Arkansas
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0-6253
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71-0407808
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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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
|
|
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/s/ Robert A. Fehlman
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|
Date: January 24, 2013
|
Robert A. Fehlman
Executive Vice President and Chief Financial Officer
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Three Months Ended
|
Year Ended
|
|||||||||||||||
(In thousands)
|
December 31, 2012
|
December 31, 2012
|
||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Impact on net interest income
|
$ | 2,647 | $ | 1,124 | $ | 11,751 | $ | 1,124 | ||||||||
Non-interest income
|
(2,510 | ) | (978 | ) | (10,755 | ) | (978 | ) | ||||||||
Net impact to pre-tax income
|
$ | 137 | $ | 146 | $ | 997 | $ | 146 |
“Well Capitalized”
|
SFNC
|
|
Tier 1 Leverage Ratio
|
5.00%
|
10.81%
|
Tier 1 Risk-Based Capital Ratio
|
6.00%
|
19.08%
|
Total Risk-Based Capital Ratio
|
10.00%
|
20.34%
|
Simmons First National Corporation
|
SFNC
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|||||||||||||||||||
Consolidated End of Period Balance Sheets
|
||||||||||||||||||||
For the Quarters Ended
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
Dec 31
|
|||||||||||||||
(Unaudited)
|
2012
|
2012
|
2012
|
2012
|
2011
|
|||||||||||||||
(in thousands)
|
||||||||||||||||||||
ASSETS
|
||||||||||||||||||||
Cash and non-interest bearing balances due from banks
|
$ | 47,470 | $ | 40,356 | $ | 29,708 | $ | 34,314 | $ | 35,087 | ||||||||||
Interest bearing balances due from banks
|
467,984 | 440,524 | 515,874 | 642,929 | 535,119 | |||||||||||||||
Federal funds sold
|
22,343 | 7,571 | - | 750 | - | |||||||||||||||
Cash and cash equivalents
|
537,797 | 488,451 | 545,582 | 677,993 | 570,206 | |||||||||||||||
Investment securities - held-to-maturity
|
496,141 | 510,630 | 525,522 | 481,314 | 525,444 | |||||||||||||||
Investment securities - available-for-sale
|
191,342 | 205,051 | 166,966 | 176,466 | 172,212 | |||||||||||||||
Mortgage loans held for sale
|
25,367 | 23,980 | 15,495 | 24,351 | 22,976 | |||||||||||||||
Assets held in trading accounts
|
6,224 | 7,002 | 7,812 | 7,708 | 7,541 | |||||||||||||||
Loans:
|
||||||||||||||||||||
Not covered by FDIC loss share agreements
|
1,628,513 | 1,623,401 | 1,614,736 | 1,543,653 | 1,579,769 | |||||||||||||||
Acquired, not covered by FDIC loss share agreements
|
||||||||||||||||||||
(net of discounts)
|
82,764 | 73,023 | - | - | - | |||||||||||||||
Covered by FDIC loss share agreements (net of discounts)
|
210,842 | 163,657 | 114,189 | 129,735 | 158,075 | |||||||||||||||
Allowance for loan losses
|
(27,882 | ) | (28,145 | ) | (28,397 | ) | (28,325 | ) | (30,108 | ) | ||||||||||
Net loans
|
1,894,237 | 1,831,936 | 1,700,528 | 1,645,063 | 1,707,736 | |||||||||||||||
FDIC indemnification asset
|
75,286 | 59,547 | 35,038 | 39,978 | 47,683 | |||||||||||||||
Premises and equipment
|
87,557 | 85,969 | 85,171 | 85,784 | 86,486 | |||||||||||||||
Foreclosed assets not covered by FDIC loss share agreements
|
33,352 | 29,665 | 23,947 | 24,542 | 22,887 | |||||||||||||||
Foreclosed assets covered by FDIC loss share agreements
|
27,620 | 26,466 | 11,252 | 11,705 | 11,685 | |||||||||||||||
Interest receivable
|
14,530 | 15,253 | 12,975 | 13,319 | 15,126 | |||||||||||||||
Bank owned life insurance
|
52,066 | 51,681 | 51,326 | 50,934 | 50,579 | |||||||||||||||
Goodwill
|
60,605 | 60,605 | 60,605 | 60,605 | 60,605 | |||||||||||||||
Core deposit premiums
|
3,760 | 2,549 | 1,431 | 1,505 | 1,579 | |||||||||||||||
Other assets
|
21,605 | 16,195 | 13,494 | 18,786 | 17,384 | |||||||||||||||
Total assets
|
$ | 3,527,489 | $ | 3,414,980 | $ | 3,257,144 | $ | 3,320,053 | $ | 3,320,129 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Non-interest bearing transaction accounts
|
$ | 576,655 | $ | 543,380 | $ | 517,854 | $ | 521,202 | $ | 532,259 | ||||||||||
Interest bearing transaction accounts and savings deposits
|
1,421,137 | 1,343,784 | 1,290,954 | 1,282,763 | 1,239,504 | |||||||||||||||
Time deposits less than $100,000
|
505,773 | 521,259 | 467,503 | 485,134 | 499,809 | |||||||||||||||
Time deposits greater than $100,000
|
370,598 | 386,872 | 352,973 | 365,478 | 378,825 | |||||||||||||||
Total deposits
|
2,874,163 | 2,795,295 | 2,629,284 | 2,654,577 | 2,650,397 | |||||||||||||||
Federal funds purchased and securities
|
||||||||||||||||||||
