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
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71601
|
|
(Address of principal executive offices)
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(Zip Code)
|
|
SIMMONS FIRST NATIONAL CORPORATION
|
|
|
/s/ Robert A. Fehlman
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|
Date: July 26, 2012
|
Robert A. Fehlman
Executive Vice President and Chief Financial Officer
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|
FOR IMMEDIATE RELEASE:
|
July 26, 2012
|
Three Months Ended
|
Six Months Ended
|
|||||||
(In thousands)
|
June 30, 2012
|
June 30, 2012
|
||||||
Impact on net interest income
|
$ | 3,004 | $ | 6,189 | ||||
Non-interest income
|
(2,737 | ) | (5,516 | ) | ||||
Net impact to pre-tax income
|
$ | 267 | $ | 673 |
“Well Capitalized”
|
SFNC
|
|||
Tier 1 Leverage Ratio
|
5.00%
|
12.11%
|
||
Tier 1 Risk-Based Capital Ratio
|
6.00%
|
21.34%
|
||
Total Risk-Based Capital Ratio
|
10.00%
|
22.60%
|
Simmons First National Corporation
|
SFNC
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|||||||||||||||||||
Consolidated End of Period Balance Sheets
|
||||||||||||||||||||
For the Quarters Ended
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
|||||||||||||||
(Unaudited)
|
2012
|
2012
|
2011
|
2011
|
2011
|
|||||||||||||||
(in thousands)
|
||||||||||||||||||||
ASSETS
|
||||||||||||||||||||
Cash and non-interest bearing balances due from banks
|
$ | 29,708 | $ | 34,314 | $ | 35,087 | $ | 33,408 | $ | 43,604 | ||||||||||
Interest bearing balances due from banks
|
515,874 | 642,929 | 535,119 | 490,283 | 498,323 | |||||||||||||||
Federal funds sold
|
- | 750 | - | - | - | |||||||||||||||
Cash and cash equivalents
|
545,582 | 677,993 | 570,206 | 523,691 | 541,927 | |||||||||||||||
Investment securities - held-to-maturity
|
525,522 | 481,314 | 525,444 | 504,302 | 406,365 | |||||||||||||||
Investment securities - available-for-sale
|
166,966 | 176,466 | 172,212 | 140,579 | 178,853 | |||||||||||||||
Mortgage loans held for sale
|
15,495 | 24,351 | 22,976 | 21,037 | 9,983 | |||||||||||||||
Assets held in trading accounts
|
7,812 | 7,708 | 7,541 | 5,252 | 7,356 | |||||||||||||||
Loans not covered by FDIC loss share agreements
|
1,614,736 | 1,543,653 | 1,579,769 | 1,631,541 | 1,633,660 | |||||||||||||||
Loans covered by FDIC loss share agreements
|
114,189 | 129,735 | 158,075 | 172,394 | 192,899 | |||||||||||||||
Allowance for loan losses
|
(28,397 | ) | (28,325 | ) | (30,108 | ) | (29,151 | ) | (27,796 | ) | ||||||||||
Net loans
|
1,700,528 | 1,645,063 | 1,707,736 | 1,774,784 | 1,798,763 | |||||||||||||||
FDIC indemnification asset
|
35,038 | 39,978 | 47,683 | 51,223 | 54,437 | |||||||||||||||
Premises and equipment
|
85,171 | 85,784 | 86,486 | 86,972 | 82,145 | |||||||||||||||
Foreclosed assets not covered by FDIC loss share agreements
|
23,947 | 24,542 | 22,887 | 22,159 | 22,441 | |||||||||||||||
Foreclosed assets covered by FDIC loss share agreements
|
11,252 | 11,705 | 11,685 | 13,845 | 13,033 | |||||||||||||||
Interest receivable
|
12,975 | 13,319 | 15,126 | 16,195 | 15,203 | |||||||||||||||
Bank owned life insurance
|
51,326 | 50,934 | 50,579 | 50,175 | 49,914 | |||||||||||||||
Goodwill
|
60,605 | 60,605 | 60,605 | 60,605 | 60,605 | |||||||||||||||
Core deposit premiums
|
1,431 | 1,505 | 1,579 | 1,793 | 2,015 | |||||||||||||||
Other assets
|
13,494 | 18,786 | 17,384 | 20,736 | 20,169 | |||||||||||||||
Total assets
|
$ | 3,257,144 | $ | 3,320,053 | $ | 3,320,129 | $ | 3,293,348 | $ | 3,263,209 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Non-interest bearing transaction accounts
|
$ | 517,854 | $ | 521,202 | $ | 532,259 | $ | 531,025 | $ | 476,274 | ||||||||||
Interest bearing transaction accounts and savings deposits
|
1,290,954 | 1,282,763 | 1,239,504 | 1,194,907 | 1,228,910 | |||||||||||||||
Time deposits less than $100,000
|
467,503 | 485,134 | 499,809 | 513,658 | 524,567 | |||||||||||||||
Time deposits greater than $100,000
|
352,973 | 365,478 | 378,825 | 395,224 | 377,429 | |||||||||||||||
Total deposits
|
2,629,284 | 2,654,577 | 2,650,397 | 2,634,814 | 2,607,180 | |||||||||||||||
Federal funds purchased and securities
|
||||||||||||||||||||
sold under agreements to repurchase
|
70,220 | 106,224 | 114,766 | 98,286 | 93,560 | |||||||||||||||
Other borrowings
|
90,866 | 90,312 | 90,170 | 92,052 | 93,371 | |||||||||||||||
Subordinated debentures
|
30,930 | 30,930 | 30,930 | 30,930 | 30,930 | |||||||||||||||
