8-K 1 e03028k.txt SFNC - FIRST QUARTER EARNINGS 2002 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 18, 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 April 18, 2002. FOR IMMEDIATE RELEASE: April 18, 2002 SIMMONS FIRST ANNOUNCES RECORD FIRST QUARTER EARNINGS ----------------------------------------------------- Pine Bluff, Arkansas - Simmons First National Corporation today announced record first quarter earnings of $4,941,000, or $0.69 diluted earnings per share for the first quarter of 2002. These earnings reflect an increase of $0.05 per share, or 7.8% over the first quarter 2001 diluted earnings per share of $0.64. Return on average assets and return on average stockholders' equity for the three-month period ended March 31, 2002, was 1.00% and 10.79%, compared to 0.96% and 10.56%, respectively, for the same period in 2001. "We are pleased with results of the 2002 first quarter," said J. Thomas May, Chairman, President, and Chief Executive Officer. "Earnings per share were at a record level for the first quarter, primarily due to improvement in the Company's net interest margin, combined with the change in the accounting standards related to the amortization of goodwill. May also commented, "Despite a 4.0% reduction in our loan portfolio from the first quarter of 2001, we were able to improve our net interest margin from a reduction in interest expense and an increase in earning assets. The reduction in the loan portfolio is the result of a high level of single family residential loans being refinanced in the secondary market, a decrease in indirect lending activities resulting from car manufacturer incentives being offered, and some temporary payoffs of large lines of credits that are still customers of the bank." Average quarter to date total assets for the Corporation during the first quarter of 2002 were $2.0 billion, an increase of $92 million, or 4.8 %, over the average for the first quarter of 2001. Stockholders' equity at the end of the first quarter of 2002 was $184.8 million, a $9.8 million, or 5.6%, increase from March 31, 2001. The March 31, 2002 allowance for loan losses as a percent of total loans was 1.64%, which is slightly improved from December 31, 2001. As of March 31, 2002, non-performing loans were 1.18% of total loans and the allowance for loan losses equaled 139% 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, April 18, 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 3690599 and the recording will be available through the end of business April 25, 2002. 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, Rogers, Russellville, Searcy and El Dorado, Arkansas. The Company's seven banks are conducting financial operations from 64 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) 2002 2001 2001 2001 2001 ----------- ----------- ----------- ----------- ----------- ASSETS Cash and non-interest bearing balances due from banks $ 66,966 $ 81,785 $ 66,429 $ 68,053 $ 66,375 Interest bearing balances due from banks 46,343 55,356 84,153 62,035 29,838 Federal funds sold and securities purchased under agreements to resell 80,000 57,700 77,650 52,650 85,000 ----------- ----------- ----------- ----------- ----------- Cash and cash equivalents 193,309 194,841 228,232 182,738 181,213 Investment securities 441,162 447,305 391,617 382,244 372,775 Mortgage loans held for sale 12,277 24,971 22,340 21,457 16,494 Assets held in trading accounts 131 896 285 162 43 Loans 1,228,591 1,258,784 1,298,543 1,298,212 1,280,400 Allowance for loan losses (20,152) (20,496) (21,361) (21,221) (21,368) ----------- ----------- ----------- ----------- ----------- Net loans 1,208,439 1,238,288 1,277,182 1,276,991 1,259,032 Premises and equipment 44,306 45,537 45,874 45,831 46,288 Foreclosed assets held for sale, net 2,182 1,084 1,081 1,252 1,211 Interest receivable 15,124 15,764 16,968 17,248 17,476 Intangible assets, net 32,265 