0001171843-18-002952.txt : 20180424 0001171843-18-002952.hdr.sgml : 20180424 20180423180214 ACCESSION NUMBER: 0001171843-18-002952 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20180423 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180424 DATE AS OF CHANGE: 20180423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIMMONS FIRST NATIONAL CORP CENTRAL INDEX KEY: 0000090498 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 710407808 STATE OF INCORPORATION: AR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-06253 FILM NUMBER: 18769697 BUSINESS ADDRESS: STREET 1: 501 MAIN STREET STREET 2: C/O SIMMONS FIRST NATIONAL CORP CITY: PINE BLUFF STATE: AR ZIP: 71601 BUSINESS PHONE: 8705411000 MAIL ADDRESS: STREET 1: 501 MAIN STREET STREET 2: C/O SIMMONS FIRST NATIONAL CORP CITY: PINE BLUFF STATE: AR ZIP: 71601 8-K 1 f8k_042318.htm FORM 8-K
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________

Form 8-K
_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): April 23, 2018  

Simmons First National Corporation
(Exact Name of Registrant as Specified in Charter)

Arkansas 000-06253 71-0407808
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification Number)

 

501 Main Street, Pine Bluff, Arkansas 71601
(Address of Principal Executive Offices) (Zip Code)

(870) 541-1000
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

  [ ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [ ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [ ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [ ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [   ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [   ]

 
 

Item 2.02. Results of Operations and Financial Condition.

On April 23, 2018, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1. Press release dated April 23, 2018

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  Simmons First National Corporation
     
   
Date: April 23, 2018 By:  /s/ Robert A. Fehlman        
    Robert A. Fehlman
    Senior Executive Vice President, Chief Financial Officer and Treasurer
   

EX-99.1 2 exh_991.htm EXHIBIT 99.1

Exhibit 99.1

 

 

 

For Immediate Release:  April 23, 2018

 

SIMMONS REPORTS RECORD EARNINGS FOR FIRST QUARTER 2018

 

Pine Bluff, AR – Simmons First National Corporation (NASDAQ-GS: SFNC) today announced record net income of $51.3 million for the quarter ended March 31, 2018, compared to $22.1 million for the same period in 2017, an increase of $29.2 million, or 132.0%. Diluted earnings per share were $0.55, an increase of $0.20, or 57.1%, from the same period in 2017. Included in first quarter 2018 results was $1.3 million in net after-tax merger-related and branch right-sizing costs.

 

Excluding the impact of these items, core earnings were $52.6 million for the quarter ended March 31, 2018, compared to $22.5 million for the quarter ended March 31, 2017, an increase of $30.1 million, or 133.5%. Diluted earnings per share were $0.57, an increase of $0.21, or 58.3%, from the same period in 2017.

 

During the quarter, the Company completed its conversion of Southwest Bank with and into its subsidiary, Simmons Bank, as well as completed its offering of $330 million aggregate principal amount of 5.00% Fixed-to-Floating Rate Subordinated Notes due 2028 (the “Notes”). The Notes will bear a fixed interest rate of 5.00% per year in years 1-5, payable semi-annually in arrears, and a floating rate equal to three-month LIBOR plus 215 basis points in years 6-10, payable quarterly in arrears. The Notes were offered to the public at 100% of their face amount. The Company expects to use approximately $222 million of the net proceeds from the sale of the Notes to repay outstanding indebtedness and the remainder for general corporate purposes.

 

“We are off to a productive start for 2018,” said George A. Makris, Jr., chairman and CEO.

 

Makris continued, “The conversion of Southwest Bank is now complete and we look forward to continuing to serve our new customers in the Texas markets. We remain focused on the Bank SNB conversion and anticipate it will also be a smooth transition for our customers. We are excited about building a stronger and more diverse organization.”

 

The Company completed a 2-for-1 stock split effective February 8, 2018. Financial statements, including earnings per share as well as other share-related disclosures, have been adjusted to include the impact of the stock split on all periods presented.

