Arkansas
|
0-6253
|
71-0407808
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
501 Main Street, Pine Bluff, Arkansas
|
71601
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
SIMMONS FIRST NATIONAL CORPORATION
|
|
|
/s/ Robert A. Fehlman
|
|
Date: January 19, 2012
|
Robert A. Fehlman
Executive Vice President and Chief Financial Officer
|
|
FOR IMMEDIATE RELEASE: | January 19, 2012 |
|
Three Months Ended
|
Year Ended | ||||||||||||||
(In thousands, except basis points data)
|
December 31, 2011
|
December 31, 2011
|
||||||||||||||
Impact on net interest income/
|
||||||||||||||||
net interest margin (in basis points)
|
$
|
1,124
|
15 bps
|
$
|
1,124
|
4 bps
|
||||||||||
Non-interest income
|
(978
|
)
|
(978
|
)
|
||||||||||||
Net impact to pre-tax income
|
$
|
146
|
$
|
146
|
“Well Capitalized”
|
SFNC
|
|||||||||
Tier 1 Leverage Ratio
|
5.00 | % | 11.86 | % | ||||||
Tier 1 Risk-Based Capital Ratio
|
6.00 | % | 21.58 | % | ||||||
Total Risk-Based Capital Ratio
|
10.00 | % | 22.83 | % |
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated End of Period Balance Sheets
|
||||||||||||||||||||
For the Quarters Ended
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
Dec 31
|
|||||||||||||||
(Unaudited)
|
2011
|
2011
|
2011
|
2011
|
2010
|
|||||||||||||||
(in thousands)
|
||||||||||||||||||||
ASSETS
|
||||||||||||||||||||
Cash and non-interest bearing balances due from banks
|
$ | 35,087 | $ | 33,408 | $ | 43,604 | $ | 35,923 | $ | 33,717 | ||||||||||
Interest bearing balances due from banks
|
535,119 | 490,283 | 498,323 | 473,247 | 418,343 | |||||||||||||||
Federal funds sold
|
- | - | - | - | - | |||||||||||||||
Cash and cash equivalents
|
570,206 | 523,691 | 541,927 | 509,170 | 452,060 | |||||||||||||||
Investment securities - held-to-maturity
|
525,444 | 504,302 | 406,365 | 501,745 | 465,183 | |||||||||||||||
Investment securities - available-for-sale
|
172,212 | 140,579 | 178,853 | 119,847 | 148,479 | |||||||||||||||
Mortgage loans held for sale
|
22,976 | 21,037 | 9,983 | 6,618 | 17,237 | |||||||||||||||
Assets held in trading accounts
|
7,541 | 5,252 | 7,356 | 7,468 | 7,577 | |||||||||||||||
Loans
|
1,579,769 | 1,631,541 | 1,633,660 | 1,619,374 | 1,683,464 | |||||||||||||||
Allowance for loan losses
|
(30,108 | ) | (29,151 | ) | (27,796 | ) | (27,905 | ) | (26,416 | ) | ||||||||||
Net loans
|
1,549,661 | 1,602,390 | 1,605,864 | 1,591,469 | 1,657,048 | |||||||||||||||
Covered assets:
|
||||||||||||||||||||
Loans, net of discount
|
158,075 | 172,394 | 192,899 | 208,774 | 231,600 | |||||||||||||||
Other real estate owned, net of discount
|
11,685 | 13,845 | 13,033 | 12,933 | 8,717 | |||||||||||||||
FDIC indemnification asset
|
47,683 | 51,223 | 54,437 | 58,520 | 60,235 | |||||||||||||||
Premises and equipment
|
86,486 | 86,972 | 82,145 | 82,948 | 77,199 | |||||||||||||||
Foreclosed assets held for sale, net
|
22,887 | 22,159 | 22,441 | 23,686 | 23,204 | |||||||||||||||
Interest receivable
|
15,126 | 16,195 | 15,203 | 15,382 | 17,363 | |||||||||||||||
Bank owned life insurance
|
50,579 | 50,175 | 49,914 | 49,475 | 49,072 | |||||||||||||||
Goodwill
|
60,605 | 60,605 | 60,605 | 60,605 | 60,605 | |||||||||||||||
Core deposit premiums
|
1,579 | 1,793 | 2,015 | 2,239 | 2,463 | |||||||||||||||
Other assets
|
17,384 | 20,736 | 20,169 | 18,511 | 38,390 | |||||||||||||||
Total assets
|
$ | 3,320,129 | $ | 3,293,348 | $ | 3,263,209 | $ | 3,269,390 | $ | 3,316,432 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Non-interest bearing transaction accounts
|
$ | 532,259 | $ | 531,025 | $ | 476,274 | $ | 459,628 | $ | 428,750 | ||||||||||
Interest bearing transaction accounts and savings deposits
|
1,239,504 | 1,194,907 | 1,228,910 | 1,217,718 | 1,220,133 | |||||||||||||||
Time deposits less than $100,000
|
499,809 | 513,658 | 524,567 | 537,070 | 599,537 | |||||||||||||||
Time deposits greater than $100,000
|
378,825 | 395,224 | 377,429 | 387,000 | 360,349 | |||||||||||||||
Total deposits
|
2,650,397 | 2,634,814 | 2,607,180 | 2,601,416 | 2,608,769 | |||||||||||||||
Federal funds purchased and securities
|
||||||||||||||||||||
sold under agreements to repurchase
|
114,766 | 98,286 | 93,560 | 107,099 | 109,139 | |||||||||||||||
Short-term debt
|
272 | 481 | 628 | 718 | 1,033 | |||||||||||||||
Long-term debt
|
120,828 | 122,501 | 123,673 | 127,344 | 164,324 | |||||||||||||||
Accrued interest and other liabilities
|
25,955 | 29,607 | 34,308 | 33,266 | 35,796 | |||||||||||||||
Total liabilities
|
2,912,218 | 2,885,689 | 2,859,349 | 2,869,843 | 2,919,061 | |||||||||||||||
Stockholders' equity:
|
||||||||||||||||||||
Common stock
|
172 | 173 | 173 | 173 | 173 | |||||||||||||||
Surplus
|
112,436 | 115,026 | 115,126 | 114,537 | 114,040 | |||||||||||||||
Undivided profits
|
294,864 | 291,830 | 287,870 | 284,420 | 282,646 | |||||||||||||||
Accumulated other comprehensive income
|