32,186 32,939 33,698 34,456 Other assets 16,926 16,046 15,394 16,924 16,609 ----------- ----------- ----------- ----------- ----------- TOTAL ASSETS $ 1,966,121 $ 2,016,918 $ 2,031,912 $ 1,978,545 $ 1,945,597 =========== =========== =========== =========== =========== LIABILITIES Non-interest bearing transaction accounts $ 220,149 $ 247,235 $ 219,602 $ 228,233 $ 214,632 Interest bearing transaction accounts and savings deposits 540,601 517,856 471,093 465,872 465,490 Time deposits less than $100,000 540,650 580,228 599,196 585,430 596,686 Time deposits greater than $100,000 331,066 341,085 385,913 351,523 348,167 ----------- ----------- ----------- ----------- ----------- Total deposits 1,632,466 1,686,404 1,675,804 1,631,058 1,624,975 ----------- ----------- ----------- ----------- ----------- Federal funds purchased and securities sold under agreements to repurchase 81,794 86,635 101,332 94,990 76,531 Short-term debt 7,221 3,801 12,865 10,204 6,298 Long-term debt - parent company 12,000 12,000 12,000 14,000 14,841 Long-term FHLB debt - affiliate banks 13,534 12,900 13,028 13,241 9,366 Trust preferred securities 17,250 17,250 17,250 17,250 17,250 Accrued interest and other liabilities 17,073 15,565 18,481 19,239 21,335 ----------- ----------- ----------- ---------- ----------- TOTAL LIABILITIES 1,781,338 1,834,555 1,850,760 1,799,982 1,770,596 ----------- ----------- ----------- ---------- ----------- STOCKHOLDERS' EQUITY Capital stock 7,091 7,087 7,090 7,101 7,072 Surplus 45,326 45,278 45,497 45,918 45,355 Undivided profits 131,828 128,519 126,198 124,224 121,301 Accumulated other comprehensive income Unrealized appreciation (depreciation) on AFS securities 538 1,479 2,367 1,320 1,273 ----------- ----------- ----------- ----------- ----------- TOTAL STOCKHOLDERS' EQUITY 184,783 182,363 181,152 178,563 175,001 ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,966,121 $ 2,016,918 $ 2,031,912 $ 1,978,545 $ 1,945,597 =========== =========== =========== =========== ===========
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) 2002 2001 2001 2001 2001 ----------- ----------- ----------- ----------- ----------- ASSETS Cash and non-interest bearing balances due from banks $ 68,122 $ 68,699 $ 64,940 $ 63,036 $ 62,928 Interest bearing balances due from banks 69,675 67,989 49,291 33,943 25,202 Federal funds sold and securities purchased under agreements to resell 80,015 76,413 42,577 47,674 46,205 ----------- ----------- ----------- ----------- ----------- Cash and cash equivalents 217,812 213,101 156,808 144,653 134,335 Investment securities - held-to-maturity 192,418 193,522 205,844 207,739 191,369 Investment securities - available-for-sale 256,840 220,949 182,367 172,145 197,562 Mortgage loans held for sale 13,768 25,046 19,557 17,913 11,263 Assets held in trading accounts 286 1,939 260 246 693 Loans 1,240,293 1,282,715 1,307,639 1,289,129 1,287,630 Allowance for loan losses (20,888) (21,289) (21,431) (21,720) (21,580) ----------- ----------- ----------- ----------- ----------- Net loans 1,219,405 1,261,426 1,286,208 1,267,409 1,266,050 Premises and equipment 44,587 45,759 45,918 46,134 46,499 Foreclosed assets held for sale, net 1,729 1,068 1,239 1,295 1,130 Interest receivable 15,577 16,771 17,701 17,748 18,325 Intangible assets, net 32,273 32,554 33,310 34,084 34,840 Other assets 16,029 17,315 17,127 16,187 17,231 ----------- ----------- ----------- ----------- ----------- TOTAL ASSETS $ 2,010,724 $ 2,029,450 $ 1,966,339 $ 1,925,553 $ 1,919,297 =========== =========== =========== =========== =========== LIABILITIES Non-interest bearing transaction accounts $ 226,834 $ 222,254 $ 210,246 $ 208,812 $ 202,688 Interest bearing transaction accounts 158,518 148,547 147,361 149,449 146,592 Savings deposits 370,640 340,623 321,576 312,982 315,424 Time deposits less than $100,000 564,280 591,893 597,655 582,075 596,990 Time deposits greater than $100,000 