 

 

Selected Highlights:  1st Qtr 2018   4th Qtr 2017   1st Qtr 2017 
             
Net income   $51.3 million    $18.9 million    $22.1 million 
Diluted earnings per share  $0.55   $0.22   $0.35 
Return on avg assets   1.38%   0.54%   1.07%
Return on avg common equity   9.90%   3.88%   7.69%
Return on tangible common equity   18.77%   7.53%   12.22%
Net interest margin(1)   4.17%   4.21%   4.04%
                
Core earnings(2)   $52.6 million    $42.0 million    $22.5 million 
Diluted core earnings per share(2)  $0.57   $0.48   $0.36 
Core return on avg assets(2)   1.41%   1.20%   1.09%
Core return on avg common equity(2)   10.15%   8.63%   7.83%
Core return on tangible common equity(2)   19.23%   15.97%   12.44%
Core net interest margin(1)(2)   3.82%   3.70%   3.80%
                
Efficiency ratio   53.24%   51.36%   60.92%

 

(1)Fully tax equivalent.
(2)Core earnings excludes non-core items, which is a non-GAAP measurement.

 

P.O. BOX 7009 501 MAIN STREET PINE BLUFF, ARKANSAS 71611-7009 (870) 541-1000 www.simmonsbank.com

 

Loans

 

   1st Qtr 2018  4th Qtr 2017  1st Qtr 2017
          
Total loans  $11.0 billion  $10.8 billion  $5.8 billion
Legacy loans (all loans excluding loans acquired)  $6.3 billion  $5.7 billion  $4.6 billion
Loans acquired  $4.7 billion  $5.1 billion  $1.2 billion

 

Total loans, including those acquired, were $11.0 billion at March 31, 2018, an increase of $5.2 billion, or 90.2% from March 31, 2017.

 

On a linked-quarter basis (March 31, 2018 compared to December 31, 2017), total loans increased $207.6 million, or 1.9%. The increase was due to:

 

·$126 million net increase in loans at Simmons Bank which includes:
oSouthwest Bank loans that merged into Simmons Bank as of February 20, 2018
o$25 million decrease in liquidating portfolio (indirect lending and consumer finance)
o$24 million decrease from seasonal agricultural loan payoffs
·$82 million net increase in loans at Bank SNB

 

Deposits

 

   1st Qtr 2018  4th Qtr 2017  1st Qtr 2017
          
Total deposits  $11.7 billion  $11.1 billion  $6.8 billion
Non-time deposits  $9.5 billion  $9.2 billion  $5.5 billion
Time deposits  $2.2 billion  $1.9 billion  $1.3 billion

 

At March 31, 2018, total deposits were $11.7 billion, an increase of 71.7%, compared to the same period in 2017 and a 5.1% increase from December 31, 2017. The increase is from the recent acquisitions and growth in core deposits. Total non-time deposits increased 70.6% compared to the same period in 2017, and comprised 81.1% of total deposits.

 

“We continue to focus on core deposits as a funding source for growth. We believe we have an opportunity to capitalize on the successes of the first quarter, especially in our new markets,” said Makris.

 

Net Interest Income

 

The Company’s net interest income for the first quarter of 2018 was $135.0 million, an increase of $62.6 million, or 86.5%, from the same period of 2017. Included in interest income was the yield accretion recognized on loans acquired of $11.3 million and $4.4 million for the first quarters of 2018 and 2017, respectively. Yield accretion was $2.7 million higher than projected due to accelerated cash flows of acquired loans. Based on our cash flow projections, we expect total accretion for 2018 to be in the range of $25 million to $28 million with more accretion income during the first part of the year and declining during the latter part of 2018.

 

Net interest margin was 4.17% for the quarter ended March 31, 2018, a 13 basis point increase from the same quarter of 2017. The Company’s core net interest margin, excluding the accretion, was 3.82% for the first quarter of 2018, a 2 basis point increase from March 31, 2017 and a 12 basis point increase from December 31, 2017. Cost of interest bearing deposits was 0.74% for the first quarter of 2018, a 41 basis point increase from March 31, 2017 and an 11 basis point increase from December 31, 2017.

 

Non-Interest Income

 

Non-interest income for the first quarter 2018 was $37.5 million, an increase of $7.5 million compared to the first quarter of 2017. The increase was primarily due to additional mortgage income, trust income, service charge and fee income resulting from the acquisitions.

