8-K 1 e03018k.txt 1ST QUARTER 2001 EARNINGS RELEASE UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Exchange Act of 1934 Date of Report (Date of earliest event reported) April 19, 2001 SIMMONS FIRST NATIONAL CORPORATION (Exact name of registrant as specified in its charter) Arkansas 0-6253 71-0407808 (State or other jurisdiction of (Commission (I.R.S. employer incorporation or organization) file number) identification No.) 501 Main Street, Pine Bluff, Arkansas 71601 (Address of principal executive offices) (Zip Code) (870)541-1000 (Registrant's telephone number, including area code) ITEM: 5 Other Events The following is the text of a press release issued by the registrant at 8:00 A.M. Central Standard Time on April 19, 2001. FOR IMMEDIATE RELEASE: April 19, 2001 SIMMONS FIRST ANNOUNCES RECORD FIRST QUARTER EARNINGS ----------------------------------------------------- Pine Bluff, Arkansas - Simmons First National Corporation today announced record earnings of $4,554,000, or $0.64 diluted earnings per share for the first quarter of 2001. These earnings reflect an increase of $0.05 per share, or 8.5% increase over the first quarter of 2000 diluted earnings per share of $0.59. Because of the Corporation's cash acquisitions, cash earnings (net income excluding amortization of intangibles) are an integral component of earnings. Diluted cash earnings, on a per share basis, as of March 31, 2001 were $0.71 compared to $0.65 at March 31, 2000. Cash return on average assets was 1.09% and cash return on average stockholders' equity was 11.85% for the three-month period ended March 31, 2001, compared with 1.13% and 11.79%, respectively, for the same period in 2000. "Despite margin pressures, our Company recorded good earnings during the 1st quarter" said J. Thomas May, Chairman and Chief Executive Officer. "The increase in earnings was primarily attributable to strong growth in the loan portfolio". Total assets for the Corporation at March 31, 2001, were $1.946 billion, an increase of $188 million, or 10.7%, over the same figure at March 31, 2000. During the third quarter of 2000, Simmons First completed the acquisition of eight branches with assets of $72 million. Stockholders' equity at the end of the first quarter of 2001 was $175.0 million, a $12.2 million, or 7.5%, increase from March 31, 2000. Asset quality remains strong with the allowance for loan losses as a percent of total loans at 1.67% as of March 31, 2001. Non-performing loans equaled 0.93% of total loans, while the allowance for loan losses equaled 179% of non-performing loans as of March 31, 2001. As previously announced, the Company has adopted a stock repurchase program. This program authorizes the repurchase of up to 400,000 shares. As of March 31, 2001 the Company has repurchased 275,782 shares of stock with a weighted average repurchase price of $21.96 per share. CONFERENCE CALL Management will conduct a conference call to review this information at 3:00 p.m. CST (4:00 p.m. EST) on Thursday, April 19, 2001. Interested parties can listen to this call by calling 1-800-874-9030 (United States and Canada only) and ask for Simmons First National Corporation conference call. A recorded playback of the call will be available the next morning by calling 1-800-642-1687. The passcode for this playback is 379897 and the recording will be available through the end of business April 26, 2001. In addition, the call will also be available live or in recorded version on the Company's website at www.simmonsfirst.com under the "webcast" icon. Simmons First National Corporation is a financial holding company, with community banks in Pine Bluff, Jonesboro, Lake Village, Dumas, Rogers, Russellville, Searcy