-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PZyzm6subhkBx8t2v+OUVFyK2zfuTzDYeLj+PBGj/QV1sfSpe+8KAtK5R2K1EN8g PwXJ++4IpIOw4RrJAPURXw== 0000090498-99-000032.txt : 19991111 0000090498-99-000032.hdr.sgml : 19991111 ACCESSION NUMBER: 0000090498-99-000032 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIMMONS FIRST NATIONAL CORP CENTRAL INDEX KEY: 0000090498 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 710407808 STATE OF INCORPORATION: AR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-06253 FILM NUMBER: 99745445 BUSINESS ADDRESS: STREET 1: 501 MAIN STREET STREET 2: C/O SIMMONS FIRST NATIONAL CORP CITY: PINE BLUFF STATE: AR ZIP: 71601 BUSINESS PHONE: 8705411000 MAIL ADDRESS: STREET 1: 501 MAIN STREET STREET 2: C/O SIMMONS FIRST NATIONAL CORP CITY: PINE BLUFF STATE: AR ZIP: 71601 10-Q 1 SEPTEMBER 30, 1999 QUARTER ENDED 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended September 30, 1999 Commission File Number 06253 ------------------ ----- SIMMONS FIRST NATIONAL CORPORATION - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Arkansas 71-0407808 - ------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 501 Main Street Pine Bluff, Arkansas 71601 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 870-541-1000 ---------------- Not Applicable - ------------------------------------------------------------------------------- Former name, former address and former fiscal year, if changed since last report Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period) and (2) has been subject to such filing requirements for the past 90 days. YES X NO --- --- Indicate the number of shares outstanding of each of issuer's classes of common stock. Class A, Common 7,313,775 Class B, Common None SIMMONS FIRST NATIONAL CORPORATION INDEX Part I: Summarized Financial Information Consolidated Balance Sheets -- September 30, 1999 and December 31, 1998 3-4 Consolidated Statements of Income -- Three months and nine months ended September 30, 1999 and 1998 5 Consolidated Statements of Cash Flows -- Nine months ended September 30, 1999 and 1998 6 Consolidated Statements of Changes in Stockholders' Equity Nine months ended September 30, 1999 and 1998 7 Notes to Consolidated Financial Statements 8-17 Management's Discussion and Analysis of Financial Condition and Results of Operations 18-22 Review by Independent Certified Public Accountants 23 Part II: Other Information 24-25 Part I: Summarized Financial Information
Simmons First National Corporation Consolidated Balance Sheets September 30, 1999 and December 31, 1998 ASSETS September 30, December 31, (In thousands) 1999 1998 - --------------------------------------------------------------------------------------------------------------------------- (Unaudited) Cash and non-interest bearing balances due from banks $ 46,765 $ 56,649 Interest bearing balances due from banks 4,415 28,469 Federal funds sold and securities purchased under agreements to resell 16,540 54,165 --------- --------- Cash and cash equivalents 67,720 139,283 Investment securities 424,026 416,408 Mortgage loans held for sale 9,969 12,641 Assets held in trading accounts 1,245 78 Loans 1,096,671 1,034,462 Allowance for loan losses (17,580) (16,812) --------- --------- Net loans 1,079,091 1,017,650 Premises and equipment 40,004 37,834 Foreclosed assets held for sale, net 1,210 2,156 Interest receivable 16,541 15,481 Intangible assets, net 27,849 28,513 Other assets 17,498 16,966 --------- --------- TOTAL ASSETS $1,685,153 $1,687,010 ========= =========
See Notes to Consolidated Financial Statements.
Simmons First National Corporation Consolidated Balance Sheets September 30, 1999 and December 31, 1998 LIABILITIES AND STOCKHOLDERS' EQUITY September 30, December 31, (In thousands) 1999 1998 - --------------------------------------------------------------------------------------------------------------------------- (Unaudited) LIABILITIES Non-interest bearing transaction accounts $ 170,249 $ 180,621 Interest bearing transaction accounts and savings deposits 432,722 442,765 Time deposits 762,947 757,617 --------- --------- Total deposits 1,365,918 1,381,003 Federal funds purchased and securities sold under agreements to repurchase 89,239 78,367 Short-term debt 8,450 1,624 Long-term debt 47,416 49,899 Accrued interest and other liabilities 16,638 25,733 --------- --------- Total liabilities 1,527,661 1,536,626 --------- --------- STOCKHOLDERS' EQUITY Capital stock Class A, common, par value $1 a share, authorized 30,000,000 shares 7,313,775 issued and outstanding at 1999 and 7,239,022 at 1998 7,314 7,239 Surplus 50,748 48,271 Undivided profits 101,497 93,383 Accumulated other comprehensive income Unrealized (depreciation) appreciation on available-for-sale securities, net of income tax credit of $1,240 at 1999 and income taxes of $848 at 1998 (2,067) 1,491 --------- --------- Total stockholders' equity 157,492 150,384 --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,685,153 $1,687,010 ========= =========
See Notes to Consolidated Financial Statements.
