8-K 1 e12018k.txt SFNC FOURTH QUARTER EARNINGS 2001 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) January 17, 2002 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: 9 REGULATION FD DISCLOSURE The following is the text of a press release issued by the registrant at 8:00 A.M. Central Standard Time on January 17, 2002. FOR IMMEDIATE RELEASE: January 17, 2002 SIMMONS FIRST ANNOUNCES 2001 EARNINGS ------------------------------------- Pine Bluff, Arkansas - Simmons First National Corporation today announced earnings of $16,528,000, or $2.31 diluted earnings per share for the year ended December 31, 2001. The diluted earnings per share reflect a decrease of $0.27 when compared to the 2000 year end diluted earnings of $2.58. Earnings for the fourth quarter of 2001 were $3,951,000 or $0.55 diluted earnings per share. The diluted earnings per share reflect a decrease of $0.14 when compared to the fourth quarter 2000 diluted earnings of $0.69. According to J. Thomas May, Chairman, President and Chief Executive Officer, "The banking industry has had margin pressures most of the year due to the rapid decrease in interest rates. Simmons First has been impacted to a greater degree due to Arkansas' usury law, which was tied to the Federal Reserve's discount rate. Since December 2000, the discount rate has dropped 475 basis points, thus we were forced to decrease the rates in our credit card portfolio to a level that was significantly below the market." May also commented, "The margin challenges, created by the Arkansas usury law during periods of volatile interest rates, have been eliminated by the confirmation of the Gramm-Leach-Bliley Act by the Eight Circuit Court of Appeals in October 2001. This Federal legislation, in essence, overrides the Arkansas usury law, and provides banks greater flexibility to deal with interest rate movements like we have had the past two years. Since interest rates are no longer tied to the federal discount rate, banks can control the pricing of their loans based on market instead of an arbitrary formula. We expect the usury relief to have a positive impact on earnings during 2002." Because of the Corporation's cash acquisitions, cash earnings (net income excluding amortization of intangibles) are an integral component of earnings. Year-to-date diluted cash earnings, on a per share basis, as of December 31, 2001 were $2.59. Cash return on average assets was 0.96% and cash return on average stockholders' equity was 10.41% for the year ended December 31, 2001. Diluted cash earnings for the fourth quarter of 2001 were $0.62 per share. Total assets for the Corporation at December 31, 2001, were $2.0 billion, an increase of $105 million, or 5.5%, over the same figure at December 31, 2000. Stockholders' equity at December 31, 2001 was $182.4 million, a $9.0 million, or 5.2%, increase from December 31, 2000. The December 31, 2001 allowance for loan losses as a percent of total loans was 1.63%, which is unchanged from December 31, 2000. As of December 31, 2001, non-performing loans were 1.19% of total loans and the allowance for loan losses equaled 137% of non-performing loans. 