||||||||||||||||||||
Unrealized appreciation on AFS securities
|
439 | 630 | 691 | 417 | 512 | |||||||||||||||
Total stockholders' equity
|
407,911 | 407,659 | 403,860 | 399,547 | 397,371 | |||||||||||||||
Total liabilities and stockholders' equity
|
$ | 3,320,129 | $ | 3,293,348 | $ | 3,263,209 | $ | 3,269,390 | $ | 3,316,432 |
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated Average Quarter-to-Date Balance Sheets
|
||||||||||||||||||||
For the Quarters Ended
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
Dec 31
|
|||||||||||||||
(Unaudited)
|
2011
|
2011
|
2011
|
2011
|
2010
|
|||||||||||||||
(in thousands)
|
||||||||||||||||||||
ASSETS
|
||||||||||||||||||||
Cash and non-interest bearing balances due from banks
|
$ | 35,132 | $ | 35,202 | $ | 34,128 | $ | 34,869 | $ | 71,780 | ||||||||||
Interest bearing balances due from banks
|
546,478 | 462,333 | 472,425 | 463,858 | 400,174 | |||||||||||||||
Federal funds sold
|
99 | 2,309 | 554 | 583 | 1,208 | |||||||||||||||
Cash and cash equivalents
|
581,709 | 499,844 | 507,107 | 499,310 | 473,162 | |||||||||||||||
Investment securities - held-to-maturity
|
501,812 | 460,951 | 479,371 | 493,128 | 462,328 | |||||||||||||||
Investment securities - available-for-sale
|
173,360 | 164,468 | 143,447 | 120,085 | 180,634 | |||||||||||||||
Mortgage loans held for sale
|
20,035 | 12,527 | 7,806 | 7,445 | 27,832 | |||||||||||||||
Assets held in trading accounts
|
7,375 | 7,428 | 7,462 | 7,598 | 7,615 | |||||||||||||||
Loans
|
1,590,584 | 1,640,439 | 1,618,749 | 1,633,298 | 1,697,937 | |||||||||||||||
Allowance for loan losses
|
(29,730 | ) | (28,299 | ) | (27,498 | ) | (27,073 | ) | (23,316 | ) | ||||||||||
Net loans
|
1,560,854 | 1,612,140 | 1,591,251 | 1,606,225 | 1,674,621 | |||||||||||||||
Covered assets:
|
||||||||||||||||||||
Loans, net of discount
|
168,506 | 180,884 | 201,788 | 219,956 | 256,619 | |||||||||||||||
Other real estate owned, net of discount
|
12,409 | 13,467 | 12,722 | 9,171 | 12,978 | |||||||||||||||
FDIC indemnification asset
|
50,180 | 53,547 | 57,738 | 59,777 | 32,008 | |||||||||||||||
Premises and equipment
|
86,881 | 83,917 | 82,729 | 80,516 | 77,876 | |||||||||||||||
Foreclosed assets held for sale, net
|
22,702 | 22,292 | 23,299 | 23,382 | 23,658 | |||||||||||||||
Interest receivable
|
16,071 | 15,376 | 15,712 | 15,831 | 18,325 | |||||||||||||||
Bank owned life insurance
|
50,362 | 50,116 | 49,695 | 49,275 | 48,868 | |||||||||||||||
Goodwill
|
60,605 | 60,605 | 60,605 | 60,605 | 60,605 | |||||||||||||||
Core deposit premiums
|
1,685 | 1,917 | 2,140 | 2,363 | 1,612 | |||||||||||||||
Other assets
|
18,562 | 20,307 | 18,296 | 29,784 | 20,515 | |||||||||||||||
Total assets
|
$ | 3,333,108 | $ | 3,259,786 | $ | 3,261,168 | $ | 3,284,451 | $ | 3,379,256 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Non-interest bearing transaction accounts
|
$ | 535,663 | $ | 494,982 | $ | 463,689 | $ | 436,272 | $ | 416,343 | ||||||||||
Interest bearing transaction accounts and savings deposits
|
1,228,495 | 1,201,174 | 1,222,299 | 1,216,903 | 1,239,736 | |||||||||||||||
Time deposits less than $100,000
|
508,847 | 518,855 | 532,462 | 570,426 | 617,288 | |||||||||||||||
Time deposits greater than $100,000
|
388,470 | 383,688 | 379,289 | 370,004 | 364,481 | |||||||||||||||
Total deposits
|
2,661,475 | 2,598,699 | 2,597,739 | 2,593,605 | 2,637,848 | |||||||||||||||
Federal funds purchased and securities
|
||||||||||||||||||||
sold under agreements to repurchase
|
107,750 | 93,067 | 98,919 | 114,491 | 111,594 | |||||||||||||||
Short-term debt
|
396 | 579 | 828 | 865 | 2,094 | |||||||||||||||
Long-term debt
|
122,086 | 123,136 | 125,357 | 139,728 | 166,774 | |||||||||||||||
Accrued interest and other liabilities
|
31,303 | 35,683 | 33,954 | 34,480 | 67,113 | |||||||||||||||
Total liabilities
|
2,923,010 | 2,851,164 | 2,856,797 | 2,883,169 | 2,985,423 | |||||||||||||||
Total stockholders' equity
|
410,098 | 408,622 | 404,371 | 401,282 | 393,833 | |||||||||||||||
Total liabilities and stockholders' equity
|
$ | 3,333,108 | $ | 3,259,786 | $ | 3,261,168 | $ | 3,284,451 | $ | 3,379,256 |
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated Statements of Income - Quarter-to-Date
|
||||||||||||||||||||
For the Quarters Ended
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
Dec 31
|
|||||||||||||||
(Unaudited)
|
2011
|
2011
|
2011
|
2011
|
2010
|
|||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||||||
INTEREST INCOME
|
||||||||||||||||||||
Loans
|
$ | 23,370 | $ | 24,366 | $ | 23,883 | $ | 24,094 | $ | 25,649 | ||||||||||
Covered loans
|
4,513 | 3,917 | 4,347 | 4,341 | 3,127 | |||||||||||||||
Federal funds sold
|
1 | 3 | 1 | 1 | 3 | |||||||||||||||
Investment securities
|
3,568 | 3,539 | 3,771 | 3,705 | 4,030 | |||||||||||||||
Mortgage loans held for sale
|
198 | 130 | 87 | 88 | 286 | |||||||||||||||