Simmons First National Corporation Consolidated Statements of Income Three Months and Nine Months Ended September 30, 1999 and 1998 Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share data) 1999 1998 1999 1998 - --------------------------------------------------------------------------------------------------------------- (Unaudited) (Unaudited) INTEREST INCOME Loans $ 23,992 $ 23,931 $ 69,818 $ 68,457 Federal funds sold and securities purchased under agreements to resell 150 720 1,542 2,867 Investment securities 5,958 6,127 17,818 18,846 Mortgage loans held for sale, net of unrealized gains (losses) 182 148 559 381 Assets held in trading accounts 15 11 48 71 Interest bearing balances due from banks 106 92 450 323 ------- ------- ------- ------- TOTAL INTEREST INCOME 30,403 31,029 90,235 90,945 ------- ------- ------- ------- INTEREST EXPENSE Deposits 12,250 13,688 37,029 40,724 Federal funds purchased and securities sold under agreements to repurchase 739 693 2,112 2,147 Short-term debt 74 54 116 150 Long-term debt 943 1,037 2,872 3,126 ------- ------- ------- ------- TOTAL INTEREST EXPENSE 14,006 15,472 42,129 46,147 ------- ------- ------- ------- NET INTEREST INCOME 16,397 15,557 48,106 44,798 Provision for loan losses 1,619 1,467 4,962 6,588 ------- ------- ------- ------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 14,778 14,090 43,144 38,210 ------- ------- ------- ------- NON-INTEREST INCOME Trust income 1,239 1,021 3,491 2,922 Service charges on deposit accounts 1,749 1,740 5,208 4,992 Other service charges and fees 407 504 1,383 1,423 Income on sale of mortgage loans, net of commissions 533 596 1,591 1,677 Income on investment banking, net of commissions 34 (38) 274 779 Credit card fees 2,704 2,463 7,402 6,981 Mortgage servicing fees -- 420 -- 3,030 Other income 790 652 1,759 1,576 Gain on sale of mortgage servicing -- -- -- 3,273 Loss on sale of securities, net -- (61) -- (12) ------- ------- ------- ------- TOTAL NON-INTEREST INCOME 7,456 7,297 21,108 26,641 ------- ------- ------- ------- NON-INTEREST EXPENSE Salaries and employee benefits 8,177 7,978 24,369 24,169 Occupancy expense, net 946 1,013 2,683 2,967 Furniture and equipment expense 1,294 1,072 3,712 3,252 Loss on foreclosed assets 117 135 297 675 Merger-related 1,448 0 1,843 0 Other operating expenses 4,839 4,909 14,127 16,026 ------- ------- ------- ------- TOTAL NON-INTEREST EXPENSE 16,821 15,107 47,031 47,089 ------- ------- ------- ------- INCOME BEFORE INCOME TAXES 5,413 6,280 17,221 17,762 Provision for income taxes 1,600 1,762 5,131 5,195 ------- ------- ------- ------- NET INCOME $ 3,813 $ 4,518 $ 12,090 $ 12,567 ======= ======= ======= ======= BASIC EARNINGS PER SHARE $ 0.53 $ 0.63 $ 1.66 $ 1.74 ======= ======= ======= ======= DILUTED EARNINGS PER SHARE $ 0.52 $ 0.62 $ 1.64 $ 1.71 ======= ======= ======= =======
See Notes to Consolidated Financial Statements.
Simmons First National Corporation Consolidated Statements of Cash Flows Nine Months Ended September 30, 1999 and 1998 September 30, September 30, (In thousands) 1999 1998 - ------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES (Unaudited) Net income $ 12,090 $ 12,567 Items not requiring (providing) cash Depreciation and amortization 4,705 5,318 Provision for loan losses 4,962 6,588 Net accretion of investment securities (96) (218) Deferred income taxes (707) (1,514) Provision for foreclosed assets 163 239 Gain on sale of mortgage servicing -- (3,273) Loss on sale of securities, net -- 12 Changes in Interest receivable (1,060) (577) Mortgage loans held for sale 2,672 (445) Assets held in trading accounts (1,167) (9,912) Other assets (532) (834) Accrued interest and other liabilities (6,377) 3,026 Income taxes payable (906) (1,030) -------- -------- Net cash provided by operating activities 13,747 9,947 -------- -------- CASH FLOW FROM INVESTING ACTIVITIES Net originations of loans (66,868) (59,205) Sale of mortgage servicing -- 11,677 Purchase of premises and equipment, net (5,029) (5,357) Proceeds from sale of foreclosed assets 1,248 888 Proceeds from sale of available-for-sale securities -- 1,500 Proceeds from maturities of available-for-sale securities 109,941 162,029 Purchases of available-for-sale securities (119,854) (162,562) Proceeds from maturities of held-to-maturity securities 40,639 53,783 Purchases of held-to-maturity securities (41,806) (48,829) -------- -------- Net cash used in investing activities (81,729) (46,076) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES Net decrease in deposits (15,085) (12,797) Net proceeds (repayments) of short-term debt 6,826 (3,316) Dividends paid (3,976) (3,072) Proceeds from issuance of long-term debt 1,300 305 Repayments of long-term debt (3,783) (4,159) Net increase in federal funds purchased and securities sold under agreements to repurchase 10,872 6,275 Issuance of common stock, net 265 261 -------- -------- Net cash used in financing activities (3,581) (16,503) -------- -------- DECREASE IN CASH AND CASH EQUIVALENTS (71,563) (52,632) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 139,283 146,802 -------- -------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 67,720 $ 94,170 ======== ========
See Notes to Consolidated Financial Statements.
Simmons First National Corporation Consolidated Statements of Changes in Stockholders' Equity Nine Months Ended September 30, 1999 and 1998 Accumulated Other Common Comprehensive Undivided (In thousands, except per share data) Stock Surplus Income Profits Total - -------------------------------------------------------------------------------------------------------------- Balance, December 31, 1997, $ 6,191 $ 46,015 $ 1,216 $ 67,590 $ 121,012 as previously reported Adjustment for pooling-of-interest 1,030 1,995 (133) 14,224 17,116 --------- --------- -------- -------- -------- Balance, December 31, 1997, as restated 7,221 48,010 1,083 81,814 138,128 Comprehensive income Net income -- -- -- 12,567 12,567 Change in unrealized appreciation on available-for-sale securities, net of income taxes of $386 -- -- 679 -- 679 -------- Comprehensive income 13,246 Exercise of stock options--17,200 shares 17 284 -- -- 301 Other stock transaction of pooled institution prior to pooling -- (17) -- -- (17) Securities exchanged under stock option plan -- (23) -- -- (23) Cash dividends declared Common stock ($0.47 per share) -- -- -- (2,696) (2,696) Pooled institutions prior to pooling -- -- -- (376) (376) -------- -------- -------- -------- -------- Balance, September 30, 1998 7,238 48,254 1,762 91,309 148,563 Comprehensive income Net income -- -- -- 3,920 3,920 Change in unrealized appreciation on available-for-sale securities, net of income tax credit of $154 -- -- (271) -- (271) -------- Comprehensive income 3,649 Exercise of stock options--1,500 shares 1 17 -- -- 18 Cash dividends declared Common stock ($0.17 per share) -- -- -- (1,058) (1,058) Pooled institutions prior to pooling -- -- -- (788) (788) -------- -------- -------- -------- -------- Balance, December 31, 1998 7,239 48,271 1,491 93,383 150,384 Comprehensive income Net income -- -- -- 12,090 12,090 Change in unrealized appreciation on available-for-sale securities, net of income tax credit of $2,135 -- -- (3,558) -- (3,558) -------- Comprehensive income 8,532 Exercise of stock options--18,100 shares 18 258 -- -- 276 Securities exchanged under stock option plan -- (11) -- -- (11) Common stock issued in connection with the purchase of the minority shares of the Bank of Lincoln - 56,997 shares 57 2,230 -- -- 2,287 Cash dividends declared Common stock ($0.53 per share) -- -- -- (3,600) (3,600) Pooled institutions prior to pooling -- -- -- (376) (376) -------- -------- -------- -------- -------- Balance, September 30, 1999 $ 7,314 $ 50,748 $ (2,067) $ 101,497 $ 157,492 ======== ======== ======== ======== ========