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, January 17, 2002. Interested parties can listen to this call by calling 1-800-854-4175 (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 2872820 and the recording will be available through the end of business January 24, 2002. In addition, the call will 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, Rogers, Russellville, Searcy and El Dorado, Arkansas. The Company's seven banks are conducting financial operations from 65 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 Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 (In thousands) 2001 2001 2001 2001 2000 ----------- ----------- ----------- ----------- ----------- ASSETS Cash and non-interest bearing balances due from banks $ 81,785 $ 66,429 $ 68,053 $ 66,375 $ 77,495 Interest bearing balances due from banks 55,356 84,153 62,035 29,838 12,990 Federal funds sold and securities purchased under agreements to resell 57,700 77,650 52,650 85,000 20,650 ----------- ----------- ----------- ----------- ----------- Cash and cash equivalents 194,841 228,232 182,738 181,213 111,135 Investment securities 447,305 391,617 382,244 372,775 398,483 Mortgage loans held for sale 24,971 22,340 21,457 16,494 8,934 Assets held in trading accounts 896 285 162 43 1,127 Loans 1,258,784 1,298,543 1,298,212 1,280,400 1,294,710 Allowance for loan losses (20,496) (21,361) (21,221) (21,368) (21,157) ----------- ----------- ----------- ----------- ----------- Net loans 1,238,288 1,277,182 1,276,991 1,259,032 1,273,553 Premises and equipment 45,537 45,874 45,831 46,288 46,597 Foreclosed assets held for sale, net 1,084 1,081 1,252 1,211 1,104 Interest receivable 15,764 16,968 17,248 17,476 18,878 Intangible assets tax deductible, net 30,257 30,925 31,592 32,284 32,944 Intangible assets non tax deductible, net 1,929 2,014 2,106 2,172 2,297 Other assets 16,046 15,394 16,924 16,609 17,441 ----------- ----------- ----------- ----------- ----------- TOTAL ASSETS $ 2,016,918 $ 2,031,912 $ 1,978,545 $ 1,945,597 $ 1,912,493 =========== =========== =========== =========== =========== LIABILITIES Non-interest bearing transaction accounts $ 247,235 $ 219,602 $ 228,233 $ 214,632 $ 213,312 Interest bearing transaction accounts and savings deposits 517,856 471,093 465,872 465,490 471,609 Time deposits less than $100,000 580,228 599,196 585,430 596,686 595,696 Time deposits greater than $100,000 341,085 385,913 351,523 348,167 324,969 ----------- ----------- ----------- ----------- ----------- Total deposits 1,686,404 1,675,804 1,631,058 1,624,975 1,605,586 ----------- ----------- ----------- ----------- ----------- Federal funds purchased and securities sold under agreements to repurchase 86,635 101,332 94,990 76,531 67,250 Short-term debt 3,801 12,865 10,204 6,298 4,070 Long-term debt - parent company 12,000 12,000 14,000 14,841 14,857 Long-term FHLB debt - affiliate banks 12,900 13,028 13,241 9,366 9,574 Trust preferred securities 17,250 17,250 17,250 17,250 17,250 Accrued interest and other liabilities 15,565 18,481 19,239 21,335 20,563 ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES 1,834,555 1,850,760 1,799,982 1,770,596 1,739,150 ----------- ----------- ----------- ----------- ----------- STOCKHOLDERS' EQUITY Capital stock 7,087 7,090 7,101 7,072 7,181 Surplus 45,278 45,497 45,918 45,355 47,964 Undivided profits 128,519 126,198 124,224 121,301 118,232 Accumulated other comprehensive income Unrealized appreciation (depreciation) on AFS securities 1,479 2,367 1,320 1,273 (34) ----------- ----------- ----------- ----------- ----------- TOTAL STOCKHOLDERS' EQUITY 182,363 181,152 178,563 175,001 173,343 ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,016,918 $ 2,031,912 $ 1,978,545 $ 1,945,597 $ 1,912,493 =========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA Consolidated Average Quarter-to-Date Balance Sheets For the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 (In thousands) 2001 2001 2001 2001 2000 ----------- ----------- ----------- ----------- ------------ ASSETS Cash and non-interest bearing balances due from banks $ 68,699 $ 64,940 $ 63,036 $ 