 

 

 

 

Non-Interest Expense

 

Non-interest expense for the first quarter of 2018 was $98.1 million, an increase of $31.8 million compared to the first quarter of 2017. Included in this quarter were $1.3 million of net after-tax merger-related expenses and branch rightsizing costs. Excluding these expenses, core non-interest expense was $96.3 million.

 

The increases during the quarter were driven by incremental increases in operating expenses related to the additions of Bank SNB and Southwest Bank during the fourth quarter of 2017. The efficiency ratio for the first quarter 2018 was 53.24%.

 

Asset Quality

 

   1st Qtr 2018   4th Qtr 2017   1st Qtr 2017 
             
Allowance for loan losses to total loans   0.75%   0.73%   0.82%
Allowance for loan losses to non-performing loans   99%   90%   71%
Non-performing loans to total loans   0.76%   0.81%   1.15%
Net charge-off ratio (annualized)   0.24%   0.53%   0.18%
Net charge-off ratio excluding credit cards   0.20%   0.51%   0.11%

 

All loans acquired are recorded at their discounted net present value; therefore, they are excluded from the computations of the asset quality ratios for the legacy loan portfolio, except for their inclusion in total assets.

 

At March 31, 2018, the allowance for loan losses for legacy loans was $47.2 million. The allowance for loan losses for loans acquired was $407,000 and the acquired loan discount credit mark was $79.1 million. The allowances for loan losses and credit marks provide a total of $126.7 million of coverage, which equates to a total coverage ratio of 1.1% of gross loans. The ratio of credit mark and related allowance to loans acquired was 1.7%.

 

Provision for loan losses for the first quarter of 2018 was $9.2 million, an increase of $4.8 million compared to March 31, 2017. The provision increase was due to increased loan migration during the quarter from the fourth quarter of 2017 acquisitions, which is consistent with our previous guidance.

 

Foreclosed Assets and Other Real Estate Owned

 

At March 31, 2018, foreclosed assets and other real estate owned were $29.1 million, an increase of $2.7 million, or 10.3%, compared to the same period in 2017 and a decrease of $3.0 million, or 9.3% from December 31, 2017. The composition of these assets is divided into three types:

 

   1st Qtr 2018  4th Qtr 2017  1st Qtr 2017
          
Closed bank branches, branch sites & associate relocation  $8.1 million  $9.8 million  $5.8 million
Foreclosed assets - acquired  $14.9 million  $16.0 million  $15.1 million
Foreclosed assets - legacy  $6.1 million  $6.3 million  $5.5 million

 

Capital

 

   1st Qtr 2018  4th Qtr 2017  1st Qtr 2017
          
Stockholders’ equity to total assets  13.5%  13.9%  13.6%
Tangible common equity to tangible assets  7.9%  8.1%  9.4%
Regulatory tier 1 leverage ratio  8.6%  9.2%  10.9%
Regulatory total risk-based capital ratio  13.8%  11.4%  14.4%

 

At March 31, 2018, common stockholders' equity was $2.1 billion, book value per share was $22.86 and tangible book value per share was $12.62. Asset growth due to the subordinated debt offering caused Tangible Common Equity to temporarily dip below 8%. With the anticipated pay off of approximately $104 million in parent company debt during the second and third quarters, along with earnings growth, this ratio will increase to a range of 8-9% which reflects a normal operating range for the Company.

 

 

 

 

Simmons First National Corporation

 

Simmons First National Corporation is a financial holding company, headquartered in Pine Bluff, Arkansas, with total assets of $15.6 billion as of March 31, 2018 conducting financial operations throughout Arkansas, Colorado, Kansas, Missouri, Oklahoma, Tennessee and Texas. The Company, through its subsidiaries, offers comprehensive financial solutions delivered with a client-centric approach. The Company’s common stock trades on the NASDAQ Global Select Market under the symbol “SFNC.”

 

Conference Call

 

Management will conduct a live conference call to review this information beginning at 9:00 a.m. CDT on Tuesday, April 24, 2018. Interested persons can listen to this call by dialing toll-free 1-866-298-7926 (United States and Canada only) and asking for the Simmons First National Corporation conference call, conference ID 4198919. In addition, the call will be available live or in recorded version on the Company’s website at www.simmonsbank.com.