sold under agreements to repurchase
|
104,078 | 64,829 | 70,220 | 106,224 | 114,766 | |||||||||||||||
Other borrowings
|
89,441 | 88,852 | 90,866 | 90,312 | 90,170 | |||||||||||||||
Subordinated debentures
|
20,620 | 20,620 | 30,930 | 30,930 | 30,930 | |||||||||||||||
Accrued interest and other liabilities
|
33,125 | 41,136 | 28,431 | 28,698 | 25,955 | |||||||||||||||
Total liabilities
|
3,121,427 | 3,010,732 | 2,849,731 | 2,910,741 | 2,912,218 | |||||||||||||||
Stockholders' equity:
|
||||||||||||||||||||
Common stock
|
165 | 167 | 170 | 172 | 172 | |||||||||||||||
Surplus
|
96,587 | 99,156 | 105,825 | 110,976 | 112,436 | |||||||||||||||
Undivided profits
|
309,053 | 304,343 | 300,917 | 297,776 | 294,864 | |||||||||||||||
Accumulated other comprehensive income
|
||||||||||||||||||||
Unrealized appreciation on AFS securities
|
257 | 582 | 501 | 388 | 439 | |||||||||||||||
Total stockholders' equity
|
406,062 | 404,248 | 407,413 | 409,312 | 407,911 | |||||||||||||||
Total liabilities and stockholders' equity
|
$ | 3,527,489 | $ | 3,414,980 | $ | 3,257,144 | $ | 3,320,053 | $ | 3,320,129 |
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)
|
2012
|
2012
|
2012
|
2012
|
2011
|
|||||||||||||||
(in thousands)
|
||||||||||||||||||||
ASSETS
|
||||||||||||||||||||
Cash and non-interest bearing balances due from banks
|
$ | 43,691 | $ | 36,603 | $ | 35,899 | $ | 37,469 | $ | 35,132 | ||||||||||
Interest bearing balances due from banks
|
490,532 | 479,435 | 550,512 | 576,416 | 546,478 | |||||||||||||||
Federal funds sold
|
8,931 | 2,850 | 363 | 281 | 99 | |||||||||||||||
Cash and cash equivalents
|
543,154 | 518,888 | 586,774 | 614,166 | 581,709 | |||||||||||||||
Investment securities - held-to-maturity
|
511,203 | 496,102 | 508,293 | 496,002 | 501,812 | |||||||||||||||
Investment securities - available-for-sale
|
194,815 | 178,247 | 172,539 | 172,523 | 173,360 | |||||||||||||||
Mortgage loans held for sale
|
17,804 | 19,334 | 17,623 | 17,076 | 20,035 | |||||||||||||||
Assets held in trading accounts
|
7,701 | 7,780 | 7,831 | 6,845 | 7,375 | |||||||||||||||
Loans:
|
||||||||||||||||||||
Not covered by FDIC loss share agreements
|
1,633,710 | 1,637,437 | 1,579,166 | 1,550,341 | 1,590,584 | |||||||||||||||
Acquired, not covered by FDIC loss share agreements
|
||||||||||||||||||||
(net of discounts)
|
82,764 | 12,700 | - | - | - | |||||||||||||||
Covered by FDIC loss share agreements (net of discounts)
|
218,135 | 117,809 | 120,695 | 141,563 | 168,506 | |||||||||||||||
Allowance for loan losses
|
(28,660 | ) | (29,228 | ) | (29,339 | ) | (30,896 | ) | (29,730 | ) | ||||||||||
Net loans
|
1,905,949 | 1,738,718 | 1,670,522 | 1,661,008 | 1,729,360 | |||||||||||||||
FDIC indemnification asset
|
66,994 | 39,476 | 38,563 | 44,845 | 50,180 | |||||||||||||||
Premises and equipment
|
87,784 | 85,173 | 85,629 | 86,187 | 86,881 | |||||||||||||||
Foreclosed assets not covered by FDIC loss share agreements
|
34,883 | 24,945 | 24,322 | 23,279 | 22,702 | |||||||||||||||
Foreclosed assets covered by FDIC loss share agreements
|
29,779 | 14,521 | 12,079 | 13,048 | 12,409 | |||||||||||||||
Interest receivable
|
15,154 | 13,484 | 12,877 | 13,847 | 16,071 | |||||||||||||||
Bank owned life insurance
|
51,864 | 51,507 | 51,133 | 50,761 | 50,362 | |||||||||||||||
Goodwill
|
60,605 | 60,605 | 60,605 | 60,605 | 60,605 | |||||||||||||||
Core deposit premiums
|
2,955 | 1,614 | 1,467 | 1,541 | 1,685 | |||||||||||||||
Other assets
|
3,574 | 14,991 | 15,114 | 17,952 | 18,562 | |||||||||||||||
Total assets
|
$ | 3,534,218 | $ | 3,265,385 | $ | 3,265,371 | $ | 3,279,685 | $ | 3,333,108 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Non-interest bearing transaction accounts
|
$ | 570,800 | $ | 504,923 | $ | 502,884 | $ | 494,366 | $ | 535,663 | ||||||||||
Interest bearing transaction accounts and savings deposits
|
1,405,956 | 1,291,141 | 1,282,616 | 1,252,972 | 1,228,495 | |||||||||||||||
Time deposits less than $100,000
|
523,050 | 477,275 | 477,588 | 492,354 | 508,847 | |||||||||||||||
Time deposits greater than $100,000
|
380,843 | 361,504 | 360,233 | 371,168 | 388,470 | |||||||||||||||
Total deposits
|
2,880,649 | 2,634,843 | 2,623,321 | 2,610,860 | 2,661,475 | |||||||||||||||
Federal funds purchased and securities
|
||||||||||||||||||||
sold under agreements to repurchase
|
101,815 | 72,381 | 82,738 | 108,841 | 107,750 | |||||||||||||||
Other borrowings
|
89,617 | 90,307 | 89,606 | 89,920 | 91,552 | |||||||||||||||
Subordinated debentures
|
20,620 | 30,594 | 30,930 | 30,930 | 30,930 | |||||||||||||||
Accrued interest and other liabilities