342,289 370,158 362,972 356,517 333,952 ----------- ----------- ----------- ----------- ----------- Total deposits 1,662,561 1,673,475 1,639,810 1,609,835 1,595,646 ----------- ----------- ----------- ----------- ----------- Federal funds purchased and securities sold under agreements to repurchase 98,567 107,891 72,759 69,294 81,472 Short-term debt 5,849 6,059 10,519 6,885 6,156 Long-term debt 42,668 42,215 43,007 42,323 41,538 Accrued interest and other liabilities 15,349 16,572 19,199 20,058 19,595 ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES 1,824,994 1,846,212 1,785,294 1,748,395 1,744,407 ----------- ----------- ----------- ----------- ----------- TOTAL STOCKHOLDERS' EQUITY 185,730 183,238 181,045 177,158 174,890 ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,010,724 $ 2,029,450 $ 1,966,339 $ 1,925,553 $ 1,919,297 =========== =========== =========== =========== ===========
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) 2002 2001 2001 2001 2001 ----------- ----------- ----------- ----------- ----------- ASSETS Cash and non-interest bearing balances due from banks $ 68,122 $ 64,916 $ 63,642 $ 62,982 $ 62,928 Interest bearing balances due from banks 69,675 44,238 36,234 29,597 25,202 Federal funds sold and securities purchased under agreements to resell 80,015 52,742 44,765 46,943 46,205 ----------- ----------- ----------- ----------- ----------- Cash and cash equivalents 217,812 161,896 144,641 139,522 134,335 Investment securities - held-to-maturity 192,418 199,642 201,704 199,599 191,369 Investment securities - available-for-sale 256,840 193,290 183,969 184,784 197,562 Mortgage loans held for sale 13,768 18,486 16,275 14,607 11,263 Assets held in trading accounts 286 786 398 468 693 Loans 1,240,293 1,291,808 1,294,873 1,288,384 1,287,630 Allowance for loan losses (20,888) (21,507) (21,576) (21,650) (21,580) ----------- ----------- ----------- ----------- ----------- Net loans 1,219,405 1,270,301 1,273,297 1,266,734 1,266,050 Premises and equipment 44,587 46,075 46,182 46,316 46,499 Foreclosed assets held for sale, net 1,729 1,183 1,222 1,213 1,130 Interest receivable 15,577 17,632 17,923 18,035 18,325 Intangible assets, net 32,273 33,691 34,073 34,461 34,840 Other assets 16,029 16,966 16,845 16,704 17,231 ----------- ----------- ----------- ----------- ----------- TOTAL ASSETS $ 2,010,724 $ 1,959,948 $ 1,936,529 $ 1,922,443 $ 1,919,297 =========== =========== =========== =========== =========== LIABILITIES Non-interest bearing transaction accounts $ 226,834 $ 211,052 $ 207,277 $ 205,767 $ 202,688 Interest bearing transaction accounts 158,518 147,991 147,804 148,028 146,592 Savings deposits 370,640 322,717 316,683 314,196 315,424 Time deposits less than $100,000 564,280 592,155 592,242 589,491 596,990 Time deposits greater than $100,000 342,289 356,017 351,253 345,298 333,952 ----------- ----------- ----------- ----------- ----------- Total deposits 1,662,561 1,629,932 1,615,259 1,602,780 1,595,646 ----------- ----------- ----------- ----------- ----------- Federal funds purchased and securities sold under agreements to repurchase 98,567 82,371 73,770 75,349 81,472 Short-term debt 5,849 7,413 7,869 6,523 6,156 Long-term debt 42,668 42,275 42,296 41,932 41,538 Accrued interest and other liabilities 15,349 18,848 19,615 19,829 19,595 ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES 1,824,994 1,780,839 1,758,809 1,746,413 1,744,407 ----------- ----------- ----------- ----------- ----------- TOTAL STOCKHOLDERS' EQUITY 185,730 179,109 177,720 176,030 174,890 ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,010,724 $ 1,959,948 $ 1,936,529 $ 1,922,443 $ 1,919,297 =========== =========== =========== =========== ===========