Accrued interest and other liabilities
|
28,431 | 28,698 | 25,955 | 29,607 | 34,308 | |||||||||||||||
Total liabilities
|
2,849,731 | 2,910,741 | 2,912,218 | 2,885,689 | 2,859,349 | |||||||||||||||
Stockholders' equity:
|
||||||||||||||||||||
Common stock
|
170 | 172 | 172 | 173 | 173 | |||||||||||||||
Surplus
|
105,825 | 110,976 | 112,436 | 115,026 | 115,126 | |||||||||||||||
Undivided profits
|
300,917 | 297,776 | 294,864 | 291,830 | 287,870 | |||||||||||||||
Accumulated other comprehensive income
|
||||||||||||||||||||
Unrealized appreciation on AFS securities
|
501 | 388 | 439 | 630 | 691 | |||||||||||||||
Total stockholders' equity
|
407,413 | 409,312 | 407,911 | 407,659 | 403,860 | |||||||||||||||
Total liabilities and stockholders' equity
|
$ | 3,257,144 | $ | 3,320,053 | $ | 3,320,129 | $ | 3,293,348 | $ | 3,263,209 |
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated Average Quarter-to-Date Balance Sheets
|
||||||||||||||||||||
For the Quarters Ended
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
|||||||||||||||
(Unaudited)
|
2012
|
2012
|
2011
|
2011
|
2011
|
|||||||||||||||
(in thousands)
|
||||||||||||||||||||
ASSETS
|
||||||||||||||||||||
Cash and non-interest bearing balances due from banks
|
$ | 35,899 | $ | 37,469 | $ | 35,132 | $ | 35,202 | $ | 34,128 | ||||||||||
Interest bearing balances due from banks
|
550,512 | 576,416 | 546,478 | 462,333 | 472,425 | |||||||||||||||
Federal funds sold
|
363 | 281 | 99 | 2,309 | 554 | |||||||||||||||
Cash and cash equivalents
|
586,774 | 614,166 | 581,709 | 499,844 | 507,107 | |||||||||||||||
Investment securities - held-to-maturity
|
508,293 | 496,002 | 501,812 | 460,951 | 479,371 | |||||||||||||||
Investment securities - available-for-sale
|
172,539 | 172,523 | 173,360 | 164,468 | 143,447 | |||||||||||||||
Mortgage loans held for sale
|
17,623 | 17,076 | 20,035 | 12,527 | 7,806 | |||||||||||||||
Assets held in trading accounts
|
7,831 | 6,845 | 7,375 | 7,428 | 7,462 | |||||||||||||||
Loans not covered by FDIC loss share agreements
|
1,579,166 | 1,550,341 | 1,590,584 | 1,640,439 | 1,618,749 | |||||||||||||||
Loans covered by FDIC loss share agreements
|
120,695 | 141,563 | 168,506 | 180,884 | 201,788 | |||||||||||||||
Allowance for loan losses
|
(29,339 | ) | (30,896 | ) | (29,730 | ) | (28,299 | ) | (27,498 | ) | ||||||||||
Net loans
|
1,670,522 | 1,661,008 | 1,729,360 | 1,793,024 | 1,793,039 | |||||||||||||||
FDIC indemnification asset
|
38,563 | 44,845 | 50,180 | 53,547 | 57,738 | |||||||||||||||
Premises and equipment
|
85,629 | 86,187 | 86,881 | 83,917 | 82,729 | |||||||||||||||
Foreclosed assets not covered by FDIC loss share agreements
|
24,322 | 23,279 | 22,702 | 22,292 | 23,299 | |||||||||||||||
Foreclosed assets covered by FDIC loss share agreements
|
12,079 | 13,048 | 12,409 | 13,467 | 12,722 | |||||||||||||||
Interest receivable
|
12,877 | 13,847 | 16,071 | 15,376 | 15,712 | |||||||||||||||
Bank owned life insurance
|
51,133 | 50,761 | 50,362 | 50,116 | 49,695 | |||||||||||||||
Goodwill
|
60,605 | 60,605 | 60,605 | 60,605 | 60,605 | |||||||||||||||
Core deposit premiums
|
1,467 | 1,541 | 1,685 | 1,917 | 2,140 | |||||||||||||||
Other assets
|
15,114 | 17,952 | 18,562 | 20,307 | 18,296 | |||||||||||||||
Total assets
|
$ | 3,265,371 | $ | 3,279,685 | $ | 3,333,108 | $ | 3,259,786 | $ | 3,261,168 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Non-interest bearing transaction accounts
|
$ | 502,884 | $ | 494,366 | $ | 535,663 | $ | 494,982 | $ | 463,689 | ||||||||||
Interest bearing transaction accounts and savings deposits
|
1,282,616 | 1,252,972 | 1,228,495 | 1,201,174 | 1,222,299 | |||||||||||||||
Time deposits less than $100,000
|
477,588 | 492,354 | 508,847 | 518,855 | 532,462 | |||||||||||||||
Time deposits greater than $100,000
|
360,233 | 371,168 | 388,470 | 383,688 | 379,289 | |||||||||||||||
Total deposits
|
2,623,321 | 2,610,860 | 2,661,475 | 2,598,699 | 2,597,739 | |||||||||||||||
Federal funds purchased and securities
|
||||||||||||||||||||
sold under agreements to repurchase
|
82,738 | 108,841 | 107,750 | 93,067 | 98,919 | |||||||||||||||
Other borrowings
|
89,606 | 89,920 | 91,552 | 92,785 | 95,255 | |||||||||||||||
Subordinated debentures
|
30,930 | 30,930 | 30,930 | 30,930 | 30,930 | |||||||||||||||
Accrued interest and other liabilities
|
29,077 | 27,417 | 31,303 | 35,683 | 33,954 | |||||||||||||||
Total liabilities
|
2,855,672 | 2,867,968 | 2,923,010 | 2,851,164 | 2,856,797 | |||||||||||||||