|
33,227 | 30,219 | 29,077 | 27,417 | 31,303 | |||||||||||||||
Total liabilities
|
3,125,928 | 2,858,344 | 2,855,672 | 2,867,968 | 2,923,010 | |||||||||||||||
Total stockholders' equity
|
408,290 | 407,041 | 409,699 | 411,717 | 410,098 | |||||||||||||||
Total liabilities and stockholders' equity
|
$ | 3,534,218 | $ | 3,265,385 | $ | 3,265,371 | $ | 3,279,685 | $ | 3,333,108 |
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)
|
2012
|
2012
|
2012
|
2012
|
2011
|
|||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||||||
INTEREST INCOME
|
||||||||||||||||||||
Loans not covered by loss share agreements
|
$ | 23,912 | $ | 23,192 | $ | 22,358 | $ | 22,272 | $ | 23,370 | ||||||||||
Loans covered by FDIC loss share agreements
|
6,759 | 5,041 | 4,994 | 5,973 | 4,513 | |||||||||||||||
Federal funds sold
|
4 | 2 | 1 | - | 1 | |||||||||||||||
Investment securities
|
3,106 | 3,027 | 3,313 | 3,275 | 3,568 | |||||||||||||||
Mortgage loans held for sale
|
149 | 171 | 164 | 153 | 198 | |||||||||||||||
Assets held in trading accounts
|
11 | 12 | 13 | 12 | 7 | |||||||||||||||
Interest bearing balances due from banks
|
301 | 267 | 349 | 303 | 324 | |||||||||||||||
TOTAL INTEREST INCOME
|
34,242 | 31,712 | 31,192 | 31,988 | 31,981 | |||||||||||||||
INTEREST EXPENSE
|
||||||||||||||||||||
Time deposits
|
1,807 | 1,863 | 2,004 | 2,269 | 2,577 | |||||||||||||||
Other deposits
|
652 | 658 | 676 | 696 | 779 | |||||||||||||||
Federal funds purchased and securities
|
||||||||||||||||||||
sold under agreements to repurchase
|
65 | 69 | 77 | 99 | 118 | |||||||||||||||
Other borrowings
|
948 | 792 | 799 | 815 | 826 | |||||||||||||||
Subordinated debentures
|
163 | 389 | 385 | 391 | 384 | |||||||||||||||
TOTAL INTEREST EXPENSE
|
3,635 | 3,771 | 3,941 | 4,270 | 4,684 | |||||||||||||||
NET INTEREST INCOME
|
30,607 | 27,941 | 27,251 | 27,718 | 27,297 | |||||||||||||||
Provision for loan losses
|
1,295 | 1,299 | 775 | 771 | 2,831 | |||||||||||||||
NET INTEREST INCOME AFTER PROVISION
|
||||||||||||||||||||
FOR LOAN LOSSES
|
29,312 | 26,642 | 26,476 | 26,947 | 24,466 | |||||||||||||||
NON-INTEREST INCOME
|
||||||||||||||||||||
Trust income
|
1,484 | 1,440 | 1,240 | 1,309 | 1,416 | |||||||||||||||
Service charges on deposit accounts
|
4,645 | 4,368 | 3,930 | 3,865 | 4,289 | |||||||||||||||
Other service charges and fees
|
747 | 684 | 738 | 792 | 699 | |||||||||||||||
Mortgage lending income
|
1,553 | 1,705 | 1,445 | 1,294 | 1,464 | |||||||||||||||
Investment banking income
|
337 | 560 | 442 | 699 | 294 | |||||||||||||||
Credit card fees
|
4,655 | 4,104 | 4,207 | 4,079 | 4,318 | |||||||||||||||
Bank owned life insurance income
|
385 | 355 | 368 | 355 | 403 | |||||||||||||||
Gain on sale of securities
|
2 | - | - | - | - | |||||||||||||||
Gain on FDIC-assisted transactions
|
2,291 | 1,120 | - | - | - | |||||||||||||||
Net gain (loss) on assets covered by FDIC loss share agreements
|
(2,286 | ) | (2,689 | ) | (2,153 | ) | (2,665 | ) | (826 | ) | ||||||||||
Other income
|
930 | 165 | 876 | 995 | 786 | |||||||||||||||
TOTAL NON-INTEREST INCOME
|
14,743 | 11,812 | 11,093 | 10,723 | 12,843 | |||||||||||||||
NON-INTEREST EXPENSE
|
||||||||||||||||||||
Salaries and employee benefits
|
17,674 | 15,911 | 16,590 | 16,824 | 15,973 | |||||||||||||||
Occupancy expense, net
|
2,311 | 2,182 | 2,029 | 2,081 | 1,930 | |||||||||||||||
Furniture and equipment expense
|
1,835 | 1,835 | 1,608 | 1,604 | 1,721 | |||||||||||||||
Other real estate and foreclosure expense
|
311 | 280 | 194 | 207 | 146 | |||||||||||||||
Deposit insurance
|
614 | 444 | 457 | 571 | 295 | |||||||||||||||
Merger related costs
|
1,081 | 815 | - | - | - | |||||||||||||||
Other operating expenses
|
8,340 | 7,219 | 7,366 | 7,350 | 8,381 | |||||||||||||||
TOTAL NON-INTEREST EXPENSE
|
32,166 | 28,686 | 28,244 | 28,637 | 28,446 | |||||||||||||||
NET INCOME BEFORE INCOME TAXES
|
11,889 | 9,768 | 9,325 | 9,033 | 8,863 | |||||||||||||||
Provision for income taxes
|
3,856 | 3,008 | 2,789 | 2,678 | 2,558 | |||||||||||||||
NET INCOME
|
$ | 8,033 | $ | 6,760 | $ | 6,536 | $ | 6,355 | $ | 6,305 | ||||||||||
BASIC EARNINGS PER SHARE
|
$ | 0.48 | $ | 0.41 | $ | 0.38 | $ | 0.37 | $ | 0.37 | ||||||||||
DILUTED EARNINGS PER SHARE
|
$ | 0.48 | $ | 0.41 | $ | 0.38 | $ | 0.37 | $ | 0.37 |
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)
|
2012
|
2012
|
2012
|
2012
|
2011
|
|||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||||||
INTEREST INCOME
|
||||||||||||||||||||
Loans not covered by loss share agreements
|
$ | 91,734 | $ | 67,822 | $ | 44,630 | $ | 22,272 | $ | 95,713 | ||||||||||