and El Dorado, Arkansas. The Company's eight banks are conducting financial operations from 63 offices in 33 communities. #### FOR MORE INFORMATION CONTACT: BARRY L. CROW Executive Vice President and Chief Financial Officer Simmons First National Corporation (870) 541-1350 Ticker symbol: SFNCA -------------------------------------------------------------------------------- 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 SFNCA Consolidated End of Period Balance Sheets For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 (In thousands) 2001 2000 2000 2000 2000 -------- -------- -------- -------- -------- ASSETS Cash and non-interest bearing balances due from banks $ 66,375 $ 77,495 $ 56,705 $ 49,013 $ 51,081 Interest bearing balances due from banks 29,838 12,990 19,218 29,973 18,848 Federal funds sold and securities purchased under agreements to resell 85,000 20,650 5,650 27,510 52,645 ------------ ----------- ----------- ----------- ----------- Cash and cash equivalents 181,213 111,135 81,573 106,496 122,574 Investment securities 372,775 398,483 401,735 399,045 407,072 Mortgage loans held for sale 16,494 8,934 12,177 7,465 7,144 Assets held in trading accounts 43 1,127 734 390 814 Loans 1,280,400 1,294,710 1,268,931 1,171,627 1,136,678 Allowance for loan losses (21,368) (21,157) (20,691) (18,002) (17,719) ------------ ----------- ----------- ----------- ----------- Net loans 1,259,032 1,273,553 1,248,240 1,153,625 1,118,959 Premises and equipment 46,288 46,597 46,370 41,221 40,379 Foreclosed assets held for sale, net 1,211 1,104 1,226 1,249 1,632 Interest receivable 17,476 18,878 18,961 15,985 15,312 Intangible assets tax deductible, net 32,284 32,944 33,231 23,425 23,908 Intangible assets non tax deductible, net 2,172 2,297 2,433 2,567 2,701 Other assets 16,609 17,441 18,528 18,544 17,540 ------------ ----------- ----------- ----------- ----------- TOTAL ASSETS $ 1,945,597 $ 1,912,493 $ 1,865,208 $ 1,770,012 $ 1,758,035 =========== ========== ========== ========== ========== LIABILITIES Non-interest bearing transaction accounts $ 214,632 $ 213,312 $ 195,678 $ 188,474 $ 196,418 Interest bearing transaction accounts and savings deposits 465,490 471,609 445,513 453,215 437,743 Time deposits less than $100,000 596,686 595,696 605,828 576,937 596,147 Time deposits greater than $100,000 348,167 324,969 291,399 270,850 249,807 ------------ ----------- ----------- ----------- ----------- Total deposits 1,624,975 1,605,586 1,538,418 1,489,476 1,480,115 ------------ ----------- ----------- ----------- ----------- Federal funds purchased and securities sold under agreements to repurchase 76,531 67,250 87,767 47,556 44,171 Short-term debt 6,298 4,070 9,524 6,515 8,981 Long-term debt - parent company 14,841 14,857 14,873 16,888 16,903 Long-term FHLB debt - affiliate banks 9,366 9,574 9,784 9,996 10,208 Trust preferred securities 17,250 17,250 17,250 17,250 17,250 Accrued interest and other liabilities 21,335 20,563 18,046 16,428 17,614 ------------ ----------- ----------- ----------- ----------- TOTAL LIABILITIES 1,770,596 1,739,150 1,695,662 1,604,109 1,595,242 ------------ ----------- ----------- ----------- ----------- STOCKHOLDERS' EQUITY Capital stock 7,072 7,181 7,272 7,334 7,330 Surplus 45,355 47,964 49,713 50,992 50,925 Undivided profits 121,301 118,232 114,772 111,263 108,121 Accumulated other comprehensive income Unrealized appreciation (depreciation) on AFS securities 1,273 (34) (2,211) (3,686) (3,583) ------------ ----------- ----------- ----------- ----------- TOTAL STOCKHOLDERS' EQUITY 175,001 173,343 169,546 165,903 162,793 ------------ ----------- ----------- ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,945,597 $ 1,912,493 $ 1,865,208 $ 1,770,012 $ 1,758,035 =========== ========== ========== ========== ==========