Total stockholders' equity
|
409,699 | 411,717 | 410,098 | 408,622 | 404,371 | |||||||||||||||
Total liabilities and stockholders' equity
|
$ | 3,265,371 | $ | 3,279,685 | $ | 3,333,108 | $ | 3,259,786 | $ | 3,261,168 |
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated Statements of Income - Quarter-to-Date
|
||||||||||||||||||||
For the Quarters Ended
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
|||||||||||||||
(Unaudited)
|
2012
|
2012
|
2011
|
2011
|
2011
|
|||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||||||
INTEREST INCOME
|
||||||||||||||||||||
Loans not covered by loss share agreements
|
$ | 22,358 | $ | 22,272 | $ | 23,370 | $ | 24,366 | $ | 23,883 | ||||||||||
Loans covered by FDIC loss share agreements
|
4,994 | 5,973 | 4,513 | 3,917 | 4,347 | |||||||||||||||
Federal funds sold
|
1 | - | 1 | 3 | 1 | |||||||||||||||
Investment securities
|
3,313 | 3,275 | 3,568 | 3,539 | 3,771 | |||||||||||||||
Mortgage loans held for sale
|
164 | 153 | 198 | 130 | 87 | |||||||||||||||
Assets held in trading accounts
|
13 | 12 | 7 | 8 | 9 | |||||||||||||||
Interest bearing balances due from banks
|
349 | 303 | 324 | 243 | 298 | |||||||||||||||
TOTAL INTEREST INCOME
|
31,192 | 31,988 | 31,981 | 32,206 | 32,396 | |||||||||||||||
INTEREST EXPENSE
|
||||||||||||||||||||
Time deposits
|
2,004 | 2,269 | 2,577 | 2,738 | 2,865 | |||||||||||||||
Other deposits
|
676 | 696 | 779 | 856 | 934 | |||||||||||||||
Federal funds purchased and securities
|
||||||||||||||||||||
sold under agreements to repurchase
|
77 | 99 | 118 | 113 | 103 | |||||||||||||||
Other borrowings
|
799 | 815 | 826 | 842 | 867 | |||||||||||||||
Subordinated debentures
|
385 | 391 | 384 | 378 | 377 | |||||||||||||||
TOTAL INTEREST EXPENSE
|
3,941 | 4,270 | 4,684 | 4,927 | 5,146 | |||||||||||||||
NET INTEREST INCOME
|
27,251 | 27,718 | 27,297 | 27,279 | 27,250 | |||||||||||||||
Provision for loan losses
|
775 | 771 | 2,831 | 2,842 | 3,328 | |||||||||||||||
NET INTEREST INCOME AFTER PROVISION
|
||||||||||||||||||||
FOR LOAN LOSSES
|
26,476 | 26,947 | 24,466 | 24,437 | 23,922 | |||||||||||||||
NON-INTEREST INCOME
|
||||||||||||||||||||
Trust income
|
1,240 | 1,309 | 1,416 | 1,370 | 1,243 | |||||||||||||||
Service charges on deposit accounts
|
3,930 | 3,865 | 4,289 | 4,450 | 4,212 | |||||||||||||||
Other service charges and fees
|
738 | 792 | 699 | 695 | 780 | |||||||||||||||
Mortgage lending income
|
1,445 | 1,294 | 1,464 | 1,249 | 849 | |||||||||||||||
Investment banking income
|
442 | 699 | 294 | 203 | 381 | |||||||||||||||
Credit card fees
|
4,207 | 4,079 | 4,318 | 4,303 | 4,264 | |||||||||||||||
Premiums on sale of student loans
|
- | - | - | - | - | |||||||||||||||
Bank owned life insurance income
|
368 | 355 | 403 | 261 | 414 | |||||||||||||||
Net gain (loss) on assets covered by FDIC loss share agreements
|
(2,153 | ) | (2,665 | ) | (826 | ) | 287 | 323 | ||||||||||||
Other income
|
876 | 995 | 786 | 871 | 1,865 | |||||||||||||||
TOTAL NON-INTEREST INCOME
|
11,093 | 10,723 | 12,843 | 13,689 | 14,331 | |||||||||||||||
NON-INTEREST EXPENSE
|
||||||||||||||||||||
Salaries and employee benefits
|
16,590 | 16,824 | 15,973 | 15,533 | 16,436 | |||||||||||||||
Occupancy expense, net
|
2,029 | 2,081 | 1,930 | 2,224 | 2,100 | |||||||||||||||
Furniture and equipment expense
|
1,608 | 1,604 | 1,721 | 1,763 | 1,560 | |||||||||||||||
Other real estate and foreclosure expense
|
194 | 207 | 146 | 215 | 223 | |||||||||||||||
Deposit insurance
|
457 | 571 | 295 | 211 | 842 | |||||||||||||||
Merger related costs
|
- | - | - | - | 167 | |||||||||||||||
Other operating expenses
|
7,366 | 7,350 | 8,381 | 7,654 | 7,331 | |||||||||||||||
TOTAL NON-INTEREST EXPENSE
|
28,244 | 28,637 | 28,446 | 27,600 | 28,659 | |||||||||||||||
NET INCOME BEFORE INCOME TAXES
|
9,325 | 9,033 | 8,863 | 10,526 | 9,594 | |||||||||||||||
Provision for income taxes
|
2,789 | 2,678 | 2,558 | 3,269 | 2,848 | |||||||||||||||
NET INCOME
|
$ | 6,536 | $ | 6,355 | $ | 6,305 | $ | 7,257 | $ | 6,746 | ||||||||||
BASIC EARNINGS PER SHARE
|
$ | 0.38 | $ | 0.37 | $ | 0.37 | $ | 0.42 | $ | 0.39 | ||||||||||
DILUTED EARNINGS PER SHARE
|
$ | 0.38 | $ | 0.37 | $ | 0.37 | $ | 0.42 | $ | 0.39 |
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated Statements of Income - Year-to-Date
|
||||||||||||||||||||
For the Quarters Ended
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
|||||||||||||||
(Unaudited)
|
2012
|
2012
|
2011
|
2011
|
2011
|
