization of intangibles 25 (16)
Amortization of intangibles, net of taxes 16 (26)
Average shares outstanding (split adjusted) 14,148,314 14,132,390
Shares repurchased (split adjusted) - -
Average price of repurchased shares (split
adjusted) - -
Average earning assets 1,818,528 1,798,082
Average interest bearing liabilities 1,526,070 1,516,879
YEAR-TO-DATE
------------
Diluted earnings per share (split adjusted) $ 0.37 $ 1.54
Cash dividends declared per common share
(split adj.) 0.125 0.480
Return on average stockholders' equity 10.76% 11.56%
Return on average assets 1.10% 1.12%
Net interest margin (FTE) 4.39% 4.37%
FTE Adjustment - investments 695 2,895
FTE Adjustment - loans 98 430
Amortization of intangibles 25 78
Amortization of intangibles, net of taxes 16 49
Average shares outstanding (split adjusted) 14,148,314 14,140,966
Diluted shares outstanding (split adjusted) 214,330 235,532
Average earning assets 1,818,528 1,806,793
Average interest bearing liabilities 1,526,070 1,531,066
END OF PERIOD
-------------
Book value (split adjusted) $ 14.21 $ 13.97
Shares outstanding (split adjusted) 14,150,560 14,142,910
Full-time equivalent employees 973 977
Total number of ATM's 61 62
Total number of branches 62 63
Parent company only - investment in
subsidiaries 210,370 208,363
Parent company only - intangible assets 134 134
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