See Notes to Consolidated Financial Statements. SIMMONS FIRST NATIONAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1: ACCOUNTING POLICIES The consolidated financial statements include the accounts of Simmons First National Corporation and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. All financial information has been restated for the mergers with American Bancshares of Arkansas, Inc ("ABA"), Lincoln Bankshares, Inc. ("LBI"), and NBC Bank Corp. ("NBC"), which were accounted for as poolings-of-interests. All adjustments made to the unaudited financial statements were of a normal recurring nature. In the opinion of management, all adjustments necessary for a fair presentation of the results of interim periods have been made. Certain prior year amounts are reclassified to conform to current year classification. The accounting policies followed in the presentation of interim financial results are presented on pages 28-30 of the 1998 Annual Report to shareholders. Earnings Per Share Basic earnings per share is computed based on the weighted average number of common shares outstanding during each year. Diluted earnings per share is computed using the weighted average common shares and all potential dilutive common shares outstanding during the period. The computation of per share earnings for the nine months ended September 30, 1999 and 1998 is as follows:
(In thousands, except per share data) 1999 1998 - --------------------------------------------------------------------------------------------------------------- Net Income $ 12,090 $ 12,567 ------- ------- Average common shares outstanding 7,304 7,230 Average common share stock options outstanding 72 117 ------- ------- Average diluted common shares 7,376 7,347 ------- ------- Basic earnings per share $ 1.66 $ 1.74 ======= ======= Diluted earnings per share $ 1.64 $ 1.71 ======= =======
NOTE 2: ACQUISITIONS On December 8, 1998, the Company and ABA merged in a pooling-of-interests transaction. Shareholders of ABA received 464,885 shares of Simmons First National Corporation stock in exchange for ABA shares in the transaction. ABA owned American State Bank, Charleston, Arkansas with assets, as of December 8, 1998 of $89 million. The Company merged American State Bank into Simmons First National Bank during the first quarter of 1999. On January 15, 1999, the Company acquired all the common stock of LBI. Stockholders of LBI received 301,823 shares of Simmons First National Corporation stock in exchange for LBI shares in the transaction. LBI owned the Bank of Lincoln, Lincoln, Arkansas with assets, as of January 15, 1999, of $75 million. This acquisition was accounted for as a pooling-of-interests, except for the acquisition of the minority shares (17.9%) of the Bank of Lincoln, which were accounted for on a purchase accounting basis. The Company merged the Bank of Lincoln into Simmons First Bank of Northwest Arkansas during the second quarter of 1999. On July 9, 1999, the Company acquired all the common stock of NBC in exchange for 784,887 shares of the Company's common stock. NBC owned National Bank of Commerce, El Dorado, Arkansas with assets of $155 million, as of July 9, 1999. The Company changed the name of National Bank of Commerce to Simmons First Bank of El Dorado, N.A. The Company will operate Simmons First Bank of El Dorado, N.A. as a separate community bank with the same board of directors, management and staff. This acquisition was accounted for as a pooling-of-interests. NOTE 3: INVESTMENT SECURITIES The amortized cost and fair value of investment securities that are classified as held-to-maturity and available-for-sale are as follows:
September 30, December 31, 1999 1998 ------------------------------------------- ----------------------------------------- Gross Gross Estimated Gross Gross Estimated Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (In thousands) Cost Gains (Losses) Value Cost Gains (Losses) Value - --------------------------------------------------------------------------------------------------------------- Held-to-Maturity - ---------------- U.S. Treasury $ 15,585 $ 52 $ (49) $ 15,588 $ 25,116 $ 424 $ (1) $ 25,539 U.S. Government agencies 39,639 109 (690) 39,058 35,770 474 (48) 36,196 Mortgage-backed securities 17,449 2 (196) 17,255 19,756 113 (170) 19,699 State and political subdivisions 110,674 886 (1,050) 110,510 110,096 2,752 (99) 112,749 Other securities 562 14 -- 576 993 17 (1) 1,009 -------- -------- -------- -------- -------- -------- -------- -------- $ 183,909 $ 1,063 $ (1,985) $ 182,987 $ 191,731 $ 3,780 $ (319) $ 195,192 ======== ======== ======== ======== ======== ======== ======== ======== Available-for-Sale - ------------------ U.S. Treasury $ 45,202 $ 269 $ (52) $ 45,419 $ 51,796 $ 1,081 $ -- $ 52,877 U.S. Government agencies 173,346 19 (4,165) 169,200 131,996 486 (147) 132,335 Mortgage-backed securities 9,809 4 (149) 9,664 25,256 58 (230) 25,084 State and political subdivisions 5,409 1 (146) 5,264 4,816 57 (9) 4,864 Other securities 9,666 1,246 (342) 10,570 8,246 1,523 (252) 9,517 --------- -------- -------- -------- -------- -------- -------- -------- $ 243,432 $ 1,539 $ (4,854) $ 240,117 $ 222,110 $ 3,205 $ - (638) $ 224,677 ======== ======== ======== ======== ======== ======== ======== ========
The carrying value, which approximates the market value, of securities pledged as collateral, to secure public deposits and for other purposes, amounted to $249,196,000 at September 30, 1999 and $239,070,000 at December 31, 1998. The book value of securities sold under agreements to repurchase amounted to $42,264,000 and $33,384,000 for September 30, 1999 and December 31, 1998, respectively. Income earned on securities for the nine months ended September 30, 1999 and 1998 is as follows:
(In thousands) 1999 1998 - ------------------------------------------------------------------------------------------------------------------- Taxable Held-to-maturity $ 3,273 $ 4,933 Available-for-sale 10,389 10,114 Non-taxable Held-to-maturity 3,989 3,677 Available-for-sale 167 122 -------- -------- Total $ 17,818 $ 18,846 ======== ========
Maturities of investment securities at September 30, 1999 are as follows:
Held-to-Maturity Available-for-Sale -------------------- --------------------- Amortized Fair Amortized Fair (In thousands) Cost Value Cost Value - ------------------------------------------------------------------------------------------------- One year or less $ 18,816 $ 18,870 $ 38,913 $ 39,082 After one through five years 76,245 76,062 121,407 119,274 After five through ten years 64,540 63,601 58,411 56,416 After ten years 23,746 23,878 15,035 14,775 Other securities 562 576 9,666 10,570 ---------- ---------- ---------- ---------- Total $ 183,909 $ 182,987 $ 243,432 $ 240,117 ========== ========== ========== ==========
The gross realized gains of $0 and $49,000 and gross realized losses of $0 and $61,000 at September 30, 1999 and 1998, respectively, were the result of sales and/or calls of available-for-sale securities in 1998. Proceeds from sales of available-for-sale securities in 1998 were $1,500,000. Most of the state and political subdivision debt obligations are non-rated bonds and represent small, Arkansas issues, which are evaluated on an ongoing basis. NOTE 4: LOANS AND ALLOWANCE FOR LOAN LOSSES The various categories are summarized as follows:
September 30, December 31, (In thousands) 1999 1998 - ---------------------------------------------------------------------------------------------------------- Consumer Credit cards $ 167,767 $ 165,622 Student loans 67,462 66,134 Other consumer 175,940 155,767 Real estate Construction 54,783 63,037 Single family residential 200,322 194,174 Other commercial 237,306 223,368 Commercial Commercial 133,702 112,800 Agricultural 52,741 40,706 Financial institutions 2,850 5,656 Other 3,798 7,198 ------------ ------------ Total loans before allowance for loan losses $ 1,096,671 $ 1,034,462 ============ ============
During the first nine months of 1999, foreclosed assets held for sale decreased $946,000 to $1,210,000 and are carried at the lower of cost or fair market value. Other non-performing assets, non-accrual loans and other non-performing loans for the Company at September 30, 1999, were $25,000 $7,930,000 and $2,695,000, respectively, bringing the total of non-performing assets to $11,860,000. Transactions in the allowance for loan losses are as follows:
September 30, December 31, (In thousands) 1999 1998 - ----------------------------------------------------------------------------------------------------------------- Balance, beginning of year $ 16,812 $ 15,215 Additions Provision charged to expense 4,962 6,588 ------- ------- 21,774 21,803 Deductions Losses charged to allowance, net of recoveries of $1,030 and $692 for the first nine months of 1999 and 1998, respectively 4,194 4,408 ------- ------- Balance, September 30 $ 17,580 $ 17,395 ======= ------- Additions Provision charged to expense 1,721 ------- 19,116 Deductions Losses charged to allowance, net of recoveries of $367 for the last nine months of 1998 2,304 ------- Balance, end of year $ 16,812 =======
At September 30, 1999 and December 31, 1998, impaired loans totaled $13,219,000 and $13,312,000, respectively, all of which had reserves allocated. An allowance of $3,049,000 and $2,894,000 for possible losses related to those loans at September 30, 1999 and December 31, 1998, respectively. Interest of $419,000 and $410,000 was recognized on average impaired loans of $13,518,000 and $12,138,000 as of September 30, 1999 and 1998, respectively. Interest recognized on impaired loans on a cash basis during the first nine months of 1999 and 1998 was immaterial. NOTE 5: TIME DEPOSITS Time deposits include approximately $211,606,000 and $217,892,000 of certificates of deposit of $100,000 or more at September 30, 1999, and December 31, 1998, respectively. NOTE 6: INCOME TAXES The provision for income taxes is comprised of the following components:
September 30, September 30, (In thousands) 1999 1998 - ------------------------------------------------------------------------------------------------------- Income taxes currently payable $ 5,838 $ 6,709 Deferred income taxes (707) (1,514) --------------- --------------- Provision for income taxes $ 5,131 $ 5,195 =============== ===============
The tax effects of temporary differences related to deferred taxes shown on the balance sheet are shown below:
September 30, December 31, (In thousands) 1999 1998 - ------------------------------------------------------------------------------------------------------- Deferred tax assets Allowance for loan losses $ 6,264 $ 5,294 Valuation of foreclosed assets 223 332 Deferred compensation payable 648 650 Deferred loan fee income 478 591 Mortgage servicing reserve 469 477 Available-for-sale securities 1,240 -- Vacation compensation 462 388 Other 320 295 Total deferred tax assets --------------- --------------- 10,104 8,027 --------------- --------------- Deferred tax liabilities Accumulated depreciation (1,195) (930) Available-for-sale securities -- (848) Stock dividends (355) (193) Other (522) (819) --------------- --------------- Total deferred tax liabilities (2,072) (2,790) --------------- --------------- Net deferred tax assets included in other assets on balance sheets $ 8,032 $ 5,237 =============== ===============
A reconciliation of income tax expense at the statutory rate to the Company's actual income tax expense is shown below:
September 30, September 30, (In thousands) 1999 1998 - ------------------------------------------------------------------------------------------------------- Computed at the statutory rate (35%) $ 6,027 $ 6,217 Increase (decrease) resulting from: Tax exempt income (1,485) (1,305) Other differences, net 589 283 --------------- --------------- Actual tax provision $ 5,131 $ 5,195 =============== ===============
NOTE 7: LONG-TERM DEBT Long-term debt at September 30, 1999 and December 31, 1998, consisted of the following components,
September 30, December 31, (In thousands) 1999 1998 - ------------------------------------------------------------------------------------------------------- 7.32% note due 2007, unsecured $ 16,000 $ 18,000 9.75% note due 2008, secured by land and building 931 972 5.36% to 8.41% FHLB advances due 1999 to 2018, secured by residential real estate loans 13,235 13,677 Trust preferred securities 17,250 17,250 --------------- --------------- $ 47,416 $ 49,899 =============== ===============
The Company owns a wholly owned grantor trust subsidiary (the Trust) to issue preferred securities representing undivided beneficial interests in the assets of the respective Trust and to invest the gross proceeds of such preferred securities into notes of the Company. The sole assets of the Trust are $17.8 million aggregate principal amount of the Company's 9.12% Subordinated Debenture Notes due 2027 which are redeemable beginning in 2002. Such securities qualify as Tier 1 Capital for regulatory purposes. Aggregate annual maturities of long-term debt at September 30, 1999 are: Annual (In thousands) Year Maturities - --------------------------------------------------------------------------------------------------------- 1999 $ 378 2000 3,490 2001 3,404 2002 3,316 2003 3,277 Thereafter 33,551 --------------- Total $ 47,416 ===============