 

Non-GAAP Financial Measures

 

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant non-core activities or nonrecurring transactions. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

 

Forward-Looking Statements

 

Statements in this news release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any forward-looking statement speaks only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors, including, but not limited to, economic conditions, credit quality, interest rates, loan demand, changes in the assumptions used in making the forward-looking statements, and the Company’s ability to manage and successfully integrate its mergers and acquisitions could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect Simmons First National Corporation’s financial results is included in its Form 10-K filing with the Securities and Exchange Commission.

 

####

 

FOR MORE INFORMATION CONTACT:

DAVID W. GARNER

EVP and Investor Relations Officer

Simmons First National Corporation

(870) 541-1000

 

 

Simmons First National Corporation                  SFNC 
Consolidated End of Period Balance Sheets                    
For the Quarters Ended  Mar 31   Dec 31   Sep 30   Jun 30   Mar 31 
(Unaudited)  2018   2017   2017   2017   2017 
($ in thousands)                    
ASSETS                         
Cash and non-interest bearing balances due from banks  $170,811   $205,025   $108,675   $112,567   $103,875 
Interest bearing balances due from banks and federal funds sold   688,853    393,017    323,615    217,047    201,406 
Cash and cash equivalents   859,664    598,042    432,290    329,614    305,281 
Interest bearing balances due from banks - time   3,069    3,314    4,059    6,057    4,563 
Investment securities - held-to-maturity   352,756    368,058    406,033    419,003    431,176 
Investment securities - available-for-sale   1,830,113    1,589,517    1,317,420    1,190,600    1,257,813 
Mortgage loans held for sale   17,708    24,038    12,614    16,266    9,754 
Assets held in trading accounts   -    -    49    50    55 
Other assets held for sale   24,784    165,780    182,378    -    - 
Loans:                         
Legacy loans   6,290,383    5,705,609    5,211,312    5,000,572    4,632,905 
Allowance for loan losses   (47,207)   (41,668)   (42,717)   (41,379)   (37,865)
Loans acquired, net of discount and allowance   4,696,945    5,074,076    1,092,039    1,224,739    1,144,291 
Net loans   10,940,121    10,738,017    6,260,634    6,183,932    5,739,331 
Premises and equipment   289,355    287,249    224,376    230,641    221,880 
Premises held for sale   -    -    -    -    4,611 
Foreclosed assets and other real estate owned   29,140    32,118    31,477    26,012    26,421 
Interest receivable   42,129    43,528    30,749    27,337    26,089 
Bank owned life insurance   186,473    185,984    148,984    148,134    139,439 
Goodwill   845,687    842,651    375,731    379,437    350,035 
Other intangible assets   99,504    106,071    55,501    58,528    51,408 
Other assets   76,806    71,439    53,075    52,697    58,782 
Total assets  $15,597,309   $15,055,806   $9,535,370   $9,068,308   $8,626,638 
                          
LIABILITIES AND STOCKHOLDERS' EQUITY                         
Deposits:                         
Non-interest bearing transaction accounts  $2,734,287   $2,665,249   $1,669,860   $1,650,986   $1,554,675 
Interest bearing transaction accounts and savings deposits   6,720,754    6,494,896    4,344,779    4,141,426    3,987,730 
Time deposits less than $100,000   1,166,717    1,196,760    675,186    645,855    653,538 
Time deposits greater than $100,000   1,035,157    735,970    635,765    665,268    592,345 
Total deposits   11,656,915    11,092,875    7,325,590    7,103,535    6,788,288 
Federal funds purchased and securities sold                         
  under agreements to repurchase   120,909    122,444    121,687    121,419    110,007 
Other borrowings   1,140,986    1,380,024    522,541    474,962    441,074 
Subordinated notes and debentures   468,465    140,565    67,418    67,312    60,503 
Other liabilities held for sale   2,781    157,366    176,964    -    - 
Accrued interest and other liabilities   98,202    77,968    63,971    67,004    55,877 
Total liabilities   13,488,258    12,971,242    8,278,171    7,834,232    7,455,749 
                          