Assets held in trading accounts
|
7 | 8 | 9 | 9 | 10 | |||||||||||||||
Interest bearing balances due from banks
|
324 | 243 | 298 | 235 | 234 | |||||||||||||||
TOTAL INTEREST INCOME
|
31,981 | 32,206 | 32,396 | 32,473 | 33,339 | |||||||||||||||
INTEREST EXPENSE
|
||||||||||||||||||||
Time deposits
|
2,577 | 2,738 | 2,865 | 3,134 | 3,500 | |||||||||||||||
Other deposits
|
779 | 856 | 934 | 1,042 | 1,156 | |||||||||||||||
Federal funds purchased and securities
|
||||||||||||||||||||
sold under agreements to repurchase
|
118 | 113 | 103 | 116 | 134 | |||||||||||||||
Short-term debt
|
14 | 13 | 12 | 12 | 13 | |||||||||||||||
Long-term debt
|
1,196 | 1,207 | 1,232 | 1,335 | 2,260 | |||||||||||||||
TOTAL INTEREST EXPENSE
|
4,684 | 4,927 | 5,146 | 5,639 | 7,063 | |||||||||||||||
NET INTEREST INCOME
|
27,297 | 27,279 | 27,250 | 26,834 | 26,276 | |||||||||||||||
Provision for loan losses
|
2,831 | 2,842 | 3,328 | 2,675 | 3,733 | |||||||||||||||
NET INTEREST INCOME AFTER PROVISION
|
||||||||||||||||||||
FOR LOAN LOSSES
|
24,466 | 24,437 | 23,922 | 24,159 | 22,543 | |||||||||||||||
NON-INTEREST INCOME
|
||||||||||||||||||||
Trust income
|
1,416 | 1,370 | 1,243 | 1,346 | 1,416 | |||||||||||||||
Service charges on deposit accounts
|
4,289 | 4,450 | 4,212 | 3,857 | 4,272 | |||||||||||||||
Other service charges and fees
|
699 | 695 | 780 | 806 | 716 | |||||||||||||||
Income on sale of mortgage loans, net of commissions
|
1,464 | 1,249 | 849 | 626 | 2,033 | |||||||||||||||
Income on investment banking, net of commissions
|
294 | 203 | 381 | 600 | 486 | |||||||||||||||
Credit card fees
|
4,318 | 4,303 | 4,264 | 3,943 | 4,448 | |||||||||||||||
Premiums on sale of student loans
|
- | - | - | - | - | |||||||||||||||
Bank owned life insurance income
|
403 | 261 | 414 | 403 | 410 | |||||||||||||||
Gain on sale of securities
|
- | - | - | - | 317 | |||||||||||||||
Gain on FDIC-assisted transactions
|
- | - | - | - | 18,277 | |||||||||||||||
Other income
|
(41 | ) | 1,191 | 2,221 | 1,051 | 1,286 | ||||||||||||||
TOTAL NON-INTEREST INCOME
|
12,842 | 13,722 | 14,364 | 12,632 | 33,661 | |||||||||||||||
NON-INTEREST EXPENSE
|
||||||||||||||||||||
Salaries and employee benefits
|
15,973 | 15,533 | 16,436 | 17,116 | 15,692 | |||||||||||||||
Occupancy expense, net
|
1,930 | 2,224 | 2,100 | 2,189 | 2,176 | |||||||||||||||
Furniture and equipment expense
|
1,721 | 1,763 | 1,560 | 1,589 | 1,530 | |||||||||||||||
Other real estate and foreclosure expense
|
146 | 215 | 223 | 94 | 298 | |||||||||||||||
Deposit insurance
|
295 | 211 | 842 | 1,039 | 914 | |||||||||||||||
Merger related costs
|
- | - | 167 | 190 | 2,034 | |||||||||||||||
Other operating expenses
|
8,380 | 7,687 | 7,364 | 7,758 | 7,846 | |||||||||||||||
TOTAL NON-INTEREST EXPENSE
|
28,445 | 27,633 | 28,692 | 29,975 | 30,490 | |||||||||||||||
NET INCOME BEFORE INCOME TAXES
|
8,863 | 10,526 | 9,594 | 6,816 | 25,714 | |||||||||||||||
Provision for income taxes
|
2,558 | 3,269 | 2,848 | 1,750 | 9,154 | |||||||||||||||
NET INCOME
|
$ | 6,305 | $ | 7,257 | $ | 6,746 | $ | 5,066 | $ | 16,560 | ||||||||||
BASIC EARNINGS PER SHARE
|
$ | 0.37 | $ | 0.42 | $ | 0.39 | $ | 0.29 | $ | 0.96 | ||||||||||
DILUTED EARNINGS PER SHARE
|
$ | 0.37 | $ | 0.42 | $ | 0.39 | $ | 0.29 | $ | 0.96 |
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated Statements of Income - Year-to-Date
|
||||||||||||||||||||
For the Quarters Ended
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
Dec 31
|
|||||||||||||||
(Unaudited)
|
2011
|
2011
|
2011
|
2011
|
2010
|
|||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||||||
INTEREST INCOME
|
||||||||||||||||||||
Loans
|
$ | 95,713 | $ | 72,343 | $ | 47,977 | $ | 24,094 | $ | 106,062 | ||||||||||
Covered loans
|
17,118 | 12,605 | 8,688 | 4,341 | 4,204 | |||||||||||||||
Federal funds sold
|
6 | 5 | 2 | 1 | 15 | |||||||||||||||
Investment securities
|
14,583 | 11,015 | 7,476 | 3,705 | 17,208 | |||||||||||||||
Mortgage loans held for sale
|
503 | 305 | 175 | 88 | 715 | |||||||||||||||
Assets held in trading accounts
|
33 | 26 | 18 | 9 | 30 | |||||||||||||||
Interest bearing balances due from banks
|
1,100 | 776 | 533 | 235 | 721 | |||||||||||||||
TOTAL INTEREST INCOME
|
129,056 | 97,075 | 64,869 | 32,473 | 128,955 | |||||||||||||||
INTEREST EXPENSE
|
||||||||||||||||||||
Time deposits
|
11,314 | 8,737 | 5,999 | 3,134 | 14,310 | |||||||||||||||
Other deposits
|
3,611 | 2,832 | 1,976 | 1,042 | 5,227 | |||||||||||||||
Federal funds purchased and securities
|
||||||||||||||||||||
sold under agreements to repurchase
|
450 | 332 | 219 | 116 | 532 | |||||||||||||||
Short-term debt
|
51 | 37 | 24 | 12 | 58 | |||||||||||||||
Long-term debt
|
4,970 | 3,774 | 2,567 | 1,335 | 6,879 | |||||||||||||||
TOTAL INTEREST EXPENSE
|
20,396 | 15,712 | 10,785 | 5,639 | 27,006 | |||||||||||||||
NET INTEREST INCOME
|
108,660 | 81,363 | 54,084 | 26,834 | 101,949 | |||||||||||||||