|||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||||||
INTEREST INCOME
|
||||||||||||||||||||
Loans not covered by loss share agreements
|
$ | 44,630 | $ | 22,272 | $ | 95,713 | $ | 72,343 | $ | 47,977 | ||||||||||
Loans covered by FDIC loss share agreements
|
10,967 | 5,973 | 17,118 | 12,605 | 8,688 | |||||||||||||||
Federal funds sold
|
1 | - | 6 | 5 | 2 | |||||||||||||||
Investment securities
|
6,588 | 3,275 | 14,583 | 11,015 | 7,476 | |||||||||||||||
Mortgage loans held for sale
|
317 | 153 | 503 | 305 | 175 | |||||||||||||||
Assets held in trading accounts
|
25 | 12 | 33 | 26 | 18 | |||||||||||||||
Interest bearing balances due from banks
|
652 | 303 | 1,100 | 776 | 533 | |||||||||||||||
TOTAL INTEREST INCOME
|
63,180 | 31,988 | 129,056 | 97,075 | 64,869 | |||||||||||||||
INTEREST EXPENSE
|
||||||||||||||||||||
Time deposits
|
4,273 | 2,269 | 11,314 | 8,737 | 5,999 | |||||||||||||||
Other deposits
|
1,372 | 696 | 3,611 | 2,832 | 1,976 | |||||||||||||||
Federal funds purchased and securities
|
||||||||||||||||||||
sold under agreements to repurchase
|
176 | 99 | 450 | 332 | 219 | |||||||||||||||
Other borrowings
|
1,613 | 815 | 3,512 | 2,686 | 1,844 | |||||||||||||||
Subordinated debentures
|
777 | 391 | 1,509 | 1,125 | 747 | |||||||||||||||
TOTAL INTEREST EXPENSE
|
8,211 | 4,270 | 20,396 | 15,712 | 10,785 | |||||||||||||||
NET INTEREST INCOME
|
54,969 | 27,718 | 108,660 | 81,363 | 54,084 | |||||||||||||||
Provision for loan losses
|
1,546 | 771 | 11,676 | 8,845 | 6,003 | |||||||||||||||
NET INTEREST INCOME AFTER PROVISION
|
||||||||||||||||||||
FOR LOAN LOSSES
|
53,423 | 26,947 | 96,984 | 72,518 | 48,081 | |||||||||||||||
NON-INTEREST INCOME
|
||||||||||||||||||||
Trust income
|
2,549 | 1,309 | 5,375 | 3,959 | 2,589 | |||||||||||||||
Service charges on deposit accounts
|
7,795 | 3,865 | 16,808 | 12,519 | 8,069 | |||||||||||||||
Other service charges and fees
|
1,530 | 792 | 2,980 | 2,281 | 1,586 | |||||||||||||||
Mortgage lending income
|
2,739 | 1,294 | 4,188 | 2,724 | 1,475 | |||||||||||||||
Investment banking income
|
1,141 | 699 | 1,478 | 1,184 | 981 | |||||||||||||||
Credit card fees
|
8,286 | 4,079 | 16,828 | 12,510 | 8,207 | |||||||||||||||
Premiums on sale of student loans
|
- | - | - | - | - | |||||||||||||||
Bank owned life insurance income
|
723 | 355 | 1,481 | 1,078 | 817 | |||||||||||||||
Net gain (loss) on assets covered by FDIC loss share agreements
|
(4,818 | ) | (2,665 | ) | 154 | 980 | 693 | |||||||||||||
Other income
|
1,871 | 995 | 4,173 | 3,387 | 2,516 | |||||||||||||||
TOTAL NON-INTEREST INCOME
|
21,816 | 10,723 | 53,465 | 40,622 | 26,933 | |||||||||||||||
NON-INTEREST EXPENSE
|
||||||||||||||||||||
Salaries and employee benefits
|
33,414 | 16,824 | 65,058 | 49,085 | 33,552 | |||||||||||||||
Occupancy expense, net
|
4,110 | 2,081 | 8,443 | 6,513 | 4,289 | |||||||||||||||
Furniture and equipment expense
|
3,212 | 1,604 | 6,633 | 4,912 | 3,149 | |||||||||||||||
Other real estate and foreclosure expense
|
401 | 207 | 678 | 532 | 317 | |||||||||||||||
Deposit insurance
|
1,028 | 571 | 2,387 | 2,092 | 1,881 | |||||||||||||||
Merger related costs
|
- | - | 357 | 357 | 357 | |||||||||||||||
Other operating expenses
|
14,716 | 7,350 | 31,094 | 22,713 | 15,059 | |||||||||||||||
TOTAL NON-INTEREST EXPENSE
|
56,881 | 28,637 | 114,650 | 86,204 | 58,604 | |||||||||||||||
NET INCOME BEFORE INCOME TAXES
|
18,358 | 9,033 | 35,799 | 26,936 | 16,410 | |||||||||||||||
Provision for income taxes
|
5,467 | 2,678 | 10,425 | 7,867 | 4,598 | |||||||||||||||
NET INCOME
|
$ | 12,891 | $ | 6,355 | $ | 25,374 | $ | 19,069 | $ | 11,812 | ||||||||||
BASIC EARNINGS PER SHARE
|
$ | 0.75 | $ | 0.37 | $ | 1.47 | $ | 1.10 | $ | 0.68 | ||||||||||
DILUTED EARNINGS PER SHARE
|
$ | 0.75 | $ | 0.37 | $ | 1.47 | $ | 1.10 | $ | 0.68 |
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated Risk-Based Capital
|
||||||||||||||||||||
For the Quarters Ended
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
|||||||||||||||
(Unaudited)
|
2012
|
2012
|
2011
|
2011
|
2011
|
|||||||||||||||
(in thousands)
|
||||||||||||||||||||
Tier 1 capital
|
||||||||||||||||||||
Stockholders' equity
|
$ | 407,413 | $ | 409,312 | $ | 407,911 | $ | 407,659 | $ | 403,860 | ||||||||||
Trust preferred securities, net allowable
|
30,000 | 30,000 | 30,000 | 30,000 | 30,000 | |||||||||||||||
Disallowed intangible assets, net of deferred tax
|
(47,235 | ) | (47,607 | ) | (47,889 | ) | (48,403 | ) | (48,923 | ) | ||||||||||
Unrealized gain on AFS securities