62,928 $ 58,503 Interest bearing balances due from banks 67,989 49,291 33,943 25,202 17,775 Federal funds sold and securities purchased under agreements to resell 76,413 42,577 47,674 46,205 14,364 ----------- ----------- ----------- ----------- ----------- Cash and cash equivalents 213,101 156,808 144,653 134,335 90,642 Investment securities - held-to-maturity 193,522 205,844 207,739 191,369 184,184 Investment securities - available-for-sale 220,949 182,367 172,145 197,562 217,234 Mortgage loans held for sale 25,046 19,557 17,913 11,263 8,919 Assets held in trading accounts 1,939 260 246 693 823 Loans 1,282,715 1,307,639 1,289,129 1,287,630 1,273,298 Allowance for loan losses (21,289) (21,431) (21,720) (21,580) (21,118) ----------- ----------- ----------- ----------- ----------- Net loans 1,261,426 1,286,208 1,267,409 1,266,050 1,252,180 Premises and equipment 45,759 45,918 46,134 46,499 46,311 Foreclosed assets held for sale, net 1,068 1,239 1,295 1,130 1,148 Interest receivable 16,771 17,701 17,748 18,325 19,286 Intangible assets, net 32,554 33,310 34,084 34,840 35,383 Other assets 17,315 17,127 16,187 17,231 17,210 ----------- ----------- ----------- ----------- ----------- TOTAL ASSETS $ 2,029,450 $ 1,966,339 $ 1,925,553 $ 1,919,297 $ 1,873,320 =========== =========== =========== =========== =========== LIABILITIES Non-interest bearing transaction accounts $ 222,254 $ 210,246 $ 208,812 $ 202,688 $ 195,590 Interest bearing transaction accounts 148,547 147,361 149,449 146,592 148,975 Savings deposits 340,623 321,576 312,982 315,424 305,894 Time deposits less than $100,000 591,893 597,655 582,075 596,990 599,025 Time deposits greater than $100,000 370,158 362,972 356,517 333,952 308,136 ----------- ----------- ----------- ----------- ----------- Total deposits 1,673,475 1,639,810 1,609,835 1,595,646 1,557,620 ----------- ----------- ----------- ----------- ----------- Federal funds purchased and securities sold under agreements to repurchase 107,891 72,759 69,294 81,472 77,054 Short-term debt 6,059 10,519 6,885 6,156 6,832 Long-term debt 42,215 43,007 42,323 41,538 41,762 Accrued interest and other liabilities 16,572 19,199 20,058 19,595 18,520 ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES 1,846,212 1,785,294 1,748,395 1,744,407 1,701,788 ----------- ----------- ----------- ----------- ----------- TOTAL STOCKHOLDERS' EQUITY 183,238 181,045 177,158 174,890 171,532 ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,029,450 $ 1,966,339 $ 1,925,553 $ 1,919,297 $ 1,873,320 =========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA Consolidated Average Year-to-Date Balance Sheets For the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 (In thousands) 2001 2001 2001 2001 2000 ----------- ----------- ----------- ----------- ----------- ASSETS Cash and non-interest bearing balances due from banks $ 64,916 $ 63,642 $ 62,982 $ 62,928 $ 54,011 Interest bearing balances due from banks 44,238 36,234 29,597 25,202 14,495 Federal funds sold and securities purchased under agreements to resell 52,742 44,765 46,943 46,205 22,170 ----------- ----------- ----------- ----------- ----------- Cash and cash equivalents 161,896 144,641 139,522 134,335 90,676 Investment securities - held-to-maturity 199,642 201,704 199,599 191,369 176,351 Investment securities - available-for-sale 193,290 183,969 184,784 197,562 227,638 Mortgage loans held for sale 18,486 16,275 14,607 11,263 7,285 Assets held in trading accounts 786 398 468 693 1,507 Loans 1,291,808 1,294,873 1,288,384 1,287,630 1,199,288 Allowance for loan losses (21,507) (21,576) (21,650) (21,580) (19,284) ----------- ----------- ----------- ----------- ----------- Net