Stockholders' equity:                         
Common stock   922    920    644    644    628 
Surplus   1,590,547    1,586,034    763,121    761,432    716,250 
Undivided profits   551,644    514,874    504,085    483,322    468,309 
Accumulated other comprehensive loss:                         
Unrealized depreciation on AFS securities   (34,062)   (17,264)   (10,651)   (11,322)   (14,298)
Total stockholders' equity   2,109,051    2,084,564    1,257,199    1,234,076    1,170,889 
Total liabilities and stockholders' equity  $15,597,309   $15,055,806   $9,535,370   $9,068,308   $8,626,638 

 

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Simmons First National Corporation                  SFNC 
Consolidated Statements of Income - Quarter-to-Date                    
For the Quarters Ended  Mar 31   Dec 31   Sep 30   Jun 30   Mar 31 
(Unaudited)  2018   2017   2017   2017   2017 
($ in thousands, except per share data)                    
INTEREST INCOME                         
Loans  $143,350   $132,617   $77,457   $73,549   $68,728 
Interest bearing balances due from banks and federal funds sold   1,009    947    650    214    122 
Investment securities   12,622    11,456    9,218    9,990    9,451 
Mortgage loans held for sale   158    175    159    145    126 
TOTAL INTEREST INCOME   157,139    145,195    87,484    83,898    78,427 
INTEREST EXPENSE                         
Time deposits   4,842    3,944    2,110    1,832    1,758 
Other deposits   10,755    8,762    3,920    2,984    2,446 
Federal funds purchased and securities                         
  sold under agreements to repurchase   110    97    83    92    75 
Other borrowings   5,139    3,993    1,875    1,559    1,194 
Subordinated notes and debentures   1,327    1,480    677    619    574 
TOTAL INTEREST EXPENSE   22,173    18,276    8,665    7,086    6,047 
NET INTEREST INCOME   134,966    126,919    78,819    76,812    72,380 
Provision for loan losses   9,150    9,601    5,462    7,023    4,307 
NET INTEREST INCOME AFTER PROVISION                         
  FOR LOAN LOSSES   125,816    117,318    73,357    69,789    68,073 
NON-INTEREST INCOME                         
Trust income   5,249    6,020    4,225    4,113    4,212 
Service charges on deposit accounts   10,345    10,587    8,907    8,483    8,102 
Other service charges and fees   2,750    2,774    2,433    2,515    2,197 
Mortgage and SBA lending income   4,445    3,713    3,219    3,961    2,423 
Investment banking income   834    786    680    637    690 
Debit and credit card fees   8,796    8,801    8,864    8,659    7,934 
Bank owned life insurance income   1,103    1,101    725    859    818 
Gain (loss) on sale of securities, net   6    (1,243)   3    2,236    63 
Other income   4,007    4,090    7,276    4,281    3,621 
TOTAL NON-INTEREST INCOME   37,535    36,629    36,332    35,744    30,060 
NON-INTEREST EXPENSE                         
Salaries and employee benefits   56,357    49,288    35,285    34,205    35,536 
Occupancy expense, net   6,960    6,700    4,928    4,868    4,663 
Furniture and equipment expense   4,403    5,533    4,840    4,550    4,443 
Other real estate and foreclosure expense   1,020    865    1,071    517    589 
Deposit insurance   2,128    1,216    1,020    780    680 
Merger-related costs   1,711    14,044    752    6,603    524 
Other operating expenses   25,494    30,844    18,263    19,885    19,887 
TOTAL NON-INTEREST EXPENSE   98,073    108,490    66,159    71,408    66,322 
NET INCOME BEFORE INCOME TAXES   65,278    45,457    43,530    34,125    31,811 
Provision for income taxes   13,966    26,554    14,678    11,060    9,691 
NET INCOME  $51,312   $18,903   $28,852   $23,065   $22,120 
BASIC EARNINGS PER SHARE  $0.56   $0.22   $0.45   $0.36   $0.35 
DILUTED EARNINGS PER SHARE  $0.55   $0.22   $0.44   $0.36   $0.35 

 

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Simmons First National Corporation              SFNC 
Consolidated Risk-Based Capital                    
For the Quarters Ended  Mar 31   Dec 31   Sep 30   Jun 30   Mar 31 
(Unaudited)  2018   2017   2017   2017   2017 
($ in thousands)                    
Tier 1 capital                         
Stockholders' equity  $2,109,051   $2,084,564   $1,257,199   $1,234,076   $1,170,889 
Trust preferred securities, net allowable   -    -    67,418    67,312    60,503 
Disallowed intangible assets, net of deferred tax   (918,162)   (902,371)   (401,419)   (406,990)   (361,944)
Unrealized loss on AFS securities   34,062    17,264    10,651    11,322    14,298 
Total Tier 1 capital   1,224,951    1,199,457    933,849    905,720    883,746 
                          