NOTE 8: CONTINGENT LIABILITIES A number of legal proceedings exist in which the Company and/or its subsidiaries are either plaintiffs or defendants or both. Most of the lawsuits involve loan foreclosure activities. The various unrelated legal proceedings pending against the subsidiary banks in the aggregate are not expected to have a material adverse effect on the financial position of the Company and its subsidiaries. NOTE 9: UNDIVIDED PROFITS The subsidiary banks are subject to a legal limitation on dividends that can be paid to the parent company without prior approval of the applicable regulatory agencies. The approval of the Comptroller of the Currency is required, if the total of all dividends declared by a national bank in any calendar year exceeds the total of its net profits, as defined, for that year combined with its retained net profits of the preceding two years. Arkansas bank regulators have specified that the maximum dividend limit state banks may pay to the parent company without prior approval is 75% of current year earnings plus 75% of the retained net earnings of the preceding year. At September 30, 1999, the bank subsidiaries had approximately $10 million available for payment of dividends to the Company without prior approval of the regulatory agencies. The Federal Reserve Board's risk-based capital guidelines include the definitions for (1) a well-capitalized institution, (2) an adequately-capitalized institution, and (3) an undercapitalized institution. The criteria for a well-capitalized institution are: a 5% "Tier l leverage capital" ratio, a 6% "Tier 1 risk-based capital" ratio, and a 10% "total risk-based capital" ratio. As of September 30, 1999, each of the eight subsidiary banks met the capital standards for a well-capitalized institution. The Company's "total risk-based capital" ratio was 14.5% at September 30, 1999. NOTE 10: STOCK OPTIONS AND RESTRICTED STOCK As of September 30, 1999, 295,600 shares of common stock of the Company had been granted through an employee stock option incentive plan. There were 153,820 exercisable options at the end of the third quarter of 1999. Seventy thousand four hundred shares have been issued upon exercise of options. As of September 30, 1999, nine thousand shares of common stock of the Company had been granted and issued as Bonus Shares of restricted stock. NOTE 11: ADDITIONAL CASH FLOW INFORMATION
Nine Months Ended September 30, (In thousands) 1999 1998 - ---------------------------------------------------------------------------------------- Interest paid $ 43,484 $ 46,363 Income taxes paid $ 6,744 $ 7,739
Approximately, $9,000,000 of investment securities previously classified as held-to-maturity was reclassified as available-for-sale during the second quarter of 1999. This was the result the Company merging the Bank of Lincoln into Simmons First Bank of Northwest Arkansas during the second quarter of 1999. NOTE 12: CERTAIN TRANSACTIONS From time to time the Company and its subsidiaries have made loans and other extensions of credit to directors, officers, their associates and members of their immediate families, and from time to time directors, officers and their associates and members of their immediate families have placed deposits with the Company's subsidiary banks. Such loans, other extensions of credit and deposits were made in the ordinary course of business, on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons and did not involve more than normal risk of collectibility or present other unfavorable features. NOTE 13: COMMITMENTS AND CREDIT RISK The eight affiliate banks of the Company grant agribusiness, commercial, consumer, and residential loans to their customers. Included in the Company's diversified loan portfolio is unsecured debt in the form of credit card receivables that comprised approximately 15.3% and 16.0% of the portfolio, as of September 30, 1999 and December 31, 1998, respectively. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer's creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management's credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate, and residential real estate. At September 30, 1999, the Company had outstanding commitments to extend credit aggregating approximately $263,870,000 and $113,492,000 for credit card commitments and other loan commitments, respectively. At December 31, 1998, the Company had outstanding commitments to extend credit aggregating approximately $152,946,000 and $109,038,000 for credit card commitments and other loan commitments, respectively. Letters of credit are conditional commitments issued by the bank subsidiaries of the Company, to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. The Company had total outstanding letters of credit amounting to $6,545,000 and $6,511,000 at September 30, 1999 and December 31, 1998, respectively, with terms ranging from 90 days to one year. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS - --------------------- Operating earnings (net income excluding merger-related expenses) for the quarter ended September 30, 1999, were $4,800,000, compared to earnings of $4,518,000 for the same period in 1998. This represents a $282,000, or 6.2% increase in the 1999 earnings over 1998. Diluted operating earnings per share increased 4.8% to $0.65 in the third quarter of 1999 from $0.62 in the same period of 1998. The Company's operating return on average assets and operating return on average stockholder's equity for the three-month period ended September 30, 1999 was 1.15% and 12.06%, compared to 1.09% and 12.18%, respectively, for the same period in 1998. In connection with the merger of NBC Bank Corp. ("NBC"), during the third quarter of 1999, after tax merger-related expenses totaled $987,000, or $0.13 per share. After merger-related expenses, Simmons First's third quarter 1999 earnings were $3,813,000 or $0.52 diluted earnings per share. All financial information has been restated for the mergers with American Bancshares of Arkansas, Inc. ("ABA"), Lincoln Bankshares, Inc. ("LBI") and NBC, which were accounted for as poolings-of-interests. Operating earnings for the nine-month period ended September 30, 1999, were $13,472,000, or an increase of $905,000 over the September 30, 1998 earnings of $12,567,000. Diluted operating earnings per share increased 7.0% to $1.83 for the nine-month period ended September 30, 1999 from $1.71 in the same period of 1998. Operating return on average assets and operating return on average stockholders' equity for the nine-month period ended September 30, 1999, was 1.08% and 11.51%, compared to 1.02% and 11.68%, respectively, for the same period in 1998. In connection with the mergers of LBI and NBC, during nine-month period ended September 30, 1999 after tax merger-related expenses totaled $1,382,000, or $0.19 per share. After merger-related expenses, Simmons First's nine-month period ended September 30, 1999 earnings were $12,090,000 or $1.64 diluted earnings per share. Diluted cash operating earnings (net income excluding amortization of intangibles and merger-related expenses) for the