Simmons First National Corporation SFNCA Consolidated Average Quarter-to-Date Balance Sheets For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 (In thousands) 2001 2000 2000 2000 2000 --------- -------- -------- -------- --------- ASSETS Cash and non-interest bearing balances due from banks $ 62,928 $ 58,503 $ 53,892 $ 50,070 $ 53,532 Interest bearing balances due from banks 25,202 17,775 15,246 14,935 9,977 Federal funds sold and securities purchased under agreements to resell 46,205 14,364 13,522 36,277 24,698 ------------ ----------- ----------- ------------ ----------- Cash and cash equivalents 134,335 90,642 82,660 101,282 88,207 Investment securities - held-to-maturity 191,369 184,184 176,167 173,105 172,916 Investment securities - available-for-sale 197,562 217,768 221,907 235,079 236,507 Mortgage loans held for sale 11,263 8,919 7,563 6,612 6,027 Assets held in trading accounts 693 289 528 3,372 1,326 Loans 1,287,630 1,273,298 1,249,524 1,152,127 1,120,836 Allowance for loan losses (21,580) (21,118) (20,281) (18,120) (17,586) ------------ ----------- ----------- ------------ ----------- Net loans 1,266,050 1,252,180 1,229,243 1,134,007 1,103,250 Premises and equipment 46,499 46,311 45,811 40,891 40,854 Foreclosed assets held for sale, net 1,130 1,148 1,240 1,509 1,008 Interest receivable 18,325 19,286 18,172 16,174 15,888 Intangible assets, net 34,840 35,383 34,568 26,296 26,914 Other assets 17,231 17,210 18,039 18,143 17,668 ------------ ----------- ----------- ------------ ----------- TOTAL ASSETS $ 1,919,297 $ 1,873,320 $ 1,835,898 $ 1,756,470 $ 1,710,565 =========== ========== ========== =========== ========== LIABILITIES Non-interest bearing transaction accounts $ 202,688 $ 195,590 $ 189,827 $ 185,084 $ 182,282 Interest bearing transaction accounts 146,592 148,975 143,620 143,911 145,805 Savings deposits 315,424 305,894 301,473 292,866 296,859 Time deposits less than $100,000 596,990 599,025 596,273 593,502 559,525 Time deposits greater than $100,000 333,952 308,136 288,765 260,819 234,242 ----------- ----------- ----------- ------------ ----------- Total deposits 1,595,646 1,557,620 1,519,958 1,476,182 1,418,713 ----------- ----------- ----------- ------------ ----------- Federal funds purchased and securities sold under agreements to repurchase 81,472 77,054 77,505 44,748 57,622 Short-term debt 6,156 6,832 10,305 9,696 10,305 Long-term debt 41,538 41,762 42,647 44,190 44,812 Accrued interest and other liabilities 19,595 18,520 17,632 16,634 15,847 ----------- ----------- ----------- ------------ ----------- TOTAL LIABILITIES 1,744,407 1,701,788 1,668,047 1,591,450 1,547,299 ----------- ----------- ----------- ------------ ----------- TOTAL STOCKHOLDERS' EQUITY 174,890 171,532 167,851 165,020 163,266 ----------- ----------- ----------- ------------ ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,919,297 $ 1,873,320 $ 1,835,898 $ 1,756,470 $ 1,710,565 ========== ========== ========== =========== ==========
Simmons First National Corporation SFNCA Consolidated Average Year-to-Date Balance Sheets For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 (In thousands) 2001 2000 2000 2000 2000 -------- -------- -------- -------- ---------- ASSETS Cash and non-interest bearing balances due from banks $ 62,928 $ 54,011 $ 52,503 $ 51,801 $ 53,532 Interest bearing balances due from banks 25,202 14,495 13,393 12,456 9,977 Federal funds sold and securities purchased under agreements to resell 46,205 22,170 24,791 30,488 24,698 ----------- ----------- ----------- ----------- ----------- Cash