Provision for loan losses
|
11,676 | 8,845 | 6,003 | 2,675 | 14,129 | |||||||||||||||
NET INTEREST INCOME AFTER PROVISION
|
||||||||||||||||||||
FOR LOAN LOSSES
|
96,984 | 72,518 | 48,081 | 24,159 | 87,820 | |||||||||||||||
NON-INTEREST INCOME
|
||||||||||||||||||||
Trust income
|
5,375 | 3,959 | 2,589 | 1,346 | 5,179 | |||||||||||||||
Service charges on deposit accounts
|
16,808 | 12,519 | 8,069 | 3,857 | 17,700 | |||||||||||||||
Other service charges and fees
|
2,980 | 2,281 | 1,586 | 806 | 2,812 | |||||||||||||||
Income on sale of mortgage loans, net of commissions
|
4,188 | 2,724 | 1,475 | 626 | 4,810 | |||||||||||||||
Income on investment banking, net of commissions
|
1,478 | 1,184 | 981 | 600 | 2,236 | |||||||||||||||
Credit card fees
|
16,828 | 12,510 | 8,207 | 3,943 | 16,140 | |||||||||||||||
Premiums on sale of student loans
|
- | - | - | - | 2,524 | |||||||||||||||
Bank owned life insurance income
|
1,481 | 1,078 | 817 | 403 | 1,670 | |||||||||||||||
Gain on sale of securities
|
- | - | - | - | 317 | |||||||||||||||
Gain on FDIC-assisted transactions
|
- | - | - | - | 21,314 | |||||||||||||||
Other income
|
4,422 | 4,463 | 3,272 | 1,051 | 3,229 | |||||||||||||||
TOTAL NON-INTEREST INCOME
|
53,560 | 40,718 | 26,996 | 12,632 | 77,931 | |||||||||||||||
NON-INTEREST EXPENSE
|
||||||||||||||||||||
Salaries and employee benefits
|
65,058 | 49,085 | 33,552 | 17,116 | 60,731 | |||||||||||||||
Occupancy expense, net
|
8,443 | 6,513 | 4,289 | 2,189 | 7,808 | |||||||||||||||
Furniture and equipment expense
|
6,633 | 4,912 | 3,149 | 1,589 | 6,093 | |||||||||||||||
Other real estate and foreclosure expense
|
678 | 532 | 317 | 94 | 974 | |||||||||||||||
Deposit insurance
|
2,387 | 2,092 | 1,881 | 1,039 | 3,813 | |||||||||||||||
Merger related costs
|
357 | 357 | 357 | 190 | 2,611 | |||||||||||||||
Other operating expenses
|
31,189 | 22,809 | 15,122 | 7,758 | 29,290 | |||||||||||||||
TOTAL NON-INTEREST EXPENSE
|
114,745 | 86,300 | 58,667 | 29,975 | 111,320 | |||||||||||||||
NET INCOME BEFORE INCOME TAXES
|
35,799 | 26,936 | 16,410 | 6,816 | 54,431 | |||||||||||||||
Provision for income taxes
|
10,425 | 7,867 | 4,598 | 1,750 | 17,314 | |||||||||||||||
NET INCOME
|
$ | 25,374 | $ | 19,069 | $ | 11,812 | $ | 5,066 | $ | 37,117 | ||||||||||
BASIC EARNINGS PER SHARE
|
$ | 1.47 | $ | 1.10 | $ | 0.68 | $ | 0.29 | $ | 2.16 | ||||||||||
DILUTED EARNINGS PER SHARE
|
$ | 1.47 | $ | 1.10 | $ | 0.68 | $ | 0.29 | $ | 2.15 |
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated Risk-Based Capital
|
||||||||||||||||||||
For the Quarters Ended
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
Dec 31
|
|||||||||||||||
(Unaudited)
|
2011
|
2011
|
2011
|
2011
|
2010
|
|||||||||||||||
(in thousands)
|
||||||||||||||||||||
Tier 1 capital
|
||||||||||||||||||||
Stockholders' equity
|
$ | 407,911 | $ | 407,659 | $ | 403,860 | $ | 399,547 | $ | 397,371 | ||||||||||
Trust preferred securities, net allowable
|
30,000 | 30,000 | 30,000 | 30,000 | 30,000 | |||||||||||||||
Disallowed intangible assets, net of deferred tax
|
(47,889 | ) | (48,403 | ) | (48,923 | ) | (49,447 | ) | (49,953 | ) | ||||||||||
Unrealized gain on AFS securities
|
(439 | ) | (630 | ) | (691 | ) | (417 | ) | (512 | ) | ||||||||||
Total Tier 1 capital
|
389,583 | 388,626 | 384,246 | 379,683 | 376,906 | |||||||||||||||
Tier 2 capital
|
||||||||||||||||||||
Qualifying unrealized gain on AFS equity securities
|
9 | 6 | 17 | 14 | 7 | |||||||||||||||
Qualifying allowance for loan losses
|
22,682 | 23,337 | 22,825 | 22,700 | 23,553 | |||||||||||||||
Total Tier 2 capital
|
22,691 | 23,343 | 22,842 | 22,714 | 23,560 | |||||||||||||||
Total risk-based capital
|
$ | 412,274 | $ | 411,969 | $ | 407,088 | $ | 402,397 | $ | 400,466 | ||||||||||
Risk weighted assets
|
$ | 1,805,585 | $ | 1,859,657 | $ | 1,819,494 | $ | 1,809,241 | $ | 1,879,832 | ||||||||||
Adjusted average assets for leverage ratio
|
$ | 3,284,379 | $ | 3,210,283 | $ | 3,211,310 | $ | 3,234,262 | $ | 3,327,825 | ||||||||||
Ratios at end of quarter
|
||||||||||||||||||||
Equity to assets
|
12.29 | % | 12.38 | % | 12.38 | % | 12.22 | % | 11.98 | % | ||||||||||
Tangible common equity to tangible assets
|
10.61 | % | 10.69 | % | 10.66 | % | 10.50 | % | 10.28 | % | ||||||||||
Tier 1 leverage ratio
|
11.86 | % | 12.11 | % | 11.97 | % | 11.74 | % | 11.33 | % | ||||||||||
Tier 1 risk-based capital ratio
|
21.58 | % | 20.90 | % | 21.12 | % | 20.99 | % | 20.05 | % | ||||||||||
Total risk-based capital ratio
|
22.83 | % | 22.15 | % | 22.37 | % | 22.24 | % | 21.30 | % |
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated Loans and Investments
|
||||||||||||||||||||
For the Quarters Ended
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
Dec 31
|
|||||||||||||||
(Unaudited)
|
2011
|
2011
|
2011
|
2011
|
2010
|
|||||||||||||||
(in thousands)
|
||||||||||||||||||||