loans 1,270,301 1,273,297 1,266,734 1,266,050 1,180,004 Premises and equipment 46,075 46,182 46,316 46,499 43,362 Foreclosed assets held for sale, net 1,183 1,222 1,213 1,130 1,226 Interest receivable 17,632 17,923 18,035 18,325 17,387 Intangible assets, net 33,691 34,073 34,461 34,840 30,813 Other assets 16,966 16,845 16,704 17,231 17,765 ----------- ----------- ----------- ----------- ----------- TOTAL ASSETS $ 1,959,948 $ 1,936,529 $ 1,922,443 $ 1,919,297 $ 1,794,014 =========== =========== =========== =========== =========== LIABILITIES Non-interest bearing transaction accounts $ 211,052 $ 207,277 $ 205,767 $ 202,688 $ 188,220 Interest bearing transaction accounts 147,991 147,804 148,028 146,592 145,582 Savings deposits 322,717 316,683 314,196 315,424 299,297 Time deposits less than $100,000 592,155 592,242 589,491 596,990 587,140 Time deposits greater than $100,000 356,017 351,253 345,298 333,952 273,129 ----------- ----------- ----------- ----------- ----------- Total deposits 1,629,932 1,615,259 1,602,780 1,595,646 1,493,368 ----------- ----------- ----------- ----------- ----------- Federal funds purchased and securities sold under agreements to repurchase 82,371 73,770 75,349 81,472 64,304 Short-term debt 7,413 7,869 6,523 6,156 9,371 Long-term debt 42,275 42,296 41,932 41,538 43,255 Accrued interest and other liabilities 18,848 19,615 19,829 19,595 17,199 ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES 1,780,839 1,758,809 1,746,413 1,744,407 1,627,497 ----------- ----------- ----------- ----------- ----------- TOTAL STOCKHOLDERS' EQUITY 179,109 177,720 176,030 174,890 166,517 ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,959,948 $ 1,936,529 $ 1,922,443 $ 1,919,297 $ 1,794,014 =========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA Consolidated Statements of Income - Quarter-to-Date For the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 (In thousands, except per share data) 2001 2001 2001 2001 2000 -------- -------- -------- -------- -------- INTEREST INCOME Loans $ 25,725 $ 27,298 $ 28,368 $ 29,161 $ 30,415 Federal funds sold and securities purchased under agreements to resell 387 347 504 639 237 Investment securities 4,783 5,042 5,261 5,700 5,848 Mortgage loans held for sale, net of unrealized gains (losses) 401 303 267 172 160 Assets held in trading accounts 28 1 2 7 7 Interest bearing balances due from banks 383 400 354 335 276 -------- -------- -------- -------- -------- TOTAL INTEREST INCOME 31,707 33,391 34,756 36,014 36,943 -------- -------- -------- -------- -------- INTEREST EXPENSE Time deposits 11,478 12,972 13,601 13,897 13,818 Other deposits 1,794 2,350 2,683 3,181 3,471 Federal funds purchased and securities sold under agreements to repurchase 535 592 690 1,057 1,179 Short-term debt 53 100 76 104 105 Long-term debt 811 830 840 819 843 -------- -------- -------- -------- -------- TOTAL INTEREST EXPENSE 14,671 16,844 17,890 19,058 19,416 -------- -------- -------- -------- -------- NET INTEREST INCOME 17,036 16,547 16,866 16,956 17,527 Provision for loan losses 2,709 3,429 1,967 1,853 1,994 -------- -------- -------- -------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 14,327 13,118 14,899 15,103 15,533 -------- -------- -------- -------- -------- NON-INTEREST INCOME Trust income 1,310 1,443 1,249 1,407 1,282 Service charges on deposit accounts 2,317 2,226 2,307 2,101 2,190 Other service charges and fees 379 408 438 528 398 Income on sale of mortgage loans, net of commissions 930 781 813 624 450 Income on investment banking, net of commissions 154 298 178 162 71 Credit card fees 2,694 2,669 