and cash equivalents 134,335 90,676 90,687 94,745 88,207 Investment securities - held-to-maturity 191,369 176,351 173,838 172,837 172,916 Investment securities - available-for-sale 197,562 227,772 231,131 235,793 236,507 Mortgage loans held for sale 11,263 7,285 6,737 6,319 6,027 Assets held in trading accounts 693 1,373 1,738 2,349 1,326 Loans 1,287,630 1,199,288 1,174,437 1,136,481 1,120,836 Allowance for loan losses (21,580) (19,284) (18,668) (17,853) (17,586) ----------- ----------- ----------- ----------- ----------- Net loans 1,266,050 1,180,004 1,155,769 1,118,628 1,103,250 Premises and equipment 46,499 43,362 42,425 40,793 40,854 Foreclosed assets held for sale, net 1,130 1,226 1,252 1,258 1,008 Interest receivable 18,325 17,387 16,750 16,031 15,888 Intangible assets, net 34,840 30,813 29,278 26,605 26,914 Other assets 17,231 17,765 17,951 17,907 17,668 ----------- ---------- ----------- ----------- ----------- TOTAL ASSETS $ 1,919,297 $ 1,794,014 $ 1,767,556 $ 1,733,265 $ 1,710,565 ========== ========== ========== ========== ========== LIABILITIES Non-interest bearing transaction accounts $ 202,688 $ 188,220 $ 185,746 $ 183,683 $ 182,282 Interest bearing transaction accounts 146,592 145,582 144,443 144,858 145,805 Savings deposits 315,424 299,297 297,082 294,863 296,859 Time deposits less than $100,000 596,990 587,140 583,147 576,512 559,525 Time deposits greater than $100,000 333,952 273,129 261,376 247,531 234,242 ----------- ----------- ----------- ----------- ----------- Total deposits 1,595,646 1,493,368 1,471,794 1,447,447 1,418,713 ----------- ----------- ---------- ----------- ----------- Federal funds purchased and securities sold under agreements to repurchase 81,472 64,304 60,022 51,185 57,622 Short-term debt 6,156 9,371 9,863 10,183 10,305 Long-term debt 41,538 43,255 44,118 44,318 44,812 Accrued interest and other liabilities 19,595 17,199 16,740 16,265 15,847 ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES 1,744,407 1,627,497 1,602,537 1,569,398 1,547,299 ----------- ----------- ----------- ----------- ----------- TOTAL STOCKHOLDERS' EQUITY 174,890 166,517 165,019 163,867 163,266 ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,919,297 $ 1,794,014 $ 1,767,556 $ 1,733,265 $ 1,710,565 ========== ========== ========== ========== ==========
Simmons First National Corporation SFNCA Consolidated Statements of Income - Quarter-to-Date For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 (In thousands, except per share data) 2001 2000 2000 2000 2000 ------- -------- -------- -------- -------- INTEREST INCOME Loans $ 29,161 $ 30,415 $ 28,952 $ 26,019 $ 24,726 Federal funds sold and securities purchased under agreements to resell 639 281 332 565 352 Investment securities 5,700 5,848 5,864 5,966 5,907 Mortgage loans held for sale, net of unrealized gains (losses) 172 160 143 121 118 Assets held in trading accounts 7 7 5 65 18 Interest bearing balances due from banks 335 276 234 238 142 ----------- ---------- --------- --------- -------- TOTAL INTEREST INCOME 36,014 36,987 35,530 32,974 31,263 ----------- ---------- --------- --------- -------- INTEREST EXPENSE Time deposits 13,897 13,818 12,979 11,926 10,332 Other deposits 3,181 3,471 3,271 3,102 2,972 Federal funds purchased and securities sold under agreements to repurchase 1,057 1,223 1,276 624 710 Short-term debt 104 105 163 131 117 Long-term debt 819 843 855 889 886 ----------- ---------- --------- --------- -------- TOTAL INTEREST EXPENSE 19,058 19,460 18,544 16,672 15,017 ----------- ---------- --------- --------- -------- NET INTEREST INCOME 16,956 17,527 16,986 16,302 16,246 Provision for loan losses 1,853 1,994 1,892 1,925 1,720 ----------- ---------- --------- --------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 15,103 15,533 15,094 14,377 14,526 ----------- ---------- --------- --------- -------- NON-INTEREST INCOME Trust income 1,407 1,282 1,496 1,290 1,214 Service charges on deposit accounts 2,101 2,190 2,176 1,905 1,727 Other service charges and fees 528 398 392 475 539 Income on sale of mortgage loans, net of commissions 624 450 521 391 365 Income on investment banking, net of commissions 162 71 13 87 88 Credit card fees 2,456 2,851 2,712 2,624 2,335 Other income 815 513 817 741 692 Gain on sale of securities, net -- -- -- -- -- ----------- ---------- --------- --------- -------- TOTAL NON-INTEREST INCOME 8,093 7,755 8,127 7,513 6,960 ----------- ---------- --------- --------- -------- NON-INTEREST EXPENSE Salaries and employee benefits 9,003 8,262 8,591 8,304 8,387 Occupancy expense, net 1,166 1,043 1,035 923 872 Furniture & equipment expense 1,336 1,355 1,336 1,274 1,281 Loss on foreclosed assets 75 60 66 77 51 Deposit insurance 76 43 87 93 76 Other operating expenses 5,161 5,288 4,860 4,579 4,613 ----------- ---------- --------- --------- --------- TOTAL NON-INTEREST EXPENSE 16,817 16,051 15,975 15,250 15,280 ----------- ---------- --------- --------- --------- NET INCOME BEFORE INCOME TAXES 6,379 7,237 7,246 6,640 6,206 Provision for income taxes 1,825 2,270 2,281 2,031 1,878 ----------- ---------- --------- --------- --------- NET INCOME $ 4,554 $ 4,967 $ 4,965 $ 4,609 $ 4,328 ========== ========= ======== ======== ======== BASIC EARNINGS PER SHARE $ 0.64 $ 0.69 $ 0.68 $ 0.63 $ 0.59 ========== ========= ======== ======== ======== DILUTED EARNINGS PER SHARE $ 0.64 $ 0.69 $ 0.67 $ 0.63 $ 0.59 ========== ========= ======== ======== ========
Simmons First National Corporation SFNCA Consolidated Statements of Income - Year-to-Date For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 (In thousands, except per share data) 2001 2000 2000 2000 2000 --------- -------- -------- -------- ------- INTEREST INCOME Loans $ 29,161 $110,112 $ 79,697 $ 50,745 $ 24,726 Federal funds sold and securities purchased under agreements to resell 639 1,530 1,249 917 352 Investment securities 5,700 23,585 17,737 11,873 5,907 Mortgage loans held for sale, net of unrealized gains (losses) 172 542 382 239 118 Assets held in trading accounts 7 95 88 83 18 Interest bearing balances due from banks 335 890 614 380 142 -------- -------- -------- -------- -------- TOTAL INTEREST INCOME 36,014 136,754 99,767 64,237 31,263 -------- -------- -------- -------- -------- INTEREST EXPENSE Time deposits 13,897 49,055 35,237 22,258 10,332 Other deposits 3,181 12,816 9,345 6,074 2,972 Federal funds purchased and securities sold under agreements to repurchase 1,057 3,833 2,610 1,334 710 Short-term debt 104 516 411 248 117 Long-term debt 819 3,473 2,630 1,775 886 -------- -------- -------- -------- -------- TOTAL INTEREST EXPENSE 19,058 69,693 50,233 31,689 15,017 -------- -------- -------- -------- -------- NET INTEREST INCOME 16,956 67,061 49,534 32,548 16,246 Provision for loan losses 1,853 7,531 5,537 3,645 1,720 -------- -------- -------- -------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 15,103 59,530 43,997 28,903 14,526 -------- -------- -------- -------- -------- NON-INTEREST INCOME Trust income 1,407 5,282 4,000 2,504 1,214 Service charges on deposit accounts 2,101 7,998 5,808 3,632 1,727 Other service charges and fees 528 1,804 1,406 1,014 539 Income on sale of mortgage loans, net of commissions 624 1,727 1,277 756 365 Income on investment banking, net of commissions 162 259 188 175 88 Credit card fees 2,456 10,522 7,671 4,959 2,335 Other income 815 2,763 2,250 1,433 692 