Loan Portfolio - End of Period (1)
|
||||||||||||||||||||
Consumer
|
||||||||||||||||||||
Credit cards
|
$ | 189,970 | $ | 182,886 | $ | 181,216 | $ | 176,544 | $ | 190,329 | ||||||||||
Student loans
|
47,419 | 50,620 | 53,574 | 57,181 | 61,305 | |||||||||||||||
Other consumer
|
109,211 | 112,947 | 107,411 | 110,954 | 118,581 | |||||||||||||||
Total consumer
|
346,600 | 346,453 | 342,201 | 344,679 | 370,215 | |||||||||||||||
Real Estate
|
||||||||||||||||||||
Construction
|
109,825 | 113,317 | 139,217 | 142,261 | 153,772 | |||||||||||||||
Single-family residential
|
355,094 | 353,917 | 355,566 | 358,152 | 364,442 | |||||||||||||||
Other commercial
|
536,372 | 550,410 | 540,011 | 546,659 | 548,360 | |||||||||||||||
Total real estate
|
1,001,291 | 1,017,644 | 1,034,794 | 1,047,072 | 1,066,574 | |||||||||||||||
Commercial
|
||||||||||||||||||||
Commercial
|
141,422 | 138,724 | 142,897 | 144,298 | 150,501 | |||||||||||||||
Agricultural
|
85,728 | 123,873 | 104,526 | 72,205 | 86,171 | |||||||||||||||
Total commercial
|
227,150 | 262,597 | 247,423 | 216,503 | 236,672 | |||||||||||||||
Other
|
4,728 | 4,847 | 9,242 | 11,120 | 10,004 | |||||||||||||||
Total Loans
|
$ | 1,579,769 | $ | 1,631,541 | $ | 1,633,660 | $ | 1,619,374 | $ | 1,683,465 | ||||||||||
(1) Excludes loans covered by FDIC loss share agreements.
|
||||||||||||||||||||
Investment Securities - End of Period
|
||||||||||||||||||||
Held-to-Maturity
|
||||||||||||||||||||
U.S. Treasury
|
$ | 4,000 | $ | 4,000 | $ | 4,000 | $ | 4,000 | $ | 4,000 | ||||||||||
U.S. Government agencies
|
308,779 | 291,795 | 190,294 | 289,844 | 249,844 | |||||||||||||||
Mortgage-backed securities
|
62 | 67 | 70 | 75 | 78 | |||||||||||||||
State and political subdivisions
|
211,673 | 207,510 | 211,071 | 206,896 | 210,331 | |||||||||||||||
Other securities
|
930 | 930 | 930 | 930 | 930 | |||||||||||||||
Total held-to-maturity
|
525,444 | 504,302 | 406,365 | 501,745 | 465,183 | |||||||||||||||
Available-for-Sale
|
||||||||||||||||||||
U.S. Government agencies
|
153,627 | 121,939 | 157,836 | 97,830 | 125,469 | |||||||||||||||
Mortgage-backed securities
|
2,557 | 2,624 | 2,664 | 2,657 | 2,789 | |||||||||||||||
FHLB stock
|
6,237 | 6,231 | 8,604 | 9,604 | 11,508 | |||||||||||||||
Other securities
|
9,791 | 9,785 | 9,749 | 9,756 | 8,713 | |||||||||||||||
Total available-for-sale
|
172,212 | 140,579 | 178,853 | 119,847 | 148,479 | |||||||||||||||
Total investment securities
|
$ | 697,656 | $ | 644,881 | $ | 585,218 | $ | 621,592 | $ | 613,662 | ||||||||||
Fair value - HTM investment securities
|
$ | 532,206 | $ | 511,617 | $ | 411,531 | $ | 505,150 | $ | 466,907 | ||||||||||
Investment Securities - QTD Average
|
||||||||||||||||||||
Taxable securities
|
$ | 466,369 | $ | 418,179 | $ | 415,101 | $ | 405,257 | $ | 435,839 | ||||||||||
Tax exempt securities
|
208,803 | 207,240 | 207,717 | 207,956 | 207,123 | |||||||||||||||
Total investment securities - QTD average
|
$ | 675,172 | $ | 625,419 | $ | 622,818 | $ | 613,213 | $ | 642,962 |
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated Allowance and Asset Quality
|
||||||||||||||||||||
For the Quarters Ended
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
Dec 31
|
|||||||||||||||
(Unaudited)
|
2011
|
2011
|
2011
|
2011
|
2010
|
|||||||||||||||
(in thousands)
|
||||||||||||||||||||
Allowance for Loan Losses
|
||||||||||||||||||||
Balance, beginning of quarter
|
$ | 29,151 | $ | 27,796 | $ | 27,905 | $ | 26,416 | $ | 25,682 | ||||||||||
Loans charged off
|
||||||||||||||||||||
Credit cards
|
1,262 | 1,140 | 1,145 | 1,156 | 1,218 | |||||||||||||||
Other consumer
|
530 | 450 | 621 | 289 | 560 | |||||||||||||||
Real estate
|
885 | 255 | 1,682 | 343 | 1,361 | |||||||||||||||
Commercial
|
226 | 345 | 745 | 95 | 567 | |||||||||||||||
Total loans charged off
|
2,903 | 2,190 | 4,193 | 1,883 | 3,706 | |||||||||||||||
Recoveries of loans previously charged off
|
||||||||||||||||||||
Credit cards
|
244 | 261 | 237 | 237 | 225 | |||||||||||||||
Other consumer
|
100 | 219 | 131 | 154 | 128 | |||||||||||||||
Real estate
|
436 | 151 | 147 | 247 | 275 | |||||||||||||||
Commercial
|
249 | 72 | 241 | 59 | 79 | |||||||||||||||
Total recoveries
|
1,029 | 703 | 756 | 697 | 707 | |||||||||||||||
Net loans charged off
|
1,874 | 1,487 | 3,437 | 1,186 | 2,999 | |||||||||||||||
Provision for loan losses
|
2,831 | 2,842 | 3,328 | 2,675 | 3,733 | |||||||||||||||
Balance, end of quarter
|
$ | 30,108 | $ | 29,151 | $ | 27,796 | $ | 27,905 | $ | 26,416 | ||||||||||
Non-performing assets (1)
|
||||||||||||||||||||
Non-performing loans
|
||||||||||||||||||||
Nonaccrual loans
|
||||||||||||||||||||
Real estate
|
$ | 10,315 | $ | 12,810 | $ | 11,823 | $ | 12,872 | $ | 8,345 | ||||||||||
Commercial
|
1,253 | 1,177 | 1,583 | 1,173 | 1,314 | |||||||||||||||
Consumer
|
1,339 | 1,356 | 1,400 | 1,546 | 1,527 | |||||||||||||||