third quarter of 1999 were $0.71 per share compared with $0.67 for the third quarter of 1998, reflecting a 6.0% increase. Year-to-date diluted cash operating earnings on a per share basis as of September 30, 1999 were $1.99 compared to $1.87 at September 30, 1998, reflecting a 6.4% increase. Cash operating return on average assets was 1.20% and cash operating return on average stockholders' equity was 12.71% for the nine-month period ended September 30, 1999, compared with 1.14% and 12.83%, respectively, for the same period in 1998. Net interest income, the difference between interest income and interest expense, for the three-month period ended September 30, 1999, increased $840,000, or 5.4%, when compared to the same period in 1998. During the third quarter, interest income decreased $626,000, or 2.0%, while interest expense decreased $1,466,000 or 9.5%, when compared to the same period in 1998. For the nine-months ended September 30, 1999 and 1998, net interest income was $48,106,000 and $44,798,000 respectively. This represents an increase of $3,308,000, or 7.4%. Year-to-date interest income for the nine-month periods ended September 30, 1999 and 1998 decreased $710,000, to $90,235,000, over the $90,945,000 reported as for September 30, 1998, which signifies a 0.8% decrease. Year-to-date interest expense at September 30, 1999 and 1998, were $42,129,000 and $46,147,000, respectively, which equates to an 8.7% decrease. These figures reflect growth in the loan portfolio (September 30, 1998 to September 30, 1999) and an increase in fees on loans offset by a decline in average interest rates from 1998 to 1999. The provision for loan losses for the third quarter of 1999 was $1,619,000, compared to $1,467,000 for the same period of 1998, resulting in a $152,000 or 10.4%, increase. The provision in the third quarter of 1999 was increased as a result of growth in loans. For the nine months ended September 30, 1999 and 1998, the provision was $4,962,000 and $6,588,000, respectively, resulting in a $1,626,000 decrease. The provision in 1998 was increased as a result of growth in loans, increased indirect lending, unfavorable weather conditions during the crop production period, general market conditions in the agriculture industry and an increased level of consumer bankruptcies. Non-interest income for the third quarter ended September 30, 1999, was $7,456,000, a 2.2% increase over the $7,297,000 reported for the same period in 1998. For the nine-months ended September 30, 1999, non-interest income was $21,108,000, a 20.8% decrease from the $26,641,000 reported for the same period in 1998. . This decrease is primarily due to the sale of the Company's mortgage servicing portfolio on June 30, 1998. Total recurring non-interest income for the nine-month period ended September 30, 1999 was up 3.7% when compared with the same period in 1998. During the three months ended September 30, 1999, non-interest expense (excluding merger-related expenses) increased $266,000, or 1.8%, over the same period in 1998. This increase is attributable to the normal increase in the cost of doing business. Year-to-date non-interest expense was $47,031,000 at September 30, 1999, compared to $47,089,000, for the same period ended September 30, 1998. This $58,000 decrease reflects the sale of the Company's mortgage servicing portfolio and $500,000 of Year 2000 expenses during 1998 offset by the normal increase in the cost of doing business and $1,843,000 in merger-related expenses during 1999. On June 30, 1998, Simmons First National Bank sold its residential mortgage-servicing portfolio resulting in a $3.3 million gain. The portfolio consisted of approximately $1.2 billion in residential mortgage loans. The portfolio sale will not have a material impact on future earnings of the Company. FINANCIAL CONDITION - ------------------- Total assets for the Company at September 30, 1999, were $1.685 billion, a decrease of $2 million, or 0.1%, over the same figure at December 31, 1998. Deposits at September 30, 1999, totaled $1.366 billion, an increase of $15 million, or 1.1% from the same figure at December 31, 1998. Stockholders' equity at the end of the third quarter was $157,492,000, an increase of $7,108,000, or 4.7%, from the December 31, 1998 figure. Asset quality remains strong with the allowance for loan losses as a percent of total loans at 1.60% as of September 30, 1999, compared to 1.63% at December 31, 1998. As of September 30, 1999, non-performing loans equaled 0.99% of total loans, while the allowance for loan losses equaled 162% of non-performing loans. Generally speaking, the Company's banking subsidiaries rely upon net inflows of cash from financing activities, supplemented by net inflows of cash from operating activities, to provide cash used in their investing activities. As is typical of most banking companies, significant financing activities include: deposit gathering; use of short-term borrowing facilities, such as federal funds purchased and repurchase agreements; and the issuance of long-term debt. The banks' primary investing activities include loan originations and purchases of investment securities, offset by loan payoffs and investment maturities. Liquidity represents an institution's ability to provide funds to satisfy demands from depositors and borrowers, by either converting assets into cash or accessing new or existing sources of incremental funds. It is a major responsibility of management to maximize net interest income within prudent liquidity constraints. Internal corporate guidelines have been established to measure liquid assets as well as relevant ratios concerning earning asset levels and purchased funds. Each bank subsidiary is also required to monitor these same indicators and report regularly to its own senior management and board of directors. At September 30, 1999, each bank was within established guidelines and total corporate liquidity was strong. At September 30, 1999, cash and due from banks, securities available for sale and held in trading accounts, federal funds sold and securities purchased under agreements for resell, and mortgage loans held for sale were 18.9% of total assets. ACQUISITIONS - ------------ In December 1998, the Company and ABA merged in a pooling-of-interests transaction. Stockholders of ABA received 464,885 shares of Simmons First National Corporation stock in exchange for ABA shares in the transaction. ABA owned American State Bank ("ASB"), Charleston, Arkansas with assets, as of December 31, 1998, of $90 million. The Company merged ASB into Simmons First National Bank during the first quarter of 1999. On January 15, 1999, the Company and LBI merged in a pooling-of-interests transaction, except for the acquisition of the minority shares (17.9%) of the Bank of Lincoln, which were accounted for on a purchase accounting basis. Stockholders of LBI received 301,823 shares of Simmons First National Corporation stock in exchange for LBI shares in the transaction. LBI owned the Bank of Lincoln ("BOL"), Lincoln, Arkansas with assets, as of January 