2,666 2,456 2,851 Other income 644 901 660 815 513 Gain on sale of securities, net 11 - - - - -------- -------- -------- -------- -------- TOTAL NON-INTEREST INCOME 8,439 8,726 8,311 8,093 7,755 -------- -------- -------- -------- -------- NON-INTEREST EXPENSE Salaries and employee benefits 9,255 9,058 8,902 9,003 8,262 Occupancy expense, net 1,167 1,183 1,094 1,166 1,043 Furniture & equipment expense 1,327 1,250 1,338 1,336 1,355 Loss on foreclosed assets 39 165 87 75 60 Deposit insurance 77 76 77 76 43 Other operating expenses 5,448 5,422 5,348 5,161 5,288 -------- -------- -------- -------- -------- TOTAL NON-INTEREST EXPENSE 17,313 17,154 16,846 16,817 16,051 -------- -------- -------- -------- -------- NET INCOME BEFORE INCOME TAXES 5,453 4,690 6,364 6,379 7,237 Provision for income taxes 1,502 1,154 1,877 1,825 2,270 -------- -------- -------- -------- -------- NET INCOME $ 3,951 $ 3,536 $ 4,487 $ 4,554 $ 4,967 ======== ======== ======== ======== ======== BASIC EARNINGS PER SHARE $ 0.56 $ 0.50 $ 0.63 $ 0.64 $ 0.69 ======== ======== ======== ======== ======== DILUTED EARNINGS PER SHARE $ 0.55 $ 0.49 $ 0.63 $ 0.64 $ 0.69 ======== ======== ======== ======== ========
Simmons First National Corporation SFNCA Consolidated Statements of Income - Year-to-Date For the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 (In thousands, except per share data) 2001 2001 2001 2001 2000 --------- --------- --------- --------- --------- INTEREST INCOME Loans $ 110,552 $ 84,827 $ 57,529 $ 29,161 $ 110,112 Federal funds sold and securities purchased under agreements to resell 1,877 1,490 1,143 639 1,366 Investment securities 20,786 16,003 10,961 5,700 23,585 Mortgage loans held for sale, net of unrealized gains (losses) 1,143 742 439 172 542 Assets held in trading accounts 38 10 9 7 95 Interest bearing balances due from banks 1,472 1,089 689 335 890 --------- --------- --------- --------- --------- TOTAL INTEREST INCOME 135,868 104,161 70,770 36,014 136,590 --------- --------- --------- --------- --------- INTEREST EXPENSE Time deposits 51,948 40,470 27,498 13,897 49,055 Other deposits 10,008 8,214 5,864 3,181 12,816 Federal funds purchased and securities sold under agreements to repurchase 2,874 2,339 1,747 1,057 3,669 Short-term debt 333 280 180 104 516 Long-term debt 3,300 2,489 1,659 819 3,473 --------- --------- --------- --------- --------- TOTAL INTEREST EXPENSE 68,463 53,792 36,948 19,058 69,529 --------- --------- --------- --------- --------- NET INTEREST INCOME 67,405 50,369 33,822 16,956 67,061 Provision for loan losses 9,958 7,249 3,820 1,853 7,531 --------- --------- --------- --------- --------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 57,447 43,120 30,002 15,103 59,530 --------- --------- --------- --------- --------- NON-INTEREST INCOME Trust income 5,409 4,099 2,656 1,407 5,282 Service charges on deposit accounts 8,951 6,634 4,408 2,101 7,998 Other service charges and fees 1,753 1,374 966 528 1,804 Income on sale of mortgage loans, net of commissions 3,148 2,218 1,437 624 1,727 Income on investment banking, net of commissions 792 638 340 162 259 Credit card fees 10,485 7,791 5,122 2,456 10,522 Other income 3,020 2,376 1,475 815 2,763 Gain on sale of securities, net 11 - - - - --------- --------- --------- --------- --------- TOTAL NON-INTEREST INCOME 33,569 25,130 16,404 8,093 30,355 --------- --------- --------- --------- --------- NON-INTEREST EXPENSE Salaries and employee benefits 36,218 26,963 17,905 9,003 33,544 Occupancy expense, net 4,610 3,443 2,260 1,166 3,873 Furniture & equipment expense 5,251 3,924 2,674 1,336 5,246 Loss on foreclosed assets 366 327 