Total nonaccrual loans
|
12,907 | 15,343 | 14,806 | 15,591 | 11,186 | |||||||||||||||
Loans past due 90 days or more
|
||||||||||||||||||||
Government guaranteed student loans
|
2,483 | 2,496 | 3,113 | 2,627 | 1,736 | |||||||||||||||
Other loans
|
785 | 777 | 721 | 1,117 | 969 | |||||||||||||||
Total loans past due 90 days or more
|
3,268 | 3,273 | 3,834 | 3,744 | 2,705 | |||||||||||||||
Total non-performing loans
|
16,175 | 18,616 | 18,640 | 19,335 | 13,891 | |||||||||||||||
Other non-performing assets
|
||||||||||||||||||||
Foreclosed assets held for sale
|
22,887 | 22,159 | 22,441 | 23,686 | 23,204 | |||||||||||||||
Other non-performing assets
|
- | 191 | 235 | 246 | 109 | |||||||||||||||
Total other non-performing assets
|
22,887 | 22,350 | 22,676 | 23,932 | 23,313 | |||||||||||||||
Total non-performing assets
|
$ | 39,062 | $ | 40,966 | $ | 41,316 | $ | 43,267 | $ | 37,204 | ||||||||||
Performing TDRs (troubled debt restructurings)
|
$ | 11,391 | $ | 10,393 | $ | 10,298 | $ | 10,653 | $ | 19,426 | ||||||||||
Ratios (1)
|
||||||||||||||||||||
Allowance for loan losses to total loans
|
1.91 | % | 1.79 | % | 1.70 | % | 1.72 | % | 1.57 | % | ||||||||||
Allowance for loan losses to non-performing loans
|
186.14 | % | 156.59 | % | 149.12 | % | 144.32 | % | 190.17 | % | ||||||||||
Non-performing loans to total loans
|
1.02 | % | 1.14 | % | 1.14 | % | 1.19 | % | 0.83 | % | ||||||||||
Non-performing assets (including performing TDRs)
|
||||||||||||||||||||
to total assets
|
1.52 | % | 1.56 | % | 1.58 | % | 1.65 | % | 1.71 | % | ||||||||||
Non-performing assets to total assets
|
1.18 | % | 1.24 | % | 1.27 | % | 1.32 | % | 1.12 | % | ||||||||||
Non-performing assets to total assets
|
||||||||||||||||||||
(excluding Gov't guaranteed student loans)
|
1.10 | % | 1.17 | % | 1.17 | % | 1.24 | % | 1.07 | % | ||||||||||
Annualized net charge offs to total loans
|
0.47 | % | 0.36 | % | 0.85 | % | 0.29 | % | 0.70 | % | ||||||||||
Annualized net credit card charge offs to
|
||||||||||||||||||||
total credit card loans
|
2.20 | % | 1.94 | % | 2.08 | % | 2.06 | % | 2.14 | % | ||||||||||
Annualized net charge offs to total loans
|
||||||||||||||||||||
(excluding credit cards)
|
0.24 | % | 0.17 | % | 0.70 | % | 0.07 | % | 0.52 | % | ||||||||||
Past due loans >30 days (excluding nonaccrual)
|
0.82 | % | 0.71 | % | 0.87 | % | 1.41 | % | 0.95 | % | ||||||||||
Past due loans >30 days (excluding nonaccrual)
|
||||||||||||||||||||
(excluding Gov't guaranteed student loans)
|
0.56 | % | 0.46 | % | 0.60 | % | 1.13 | % | 0.79 | % | ||||||||||
(1) Excludes assets covered by FDIC loss share agreements, except for their inclusion in total assets.
|
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated - Net Interest Income Analysis
|
||||||||||||||||||||
For the Quarters Ended
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
Dec 31
|
|||||||||||||||
(Unaudited)
|
2011
|
2011
|
2011
|
2011
|
2010
|
|||||||||||||||
ASSETS
|
||||||||||||||||||||
Earning Assets
|
||||||||||||||||||||
Interest bearing balances due from banks
|
0.24 | % | 0.21 | % | 0.25 | % | 0.21 | % | 0.23 | % | ||||||||||
Federal funds sold
|
0.51 | % | 0.52 | % | 0.72 | % | 0.70 | % | 0.99 | % | ||||||||||
Investment securities
|
2.81 | % | 3.02 | % | 3.23 | % | 3.27 | % | 3.24 | % | ||||||||||
Mortgage loans held for sale
|
3.92 | % | 4.12 | % | 4.47 | % | 4.79 | % | 4.08 | % | ||||||||||
Assets held in trading accounts
|
0.38 | % | 0.43 | % | 0.48 | % | 0.48 | % | 0.52 | % | ||||||||||
Loans, including covered loans (1)
|
6.29 | % | 6.16 | % | 6.22 | % | 6.23 | % | 5.84 | % | ||||||||||
Total interest earning assets
|
4.38 | % | 4.53 | % | 4.60 | % | 4.64 | % | 4.52 | % | ||||||||||
LIABILITIES
|
||||||||||||||||||||
Interest bearing liabilities
|
||||||||||||||||||||
Interest bearing transaction and
|
||||||||||||||||||||
savings accounts
|
0.25 | % | 0.28 | % | 0.31 | % | 0.35 | % | 0.37 | % | ||||||||||
Time deposits
|
1.14 | % | 1.20 | % | 1.26 | % | 1.35 | % | 1.41 | % | ||||||||||
Total interest bearing deposits
|
0.63 | % | 0.68 | % | 0.71 | % | 0.79 | % | 0.83 | % | ||||||||||
Federal funds purchased and securities
|
||||||||||||||||||||
sold under agreement to repurchase
|
0.43 | % | 0.48 | % | 0.42 | % | 0.41 | % | 0.48 | % | ||||||||||
Other borrowings
|
3.92 | % | 3.91 | % | 3.95 | % | 3.89 | % | 5.34 | % | ||||||||||
Total interest bearing liabilities
|
0.79 | % | 0.84 | % | 0.87 | % | 0.95 | % | 1.12 | % | ||||||||||
NET INTEREST MARGIN/SPREAD
|
||||||||||||||||||||
Net interest spread
|
3.59 | % | 3.69 | % | 3.73 | % | 3.69 | % | 3.40 | % | ||||||||||
Net interest margin - quarter-to-date
|
3.76 | % | 3.86 | % | 3.90 | % | 3.87 | % | 3.60 | % | ||||||||||
Net interest margin - year-to-date
|
3.85 | % | 3.87 | % | 3.88 | % | 3.87 | % | 3.78 | % | ||||||||||
(1) Covered loans are loans covered by FDIC loss share agreements.