Gain on sale of securities, net -- -- -- -- -- -------- -------- -------- -------- -------- TOTAL NON-INTEREST INCOME 8,093 30,355 22,600 14,473 6,960 -------- -------- -------- -------- -------- NON-INTEREST EXPENSE Salaries and employee benefits 9,003 33,544 25,282 16,691 8,387 Occupancy expense, net 1,166 3,873 2,830 1,795 872 Furniture & equipment expense 1,336 5,246 3,891 2,555 1,281 Loss on foreclosed assets 75 254 194 128 51 Deposit insurance 76 299 256 169 76 Other operating expenses 5,161 19,340 14,052 9,192 4,613 -------- -------- -------- -------- -------- TOTAL NON-INTEREST EXPENSE 16,817 62,556 46,505 30,530 15,280 -------- -------- -------- -------- -------- NET INCOME BEFORE INCOME TAXES 6,379 27,329 20,092 12,846 6,206 Provision for income taxes 1,825 8,460 6,190 3,909 1,878 -------- -------- -------- -------- -------- NET INCOME $ 4,554 $ 18,869 $ 13,902 $ 8,937 $ 4,328 ======= ======= ======= ======= ======= BASIC EARNINGS PER SHARE $ 0.64 $ 2.59 $ 1.90 $ 1.22 $ 0.59 ======= ======= ======= ======= ======= DILUTED EARNINGS PER SHARE $ 0.64 $ 2.58 $ 1.89 $ 1.22 $ 0.59 ======= ======= ======= ======= =======
Simmons First National Corporation SFNCA Consolidated Risk-Based Capital For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 (In thousands) 2001 2000 2000 2000 2000 --------- --------- --------- ---------- --------- Tier 1 capital Stockholders' equity $ 175,001 $ 173,343 $ 169,546 $ 165,903 $ 162,793 Trust preferred securities 17,250 17,250 17,250 17,250 17,250 Intangible assets (34,456) (35,241) (35,664) (25,992) (26,609) Unrealized loss (gain) on AFS securities (1,273) 34 2,211 3,686 3,583 Debt issuance costs (907) (916) (924) (932) (943) ----------- ----------- ----------- ----------- ----------- Total Tier 1 capital 155,615 154,470 152,419 159,915 156,074 ----------- ----------- ----------- ----------- ----------- Tier 2 capital Qualifying unrealized gain on AFS securities 367 475 287 343 340 Qualifying allowance for loan losses 16,059 16,193 15,862 14,733 14,281 ----------- ----------- ----------- ----------- ----------- Total Tier 2 capital 16,426 16,668 16,149 15,076 14,621 ----------- ----------- ----------- ----------- ----------- Total risk-based capital $ 172,041 $ 171,138 $ 168,568 $ 174,991 $ 170,695 ========== ========== ========== ========== ========== Risk weighted assets $ 1,279,382 $ 1,290,494 $ 1,264,212 $ 1,175,381 $ 1,139,443 =========== ========== ========== ========== ========== Assets for leverage ratio $ 1,883,934 $ 1,837,163 $ 1,799,310 $ 1,729,545 $ 1,681,485 ========== ========== ========== ========== ========== Ratios at end of quarter Leverage ratio 8.26% 8.41% 8.47% 9.25% 9.28% Tier 1 capital 12.16% 11.97% 12.06% 13.61% 13.70% Total risk-based capital 13.45% 13.26% 13.33% 14.89% 14.98%
Simmons First National Corporation SFNCA Consolidated Loans and Investments For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 (In thousands) 2001 2000 2000 2000 2000 --------- --------- --------- --------- -------- Loan Portfolio - End of Period Consumer Credit cards $ 185,411 $ 197,567 $ 186,342 $ 183,853 $ 177,762 Student loans 74,562 67,145 66,071 65,595 71,048 Other consumer 187,408 192,595 194,421 184,097 185,063 Real Estate Construction 70,123 69,169 71,383 53,128 54,719 Single-family residential 240,049 244,377 243,904 217,669 209,356 Other commercial 284,488 287,272 275,091 251,469 243,857 Unearned income (91) (102) (113) (134) (145) Commercial Commercial 173,040 161,134 146,156 143,913 140,897 Agricultural 49,274 57,164 70,064 59,255 39,917 Financial institutions 4,741 2,339 2,379 2,397 2,856 Other 11,395 16,050 13,233 10,385 11,348 ----------- ----------- ----------- ----------- ----------- Total