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) 2002 2001 2001 2001 2001 ----------- ----------- ----------- ----------- ----------- INTEREST INCOME Loans $ 24,106 $ 25,725 $ 27,298 $ 28,368 $ 29,161 Federal funds sold and securities purchased under agreements to resell 328 387 347 504 639 Investment securities 4,923 4,783 5,042 5,261 5,700 Mortgage loans held for sale, net of unrealized gains (losses) 233 401 303 267 172 Assets held in trading accounts 2 28 1 2 7 Interest bearing balances due from banks 281 383 400 354 335 ----------- ----------- ----------- ----------- ----------- TOTAL INTEREST INCOME 29,873 31,707 33,391 34,756 36,014 ----------- ----------- ----------- ----------- ----------- INTEREST EXPENSE Time deposits 8,968 11,478 12,972 13,601 13,897 Other deposits 1,600 1,794 2,350 2,683 3,181 Federal funds purchased and securities sold under agreements to repurchase 397 535 592 690 1,057 Short-term debt 41 53 100 76 104 Long-term debt 806 811 830 840 819 ----------- ----------- ----------- ----------- ----------- TOTAL INTEREST EXPENSE 11,812 14,671 16,844 17,890 19,058 ----------- ----------- ----------- ----------- ----------- NET INTEREST INCOME 18,061 17,036 16,547 16,866 16,956 Provision for loan losses 2,361 2,709 3,429 1,967 1,853 ----------- ----------- ----------- ----------- ----------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 15,700 14,327 13,118 14,899 15,103 ----------- ----------- ----------- ----------- ----------- NON-INTEREST INCOME Trust income 1,390 1,310 1,443 1,249 1,407 Service charges on deposit accounts 2,238 2,317 2,226 2,307 2,101 Other service charges and fees 411 342 382 396 468 Income on sale of mortgage loans, net of commissions 811 930 781 813 624 Income on investment banking, net of commissions 266 191 324 220 222 Credit card fees 2,338 2,694 2,669 2,666 2,456 Other income 918 644 901 660 815 Gain on sale of securities, net - 11 - - - ----------- ----------- ----------- ----------- ----------- TOTAL NON-INTEREST INCOME 8,372 8,439 8,726 8,311 8,093 ----------- ----------- ----------- ----------- ----------- NON-INTEREST EXPENSE Salaries and employee benefits 9,950 9,255 9,058 8,902 9,003 Occupancy expense, net 1,126 1,167 1,183 1,094 1,166 Furniture & equipment expense 1,292 1,327 1,250 1,338 1,336 Loss on foreclosed assets 43 39 165 87 75 Deposit insurance 78 77 76 77 76 Other operating expenses 4,540 5,448 5,422 5,348 5,161 ----------- ----------- ----------- ----------- ----------- TOTAL NON-INTEREST EXPENSE 17,029 17,313 17,154 16,846 16,817 ----------- ----------- ----------- ----------- ----------- NET INCOME BEFORE INCOME TAXES 7,043 5,453 4,690 6,364 6,379 Provision for income taxes 2,102 1,502 1,154 1,877 1,825 ----------- ----------- ----------- ----------- ----------- NET INCOME $ 4,941 $ 3,951 $ 3,536 $ 4,487 $ 4,554 =========== =========== =========== =========== =========== BASIC EARNINGS PER SHARE $ 0.70 $ 0.56 $ 0.50 $ 0.63 $ 0.64 =========== =========== =========== =========== =========== DILUTED EARNINGS PER SHARE $ 0.69 $ 0.55 $ 0.49 $ 0.63 $ 0.64 =========== =========== =========== =========== ===========
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) 2002 2001 2001 2001 2001 ----------- ----------- ----------- ----------- ----------- INTEREST INCOME Loans $ 24,106 $ 110,552 $ 84,827 $ 57,529 $ 29,161 Federal funds sold and securities purchased under agreements to resell 328 1,877 1,490 1,143 639 Investment securities 4,923 20,786 16,003 10,961 5,700 Mortgage loans held for sale, net of unrealized gains (losses) 233 1,143 742 439 172 Assets held in trading accounts 2 38 10 9 7 Interest bearing balances due from banks 281 1,472 1,089 689 335 ----------- ----------- ----------- ----------- ----------- TOTAL INTEREST INCOME 29,873 135,868 104,161 70,770 36,014 ----------- ----------- ----------- ----------- ----------- INTEREST EXPENSE Time deposits 8,968 51,948 40,470 27,498 13,897 Other deposits 1,600 10,008 8,214 5,864 3,181 Federal funds purchased and securities sold under agreements to repurchase 397 2,874 2,339 1,747 1,057 Short-term debt 41 333 280 