162 75 254 Deposit insurance 306 229 153 76 299 Other operating expenses 21,379 15,931 10,509 5,161 19,340 --------- --------- --------- --------- --------- TOTAL NON-INTEREST EXPENSE 68,130 50,817 33,663 16,817 62,556 --------- --------- --------- --------- --------- NET INCOME BEFORE INCOME TAXES 22,886 17,433 12,743 6,379 27,329 Provision for income taxes 6,358 4,856 3,702 1,825 8,460 --------- --------- --------- --------- --------- NET INCOME $ 16,528 $ 12,577 $ 9,041 $ 4,554 $ 18,869 ========= ========= ========= ========= ========= BASIC EARNINGS PER SHARE $ 2.33 $ 1.77 $ 1.27 $ 0.64 $ 2.59 ========= ========= ========= ========= ========= DILUTED EARNINGS PER SHARE $ 2.31 $ 1.76 $ 1.27 $ 0.64 $ 2.58 ========= ========= ========= ========= =========
Simmons First National Corporation SFNCA Consolidated Risk-Based Capital For the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 (In thousands) 2001 2001 2001 2001 2000 ----------- ----------- ----------- ----------- ------------ Tier 1 capital Stockholders' equity $ 182,363 $ 181,152 $ 178,563 $ 175,001 $ 173,343 Trust preferred securities 17,250 17,250 17,250 17,250 17,250 Intangible assets (32,186) (32,939) (33,698) (34,456) (35,241) Unrealized (gain) loss on AFS securities (1,479) (2,367) (1,320) (1,273) 34 Debt issuance costs (881) (889) (898) (907) (916) ----------- ----------- ----------- ----------- ----------- Total Tier 1 capital 165,067 162,207 159,897 155,615 154,470 ----------- ----------- ----------- ----------- ----------- Tier 2 capital Qualifying unrealized gain on AFS securities 370 406 366 367 475 Qualifying allowance for loan losses 16,209 16,570 16,376 16,059 16,193 ----------- ----------- ----------- ----------- ----------- Total Tier 2 capital 16,579 16,976 16,742 16,426 16,668 ----------- ----------- ----------- ----------- ----------- Total risk-based capital $ 181,646 $ 179,183 $ 176,639 $ 172,041 $ 171,138 =========== =========== =========== =========== =========== Risk weighted assets $ 1,292,798 $ 1,322,196 $ 1,305,274 $ 1,279,382 $ 1,290,494 =========== =========== =========== =========== =========== Assets for leverage ratio $ 1,996,383 $ 1,932,511 $ 1,890,957 $ 1,883,934 $ 1,837,163 =========== =========== =========== =========== =========== Ratios at end of quarter Leverage ratio 8.27% 8.39% 8.46% 8.26% 8.41% Tier 1 capital 12.77% 12.27% 12.25% 12.16% 11.97% Total risk-based capital 14.05% 13.55% 13.53% 13.45% 13.26%
Simmons First National Corporation SFNCA Consolidated Loans and Investments For the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 (In thousands) 2001 2001 2001 2001 2000 ----------- ----------- ----------- ----------- ----------- Loan Portfolio - End of Period ------------------------------ Consumer Credit cards $ 196,710 $ 187,738 $ 187,880 $ 185,411 $ 197,567 Student loans 74,860 73,467 71,619 74,562 67,145 Other consumer 179,138 187,199 186,246 187,408 192,595 Real Estate Construction 83,628 80,070 73,348 70,123 69,169 Single-family residential 224,181 232,192 236,856 240,049 244,479 Other commercial 263,539 279,464 284,521 284,488 287,170 Unearned income (59) (70) (80) (91) (102) Commercial Commercial 153,617 161,245 166,892 173,040 161,134 Agricultural 60,794 76,066 70,538 49,274 57,164 Financial institutions 5,861 7,099 6,146 4,741 2,339 Other 16,515 14,073 14,246 11,395 16,050 ----------- ----------- ----------- ----------- ----------- Total Loans $ 1,258,784 $ 1,298,543 $ 1,298,212 $ 1,280,400 $ 1,294,710 =========== =========== =========== =========== =========== Investment Securities - End of Period ------------------------------------- Held-to-Maturity U.S. Treasury $ 27,528 $ 31,310 $ 31,072 $ 24,702 $ 21,923 U.S. Government agencies 36,992 40,024 54,406 60,997 40,965 Mortgage-backed securities 6,681 8,094 9,005 10,153 11,065 State and political subdivisions 119,824 118,504 117,747 109,076 110,380 Other securities 100 100 129 178 80 ----------- ----------- ----------- ----------- ----------- Total held-to-maturity 191,125 198,032 212,359 205,106 184,413 ----------- ----------- ----------- ----------- ----------- Available-for-Sale U.S. Treasury 18,408 20,531 20,146 21,655 24,037 U.S. Government agencies 215,490 145,068 120,146 113,219 156,436 Mortgage-backed securities 7,004 12,367 13,410 14,501 15,181 State and political subdivisions 5,399 5,720 6,710 6,912 6,821 FHLB stock 4,377 4,331 4,276 6,267 6,165 Other securities 5,502 5,568 5,197 5,115 5,430 ----------- ----------- ----------- ----------- ----------- Total available-for-sale 256,180 193,585 169,885 167,669 214,070 ----------- ----------- ----------- ----------- ----------- Total investment securities $ 447,305 $ 391,617 $ 382,244 $ 372,775 $ 398,483 =========== =========== =========== =========== =========== Fair Value - HTM investment securities $ 194,502 $ 202,965 $ 215,894 $ 208,641 $ 185,663 =========== =========== =========== =========== =========== Investment Securities - QTD Average ----------------------------------- Taxable securities $ 290,310 $ 262,928 $ 260,941 $ 273,507 $ 286,447 Tax exempt securities 124,161 125,283 118,943 115,424 114,971 ----------- ----------- ----------- ----------- ----------- Total investment securities - QTD average $ 414,471 $ 388,211 $ 379,884 $ 388,931 $ 401,418 =========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA Consolidated Allowance and Asset Quality For the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 (In thousands) 2001 2001 2001 2001 2000 ------- ------- ------- ------- ------- Allowance for Loan Losses ------------------------- Balance, beginning of quarter $21,361 $21,221 $21,368 $21,157 $20,691 ------- ------- ------- ------- ------- Loans charged off Credit card 1,173 1,101 1,192 965 962 Other consumer 907 958 581 617 630 Real estate 290 454 425 209 211 Commercial 1,683 1,160 362 271 474 ------- ------- ------- ------- ------- Total loans charged off 4,053 3,673 2,560 2,062 2,277 ------- ------- ------- ------- ------- Recoveries of loans previously charged off Credit card 128 127 129 131 121 Other consumer 85 195 196 192 149 Real estate 15 24 44 63 2 Commercial 251 38 77 34 27 ------- ------- ------- ------- ------- Total recoveries 479 384 446 420 299 ------- ------- ------- ------- ------- Net loans charged off 3,574 3,289 2,114 1,642 1,978 Allowance for loan losses of acquired branches - - - - 450 Provision for loan losses 2,709 3,429 1,967 1,853 1,994 ------- ------- ------- ------- ------- Balance, end of quarter $20,496 $21,361 $21,221 $21,368 $21,157 ======= ======= ======= ======= ======= Non-performing assets --------------------- Non-performing loans Nonaccrual loans Real estate $ 5,760 $ 5,940 $ 6,366 $ 4,862 $ 4,739 Commercial 3,503 3,671 3,144 2,872 791 Consumer 2,693 3,154 2,975 2,083 2,682 ------- ------- ------- ------- ------- Total nonaccrual loans 11,956 12,765 12,485 9,817 8,212 Loans past due 90 days or more 2,991 3,035 2,656 2,121 2,752 ------- ------- ------- ------- ------- Total non-performing loans 14,947 15,800 15,141 11,938 10,964 ------- ------- ------- ------- ------- Other non-performing assets Foreclosed assets held for sale 1,084 1,081 1,252 1,211 1,104 Other non-performing assets 631 187 247 147 196 ------- ------- ------- ------- ------- Total other non-performing assets 1,715 