Loans $ 1,280,400 $ 1,294,710 $ 1,268,931 $ 1,171,627 $ 1,136,678 ========== ========== ========== ========== ========== Investment Securities - End of Period Held-to-Maturity U.S. Treasury $ 24,702 $ 21,923 $ 19,516 $ 16,563 $ 12,323 U.S. Government agencies 60,997 40,965 40,950 36,607 36,655 Mortgage-backed securities 10,153 11,065 14,296 15,240 16,113 State and political subdivisions 109,076 110,380 107,147 106,234 105,565 Other securities 178 80 82 82 83 ----------- ----------- ----------- ----------- ----------- Total held-to-maturity 205,106 184,413 181,991 174,726 170,739 ----------- ----------- ----------- ----------- ----------- Available-for-Sale U.S. Treasury 21,655 24,037 27,146 35,264 40,054 U.S. Government agencies 113,219 156,436 161,031 156,892 163,656 Mortgage-backed securities 14,501 15,181 13,910 14,954 15,899 State and political subdivisions 6,912 6,821 6,720 6,681 6,282 FHLB stock 6,267 6,165 6,068 5,924 5,794 Other securities 5,115 5,430 4,869 4,604 4,648 ----------- ----------- ----------- ----------- ----------- Total available-for-sale 167,669 214,070 219,744 224,319 236,333 ----------- ----------- ----------- ----------- ----------- Total investment securities $ 372,775 $ 398,483 $ 401,735 $ 399,045 $ 407,072 ========== ========== ========== ========== ========== Fair Value - HTM investment securities $ 208,641 $ 185,663 $ 181,357 $ 171,940 $ 167,729 ========== ========== ========== ========== ========== Investment Securities - QTD Average Taxable securities $ 273,507 $ 286,981 $ 284,901 $ 296,027 $ 297,561 Tax exempt securities 115,424 114,971 113,173 112,157 111,862 ----------- ----------- ----------- ----------- ----------- Total investment securities - QTD average $ 388,931 $ 401,952 $ 398,074 $ 408,184 $ 409,423 ========== ========== ========== ========== ==========
Simmons First National Corporation SFNCA Consolidated Allowance and Asset Quality For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 (In thousands) 2001 2000 2000 2000 2000 --------- --------- --------- -------- --------- Allowance for Loan Losses Balance, beginning of quarter $21,157 $20,691 $18,002 $17,719 $17,085 ------ ------ ------ ------ ------ Loans charged off Credit card 965 962 834 843 745 Other consumer 617 630 660 663 396 Real estate 209 211 46 64 285 Commercial 271 474 286 395 255 ------- ------- ------- ------- ------- Total loans charged off 2,062 2,277 1,826 1,965 1,681 ------- ------- ------- ------- ------- Recoveries of loans previously charged off Credit card 131 121 116 118 113 Other consumer 192 149 294 122 235 Real estate 63 2 15 17 58 Commercial 34 27 43 66 189 ------- ------- ------- ------- ------- Total recoveries 420 299 468 323 595 ------- ------- ------- ------- ------- Net loans charged off 1,642 1,978 1,358 1,642 1,086 Allowance for loan losses of acquired branches -- 450 2,155 -- -- Provision for loan losses 1,853 1,994 1,892 1,925 1,720 ------- ------- ------- ------- ------- Balance, end of year $21,368 $21,157 $20,691 $18,002 $17,719 ====== ====== ====== ====== ====== Non-performing assets Non-performing loans Nonaccrual loans Real estate $ 4,862 $ 4,739 $ 4,393 $ 3,733 $ 4,281 Commercial 2,872 791 2,929 926 1,805 Consumer 2,083 2,682 2,300 1,989 1,536 ------- ------- ------- ------- ------- Total nonaccrual loans 9,817 8,212 9,622 6,648 7,622 Loans past due 90 days or more 2,121 2,752 2,643 2,145 2,154 ------- ------- ------- ------- ------- Total non-performing loans 11,938 10,964 12,265 8,793 9,776 ------- ------- ------- ------- ------- Other non-performing assets Foreclosed assets held for sale 1,211 1,104 1,226 1,249 1,632 Other non-performing assets 147 196 100 36 40 ------- ------- ------- ------- ------- Total other non-performing assets 1,358 1,300 1,326 1,285 1,672 ------- ------- ------- ------- ------- Total non-performing assets $13,296 $12,264 $13,591 $10,078 $11,448 ====== ====== ====== ====== ====== Ratios Allowance for loan losses to total loans 1.67% 1.63% 1.63% 1.54% 1.56% Allowance for loan losses to non-performing loans 178.99% 192.97% 168.70% 204.73% 181.25% Allowance for loan losses to non-performing assets 160.71% 172.51% 152.24% 178.63% 154.78% Non-performing loans to total loans 0.93% 0.85% 0.97% 0.75% 0.86% Non-performing assets to total assets 0.68% 0.64% 0.73% 0.57% 0.65%
Simmons First National Corporation SFNCA Consolidated - Selected Financial Data For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 (In thousands, except per share data) 2001 2000 2000 2000 2000 --------- ---------- ----------- ----------- ---------- QUARTER-TO-DATE Diluted earnings per share $ 0.64 $ 0.69 $ 0.67 $ 0.63 $ 0.59 Diluted cash earnings per share 0.71 0.75 0.75 0.68 0.65 Cash dividends declared - per common share 0.21 0.21 0.20 0.20 0.19 Cash dividends declared - amount 1,485 1,507 1,456 1,467 1,392 Cash earnings 5,072 5,501 5,473 5,024 4,743 Return on average stockholders' equity 10.56% 11.52% 11.77% 11.23% 10.66% Cash return on average stockholders' equity 11.85% 12.86% 13.08% 12.35% 11.79% Return on average assets 0.96% 1.05% 1.08% 1.06% 1.02% Cash return on average assets 1.09% 1.19% 1.21% 1.17% 1.13% Net interest margin (FTE) 4.08% 4.23% 4.18% 4.23% 4.34% FTE Adjustment 750 743 729 732 706 Amortization of intangibles 785 808 767 618 618 Amortization of intangibles, net of taxes 518 534 508 415 415 Average shares outstanding 7,121,100 7,236,853 7,304,226 7,333,108 7,321,801 Diluted shares outstanding 20,157 20,033 21,173 22,400 26,100 Shares repurchased 118,955 93,200 63,627 -- -- Average price of repurchased shares 23.77 20.06 21.35 -- -- Average earning assets 1,759,924 1,716,597 1,684,457 1,621,507 1,572,287 Interest bearing liabilities 1,522,124 1,487,678 1,460,588 1,389,732 1,349,170 YEAR-TO-DATE Diluted earnings per share $ 0.64 $ 2.58 $ 1.89 $ 1.22 $ 0.59 Diluted cash earnings per share 0.71 2.83 2.08 1.33 0.65 Cash dividends declared - per common share 0.21 0.80 0.59 0.39 0.19 Cash earnings 5,072 20,741 15,240 9,767 4,743 Return on average stockholders' equity 10.56% 11.33% 11.25% 10.97% 10.66% Cash return on average stockholders' equity 11.85% 12.56% 12.44% 12.09% 11.79% Return on average assets 0.96% 1.05% 1.05% 1.04% 1.02% Cash return on average assets 1.09% 1.18% 1.17% 1.15% 1.13% Net interest margin (FTE) 4.08% 4.24% 4.25% 4.28% 4.34% FTE Adjustment 750 2,910 2,167 1,438 706 Amortization of intangibles 785 2,811 2,003 1,236 618 Amortization of intangibles, net of taxes 518 1,872 1,338 830 415 Average shares outstanding 7,121,100 7,298,842 7,319,655 7,327,455 7,321,801 Average earning assets 1,759,924 1,648,734 1,626,065 1,596,723 1,572,287 Interest bearing liabilities 1,522,124 1,422,078 1,400,051 1,369,450 1,349,170 END OF PERIOD Book value $ 24.75 $ 24.14 $ 23.31 $ 22.62 $ 22.21 Shares outstanding 7,072,216 7,180,966 7,271,692 7,333,519 7,329,778 Full-time equivalent employees 928 927 934 877 883 Total number of ATM's 59 59 58 50 50 Total number of branches 61 61 61 53 52 Parent company only - investment in subsidiaries 192,997 190,159 184,133 177,692 176,423 Parent company only - intangible assets 94 116 144 161 188
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SIMMONS FIRST NATIONAL CORPORATION Date: April 19, 2001 /s/Barry L. Crow -------------------------- ---------------------------------------- Barry L. Crow, Executive Vice President and Chief Financial Officer