180 104 Long-term debt 806 3,300 2,489 1,659 819 ----------- ----------- ----------- ----------- ----------- TOTAL INTEREST EXPENSE 11,812 68,463 53,792 36,948 19,058 ----------- ----------- ----------- ----------- ----------- NET INTEREST INCOME 18,061 67,405 50,369 33,822 16,956 Provision for loan losses 2,361 9,958 7,249 3,820 1,853 ----------- ----------- ----------- ----------- ----------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 15,700 57,447 43,120 30,002 15,103 ----------- ----------- ----------- ----------- ----------- NON-INTEREST INCOME Trust income 1,390 5,409 4,099 2,656 1,407 Service charges on deposit accounts 2,238 8,951 6,634 4,408 2,101 Other service charges and fees 411 1,588 1,246 864 468 Income on sale of mortgage loans, net of commissions 811 3,148 2,218 1,437 624 Income on investment banking, net of commissions 266 957 766 442 222 Credit card fees 2,338 10,485 7,791 5,122 2,456 Other income 918 3,020 2,376 1,475 815 Gain on sale of securities, net - 11 - - - ----------- ----------- ----------- ----------- ----------- TOTAL NON-INTEREST INCOME 8,372 33,569 25,130 16,404 8,093 ----------- ----------- ----------- ----------- ----------- NON-INTEREST EXPENSE Salaries and employee benefits 9,950 36,218 26,963 17,905 9,003 Occupancy expense, net 1,126 4,610 3,443 2,260 1,166 Furniture & equipment expense 1,292 5,251 3,924 2,674 1,336 Loss on foreclosed assets 43 366 327 162 75 Deposit insurance 78 306 229 153 76 Other operating expenses 4,540 21,379 15,931 10,509 5,161 ----------- ----------- ----------- ----------- ----------- TOTAL NON-INTEREST EXPENSE 17,029 68,130 50,817 33,663 16,817 ----------- ----------- ----------- ----------- ----------- NET INCOME BEFORE INCOME TAXES 7,043 22,886 17,433 12,743 6,379 Provision for income taxes 2,102 6,358 4,856 3,702 1,825 ----------- ----------- ----------- ----------- ----------- NET INCOME $ 4,941 $ 16,528 $ 12,577 $ 9,041 $ 4,554 =========== =========== =========== =========== =========== BASIC EARNINGS PER SHARE $ 0.70 $ 2.33 $ 1.77 $ 1.27 $ 0.64 =========== =========== =========== =========== =========== DILUTED EARNINGS PER SHARE $ 0.69 $ 2.31 $ 1.76 $ 1.27 $ 0.64 =========== =========== =========== ========== ===========
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) 2002 2001 2001 2001 2001 ----------- ----------- ----------- ----------- ----------- Tier 1 capital Stockholders' equity $ 184,783 $ 182,363 $ 181,152 $ 178,563 $ 175,001 Trust preferred securities 17,250 17,250 17,250 17,250 17,250 Intangible assets (32,265) (32,186) (32,939) (33,698) (34,456) Unrealized (gain) loss on AFS securities (538) (1,479) (2,367) (1,320) (1,273) Debt issuance costs (873) (881) (889) (898) (907) ----------- ----------- ----------- ----------- ----------- Total Tier 1 capital 168,357 165,067 162,207 159,897 155,615 ----------- ----------- ----------- ----------- ----------- Tier 2 capital Qualifying unrealized gain on AFS securities 403 370 406 366 367 Qualifying allowance for loan losses 15,873 16,209 16,570 16,376 16,059 ----------- ----------- ----------- ----------- ----------- Total Tier 2 capital 16,276 16,579 16,976 16,742 16,426 ----------- ----------- ----------- ----------- ----------- Total risk-based capital $ 184,633 $ 181,646 $ 179,183 $ 176,639 $ 172,041 =========== =========== =========== =========== =========== Risk weighted assets $ 1,265,544 $ 1,292,798 $ 1,322,196 $ 1,305,274 $ 1,279,382 =========== =========== =========== =========== =========== Assets for leverage ratio $ 1,977,586 $ 1,996,383 $ 1,932,511 $ 1,890,957 $ 1,883,934 =========== =========== =========== =========== =========== Ratios at end of quarter Leverage ratio 8.51% 8.27% 8.39% 8.46% 8.26% Tier 1 capital 13.30% 12.77% 12.27% 12.25% 12.16% Total risk-based capital 14.59% 14.05% 13.55% 13.53% 13.45%