|
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated - Selected Financial Data
|
||||||||||||||||||||
For the Quarters Ended
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
Dec 31
|
|||||||||||||||
(Unaudited)
|
2011
|
2011
|
2011
|
2011
|
2010
|
|||||||||||||||
(in thousands, except share data)
|
||||||||||||||||||||
QUARTER-TO-DATE
|
||||||||||||||||||||
Diluted earnings per share
|
$ | 0.37 | $ | 0.42 | $ | 0.39 | $ | 0.29 | $ | 0.96 | ||||||||||
Core earnings (excludes nonrecurring items) (non-GAAP)
|
6,305 | 7,257 | 6,245 | 5,181 | 6,856 | |||||||||||||||
Diluted core earnings per share (non-GAAP)
|
0.37 | 0.42 | 0.36 | 0.30 | 0.40 | |||||||||||||||
Cash dividends declared per common share
|
0.19 | 0.19 | 0.19 | 0.19 | 0.19 | |||||||||||||||
Cash dividends declared - amount
|
3,271 | 3,296 | 3,297 | 3,292 | 3,282 | |||||||||||||||
Return on average stockholders' equity
|
6.10 | % | 7.05 | % | 6.69 | % | 5.12 | % | 16.68 | % | ||||||||||
Return on tangible equity
|
7.34 | % | 8.47 | % | 8.08 | % | 6.24 | % | 19.97 | % | ||||||||||
Return on average assets
|
0.75 | % | 0.88 | % | 0.83 | % | 0.63 | % | 1.94 | % | ||||||||||
Net interest margin (FTE)
|
3.76 | % | 3.86 | % | 3.90 | % | 3.87 | % | 3.60 | % | ||||||||||
FTE adjustment - investments
|
1,219 | 1,221 | 1,241 | 1,239 | 1,216 | |||||||||||||||
FTE adjustment - loans
|
12 | 12 | 13 | 13 | 14 | |||||||||||||||
Amortization of intangibles
|
214 | 222 | 224 | 224 | 211 | |||||||||||||||
Amortization of intangibles, net of taxes
|
130 | 135 | 136 | 136 | 128 | |||||||||||||||
Average shares outstanding
|
17,250,718 | 17,348,460 | 17,342,165 | 17,296,684 | 17,255,366 | |||||||||||||||
Average earning assets
|
3,008,249 | 2,931,339 | 2,931,602 | 2,945,951 | 3,034,347 | |||||||||||||||
Average interest bearing liabilities
|
2,356,044 | 2,320,499 | 2,359,154 | 2,412,417 | 2,501,967 | |||||||||||||||
YEAR-TO-DATE
|
||||||||||||||||||||
Diluted earnings per share
|
$ | 1.47 | $ | 1.10 | $ | 0.68 | $ | 0.29 | $ | 2.15 | ||||||||||
Core earnings (excludes nonrecurring items) (non-GAAP)
|
24,988 | 18,683 | 11,426 | 5,181 | 26,041 | |||||||||||||||
Diluted core earnings per share (non-GAAP)
|
1.45 | 1.08 | 0.66 | 0.30 | 1.51 | |||||||||||||||
Cash dividends declared per common share
|
0.76 | 0.57 | 0.38 | 0.19 | 0.76 | |||||||||||||||
Cash dividends declared - amount
|
13,156 | 9,885 | 6,589 | 3,292 | 13,091 | |||||||||||||||
Return on average stockholders' equity
|
6.25 | % | 6.30 | % | 5.91 | % | 5.12 | % | 9.69 | % | ||||||||||
Return on tangible equity
|
7.54 | % | 7.61 | % | 7.17 | % | 6.24 | % | 11.71 | % | ||||||||||
Return on average assets
|
0.77 | % | 0.78 | % | 0.73 | % | 0.63 | % | 1.18 | % | ||||||||||
Net interest margin (FTE)
|
3.85 | % | 3.87 | % | 3.88 | % | 3.87 | % | 3.78 | % | ||||||||||
FTE adjustment - investments
|
4,920 | 3,701 | 2,480 | 1,239 | 4,954 | |||||||||||||||
FTE adjustment - loans
|
50 | 38 | 26 | 13 | 58 | |||||||||||||||
Amortization of intangibles
|
884 | 670 | 448 | 224 | 786 | |||||||||||||||
Amortization of intangibles, net of taxes
|
537 | 407 | 272 | 136 | 483 | |||||||||||||||
Average shares outstanding
|
17,309,488 | 17,329,293 | 17,319,550 | 17,296,684 | 17,204,200 | |||||||||||||||
Average diluted shares outstanding
|
17,317,850 | 17,338,676 | 17,352,606 | 17,329,740 | 17,264,900 | |||||||||||||||
Average earning assets
|
2,954,285 | 2,936,297 | 2,938,777 | 2,945,951 | 2,826,718 | |||||||||||||||
Average interest bearing liabilities
|
2,362,028 | 2,364,023 | 2,385,787 | 2,412,417 | 2,340,838 | |||||||||||||||
END OF PERIOD
|
||||||||||||||||||||
Book value per share
|
$ | 23.70 | $ | 23.52 | $ | 23.28 | $ | 23.06 | $ | 23.01 | ||||||||||
Tangible book value per share
|
20.09 | 19.92 | 19.67 | 19.43 | 19.36 | |||||||||||||||
Shares outstanding
|
17,212,317 | 17,329,775 | 17,348,775 | 17,327,601 | 17,271,594 | |||||||||||||||
Full-time equivalent employees
|
1,083 | 1,070 | 1,095 | 1,082 | 1,075 | |||||||||||||||
Total number of ATM's
|
102 | 102 | 102 | 103 | 103 | |||||||||||||||