|
(501 | ) | (388 | ) | (439 | ) | (630 | ) | (691 | ) | ||||||||||
Total Tier 1 capital
|
389,677 | 391,317 | 389,583 | 388,626 | 384,246 | |||||||||||||||
Tier 2 capital
|
||||||||||||||||||||
Qualifying unrealized gain on AFS equity securities
|
15 | 14 | 9 | 6 | 17 | |||||||||||||||
Qualifying allowance for loan losses
|
22,910 | 22,096 | 22,682 | 23,337 | 22,825 | |||||||||||||||
Total Tier 2 capital
|
22,925 | 22,110 | 22,691 | 23,343 | 22,842 | |||||||||||||||
Total risk-based capital
|
$ | 412,602 | $ | 413,427 | $ | 412,274 | $ | 411,969 | $ | 407,088 | ||||||||||
Risk weighted assets
|
$ | 1,825,808 | $ | 1,759,932 | $ | 1,805,585 | $ | 1,859,657 | $ | 1,819,494 | ||||||||||
Adjusted average assets for leverage ratio
|
$ | 3,217,291 | $ | 3,231,257 | $ | 3,284,379 | $ | 3,210,283 | $ | 3,211,310 | ||||||||||
Ratios at end of quarter
|
||||||||||||||||||||
Equity to assets
|
12.51 | % | 12.33 | % | 12.29 | % | 12.38 | % | 12.38 | % | ||||||||||
Tangible common equity to tangible assets
|
10.81 | % | 10.66 | % | 10.61 | % | 10.69 | % | 10.66 | % | ||||||||||
Tier 1 leverage ratio
|
12.11 | % | 12.11 | % | 11.86 | % | 12.11 | % | 11.97 | % | ||||||||||
Tier 1 risk-based capital ratio
|
21.34 | % | 22.23 | % | 21.58 | % | 20.90 | % | 21.12 | % | ||||||||||
Total risk-based capital ratio
|
22.60 | % | 23.49 | % | 22.83 | % | 22.15 | % | 22.37 | % |
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated Loans and Investments
|
||||||||||||||||||||
For the Quarters Ended
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
|||||||||||||||
(Unaudited)
|
2012
|
2012
|
2011
|
2011
|
2011
|
|||||||||||||||
(in thousands)
|
||||||||||||||||||||
Loan Portfolio - End of Period (1)
|
||||||||||||||||||||
Consumer
|
||||||||||||||||||||
Credit cards
|
$ | 176,325 | $ | 175,013 | $ | 189,970 | $ | 182,886 | $ | 181,216 | ||||||||||
Student loans
|
39,823 | 44,059 | 47,419 | 50,620 | 53,574 | |||||||||||||||
Other consumer
|
107,284 | 110,001 | 109,211 | 112,947 | 107,411 | |||||||||||||||
Total consumer
|
323,432 | 329,073 | 346,600 | 346,453 | 342,201 | |||||||||||||||
Real Estate
|
||||||||||||||||||||
Construction
|
117,235 | 109,979 | 109,825 | 113,317 | 139,217 | |||||||||||||||
Single-family residential
|
355,978 | 349,009 | 355,094 | 353,917 | 355,566 | |||||||||||||||
Other commercial
|
550,418 | 537,807 | 536,372 | 550,410 | 540,011 | |||||||||||||||
Total real estate
|
1,023,631 | 996,795 | 1,001,291 | 1,017,644 | 1,034,794 | |||||||||||||||
Commercial
|
||||||||||||||||||||
Commercial
|
140,868 | 144,772 | 141,422 | 138,724 | 142,897 | |||||||||||||||
Agricultural
|
122,245 | 69,598 | 85,728 | 123,873 | 104,526 | |||||||||||||||
Total commercial
|
263,113 | 214,370 | 227,150 | 262,597 | 247,423 | |||||||||||||||
Other
|
4,560 | 3,415 | 4,728 | 4,847 | 9,242 | |||||||||||||||
Total Loans
|
$ | 1,614,736 | $ | 1,543,653 | $ | 1,579,769 | $ | 1,631,541 | $ | 1,633,660 | ||||||||||
(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 | ||||||||||
U.S. Government agencies
|
315,493 | 267,991 | 308,779 | 291,795 | 190,294 | |||||||||||||||
Mortgage-backed securities
|
56 | 59 | 62 | 67 | 70 | |||||||||||||||
State and political subdivisions
|
209,043 | 208,334 | 211,673 | 207,510 | 211,071 | |||||||||||||||
Other securities
|
930 | 930 | 930 | 930 | 930 | |||||||||||||||
Total held-to-maturity
|
525,522 | 481,314 | 525,444 | 504,302 | 406,365 | |||||||||||||||
Available-for-Sale
|
||||||||||||||||||||
U.S. Government agencies
|
148,837 | 157,631 | 153,627 | 121,939 | 157,836 | |||||||||||||||
Mortgage-backed securities
|
2,493 | 2,528 | 2,557 | 2,624 | 2,664 | |||||||||||||||
FHLB stock
|
5,578 | 6,241 | 6,237 | 6,231 | 8,604 | |||||||||||||||
Other securities
|
10,058 | 10,066 | 9,791 | 9,785 | 9,749 | |||||||||||||||
Total available-for-sale
|
166,966 | 176,466 | 172,212 | 140,579 | 178,853 | |||||||||||||||
Total investment securities
|
$ | 692,488 | $ | 657,780 | $ | 697,656 | $ | 644,881 | $ | 585,218 | ||||||||||
Fair value - HTM investment securities
|
$ | 531,499 | $ | 486,743 | $ | 532,206 | $ | 511,617 | $ | 411,531 | ||||||||||
Investment Securities - QTD Average
|
||||||||||||||||||||
Taxable securities
|
$ | 471,826 | $ | 459,164 | $ | 466,369 | $ | 418,179 | $ | 415,101 | ||||||||||
Tax exempt securities
|
209,006 | 209,361 | 208,803 | 207,240 | 207,717 | |||||||||||||||
Total investment securities - QTD average
|
$ | 680,832 | $ | 668,525 | $ | 675,172 | $ | 625,419 | $ | 622,818 |