Loans covered by FDIC loss share agreements
|
22,767 | 16,009 | 10,967 | 5,973 | 17,118 | |||||||||||||||
Federal funds sold
|
7 | 4 | 1 | - | 6 | |||||||||||||||
Investment securities
|
12,721 | 9,615 | 6,588 | 3,275 | 14,583 | |||||||||||||||
Mortgage loans held for sale
|
637 | 487 | 317 | 153 | 503 | |||||||||||||||
Assets held in trading accounts
|
48 | 37 | 25 | 12 | 33 | |||||||||||||||
Interest bearing balances due from banks
|
1,220 | 919 | 652 | 303 | 1,100 | |||||||||||||||
TOTAL INTEREST INCOME
|
129,134 | 94,893 | 63,180 | 31,988 | 129,056 | |||||||||||||||
INTEREST EXPENSE
|
||||||||||||||||||||
Time deposits
|
7,943 | 6,136 | 4,273 | 2,269 | 11,314 | |||||||||||||||
Other deposits
|
2,682 | 2,029 | 1,372 | 696 | 3,611 | |||||||||||||||
Federal funds purchased and securities
|
||||||||||||||||||||
sold under agreements to repurchase
|
310 | 248 | 176 | 99 | 450 | |||||||||||||||
Other borrowings
|
3,354 | 2,406 | 1,613 | 815 | 3,512 | |||||||||||||||
Subordinated debentures
|
1,328 | 1,166 | 777 | 391 | 1,509 | |||||||||||||||
TOTAL INTEREST EXPENSE
|
15,617 | 11,985 | 8,211 | 4,270 | 20,396 | |||||||||||||||
NET INTEREST INCOME
|
113,517 | 82,908 | 54,969 | 27,718 | 108,660 | |||||||||||||||
Provision for loan losses
|
4,140 | 2,846 | 1,546 | 771 | 11,676 | |||||||||||||||
NET INTEREST INCOME AFTER PROVISION
|
||||||||||||||||||||
FOR LOAN LOSSES
|
109,377 | 80,062 | 53,423 | 26,947 | 96,984 | |||||||||||||||
NON-INTEREST INCOME
|
||||||||||||||||||||
Trust income
|
5,473 | 3,988 | 2,549 | 1,309 | 5,375 | |||||||||||||||
Service charges on deposit accounts
|
16,808 | 12,163 | 7,795 | 3,865 | 16,808 | |||||||||||||||
Other service charges and fees
|
2,961 | 2,211 | 1,530 | 792 | 2,980 | |||||||||||||||
Mortgage lending income
|
5,997 | 4,441 | 2,739 | 1,294 | 4,188 | |||||||||||||||
Investment banking income
|
2,038 | 1,700 | 1,141 | 699 | 1,478 | |||||||||||||||
Credit card fees
|
17,045 | 12,390 | 8,286 | 4,079 | 16,828 | |||||||||||||||
Bank owned life insurance income
|
1,463 | 1,078 | 723 | 355 | 1,481 | |||||||||||||||
Gain on sale of securities
|
2 | - | - | - | - | |||||||||||||||
Gain on FDIC-assisted transactions
|
3,411 | 1,120 | - | - | - | |||||||||||||||
Net gain (loss) on assets covered by FDIC loss share agreements
|
(9,793 | ) | (7,507 | ) | (4,818 | ) | (2,665 | ) | 154 | |||||||||||
Other income
|
2,966 | 2,037 | 1,871 | 995 | 4,173 | |||||||||||||||
TOTAL NON-INTEREST INCOME
|
48,371 | 33,621 | 21,816 | 10,723 | 53,465 | |||||||||||||||
NON-INTEREST EXPENSE
|
||||||||||||||||||||
Salaries and employee benefits
|
66,999 | 49,323 | 33,414 | 16,824 | 65,058 | |||||||||||||||
Occupancy expense, net
|
8,603 | 6,291 | 4,110 | 2,081 | 8,443 | |||||||||||||||
Furniture and equipment expense
|
6,882 | 5,047 | 3,212 | 1,604 | 6,633 | |||||||||||||||
Other real estate and foreclosure expense
|
992 | 681 | 401 | 207 | 678 | |||||||||||||||
Deposit insurance
|
2,086 | 1,472 | 1,028 | 571 | 2,387 | |||||||||||||||
Merger related costs
|
1,896 | 815 | - | - | 357 | |||||||||||||||
Other operating expenses
|
30,275 | 21,928 | 14,716 | 7,350 | 31,094 | |||||||||||||||
TOTAL NON-INTEREST EXPENSE
|
117,733 | 85,557 | 56,881 | 28,637 | 114,650 | |||||||||||||||
NET INCOME BEFORE INCOME TAXES
|
40,015 | 28,126 | 18,358 | 9,033 | 35,799 | |||||||||||||||
Provision for income taxes
|
12,331 | 8,475 | 5,467 | 2,678 | 10,425 | |||||||||||||||
NET INCOME
|
$ | 27,684 | $ | 19,651 | $ | 12,891 | $ | 6,355 | $ | 25,374 | ||||||||||
BASIC EARNINGS PER SHARE
|
$ | 1.64 | $ | 1.16 | $ | 0.75 | $ | 0.37 | $ | 1.47 | ||||||||||
DILUTED EARNINGS PER SHARE
|
$ | 1.64 | $ | 1.16 | $ | 0.75 | $ | 0.37 | $ | 1.47 |
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated Risk-Based Capital
|
||||||||||||||||||||
For the Quarters Ended
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
Dec 31
|
|||||||||||||||
(Unaudited)
|
2012
|
2012
|
2012
|
2012
|
2011
|
|||||||||||||||
(in thousands)
|
||||||||||||||||||||
Tier 1 capital
|
||||||||||||||||||||
Stockholders' equity
|
$ | 406,062 | $ | 404,248 | $ | 407,413 | $ | 409,312 | $ | 407,911 | ||||||||||
Trust preferred securities, net allowable
|
20,000 | 20,000 | 30,000 | 30,000 | 30,000 | |||||||||||||||
Disallowed intangible assets, net of deferred tax
|
(48,966 | ) | (48,053 | ) | (47,235 | ) | (47,607 | ) | (47,889 | ) | ||||||||||
Unrealized gain on AFS securities
|
(257 | ) | (582 | ) | (501 | ) | (388 | ) | (439 | ) | ||||||||||
Total Tier 1 capital
|
376,839 | 375,613 | 389,677 | 391,317 | 389,583 | |||||||||||||||