Tier 2 capital                         
Qualifying unrealized gain on AFS equity securities   1    1    1    1    2 
Trust preferred securities and subordinated debt   468,465    140,565    -    -    - 
Qualifying allowance for loan losses and                         
  reserve for unfunded commitments   54,436    48,947    46,709    45,369    41,303 
Total Tier 2 capital   522,902    189,513    46,710    45,370    41,305 
Total risk-based capital  $1,747,853   $1,388,970   $980,559   $951,090   $925,051 
                          
Common equity                         
Tier 1 capital  $1,224,951   $1,199,457   $933,849   $905,720   $883,746 
Less: Trust preferred securities   -    -    (67,418)   (67,312)   (60,503)
Total common equity  $1,224,951   $1,199,457   $866,431   $838,408   $823,243 
                          
  Risk weighted assets  $12,700,874   $12,234,160   $7,239,923   $6,925,727   $6,425,150 
                          
  Adjusted average assets for leverage ratio  $14,209,148   $13,016,478   $8,789,175   $8,424,763   $8,076,525 
                          
Ratios at end of quarter                         
Equity to assets   13.52%   13.85%   13.18%   13.61%   13.57%
Tangible common equity to tangible assets (1)   7.94%   8.05%   9.07%   9.22%   9.35%
Common equity Tier 1 ratio (CET1)   9.64%   9.80%   11.97%   12.11%   12.81%
Tier 1 leverage ratio   8.62%   9.21%   10.62%   10.75%   10.94%
Tier 1 risk-based capital ratio   9.64%   9.80%   12.90%   13.08%   13.75%
Total risk-based capital ratio   13.76%   11.35%   13.54%   13.73%   14.40%

 

(1) Calculations of tangible common equity to tangible assets and the reconciliations to GAAP are included in the schedules accompanying this release.

Page 3

 

 

Simmons First National Corporation              SFNC 
Consolidated Loans and Investments                    
For the Quarters Ended  Mar 31   Dec 31   Sep 30   Jun 30   Mar 31 
(Unaudited)  2018   2017   2017   2017   2017 
($ in thousands)                    
Legacy Loan Portfolio - End of Period (1)                         
 Consumer                         
Credit cards  $176,602   $185,422   $176,316   $176,953   $171,947 
Other consumer   284,285    280,094    317,946    366,136    349,200 
Total consumer   460,887    465,516    494,262    543,089    521,147 
 Real Estate                         
Construction   786,077    614,155    515,274    457,896    365,051 
Single-family residential   1,193,464    1,094,633    1,048,403    1,014,412    957,717 
Other commercial   2,611,358    2,530,824    2,231,223    2,089,707    1,959,677 
Total real estate   4,590,899    4,239,612    3,794,900    3,562,015    3,282,445 
 Commercial                         
Commercial   971,704    825,217    688,960    678,932    657,606 
Agricultural   128,247    148,302    207,849    191,345    141,125 
Total commercial   1,099,951    973,519    896,809    870,277    798,731 
 Other   138,646    26,962    25,341    25,191    30,582 
Total Loans  $6,290,383   $5,705,609   $5,211,312   $5,000,572   $4,632,905 
                          
(1) Excludes all acquired loans.                         
                          
Investment Securities - End of Period                         
 Held-to-Maturity                         
U.S. Government agencies  $46,961   $46,945   $66,928   $67,912   $68,895 
Mortgage-backed securities   15,404    16,132    16,972    17,882    18,743 
State and political subdivisions   286,901    301,491    320,116    331,249    341,854 
Other securities   3,490    3,490    2,017    1,960    1,684 
Total held-to-maturity   352,756    368,058    406,033    419,003    431,176 
 Available-for-Sale                         
U.S. Treasury  $-   $-   $-   $19,997   $- 
U.S. Government agencies   149,804    139,724    208,220    147,619    142,356 
Mortgage-backed securities   1,356,179    1,187,317    959,698    878,205    927,277 
State and political subdivisions   185,888    143,165    84,822    83,672    130,747 
FHLB stock   58,177    58,914    24,415    21,772    19,149 
Other securities   80,065    60,397    40,265    39,335    38,285 
Total available-for-sale   1,830,113    1,589,517    1,317,420    1,190,600    1,257,814 
Total investment securities  $2,182,869   $1,957,575   $1,723,453   $1,609,603   $1,688,990 
Fair value - HTM investment securities  $354,649   $373,298   $412,140   $425,263   $435,701 
                          