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated Allowance and Asset Quality
|
||||||||||||||||||||
For the Quarters Ended
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
|||||||||||||||
(Unaudited)
|
2012
|
2012
|
2011
|
2011
|
2011
|
|||||||||||||||
(in thousands)
|
||||||||||||||||||||
Allowance for Loan Losses
|
||||||||||||||||||||
Balance, beginning of quarter
|
$ | 28,325 | $ | 30,108 | $ | 29,151 | $ | 27,796 | $ | 27,905 | ||||||||||
Loans charged off
|
||||||||||||||||||||
Credit cards
|
829 | 997 | 1,262 | 1,140 | 1,145 | |||||||||||||||
Other consumer
|
252 | 226 | 530 | 450 | 621 | |||||||||||||||
Real estate
|
78 | 2,539 | 885 | 255 | 1,682 | |||||||||||||||
Commercial
|
165 | 129 | 226 | 345 | 745 | |||||||||||||||
Total loans charged off
|
1,324 | 3,891 | 2,903 | 2,190 | 4,193 | |||||||||||||||
Recoveries of loans previously charged off
|
||||||||||||||||||||
Credit cards
|
212 | 210 | 244 | 261 | 237 | |||||||||||||||
Other consumer
|
135 | 156 | 100 | 219 | 131 | |||||||||||||||
Real estate
|
248 | 930 | 436 | 151 | 147 | |||||||||||||||
Commercial
|
26 | 41 | 249 | 72 | 241 | |||||||||||||||
Total recoveries
|
621 | 1,337 | 1,029 | 703 | 756 | |||||||||||||||
Net loans charged off
|
703 | 2,554 | 1,874 | 1,487 | 3,437 | |||||||||||||||
Provision for loan losses
|
775 | 771 | 2,831 | 2,842 | 3,328 | |||||||||||||||
Balance, end of quarter
|
$ | 28,397 | $ | 28,325 | $ | 30,108 | $ | 29,151 | $ | 27,796 | ||||||||||
Non-performing assets (1)
|
||||||||||||||||||||
Non-performing loans
|
||||||||||||||||||||
Nonaccrual loans
|
||||||||||||||||||||
Real estate
|
$ | 6,851 | $ | 6,898 | $ | 10,315 | $ | 12,810 | $ | 11,823 | ||||||||||
Commercial
|
676 | 942 | 1,253 | 1,177 | 1,583 | |||||||||||||||
Consumer
|
1,462 | 1,299 | 1,339 | 1,356 | 1,400 | |||||||||||||||
Total nonaccrual loans
|
8,989 | 9,139 | 12,907 | 15,343 | 14,806 | |||||||||||||||
Loans past due 90 days or more
|
||||||||||||||||||||
Government guaranteed student loans
|
3,275 | 3,434 | 2,483 | 2,496 | 3,113 | |||||||||||||||
Other loans
|
509 | 606 | 785 | 777 | 721 | |||||||||||||||
Total loans past due 90 days or more
|
3,784 | 4,040 | 3,268 | 3,273 | 3,834 | |||||||||||||||
Total non-performing loans
|
12,773 | 13,179 | 16,175 | 18,616 | 18,640 | |||||||||||||||
Other non-performing assets
|
||||||||||||||||||||
Foreclosed assets held for sale
|
23,947 | 24,542 | 22,887 | 22,159 | 22,441 | |||||||||||||||
Other non-performing assets
|
- | 1 | - | 191 | 235 | |||||||||||||||
Total other non-performing assets
|
23,947 | 24,543 | 22,887 | 22,350 | 22,676 | |||||||||||||||
Total non-performing assets
|
$ | 36,720 | $ | 37,722 | $ | 39,062 | $ | 40,966 | $ | 41,316 | ||||||||||
Performing TDRs (troubled debt restructurings)
|
$ | 11,492 | $ | 11,531 | $ | 11,391 | $ | 10,393 | $ | 10,298 | ||||||||||
Ratios (1)
|
||||||||||||||||||||
Allowance for loan losses to total loans
|
1.76 | % | 1.83 | % | 1.91 | % | 1.79 | % | 1.70 | % | ||||||||||
Allowance for loan losses to non-performing loans
|
222 | % | 215 | % | 186 | % | 157 | % | 149 | % | ||||||||||
Non-performing loans to total loans
|
0.79 | % | 0.85 | % | 1.02 | % | 1.14 | % | 1.14 | % | ||||||||||
Non-performing assets (including performing TDRs) to total assets
|
1.48 | % | 1.48 | % | 1.52 | % | 1.56 | % | 1.58 | % | ||||||||||
Non-performing assets to total assets
|
1.13 | % | 1.14 | % | 1.18 | % | 1.24 | % | 1.27 | % | ||||||||||
Non-performing assets to total assets (excluding Gov't guaranteed student loans)
|
1.03 | % | 1.03 | % | 1.10 | % | 1.17 | % | 1.17 | % | ||||||||||
Annualized net charge offs to total loans
|
0.18 | % | 0.66 | % | 0.47 | % | 0.36 | % | 0.85 | % | ||||||||||
Annualized net credit card charge offs to total credit card loans
|
1.42 | % | 1.75 | % | 2.20 | % | 1.94 | % | 2.08 | % | ||||||||||
Annualized net charge offs to total loans (excluding credit cards)
|
0.02 | % | 0.52 | % | 0.24 | % | 0.17 | % | 0.70 | % | ||||||||||
Past due loans >30 days (excluding nonaccrual)
|
0.68 | % | 0.83 | % | 0.82 | % | 0.71 | % | 0.87 | % | ||||||||||
Past due loans >30 days (excluding nonaccrual) (excluding Gov't guaranteed student loans)
|
0.42 | % | 0.47 | % | 0.56 | % | 0.46 | % | 0.60 | % | ||||||||||
(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
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
|||||||||||||||
(Unaudited)
|
2012
|
2012
|
2011
|
2011
|
2011
|
|||||||||||||||
ASSETS
|