Tier 2 capital
|
||||||||||||||||||||
Qualifying unrealized gain on AFS equity securities
|
19 | 14 | 15 | 14 | 9 | |||||||||||||||
Qualifying allowance for loan losses
|
24,743 | 24,395 | 22,910 | 22,096 | 22,682 | |||||||||||||||
Total Tier 2 capital
|
24,762 | 24,409 | 22,925 | 22,110 | 22,691 | |||||||||||||||
Total risk-based capital
|
$ | 401,601 | $ | 400,022 | $ | 412,602 | $ | 413,427 | $ | 412,274 | ||||||||||
Risk weighted assets
|
$ | 1,974,800 | $ | 1,946,344 | $ | 1,825,808 | $ | 1,759,932 | $ | 1,805,585 | ||||||||||
Adjusted average assets for leverage ratio
|
$ | 3,484,504 | $ | 3,216,488 | $ | 3,217,291 | $ | 3,231,257 | $ | 3,284,379 | ||||||||||
Ratios at end of quarter
|
||||||||||||||||||||
Equity to assets
|
11.51 | % | 11.84 | % | 12.51 | % | 12.33 | % | 12.29 | % | ||||||||||
Tangible common equity to tangible assets
|
9.87 | % | 10.18 | % | 10.81 | % | 10.66 | % | 10.61 | % | ||||||||||
Tier 1 leverage ratio
|
10.81 | % | 11.68 | % | 12.11 | % | 12.11 | % | 11.86 | % | ||||||||||
Tier 1 risk-based capital ratio
|
19.08 | % | 19.30 | % | 21.34 | % | 22.23 | % | 21.58 | % | ||||||||||
Total risk-based capital ratio
|
20.34 | % | 20.55 | % | 22.60 | % | 23.49 | % | 22.83 | % |
Simmons First National Corporation
|
SFNC
|
|||||||||||||||||||
Consolidated Loans and Investments
|
||||||||||||||||||||
For the Quarters Ended
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
Dec 31
|
|||||||||||||||
(Unaudited)
|
2012
|
2012
|
2012
|
2012
|
2011
|
|||||||||||||||
(in thousands)
|
||||||||||||||||||||
Legacy Loan Portfolio - End of Period (1)
|
||||||||||||||||||||
Consumer
|
||||||||||||||||||||
Credit cards
|
$ | 185,536 | $ | 175,760 | $ | 176,325 | $ | 175,013 | $ | 189,970 | ||||||||||
Student loans
|
34,145 | 36,441 | 39,823 | 44,059 | 47,419 | |||||||||||||||
Other consumer
|
105,319 | 107,604 | 107,284 | 110,001 | 109,211 | |||||||||||||||
Total consumer
|
325,000 | 319,805 | 323,432 | 329,073 | 346,600 | |||||||||||||||
Real Estate
|
||||||||||||||||||||
Construction
|
138,132 | 128,423 | 117,235 | 109,979 | 109,825 | |||||||||||||||
Single-family residential
|
356,907 | 355,976 | 355,978 | 349,009 | 355,094 | |||||||||||||||
Other commercial
|
568,166 | 546,224 | 550,418 | 537,807 | 536,372 | |||||||||||||||
Total real estate
|
1,063,205 | 1,030,623 | 1,023,631 | 996,795 | 1,001,291 | |||||||||||||||
Commercial
|
||||||||||||||||||||
Commercial
|
141,336 | 138,719 | 140,868 | 144,772 | 141,422 | |||||||||||||||
Agricultural
|
93,805 | 130,727 | 122,245 | 69,598 | 85,728 | |||||||||||||||
Total commercial
|
235,141 | 269,446 | 263,113 | 214,370 | 227,150 | |||||||||||||||
Other
|
5,167 | 3,527 | 4,560 | 3,415 | 4,728 | |||||||||||||||
Total Loans
|
$ | 1,628,513 | $ | 1,623,401 | $ | 1,614,736 | $ | 1,543,653 | $ | 1,579,769 | ||||||||||
(1) Excludes all acquired loans, including those covered by FDIC loss share agreements.
|
||||||||||||||||||||
Investment Securities - End of Period
|
||||||||||||||||||||
Held-to-Maturity
|
||||||||||||||||||||
U.S. Treasury
|
$ | - | $ | - | $ | - | $ | 4,000 | $ | 4,000 | ||||||||||
U.S. Government agencies
|
288,098 | 303,640 | 315,493 | 267,991 | 308,779 | |||||||||||||||
Mortgage-backed securities
|
49 | 51 | 56 | 59 | 62 | |||||||||||||||
State and political subdivisions
|
207,374 | 206,319 | 209,043 | 208,334 | 211,673 | |||||||||||||||
Other securities
|
620 | 620 | 930 | 930 | 930 | |||||||||||||||
Total held-to-maturity
|
496,141 | 510,630 | 525,522 | 481,314 | 525,444 | |||||||||||||||
Available-for-Sale
|
||||||||||||||||||||
U.S. Government agencies
|
152,481 | 164,467 | 148,837 | 157,631 | 153,627 | |||||||||||||||
Mortgage-backed securities
|
20,634 | 24,333 | 2,493 | 2,528 | 2,557 | |||||||||||||||
State and political subdivisions
|
2,988 | - | - | - | - | |||||||||||||||
FHLB stock
|
5,498 | 5,788 | 5,578 | 6,241 | 6,237 | |||||||||||||||
Other securities
|
9,741 | 10,463 | 10,058 | 10,066 | 9,791 | |||||||||||||||
Total available-for-sale
|
191,342 | 205,051 | 166,966 | 176,466 | 172,212 | |||||||||||||||
Total investment securities
|
$ | 687,483 | $ | 715,681 | $ | 692,488 | $ | 657,780 | $ | 697,656 | ||||||||||
Fair value - HTM investment securities
|
$ | 500,578 | $ | 516,419 | $ | 531,499 | $ | 486,743 | $ | 532,206 | ||||||||||
Investment Securities - QTD Average
|
||||||||||||||||||||
Taxable securities
|
$ | 495,917 | $ | 467,988 | $ | 471,826 | $ | 459,164 | $ | 466,369 | ||||||||||
Tax exempt securities
|
210,101 | 206,361 | 209,006 | 209,361 | 208,803 | |||||||||||||||