Total number of financial centers
|
84 | 84 | 84 | 85 | 85 | |||||||||||||||
Parent company only - investment in subsidiaries
|
381,236 | 379,331 | 375,686 | 372,773 | 370,402 | |||||||||||||||
Parent company only - intangible assets
|
133 | 133 | 133 | 133 | 133 |
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated - Reconciliation of Core Earnings (non-GAAP)
|
||||||||||||||||||||
For the Quarters Ended
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
Dec 31
|
|||||||||||||||
(Unaudited)
|
2011
|
2011
|
2011
|
2011
|
2010
|
|||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||||||
QUARTER-TO-DATE
|
||||||||||||||||||||
Net Income
|
$ | 6,305 | $ | 7,257 | $ | 6,746 | $ | 5,066 | $ | 16,560 | ||||||||||
Nonrecurring items
|
||||||||||||||||||||
Gain on sale of MasterCard stock (1)
|
- | - | (1,132 | ) | - | - | ||||||||||||||
Gain on FDIC-assisted transactions
|
- | - | - | - | (18,277 | ) | ||||||||||||||
Merger related costs
|
- | - | 167 | 190 | 2,034 | |||||||||||||||
Gains from sale of securities (2)
|
- | - | - | - | (318 | ) | ||||||||||||||
FHLB prepayment penalties (3)
|
- | - | - | - | 594 | |||||||||||||||
Branch right sizing
|
- | - | 141 | - | - | |||||||||||||||
Tax effect (4)
|
- | - | 323 | (75 | ) | 6,263 | ||||||||||||||
Net nonrecurring items
|
- | - | (501 | ) | 115 | (9,704 | ) | |||||||||||||
Core earnings (non-GAAP)
|
$ | 6,305 | $ | 7,257 | $ | 6,245 | $ | 5,181 | $ | 6,856 | ||||||||||
Diluted earnings per share
|
$ | 0.37 | $ | 0.42 | $ | 0.39 | $ | 0.29 | $ | 0.96 | ||||||||||
Nonrecurring items
|
||||||||||||||||||||
Gain on sale of MasterCard stock (1)
|
- | - | (0.07 | ) | - | - | ||||||||||||||
Gain on FDIC-assisted transactions
|
- | - | - | - | (1.05 | ) | ||||||||||||||
Merger related costs
|
- | - | 0.01 | 0.01 | 0.12 | |||||||||||||||
Gains from sale of securities (2)
|
- | - | - | - | (0.02 | ) | ||||||||||||||
FHLB prepayment penalties (3)
|
- | - | - | - | 0.03 | |||||||||||||||
Branch right sizing
|
- | - | 0.01 | - | - | |||||||||||||||
Tax effect (4)
|
- | - | 0.02 | - | 0.36 | |||||||||||||||
Net nonrecurring items
|
- | - | (0.03 | ) | 0.01 | (0.56 | ) | |||||||||||||
Diluted core earnings per share (non-GAAP)
|
$ | 0.37 | $ | 0.42 | $ | 0.36 | $ | 0.30 | $ | 0.40 | ||||||||||
YEAR-TO-DATE
|
||||||||||||||||||||
Net Income
|
$ | 25,374 | $ | 19,069 | $ | 11,812 | $ | 5,066 | $ | 37,117 | ||||||||||
Nonrecurring items
|
||||||||||||||||||||
Gain on sale of MasterCard stock (1)
|
(1,132 | ) | (1,132 | ) | (1,132 | ) | - | - | ||||||||||||
Gain on FDIC-assisted transactions
|
- | - | - | - | (21,314 | ) | ||||||||||||||
Merger related costs
|
357 | 357 | 357 | 190 | 2,611 | |||||||||||||||
Gains from sale of securities (2)
|
- | - | - | - | (318 | ) | ||||||||||||||
FHLB prepayment penalties (3)
|
- | - | - | - | 594 | |||||||||||||||
Branch right sizing
|
141 | 141 | 141 | - | 372 | |||||||||||||||
Tax effect (4)
|
248 | 248 | 248 | (75 | ) | 6,979 | ||||||||||||||
Net nonrecurring items
|
(386 | ) | (386 | ) | (386 | ) | 115 | (11,076 | ) | |||||||||||
Core earnings (non-GAAP)
|
$ | 24,988 | $ | 18,683 | $ | 11,426 | $ | 5,181 | $ | 26,041 | ||||||||||
Diluted earnings per share
|
$ | 1.47 | $ | 1.10 | $ | 0.68 | $ | 0.29 | $ | 2.15 | ||||||||||
Nonrecurring items
|
||||||||||||||||||||
Gain on sale of MasterCard stock (1)
|
(0.07 | ) | (0.07 | ) | (0.07 | ) | - | - | ||||||||||||
Gain on FDIC-assisted transactions
|
- | - | - | - | (1.23 | ) | ||||||||||||||
Merger related costs
|
0.02 | 0.02 | 0.02 | 0.01 | 0.15 | |||||||||||||||
Gains from sale of securities (2)
|
- | - | - | - | (0.02 | ) | ||||||||||||||
FHLB prepayment penalties (3)
|
- | - | - | - | 0.03 | |||||||||||||||
Branch right sizing
|
0.01 | 0.01 | 0.01 | - | 0.02 | |||||||||||||||
Tax effect (4)
|
0.02 | 0.02 | 0.02 | - | 0.41 | |||||||||||||||
Net nonrecurring items
|
(0.02 | ) | (0.02 | ) | (0.02 | ) | 0.01 | (0.64 | ) | |||||||||||
Diluted core earnings per share (non-GAAP)
|
$ | 1.45 | $ | 1.08 | $ | 0.66 | $ | 0.30 | $ | 1.51 |