Investment Securities - QTD Average                         
 Taxable securities  $1,618,270   $1,569,173   $1,229,172   $1,244,071   $1,185,794 
 Tax exempt securities   460,675    446,040    409,062    467,420    455,481 
Total investment securities - QTD average  $2,078,945   $2,015,213   $1,638,234   $1,711,491   $1,641,275 

 

 Page 4 

 

 

Simmons First National Corporation                  SFNC 
Consolidated Loans and Credit Coverage                    
For the Quarters Ended  Mar 31   Dec 31   Sep 30   Jun 30   Mar 31 
(Unaudited)  2018   2017   2017   2017   2017 
($ in thousands)                    
LOANS                         
Legacy loans  $6,290,383   $5,705,609   $5,211,312   $5,000,572   $4,632,905 
Allowance for loan losses (legacy loans)   (47,207)   (41,668)   (42,717)   (41,379)   (37,865)
Legacy loans (net of allowance)   6,243,176    5,663,941    5,168,595    4,959,193    4,595,040 
Loans acquired   4,776,439    5,163,769    1,117,424    1,253,539    1,173,667 
Credit discount   (79,087)   (89,275)   (24,994)   (28,409)   (28,941)
Allowance for loan losses (loans acquired)   (407)   (418)   (391)   (391)   (435)
Loans acquired (net of discount and allowance)   4,696,945    5,074,076    1,092,039    1,224,739    1,144,291 
Net loans  $10,940,121   $10,738,017   $6,260,634   $6,183,932   $5,739,331 
                          
                          
Loan Coverage Ratios                         
Allowance for loan losses to legacy loans   0.75%   0.73%   0.82%   0.83%   0.82%
                          
Discount for credit losses and allowance on loans acquired                         
  to total loans acquired plus discount for credit losses                         
  and allowance on loans acquired (non-GAAP) (1)   1.66%   1.74%   2.27%   2.30%   2.50%
                          
Total allowance and credit coverage (non-GAAP) (1)   1.14%   1.21%   1.08%   1.12%   1.16%

 

(1) Calculations of the non-GAAP loan coverage ratios and the reconciliations to GAAP are included in the schedules accompanying this release.

 

Page 5

 

 

Simmons First National Corporation              SFNC 
Consolidated Allowance and Asset Quality                    
For the Quarters Ended  Mar 31   Dec 31   Sep 30   Jun 30   Mar 31 
(Unaudited)  2018   2017   2017   2017   2017 
($ in thousands)                    
Allowance for Loan Losses (Legacy Loans)                         
 Balance, beginning of quarter  $41,668   $42,717   $41,379   $37,865   $36,286 
 Loans charged off                         
Credit cards   999    943    1,017    901    1,044 
Other consumer   1,056    781    819    993    1,174 
Real estate   455    4,725    896    1,712    656 
Commercial   1,761    4,754    2,442    349    292 
Total loans charged off   4,271    11,203    5,174    3,955    3,166 
                          
 Recoveries of loans previously charged off                         
Credit cards   263    233    275    277    236 
Other consumer   94    468    445    636    690 
Real estate   302    233    309    216    232 
Commercial   69    20    21    32    30 
Total recoveries   728    954    1,050    1,161    1,188 
Net loans charged off   3,543    10,249    4,124    2,794    1,978 
Provision for loan losses   9,082    9,200    5,462    6,308    3,557 
Balance, end of quarter  $47,207   $41,668   $42,717   $41,379   $37,865 
                          