Total investment securities - QTD average
|
$ | 706,018 | $ | 674,349 | $ | 680,832 | $ | 668,525 | $ | 675,172 |
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)
|
2012
|
2012
|
2012
|
2012
|
2011
|
|||||||||||||||
(in thousands)
|
||||||||||||||||||||
Allowance for Loan Losses
|
||||||||||||||||||||
Balance, beginning of quarter
|
$ | 28,145 | $ | 28,397 | $ | 28,325 | $ | 30,108 | $ | 29,151 | ||||||||||
Loans charged off
|
||||||||||||||||||||
Credit cards
|
884 | 806 | 829 | 997 | 1,262 | |||||||||||||||
Other consumer
|
362 | 358 | 252 | 226 | 530 | |||||||||||||||
Real estate
|
705 | 773 | 78 | 2,539 | 885 | |||||||||||||||
Commercial
|
163 | 86 | 165 | 129 | 226 | |||||||||||||||
Total loans charged off
|
2,114 | 2,023 | 1,324 | 3,891 | 2,903 | |||||||||||||||
Recoveries of loans previously charged off
|
||||||||||||||||||||
Credit cards
|
194 | 242 | 212 | 210 | 244 | |||||||||||||||
Other consumer
|
177 | 107 | 135 | 156 | 100 | |||||||||||||||
Real estate
|
144 | 61 | 248 | 930 | 436 | |||||||||||||||
Commercial
|
41 | 62 | 26 | 41 | 249 | |||||||||||||||
Total recoveries
|
556 | 472 | 621 | 1,337 | 1,029 | |||||||||||||||
Net loans charged off
|
1,558 | 1,551 | 703 | 2,554 | 1,874 | |||||||||||||||
Provision for loan losses
|
1,295 | 1,299 | 775 | 771 | 2,831 | |||||||||||||||
Balance, end of quarter
|
$ | 27,882 | $ | 28,145 | $ | 28,397 | $ | 28,325 | $ | 30,108 | ||||||||||
Non-performing assets (1) (2)
|
||||||||||||||||||||
Non-performing loans
|
||||||||||||||||||||
Nonaccrual loans
|
||||||||||||||||||||
Real estate
|
$ | 7,135 | $ | 6,197 | $ | 6,851 | $ | 6,898 | $ | 10,315 | ||||||||||
Commercial
|
618 | 894 | 676 | 942 | 1,253 | |||||||||||||||
Consumer
|
1,370 | 1,389 | 1,462 | 1,299 | 1,339 | |||||||||||||||
Total nonaccrual loans
|
9,123 | 8,480 | 8,989 | 9,139 | 12,907 | |||||||||||||||
Loans past due 90 days or more
|
||||||||||||||||||||
Government guaranteed student loans
|
2,234 | 2,324 | 3,275 | 3,434 | 2,483 | |||||||||||||||
Other loans
|
681 | 1,001 | 509 | 606 | 785 | |||||||||||||||
Total loans past due 90 days or more
|
2,915 | 3,325 | 3,784 | 4,040 | 3,268 | |||||||||||||||
Total non-performing loans
|
12,038 | 11,805 | 12,773 | 13,179 | 16,175 | |||||||||||||||
Other non-performing assets
|
||||||||||||||||||||
Foreclosed assets held for sale
|
21,556 | 23,126 | 23,947 | 24,542 | 22,887 | |||||||||||||||
Acquired foreclosed assets held for sale, not covered
|
||||||||||||||||||||
by FDIC loss share agreements
|
11,796 | 6,539 | - | - | - | |||||||||||||||
Other non-performing assets
|
221 | 60 | - | 1 | - | |||||||||||||||
Total other non-performing assets
|
33,573 | 29,725 | 23,947 | 24,543 | 22,887 | |||||||||||||||
Total non-performing assets
|
$ | 45,611 | $ | 41,530 | $ | 36,720 | $ | 37,722 | $ | 39,062 | ||||||||||
Performing TDRs (troubled debt restructurings)
|
$ | 11,015 | $ | 10,995 | $ | 11,492 | $ | 11,531 | $ | 11,391 | ||||||||||
Ratios (1) (2)
|
||||||||||||||||||||
Allowance for loan losses to total loans
|
1.71 | % | 1.73 | % | 1.76 | % | 1.83 | % | 1.91 | % | ||||||||||
Allowance for loan losses to non-performing loans
|
232 | % | 238 | % | 222 | % | 215 | % | 186 | % | ||||||||||
Non-performing loans to total loans
|
0.74 | % | 0.73 | % | 0.79 | % | 0.85 | % | 1.02 | % | ||||||||||
Non-performing assets (including performing TDRs)
|
||||||||||||||||||||
to total assets
|
1.61 | % | 1.54 | % | 1.48 | % | 1.48 | % | 1.52 | % | ||||||||||
Non-performing assets to total assets
|
1.29 | % | 1.22 | % | 1.13 | % | 1.14 | % | 1.18 | % | ||||||||||
Non-performing assets to total assets
|
||||||||||||||||||||
(excluding Gov't guaranteed student loans)
|
1.23 | % | 1.15 | % | 1.03 | % | 1.03 | % | 1.10 | % | ||||||||||
Annualized net charge offs to total loans
|
0.38 | % | 0.38 | % | 0.18 | % | 0.66 | % | 0.47 | % | ||||||||||
Annualized net credit card charge offs to
|
||||||||||||||||||||
total credit card loans
|
1.54 | % | 1.27 | % | 1.42 | % | 1.75 | % | 2.20 | % | ||||||||||
Annualized net charge offs to total loans
|
||||||||||||||||||||
(excluding credit cards)
|
0.24 | % | 0.27 | % | 0.02 | % | 0.52 | % | 0.24 | % | ||||||||||
Past due loans >30 days (excluding nonaccrual)
|
0.63 | % | 0.75 | % | 0.68 | % | 0.83 | % | 0.82 | % | ||||||||||
Past due loans >30 days (excluding nonaccrual)
|
||||||||||||||||||||
(excluding Gov't guaranteed student loans)
|
0.44 | % | 0.48 | % | 0.42 | % | 0.47 | % | 0.56 | % | ||||||||||
(1) Excludes all acquired loans, including those covered by FDIC loss share agreements, except for their inclusion in total assets.