1,268 1,499 1,358 1,300 ------- ------- ------- ------- ------- Total non-performing assets $16,662 $17,068 $16,640 $13,296 $12,264 ======= ======= ======= ======= ======= Ratios ------ Allowance for loan losses to total loans 1.63% 1.64% 1.63% 1.67% 1.63% Allowance for loan losses to non-performing loans 137.12% 135.20% 140.16% 178.99% 192.97% Allowance for loan losses to non-performing assets 123.01% 125.15% 127.53% 160.71% 172.51% Non-performing loans to total loans 1.19% 1.22% 1.17% 0.93% 0.85% Non-performing assets to total assets 0.83% 0.84% 0.84% 0.68% 0.64%
Simmons First National Corporation SFNCA Consolidated - Selected Financial Data For the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 (In thousands, except share data) 2001 2001 2001 2001 2000 ---------- --------- --------- --------- --------- QUARTER-TO-DATE --------------- Diluted earnings per share $ 0.55 $ 0.49 $ 0.63 $ 0.64 $ 0.69 Diluted cash earnings per share 0.62 0.56 0.70 0.71 0.75 Cash dividends declared - per common share 0.23 0.22 0.22 0.21 0.21 Cash dividends declared - amount 1,630 1,562 1,564 1,485 1,507 Cash earnings 4,447 4,036 4,963 5,072 5,501 Return on average stockholders' equity 8.55% 7.75% 10.16% 10.56% 11.52% Cash return on average stockholders' equity 9.69% 8.91% 11.32% 11.85% 12.86% Return on average assets 0.77% 0.71% 0.93% 0.96% 1.05% Cash return on average assets 0.88% 0.83% 1.05% 1.09% 1.19% Net interest margin (FTE) 3.79% 3.81% 4.00% 4.08% 4.23% FTE Adjustment 832 814 787 750 743 Amortization of intangibles 751 760 728 785 808 Amortization of intangibles, net of taxes 496 500 476 518 534 Average shares outstanding 7,085,897 7,100,229 7,086,745 7,121,100 7,236,853 Diluted shares outstanding 64,494 56,298 28,823 20,157 20,033 Shares repurchased 10,000 13,000 2,000 118,955 93,200 Average price of repurchased shares 32.00 33.82 23.64 23.77 20.06 Average earning assets 1,868,573 1,807,535 1,768,789 1,759,924 1,716,597 Interest bearing liabilities 1,607,386 1,555,849 1,519,525 1,522,124 1,487,678 YEAR-TO-DATE ------------ Diluted earnings per share $ 2.31 $ 1.76 $ 1.27 $ 0.64 $ 2.58 Diluted cash earnings per share 2.59 1.97 1.41 0.71 2.83 Cash dividends declared - per common share 0.88 0.65 0.43 0.21 0.80 Cash earnings 18,518 14,071 10,035 5,072 20,741 Return on average stockholders' equity 9.23% 9.46% 10.36% 10.56% 11.33% Cash return on average stockholders' equity 10.41% 10.66% 11.58% 11.85% 12.56% Return on average assets 0.84% 0.87% 0.95% 0.96% 1.05% Cash return on average assets 0.96% 0.99% 1.07% 1.09% 1.18% Net interest margin (FTE) 3.92% 3.96% 4.04% 4.08% 4.24% FTE Adjustment 3,183 2,351 1,537 750 2,910 Amortization of intangibles 3,024 2,273 1,513 785 2,811 Amortization of intangibles, net of taxes 1,990 1,494 994 518 1,872 Average shares outstanding 7,098,401 7,102,615 7,103,827 7,121,100 7,298,842 Average earning assets 1,800,992 1,778,218 1,764,382 1,759,924 1,648,734 Interest bearing liabilities 1,550,939 1,531,917 1,520,817 1,522,124 1,422,078 END OF PERIOD ------------- Book value $ 25.73 $ 25.55 $ 25.15 $ 24.75 $ 24.14 Shares outstanding 7,087,185 7,090,075 7,101,045 7,072,216 7,180,966 Full-time equivalent employees 959 945 937 928 927 Total number of ATM's 62 62 59 59 59 Total number of branches 63 63 62 61 61 Parent company only - investment in subsidiaries 199,480 196,987 194,700 192,997 190,159 Parent company only - intangible assets 27 50 72 94 116
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: January 17, 2002 /s/Barry L. Crow -------------------------- ---------------------------------------- Barry L. Crow, Executive Vice President and Chief Financial Officer