15, 1999, of $75 million. The Company merged BOL into Simmons First Bank of Northwest Arkansas during the second quarter of 1999. On July 9, 1999, the Company acquired all the common stock of NBC Bank Corp. in exchange for 784,887 shares of the Company's common stock. NBC Bank Corp. owned National Bank of Commerce, El Dorado, Arkansas with assets of $155 million, as of July 9, 1999. The Company changed the name of National Bank of Commerce to Simmons First Bank of El Dorado, N.A. The Company will operate Simmons First Bank of El Dorado, N.A. as a separate community bank with the same board of directors, management and staff. This acquisition will be accounted for as a pooling-of-interests. IMPACT OF THE YEAR 2000 ISSUE - ----------------------------- General The Year 2000 issue is the result of computer programs being written using two digits rather than four to define the applicable year. Many computer systems, software, and embedded computer chips may be unable to distinguish between 1900 and 2000. If not corrected, this problem could create system errors and failure resulting in the disruption of normal business operations. In 1996, as part of its strategic plan to provide quality customer service, introduce new products, and improve operating efficiencies, the Company began converting all of its core banking related software and hardware systems to state-of-the-art technology. These conversions were completed in 1998. As a byproduct of this effort, the Year 2000 issue was addressed. State of Readiness The Company has identified the following key phases for addressing the Year 2000 issues: analysis, testing, remediation and implementation. The Company completed the Year 2000 analysis by identification of mission critical systems, vendors, large borrowers and large depositors requiring assessment and testing. The Company utilized both internal and external resources to test its software systems for Year 2000 compliance. The Company's internal missions critical testing is complete. The testing with vendors, payment system providers and third party suppliers is substantially complete. The replacement of non-compliant systems is complete. During the remainder of 1999, the Company will ensure that new systems or subsequent changes to certified systems are compliant with Year 2000 requirements. The Company has substantially completed all phases, in accordance with guidelines established by the Federal Financial Institutions Examination Council (FFIEC). Costs During the nine-month period ended September 30, 1999, the Company had no significant expenses related to the Year 2000 issue. The Company is utilizing internal personnel to complete all work associated with the Year 2000 project. Therefore, management believes completion of the Year 2000 modifications and subsequent testing will not have a material effect on the Company's future consolidated results of operations or financial position. Risks Although the Company's Year 2000 readiness is directed at reducing its exposure, there can be no assurance that these efforts will fully mitigate the effect of Year 2000 issues. In the event the Company fails to identify or correct a material Year 2000 problem, there could be disruptions in normal business operations, which could have a material adverse effect on the Company's results of operations, liquidity or financial condition. Additionally, the Company is subject to credit risk to the extent borrowers fail to adequately address Year 2000 issues and to liquidity risk to the extent of deposit withdrawals and to the extent its lenders are unable to provide the Company with funds due to Year 2000 issues. Although it is not possible to quantify the potential impact of these risks at this time, in future years, there may be increases in problem loans, credit losses, and liquidity problems, as well as the risk of litigation and potential losses from litigation related to the foregoing. Contingency Plans The Company has existing disaster recovery plans that address its response to disruptions to business due to natural disasters, civil unrest, utility outages or other occurrences. The Company has modified the disaster recovery plans to specifically address Year 2000 issues. The Company has completed these contingency plans. The contingency plans have been tested and validated. REVIEW BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS BAIRD, KURTZ & DOBSON Certified Public Accountants 200 East Eleventh Pine Bluff, Arkansas Board of Directors Simmons First National Corporation Pine Bluff, Arkansas We have made a review of the accompanying consolidated condensed financial statements, appearing on pages 3 to 17 of the accompanying Form 10-Q, of SIMMONS FIRST NATIONAL CORPORATION and consolidated subsidiaries as of September 30, 1999 and for the three-months and nine-months ended September 30, 1999 and 1998, in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of obtaining an understanding of the system for the preparation of interim financial information, applying analytical review procedures to financial data, and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an examination in accordance with generally accepted auditing standards, the objective which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the condensed financial statements referred to above for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet as of December 31, 1998, and the related consolidated statements of income, cash flows and changes in stockholders' equity for the year then ended (not presented herein), and in our report dated February 2, 1999, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 1998, is fairly stated in all material respects in relation to the consolidated balance sheet from which it has been derived. /s/ Baird, Kurtz & Dobson BAIRD, KURTZ & DOBSON Pine Bluff, Arkansas November 5, 1999 Part II: Other Information Item 2. Changes in Securities. Recent Sales of Unregistered Securities. The following transactions are sales of unregistered shares of Class A Common Stock of the registrant which were issued to executive and senior management officers upon the exercise of rights granted under either the Simmons First National Corporation Incentive and Non-qualified Stock Option Plan or the Simmons First National Corporation Executive Stock Incentive Plan. No underwriters were involved and no underwriter's discount or commissions were involved. Exemption from registration is claimed under Section 4(2) of the Securities Act of 1933 as private placements. Unless noted otherwise, the registrant received cash as the consideration for the transaction.
Number Identity Date of Sale of Share Price(1) Type of Transaction - ----------------------------------------------------------------------------------------------------- 1 Officer September 13, 1999 1,500 8.2917 Incentive Stock Option Notes: 1. The per share price paid for incentive stock options represents the fair market value of the stock as determined under the terms of the Plan on the date the incentive stock option was granted to the officer.