|
||||||||||||||||||||
(2) Excludes acquired foreclosed 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)
|
2012
|
2012
|
2012
|
2012
|
2011
|
|||||||||||||||
ASSETS
|
||||||||||||||||||||
Earning Assets
|
||||||||||||||||||||
Interest bearing balances due from banks
|
0.24 | % | 0.22 | % | 0.25 | % | 0.21 | % | 0.24 | % | ||||||||||
Investment securities
|
2.39 | % | 2.46 | % | 2.66 | % | 2.69 | % | 2.81 | % | ||||||||||
Mortgage loans held for sale
|
3.33 | % | 3.52 | % | 3.74 | % | 3.60 | % | 3.92 | % | ||||||||||
Assets held in trading accounts
|
0.57 | % | 0.61 | % | 0.67 | % | 0.71 | % | 0.38 | % | ||||||||||
Loans, including covered loans*
|
6.59 | % | 6.40 | % | 6.47 | % | 6.72 | % | 6.29 | % | ||||||||||
Total interest earning assets
|
4.45 | % | 4.45 | % | 4.41 | % | 4.51 | % | 4.38 | % | ||||||||||
LIABILITIES
|
||||||||||||||||||||
Interest bearing liabilities
|
||||||||||||||||||||
Interest bearing transaction and
|
||||||||||||||||||||
savings accounts
|
0.18 | % | 0.20 | % | 0.21 | % | 0.22 | % | 0.25 | % | ||||||||||
Time deposits
|
0.80 | % | 0.88 | % | 0.96 | % | 1.06 | % | 1.14 | % | ||||||||||
Total interest bearing deposits
|
0.42 | % | 0.47 | % | 0.51 | % | 0.56 | % | 0.63 | % | ||||||||||
Federal funds purchased and securities
|
||||||||||||||||||||
sold under agreement to repurchase
|
0.25 | % | 0.38 | % | 0.37 | % | 0.37 | % | 0.43 | % | ||||||||||
Other borrowings
|
4.21 | % | 3.49 | % | 3.59 | % | 3.65 | % | 3.58 | % | ||||||||||
Subordinated debentures
|
3.14 | % | 5.06 | % | 5.01 | % | 5.08 | % | 4.93 | % | ||||||||||
Total interest bearing liabilities
|
0.57 | % | 0.65 | % | 0.68 | % | 0.73 | % | 0.79 | % | ||||||||||
NET INTEREST MARGIN/SPREAD
|
||||||||||||||||||||
Net interest spread
|
3.88 | % | 3.80 | % | 3.73 | % | 3.78 | % | 3.59 | % | ||||||||||
Net interest margin - quarter-to-date
|
3.99 | % | 3.94 | % | 3.87 | % | 3.93 | % | 3.76 | % | ||||||||||
Net interest margin - year-to-date
|
3.93 | % | 3.91 | % | 3.90 | % | 3.93 | % | 3.85 | % | ||||||||||
* 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)
|
2012
|
2012
|
2012
|
2012
|
2011
|
|||||||||||||||
(in thousands, except share data)
|
||||||||||||||||||||
QUARTER-TO-DATE
|
||||||||||||||||||||
Diluted earnings per share
|
$ | 0.48 | $ | 0.41 | $ | 0.38 | $ | 0.37 | $ | 0.37 | ||||||||||
Core earnings (excludes nonrecurring items) (non-GAAP)
|
7,404 | 6,575 | 6,536 | 6,355 | 6,305 | |||||||||||||||
Diluted core earnings per share (non-GAAP)
|
0.44 | 0.40 | 0.38 | 0.37 | 0.37 | |||||||||||||||
Cash dividends declared per common share
|
0.20 | 0.20 | 0.20 | 0.20 | 0.19 | |||||||||||||||
Cash dividends declared - amount
|
3,323 | 3,334 | 3,395 | 3,444 | 3,271 | |||||||||||||||
Return on average stockholders' equity
|
7.83 | % | 6.61 | % | 6.42 | % | 6.21 | % | 6.10 | % | ||||||||||
Return on tangible equity
|
9.36 | % | 7.85 | % | 7.61 | % | 7.36 | % | 7.34 | % | ||||||||||
Return on average assets
|
0.90 | % | 0.82 | % | 0.81 | % | 0.78 | % | 0.75 | % | ||||||||||
Net interest margin (FTE)
|
3.99 | % | 3.94 | % | 3.87 | % | 3.93 | % | 3.76 | % | ||||||||||
FTE adjustment - investments
|
1,134 | 1,138 | 1,196 | 1,192 | 1,219 | |||||||||||||||
FTE adjustment - loans
|
11 | 11 | 12 | 11 | 12 | |||||||||||||||
Amortization of intangibles
|
126 | 74 | 74 | 74 | 214 | |||||||||||||||
Amortization of intangibles, net of taxes
|
77 | 45 | 45 | 45 | 130 | |||||||||||||||
Average shares outstanding
|
16,624,637 | 16,756,589 | 17,044,160 | 17,215,027 | 17,250,718 | |||||||||||||||
Average earning assets
|
3,165,595 | 2,938,994 | 2,957,022 | 2,961,047 | 3,008,249 | |||||||||||||||
Average interest bearing liabilities
|
2,521,901 | 2,323,202 | 2,323,711 | 2,346,185 | 2,356,044 | |||||||||||||||
YEAR-TO-DATE
|
||||||||||||||||||||
Diluted earnings per share
|
$ | 1.64 | $ | 1.16 | $ | 0.75 | $ | 0.37 | $ | 1.47 | ||||||||||
Core earnings (excludes nonrecurring items) (non-GAAP)
|
26,870 | 19,466 | 12,891 | 6,355 | 24,988 | |||||||||||||||
Diluted core earnings per share (non-GAAP)
|
1.59 | 1.15 | 0.75 | 0.37 | 1.45 | |||||||||||||||
Cash dividends declared per common share
|
0.80 | 0.60 | 0.40 | 0.20 | 0.76 | |||||||||||||||
Cash dividends declared - amount
|
13,496 | 10,173 | 6,839 | 3,444 | 13,156 | |||||||||||||||
Return on average stockholders' equity
|
6.77 | % | 6.41 | % | 6.31 | % | 6.21 | % | 6.25 | % | ||||||||||
Return on tangible equity
|
8.05 | % | 7.61 | % | 7.49 | % | 7.36 | % | 7.54 | % | ||||||||||
Return on average assets
|
0.83 | % | 0.80 | % | 0.79 | % | 0.78 | % | 0.77 | % | ||||||||||
Net interest margin (FTE)
|
3.93 | % | 3.91 | % | 3.90 | % | 3.93 | % | 3.85 | % | ||||||||||
FTE adjustment - investments
|
4,660 | 3,526 | 2,388 | 1,192 | 4,920 | |||||||||||||||
FTE adjustment - loans
|
45 | 34 | 23 | 11 | 50 | |||||||||||||||
Amortization of intangibles
|
348 | 222 | 148 | 74 | 884 | |||||||||||||||
Amortization of intangibles, net of taxes
|
212 | 135 | 90 | 45 | 537 | |||||||||||||||
Average shares outstanding
|
16,908,904 | 17,004,351 | 17,129,593 | 17,215,027 | 17,309,488 | |||||||||||||||
Average diluted shares outstanding
|
16,911,363 | 17,007,623 | 17,134,232 | 17,223,085 | 17,317,850 | |||||||||||||||
Average earning assets
|
3,008,840 | 2,952,324 | 2,959,034 | 2,961,047 | 2,954,285 | |||||||||||||||
Average interest bearing liabilities
|
2,378,748 | 2,331,032 | 2,334,948 | 2,346,185 | 2,362,028 | |||||||||||||||
END OF PERIOD
|
||||||||||||||||||||
Book value per share
|
$ | 24.55 | $ | 24.26 | $ | 24.03 | $ | 23.82 | $ | 23.70 | ||||||||||
Tangible book value per share
|
20.66 | 20.47 | 20.37 | 20.21 | 20.09 | |||||||||||||||
Shares outstanding
|
16,542,778 | 16,660,278 | 16,956,991 | 17,182,526 | 17,212,317 | |||||||||||||||
Full-time equivalent employees
|
1,068 | 1,073 | 1,074 | 1,077 | 1,083 | |||||||||||||||
Total number of ATM's
|
110 | 106 | 102 | 102 | 102 | |||||||||||||||
Total number of financial centers