||||||||||||||||||||
Earning Assets
|
||||||||||||||||||||
Interest bearing balances due from banks
|
0.25 | % | 0.21 | % | 0.24 | % | 0.21 | % | 0.25 | % | ||||||||||
Investment securities
|
2.66 | % | 2.69 | % | 2.81 | % | 3.02 | % | 3.23 | % | ||||||||||
Mortgage loans held for sale
|
3.74 | % | 3.60 | % | 3.92 | % | 4.12 | % | 4.47 | % | ||||||||||
Assets held in trading accounts
|
0.67 | % | 0.71 | % | 0.38 | % | 0.43 | % | 0.48 | % | ||||||||||
Loans, including covered loans*
|
6.47 | % | 6.72 | % | 6.29 | % | 6.16 | % | 6.22 | % | ||||||||||
Total interest earning assets
|
4.41 | % | 4.51 | % | 4.38 | % | 4.53 | % | 4.60 | % | ||||||||||
LIABILITIES
|
||||||||||||||||||||
Interest bearing liabilities
|
||||||||||||||||||||
Interest bearing transaction and
|
||||||||||||||||||||
savings accounts
|
0.21 | % | 0.22 | % | 0.25 | % | 0.28 | % | 0.31 | % | ||||||||||
Time deposits
|
0.96 | % | 1.06 | % | 1.14 | % | 1.20 | % | 1.26 | % | ||||||||||
Total interest bearing deposits
|
0.51 | % | 0.56 | % | 0.63 | % | 0.68 | % | 0.71 | % | ||||||||||
Federal funds purchased and securities
|
||||||||||||||||||||
sold under agreement to repurchase
|
0.37 | % | 0.37 | % | 0.43 | % | 0.48 | % | 0.42 | % | ||||||||||
Other borrowings
|
3.59 | % | 3.65 | % | 3.58 | % | 3.60 | % | 3.65 | % | ||||||||||
Subordinated debentures
|
5.01 | % | 5.08 | % | 4.93 | % | 4.85 | % | 4.89 | % | ||||||||||
Total interest bearing liabilities
|
0.68 | % | 0.73 | % | 0.79 | % | 0.84 | % | 0.87 | % | ||||||||||
NET INTEREST MARGIN/SPREAD
|
||||||||||||||||||||
Net interest spread
|
3.73 | % | 3.78 | % | 3.59 | % | 3.69 | % | 3.73 | % | ||||||||||
Net interest margin - quarter-to-date
|
3.87 | % | 3.93 | % | 3.76 | % | 3.86 | % | 3.90 | % | ||||||||||
Net interest margin - year-to-date
|
3.90 | % | 3.93 | % | 3.85 | % | 3.87 | % | 3.88 | % | ||||||||||
* Covered loans are loans covered by FDIC loss share agreements.
|
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated - Selected Financial Data
|
||||||||||||||||||||
For the Quarters Ended
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
|||||||||||||||
(Unaudited)
|
2012
|
2012
|
2011
|
2011
|
2011
|
|||||||||||||||
(in thousands, except share data)
|
||||||||||||||||||||
QUARTER-TO-DATE
|
||||||||||||||||||||
Diluted earnings per share
|
$ | 0.38 | $ | 0.37 | $ | 0.37 | $ | 0.42 | $ | 0.39 | ||||||||||
Core earnings (excludes nonrecurring items) (non-GAAP)
|
6,536 | 6,355 | 6,305 | 7,257 | 6,245 | |||||||||||||||
Diluted core earnings per share (non-GAAP)
|
0.38 | 0.37 | 0.37 | 0.42 | 0.36 | |||||||||||||||
Cash dividends declared per common share
|
0.20 | 0.20 | 0.19 | 0.19 | 0.19 | |||||||||||||||
Cash dividends declared - amount
|
3,395 | 3,444 | 3,271 | 3,296 | 3,297 | |||||||||||||||
Return on average stockholders' equity
|
6.42 | % | 6.21 | % | 6.10 | % | 7.05 | % | 6.69 | % | ||||||||||
Return on tangible equity
|
7.61 | % | 7.36 | % | 7.34 | % | 8.47 | % | 8.08 | % | ||||||||||
Return on average assets
|
0.81 | % | 0.78 | % | 0.75 | % | 0.88 | % | 0.83 | % | ||||||||||
Net interest margin (FTE)
|
3.87 | % | 3.93 | % | 3.76 | % | 3.86 | % | 3.90 | % | ||||||||||
FTE adjustment - investments
|
1,196 | 1,192 | 1,219 | 1,221 | 1,241 | |||||||||||||||
FTE adjustment - loans
|
12 | 11 | 12 | 12 | 13 | |||||||||||||||
Amortization of intangibles
|
74 | 74 | 214 | 222 | 224 | |||||||||||||||
Amortization of intangibles, net of taxes
|
45 | 45 | 130 | 135 | 136 | |||||||||||||||
Average shares outstanding
|
17,044,160 | 17,215,027 | 17,250,718 | 17,348,460 | 17,342,165 | |||||||||||||||
Average earning assets
|
2,957,022 | 2,961,047 | 3,008,249 | 2,931,339 | 2,931,602 | |||||||||||||||
Average interest bearing liabilities
|
2,323,711 | 2,346,185 | 2,356,044 | 2,320,499 | 2,359,154 | |||||||||||||||
YEAR-TO-DATE
|
||||||||||||||||||||
Diluted earnings per share
|
$ | 0.75 | $ | 0.37 | $ | 1.47 | $ | 1.10 | $ | 0.68 | ||||||||||
Core earnings (excludes nonrecurring items) (non-GAAP)
|
12,891 | 6,355 | 24,988 | 18,683 | 11,426 | |||||||||||||||
Diluted core earnings per share (non-GAAP)
|
0.75 | 0.37 | 1.45 | 1.08 | 0.66 | |||||||||||||||
Cash dividends declared per common share
|
0.40 | 0.20 | 0.76 | 0.57 | 0.38 | |||||||||||||||
Cash dividends declared - amount
|
6,839 | 3,444 | 13,156 | 9,885 | 6,589 | |||||||||||||||
Return on average stockholders' equity
|
6.31 | % | 6.21 | % | 6.25 | % | 6.30 | % | 5.91 | % | ||||||||||
Return on tangible equity
|