SIGNATURES 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 ---------------------------------- (Registrant) Date: November 5, 1999 /s/ J. Thomas May ------------------------------- ------------------------------- J. Thomas May, Chairman, President and Chief Executive Officer Date: November 5, 1999 /s/ Barry L. Crow ------------------------------- ------------------------------- Barry L. Crow, Executive Vice President and Chief Financial Officer EX-27 2 ARTICLE 9 FDS FOR 10-K
9 1,000 9-MOS 6-MOS 3-MOS DEC-31-1999 DEC-31-1999 DEC-31-1999 JAN-01-1999 JAN-01-1999 JAN-01-1999 SEP-30-1999 JUN-30-1999 MAR-31-1999 46,765 57,015 57,894 4,415 7,060 24,795 16,540 12,635 64,675 1,245 10,529 3,057 243,432 246,925 232,439 183,909 179,514 180,437 182,987 179,580 183,300 1,096,671 1,038,481 1,012,588 17,580 17,231 16,595 1,685,153 1,648,281 1,674,271 1,365,918 1,356,901 1,390,794 8,450 7,227 1,218 105,877 78,534 78,230 47,416 49,783 49,526 0 0 0 0 0 0 7,314 7,312 7,306 150,178 148,524 147,197 1,685,153 1,648,281 1,674,271 69,818 45,826 22,720 17,818 11,860 5,902 2,599 2,146 1,331 90,235 59,832 29,953 37,029 24,779 12,605 42,129 28,123 14,445 48,106 31,709 15,508 4,962 3,343 1,652 0 0 0 47,031 30,210 15,245 17,221 11,808 5,360 12,090 8,277 3,708 0 0 0 0 0 0 12,090 8,277 3,708 1.66 1.13 0.51 1.64 1.12 0.50 0 0 0 7,930 7,132 8,470 2,695 3,206 2,855 0 0 0 0 0 0 16,812 16,812 16,812 5,224 3,460 2,107 1,030 536 238 17,580 17,231 16,595 17,580 17,231 16,595 0 0 0 0 0 0
EX-27 3 ARTICLE 9 FDS FOR 10-K
9 1,000 12-MOS DEC-31-1998 JAN-01-1998 DEC-31-1998 56,649 28,469 54,165 78 224,677 191,731 195,192 1,034,462 16,812 1,687,010 1,381,003 1,624 104,100 49,899 0 0 7,239 143,145 1,687,010 92,290 24,735 5,015 122,040 54,242 61,574 60,466 8,309 (165) 62,474 23,153 16,487 0 0 16,487 2.28 2.24 4.17 6,959 2,972 118 0 15,215 7,771 1,059 16,812 16,812 0 2,280
EX-27 4 ARTICLE 9 FDS FOR 10-K
9 1,000 9-MOS 6-MOS 3-MOS DEC-31-1998 DEC-31-1998 DEC-31-1998 JAN-01-1998 JAN-01-1998 JAN-01-1998 SEP-30-1998 JUN-30-1998 MAR-31-1998 42,506 62,379 61,286 4,744 4,500 13,516 46,920 54,110 105,320 10,361 42 961 212,561 227,866 240,740 193,647 190,636 198,601 197,478 193,136 201,191 1,019,782 1,005,185 965,978 17,395 17,386 15,264 1,623,987 1,641,241 1,687,536 1,350,547 1,361,308 1,400,326 2,619 6,749 3,331 71,995 75,826 89,540 50,263 53,103 53,178 0 0 0 0 0 0 7,238 7,236 7,230 141,325 137,019 133,931 1,623,987 1,641,241 1,687,536 68,457 44,526 22,084 18,846 12,719 6,291 3,642 2,671 1,487 90,945 59,916 29,862 40,724 27,036 13,510 46,147 30,675 15,323 44,798 29,241 14,539 6,588 5,121 1,278 (12) 49 34 47,089 31,982 15,629 17,762 11,482 5,364 12,567 8,049 3,751 0 0 0 0 0 0 12,567 8,049 3,751 1.74 1.11 0.52 1.71 1.09 0.51 0 0 0 6,371 6,781 6,928 2,610 2,365 2,526 0 0 0 0 0 0 15,215 15,215 15,215 5,100 3,421 1,434 692 471 205 17,395 17,386 15,264 17,395 17,386 15,264 0 0 0 0 0 0
EX-27 5 ARTICLE 9 FDS FOR 10-K
9 1,000 12-MOS DEC-31-1997 JAN-01-1997 DEC-31-1997 67,238 5,144 74,420 449 212,719 198,525 200,857 965,866 15,215 1,625,492 1,363,344 6,781 63,681 53,558 0 0 7,221 130,907 1,625,492 74,323 22,500 3,817 100,640 44,147 48,804 51,836 5,215 (108) 55,153 21,561 14,970 0 0 14,970 2.08 2.05 4.35 7,054 2,417 343 0 10,506 5,398 864 15,215 15,215 0 2,187
EX-27 6 ARTICLE 9 FDS FOR 10-K
9 1,000 9-MOS 6-MOS 3-MOS DEC-31-1997 DEC-31-1997 DEC-31-1997 JAN-01-1997 JAN-01-1997 JAN-01-1997 SEP-30-1997 JUN-30-1997 MAR-31-1997 61,346 39,100 42,652 8,865 8,231 8,271 47,730 47,830 44,645 90 2,426 1,580 180,780 176,541 156,127 207,306 172,292 176,892 209,298 173,740 176,639 965,839 713,941 679,324 14,513 10,334 10,423 1,570,459 1,222,901 1,177,818 1,313,416 1,008,111 994,747 18,197 7,832 4,668 50,696 55,014 48,517 52,120 19,756 1,056 0 0 0 0 0 0 7,219 7,218 30,071 128,811 124,970 98,759 1,570,459 1,222,901 1,177,818 51,917 31,292 15,221 16,208 10,406 5,177 2,421 1,721 856 70,546 43,419 21,254 30,428 18,431 9,021 33,142 19,748 9,638 37,404 23,671 11,616 3,139 1,864 839 3 1 0 39,539 25,388 12,649 16,505 10,266 4,931 11,606 7,227 3,494 0 0 0 0 0 0 11,606 7,227 3,494 1.61 1.00 0.49 1.59 0.99 0.48 0 0 0 6,343 4,131 5,397 2,837 1,803 1,575 0 0 0 0 0 0 10,506 10,506 10,506 3,831 2,528 1,200 671 492 278 14,513 10,334 10,423 14,513 10,334 10,423 0 0 0 0 0 0
EX-27 7 ARTICLE 9 FDS FOR 10-K
9 1,000 12-MOS DEC-31-1996 JAN-01-1996 DEC-31-1996 52,648 9,329 22,200 1,591 156,238 178,017 179,230 669,574 10,506 1,165,556 984,914 3,359 49,309 1,067 0 0 30,022 96,885 1,165,556 58,398 19,908 3,855 82,161 35,780 37,981 44,180 2,564 278 50,286 19,010 13,338 0 0 13,338 1.85 1.83 4.50 3,729 2,560 0 0 10,303 3,234 873 10,506 10,506 0 2,432
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