|
92 | 88 | 84 | 84 | 84 | |||||||||||||||
Parent company only - investment in subsidiaries
|
368,847 | 387,944 | 386,441 | 384,713 | 381,236 | |||||||||||||||
Parent company only - intangible assets
|
133 | 133 | 133 | 133 | 133 |
Simmons First National Corporation
|
SFNC
|
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Consolidated - Reconciliation of Core Earnings (non-GAAP)
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For the Quarters Ended
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Dec 31
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Sep 30
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Jun 30
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Mar 31
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Dec 31
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(Unaudited)
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2012
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2012
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2012
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2012
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2011
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(in thousands, except per share data)
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QUARTER-TO-DATE
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Net Income
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$ | 8,033 | $ | 6,760 | $ | 6,536 | $ | 6,355 | $ | 6,305 | ||||||||||
Nonrecurring items
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Gain on FDIC assisted transactions
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(2,291 | ) | (1,120 | ) | - | - | - | |||||||||||||
Merger related costs
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1,081 | 815 | - | - | - | |||||||||||||||
FHLB prepayment penalties
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175 | - | - | - | - | |||||||||||||||
Tax effect
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406 | 120 | - | - | - | |||||||||||||||
Net nonrecurring items
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(629 | ) | (185 | ) | - | - | - | |||||||||||||
Core earnings (non-GAAP)
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$ | 7,404 | $ | 6,575 | $ | 6,536 | $ | 6,355 | $ | 6,305 | ||||||||||
Diluted earnings per share
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$ | 0.48 | $ | 0.41 | $ | 0.38 | $ | 0.37 | $ | 0.37 | ||||||||||
Nonrecurring items
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Gain on FDIC assisted transactions
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(0.14 | ) | (0.07 | ) | - | - | - | |||||||||||||
Merger related costs
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0.07 | 0.05 | - | - | - | |||||||||||||||
FHLB prepayment penalties
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0.01 | - | - | - | - | |||||||||||||||
Tax effect
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0.02 | 0.01 | - | - | - | |||||||||||||||
Net nonrecurring items
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(0.04 | ) | (0.01 | ) | - | - | - | |||||||||||||
Diluted core earnings per share (non-GAAP)
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$ | 0.44 | $ | 0.40 | $ | 0.38 | $ | 0.37 | $ | 0.37 | ||||||||||
YEAR-TO-DATE
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Net Income
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$ | 27,684 | $ | 19,651 | $ | 12,891 | $ | 6,355 | $ | 25,374 | ||||||||||
Nonrecurring items
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Gain on sale of MasterCard stock (1)
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- | - | - | - | (1,132 | ) | ||||||||||||||
Gain on FDIC assisted transactions
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(3,411 | ) | (1,120 | ) | - | - | - | |||||||||||||
Merger related costs
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1,896 | 815 | - | - | 357 | |||||||||||||||
FHLB prepayment penalties
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175 | - | - | - | - | |||||||||||||||
Branch right sizing
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- | - | - | - | 141 | |||||||||||||||
Tax effect
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526 | 120 | - | - | 248 | |||||||||||||||
Net nonrecurring items
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(814 | ) | (185 | ) | - | - | (386 | ) | ||||||||||||
Core earnings (non-GAAP)
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$ | 26,870 | $ | 19,466 | $ | 12,891 | $ | 6,355 | $ | 24,988 | ||||||||||
Diluted earnings per share
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$ | 1.64 | $ | 1.16 | $ | 0.75 | $ | 0.37 | $ | 1.47 | ||||||||||
Nonrecurring items
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Gain on sale of MasterCard stock (1)
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- | - | - | - | (0.07 | ) | ||||||||||||||
Gain on FDIC assisted transactions
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(0.21 | ) | (0.07 | ) | - | - | - | |||||||||||||
Merger related costs
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0.12 | 0.05 | - | - | 0.02 | |||||||||||||||
FHLB prepayment penalties
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0.01 | - | - | - | - | |||||||||||||||
Branch right sizing
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- | - | - | - | 0.01 | |||||||||||||||
Tax effect
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0.03 | 0.01 | - | - | 0.02 | |||||||||||||||
Net nonrecurring items
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(0.05 | ) | (0.01 | ) | - | - | (0.02 | ) | ||||||||||||
Diluted core earnings per share (non-GAAP)
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$ | 1.59 | $ | 1.15 | $ | 0.75 | $ | 0.37 | $ | 1.45 | ||||||||||
(1) Gain from liquidation of Class B shares received as part of MasterCard's 2006 IPO.
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