7.49 | % | 7.36 | % | 7.54 | % | 7.61 | % | 7.17 | % | ||||||||||
Return on average assets
|
0.79 | % | 0.78 | % | 0.77 | % | 0.78 | % | 0.73 | % | ||||||||||
Net interest margin (FTE)
|
3.90 | % | 3.93 | % | 3.85 | % | 3.87 | % | 3.88 | % | ||||||||||
FTE adjustment - investments
|
2,388 | 1,192 | 4,920 | 3,701 | 2,480 | |||||||||||||||
FTE adjustment - loans
|
23 | 11 | 50 | 38 | 26 | |||||||||||||||
Amortization of intangibles
|
148 | 74 | 884 | 670 | 448 | |||||||||||||||
Amortization of intangibles, net of taxes
|
90 | 45 | 537 | 407 | 272 | |||||||||||||||
Average shares outstanding
|
17,129,593 | 17,215,027 | 17,309,488 | 17,329,293 | 17,319,550 | |||||||||||||||
Average diluted shares outstanding
|
17,134,232 | 17,223,085 | 17,317,850 | 17,338,676 | 17,352,606 | |||||||||||||||
Average earning assets
|
2,959,034 | 2,961,047 | 2,954,285 | 2,936,297 | 2,938,777 | |||||||||||||||
Average interest bearing liabilities
|
2,334,948 | 2,346,185 | 2,362,028 | 2,364,023 | 2,385,787 | |||||||||||||||
END OF PERIOD
|
||||||||||||||||||||
Book value per share
|
$ | 24.03 | $ | 23.82 | $ | 23.70 | $ | 23.52 | $ | 23.28 | ||||||||||
Tangible book value per share
|
20.37 | 20.21 | 20.09 | 19.92 | 19.67 | |||||||||||||||
Shares outstanding
|
16,956,991 | 17,182,526 | 17,212,317 | 17,329,775 | 17,348,775 | |||||||||||||||
Full-time equivalent employees
|
1,074 | 1,077 | 1,083 | 1,070 | 1,095 | |||||||||||||||
Total number of ATM's
|
102 | 102 | 102 | 102 | 102 | |||||||||||||||
Total number of financial centers
|
84 | 84 | 84 | 84 | 84 | |||||||||||||||
Parent company only - investment in subsidiaries
|
386,441 | 384,713 | 381,236 | 379,331 | 375,686 | |||||||||||||||
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
|
Jun 30
|
Mar 31
|
Dec 31
|
Sep 30
|
Jun 30
|
|||||||||||||||
(Unaudited)
|
2012
|
2012
|
2011
|
2011
|
2011
|
|||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||||||
QUARTER-TO-DATE
|
||||||||||||||||||||
Net Income
|
$ | 6,536 | $ | 6,355 | $ | 6,305 | $ | 7,257 | $ | 6,746 | ||||||||||
Nonrecurring items
|
||||||||||||||||||||
Gain on sale of MasterCard stock (1)
|
- | - | - | - | (1,132 | ) | ||||||||||||||
Merger related costs
|
- | - | - | - | 167 | |||||||||||||||
Branch right sizing
|
- | - | - | - | 141 | |||||||||||||||
Tax effect
|
- | - | - | - | 323 | |||||||||||||||
Net nonrecurring items
|
- | - | - | - | (501 | ) | ||||||||||||||
Core earnings (non-GAAP)
|
$ | 6,536 | $ | 6,355 | $ | 6,305 | $ | 7,257 | $ | 6,245 | ||||||||||
Diluted earnings per share
|
$ | 0.38 | $ | 0.37 | $ | 0.37 | $ | 0.42 | $ | 0.39 | ||||||||||
Nonrecurring items
|
||||||||||||||||||||
Gain on sale of MasterCard stock (1)
|
- | - | - | - | (0.07 | ) | ||||||||||||||
Merger related costs
|
- | - | - | - | 0.01 | |||||||||||||||
Branch right sizing
|
- | - | - | - | 0.01 | |||||||||||||||
Tax effect
|
- | - | - | - | 0.02 | |||||||||||||||
Net nonrecurring items
|
- | - | - | - | (0.03 | ) | ||||||||||||||
Diluted core earnings per share (non-GAAP)
|
$ | 0.38 | $ | 0.37 | $ | 0.37 | $ | 0.42 | $ | 0.36 | ||||||||||
YEAR-TO-DATE
|
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Net Income
|
$ | 12,891 | $ | 6,355 | $ | 25,374 | $ | 19,069 | $ | 11,812 | ||||||||||
Nonrecurring items
|
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Gain on sale of MasterCard stock (1)
|
- | - | (1,132 | ) | (1,132 | ) | (1,132 | ) | ||||||||||||
Merger related costs
|
- | - | 357 | 357 | 357 | |||||||||||||||
Branch right sizing
|
- | - | 141 | 141 | 141 | |||||||||||||||
Tax effect
|
- | - | 248 | 248 | 248 | |||||||||||||||
Net nonrecurring items
|
- | - | (386 | ) | (386 | ) | (386 | ) | ||||||||||||
Core earnings (non-GAAP)
|
$ | 12,891 | $ | 6,355 | $ | 24,988 | $ | 18,683 | $ | 11,426 | ||||||||||
Diluted earnings per share
|
$ | 0.75 | $ | 0.37 | $ | 1.47 | $ | 1.10 | $ | 0.68 | ||||||||||
Nonrecurring items
|
||||||||||||||||||||
Gain on sale of MasterCard stock (1)
|
- | - | (0.07 | ) | (0.07 | ) | (0.07 | ) | ||||||||||||
Merger related costs
|
- | - | 0.02 | 0.02 | 0.02 | |||||||||||||||
Branch right sizing
|
- | - | 0.01 | 0.01 | 0.01 | |||||||||||||||
Tax effect
|
- | - | 0.02 | 0.02 | 0.02 | |||||||||||||||
Net nonrecurring items
|
- | - | (0.02 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||
Diluted core earnings per share (non-GAAP)
|
$ | 0.75 | $ | 0.37 | $ | 1.45 | $ | 1.08 | $ | 0.66 | ||||||||||
(1) Gain from liquidation of Class B shares received as part of MasterCard's 2006 IPO.
|