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) 2002 2001 2001 2001 2001 ----------- ----------- ----------- ----------- ----------- Loan Portfolio - End of Period ------------------------------ Consumer Credit cards $ 181,867 $ 196,710 $ 187,738 $ 187,880 $ 185,411 Student loans 84,186 74,860 73,467 71,619 74,562 Other consumer 170,649 179,138 187,199 186,246 187,408 Real Estate Construction 80,120 83,628 80,070 73,348 70,123 Single-family residential 223,198 224,181 232,192 236,856 240,049 Other commercial 260,346 263,539 279,464 284,521 284,488 Unearned income (52) (59) (70) (80) (91) Commercial Commercial 151,436 153,617 161,245 166,892 173,040 Agricultural 54,234 60,794 76,066 70,538 49,274 Financial institutions 7,600 5,861 7,099 6,146 4,741 Other 15,007 16,515 14,073 14,246 11,395 ----------- ----------- ----------- ----------- ----------- Total Loans $ 1,228,591 $ 1,258,784 $ 1,298,543 $ 1,298,212 $ 1,280,400 =========== =========== =========== =========== =========== Investment Securities - End of Period ------------------------------------- Held-to-Maturity U.S. Treasury $ 32,240 $ 27,528 $ 31,310 $ 31,072 $ 24,702 U.S. Government agencies 47,484 36,992 40,024 54,406 60,997 Mortgage-backed securities 5,942 6,681 8,094 9,005 10,153 State and political subdivisions 115,009 119,824 118,504 117,747 109,076 Other securities 100 100 100 129 178 ----------- ----------- ----------- ----------- ----------- Total held-to-maturity 200,775 191,125 198,032 212,359 205,106 ----------- ----------- ----------- ----------- ----------- Available-for-Sale U.S. Treasury 10,685 18,408 20,531 20,146 21,655 U.S. Government agencies 188,408 215,490 145,068 120,146 113,219 Mortgage-backed securities 6,217 7,004 12,367 13,410 14,501 State and political subdivisions 5,216 5,399 5,720 6,710 6,912 FHLB stock 4,382 4,377 4,331 4,276 6,267 Other securities 25,479 5,502 5,568 5,197 5,115 ----------- ----------- ----------- ----------- ----------- Total available-for-sale 240,387 256,180 193,585 169,885 167,669 ----------- ----------- ----------- ----------- ----------- Total investment securities $ 441,162 $ 447,305 $ 391,617 $ 382,244 $ 372,775 =========== =========== =========== =========== =========== Fair Value - HTM investment securities $ 203,617 $ 194,502 $ 202,965 $ 215,894 $ 208,641 =========== =========== =========== =========== =========== Investment Securities - QTD Average Taxable securities $ 327,469 $ 290,310 $ 262,928 $ 260,941 $ 273,507 Tax exempt securities 121,789 124,161 125,283 118,943 115,424 ----------- ----------- ----------- ----------- ----------- Total investment securities - QTD average $ 449,258 $ 414,471 $ 388,211 $ 379,884 $ 388,931 =========== =========== =========== =========== ===========
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) 2002 2001 2001 2001 2001 ----------- ----------- ----------- ----------- ---------- Allowance for Loan Losses ------------------------- Balance, beginning of quarter $ 20,496 $ 21,361 $ 21,221 $ 21,368 $ 21,157 ----------- ----------- ----------- ----------- ----------- Loans charged off Credit card 1,191 1,173 1,101 1,192 965 Other consumer 677 907 958 581 617 Real estate 444 290 454 425 209 Commercial 953 1,683 1,160 362 271 ----------- ----------- ----------- ----------- ----------- Total loans charged off 3,265 4,053 3,673 2,560 2,062 ----------- ----------- ----------- ----------- ----------- Recoveries of loans previously charged off Credit card 129 128 127 129 131 Other consumer 233 85 195 196 192 Real estate 82 15 24 44 63 Commercial 116 251 38 77 34 ----------- ----------- ----------- ----------- ----------- Total recoveries 560 479 384 446 420 ----------- ----------- ----------- ----------- ----------- Net loans charged off 2,705 3,574 3,289 2,114 1,642 Provision for loan losses 2,361 2,709 3,429 1,967 1,853 ----------- ----------- ----------- ----------- ----------- Balance, end of quarter $ 20,152 $ 20,496 $ 21,361 $ 21,221 $ 21,368 =========== =========== =========== =========== =========== Non-performing assets --------------------- Non-performing loans Nonaccrual loans Real estate $ 5,813 $ 5,760 $ 5,940 $ 6,366 $ 4,862 Commercial 3,131 3,503 3,671 3,144 2,872 Consumer 2,250 2,693 3,154 2,975 2,083 ----------- ----------- ----------- ----------- ----------- Total nonaccrual loans 11,194 11,956 12,765 12,485 9,817 Loans past due 90 days or more 3,268 2,991 3,035 2,656 2,121 ----------- ----------- ----------- ----------- ----------- Total non-performing loans 14,462 14,947 15,800 15,141 11,938 ----------- ----------- ----------- ----------- ----------- Other non-performing assets Foreclosed assets held for sale 2,182 1,084 1,081 1,252 1,211 Other non-performing assets 492 631 187 247 147 ----------- ----------- ----------- ----------- ----------- Total other non-performing assets 2,674 1,715 1,268 1,499 1,358 ----------- ----------- ----------- ----------- ----------- Total non-performing assets $ 17,136 $ 16,662 $ 17,068 $ 16,640 $ 13,296 =========== =========== =========== =========== =========== Ratios ------ Allowance for loan losses to total loans 1.64% 1.63% 1.64% 1.63% 1.67% Allowance for loan losses to non-performing loans 139.34% 137.12% 135.20% 140.16% 178.99% Allowance for loan losses to non-performing assets 117.60% 123.01% 125.15% 127.53% 160.71% Non-performing loans to total loans 1.18% 1.19% 1.22% 1.17% 0.93% Non-performing assets to total assets 0.87% 0.83% 0.84% 0.84% 0.68%
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 share data) 2002 2001 2001 2001 2001 ----------- ----------- ----------- ----------- ----------- QUARTER-TO-DATE --------------- Diluted earnings per share $ 0.69 $ 0.55 $ 0.49 $ 0.63 $ 0.64 Cash dividends declared - per common share 0.23 0.23 0.22 0.22 0.21 Cash dividends declared - amount 1,632 1,630 1,562 1,564 1,485 Return on average stockholders' equity 10.79% 8.55% 7.75% 10.16% 10.56% Return on average assets 1.00% 0.77% 0.71% 0.93% 0.96% Net interest margin (FTE) 4.14% 3.79% 3.81% 4.00% 4.08% FTE Adjustment 854 832 814 787 750 Amortization of intangibles 28 751 760 728 785 Amortization of intangibles, net of taxes 23 496 500 476 518 Average shares outstanding 7,089,268 7,085,897 7,100,229 7,086,745 7,121,100 Diluted shares outstanding 89,354 64,494 56,298 28,823 20,157 Shares repurchased - 10,000 13,000 2,000 118,955 Average price of repurchased shares - 32.00 33.82 23.64 23.77 Average earning assets 1,853,295 1,868,573 1,807,535 1,768,789 1,759,924 Interest bearing liabilities 1,582,811 1,607,386 1,555,849 1,519,525 1,522,124 YEAR-TO-DATE ------------ Diluted earnings per share $ 0.69 $ 2.31 $ 1.76 $ 1.27 $ 0.64 Cash dividends declared - per common share 0.23 0.88 0.65 0.43 0.21 Return on average stockholders' equity 10.79% 9.23% 9.46% 10.36% 10.56% Return on average assets 1.00% 0.84% 0.87% 0.95% 0.96% Net interest margin (FTE) 4.14% 3.92% 3.96% 4.04% 4.08% FTE Adjustment 854 3,183 2,351 1,537 750 Amortization of intangibles 28 3,024 2,273 1,513 785 Amortization of intangibles, net of taxes 23 1,990 1,494 994 518 Average shares outstanding 7,089,268 7,098,401 7,102,615 7,103,827 7,121,100 Average earning assets 1,853,295 1,800,992 1,778,218 1,764,382 1,759,924 Interest bearing liabilities 1,582,811 1,550,939 1,531,917 1,520,817 1,522,124 END OF PERIOD ------------- Book value $ 26.06 $ 25.73 $ 25.55 $ 25.15 $ 24.75 Shares outstanding 7,091,200 7,087,185 7,090,075 7,101,045 7,072,216 Full-time equivalent employees 959 959 945 937 928 Total number of ATM's 61 62 62 59 59 Total number of branches 62 63 63 62 61 Parent company only - investment in subsidiaries 201,223 199,480 196,987 194,700 192,997 Parent company only - intangible assets 134 27 50 72 94
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 18, 2002 /s/Barry L. Crow -------------------------- ---------------------------------------- Barry L. Crow, Executive Vice President and Chief Financial Officer