Non-performing assets (1) (2)                         
 Non-performing loans                         
Nonaccrual loans  $47,395   $45,642   $54,439   $57,127   $52,913 
Loans past due 90 days or more   336    520    232    281    231 
Total non-performing loans   47,731    46,162    54,671    57,408    53,144 
 Other non-performing assets                         
Foreclosed assets and other real estate owned (2)   29,140    32,118    31,477    26,012    26,421 
  Other non-performing assets   794    675    639    485    352 
Total other non-performing assets   29,934    32,793    32,116    26,497    26,773 
Total non-performing assets  $77,665   $78,955   $86,787   $83,905   $79,917 
 Performing TDRs (troubled debt restructurings)  $6,459   $7,107   $9,212   $8,794   $10,833 
                          
Ratios (1) (2)                         
 Allowance for loan losses to total loans   0.75%   0.73%   0.82%   0.83%   0.82%
 Allowance for loan losses to non-performing loans   99%   90%   78%   72%   71%
 Non-performing loans to total loans   0.76%   0.81%   1.05%   1.15%   1.15%
 Non-performing assets (including performing TDRs)                         
   to total assets   0.54%   0.57%   1.01%   1.02%   1.05%
 Non-performing assets to total assets   0.50%   0.52%   0.91%   0.93%   0.93%
 Annualized net charge offs to total loans   0.24%   0.53%   0.32%   0.23%   0.18%
 Annualized net credit card charge offs to                         
   total credit card loans   1.63%   1.54%   1.65%   1.42%   1.84%
 Annualized net charge offs to total loans                         
   (excluding credit cards)   0.20%   0.51%   0.27%   0.19%   0.11%

 

(1) Excludes all acquired loans, except for their inclusion in total assets.

(2) Includes acquired foreclosed assets and acquired other real estate owned.

Page 6

 

 

Simmons First National Corporation                              SFNC 
Consolidated - Average Balance Sheet and Net Interest Income Analysis                        
For the Quarters Ended                                    
(Unaudited)                                    
   Three Months Ended
Mar 2018		   Three Months Ended
Dec 2017		   Three Months Ended
Mar 2017		 
($ in thousands)  Average
Balance		   Income/
Expense		   Yield/
Rate		   Average
Balance		   Income/
Expense		   Yield/
Rate		   Average
Balance		   Income/
Expense		   Yield/
Rate		 
ASSETS                                    
Earning assets:                                             
Interest bearing balances due from banks
  and federal funds sold		  $338,505   $1,009    1.21%  $342,589   $947    1.10%  $131,328   $122    0.38%
Investment securities - taxable   1,785,874    9,599    2.18%   1,702,531    8,592    2.00%   1,292,441    6,477    2.03%
Investment securities - non-taxable (FTE)   293,071    4,083    5.65%   312,682    4,702    5.97%   348,834    4,884    5.68%
Mortgage loans held for sale   14,775    158    4.34%   15,144    175    4.58%   11,473    126    4.45%
Assets held in trading accounts   -    -    0.00%   14    -    0.00%   48    -    0.00%
Loans, including acquired loans   10,819,324    143,420    5.38%   9,772,043    132,704    5.39%   5,685,585    68,783    4.91%
Total interest earning assets (FTE)   13,251,549    158,269    4.84%   12,145,003    147,120    4.81%   7,469,709    80,392    4.36%
Non-earning assets   1,836,661              1,752,775              944,761           
Total assets  $15,088,210             $13,897,778             $8,414,470           
                                              
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:                                             
Interest bearing transaction and                                             
  savings accounts  $6,579,295   $10,755    0.66%  $6,132,456   $8,762    0.57%  $3,950,169   $2,446    0.25%
Time deposits   2,003,668    4,842    0.98%   1,852,148    3,944    0.84%   1,262,430    1,758    0.56%
Total interest bearing deposits   8,582,963    15,597    0.74%   7,984,604    12,706    0.63%   5,212,599    4,204    0.33%
Federal funds purchased and securities                                             
  sold under agreement to repurchase   120,443    110    0.37%   126,432    97    0.30%   111,474    75    0.27%
Other borrowings   1,282,527    5,139    1.63%   988,614    3,993    1.60%   345,664    1,194    1.40%
Subordinated notes and debentures   162,813    1,327    3.31%   127,680    1,480    4.60%   60,452    574    3.85%
Total interest bearing liabilities   10,148,746    22,173    0.89%   9,227,330    18,276    0.79%   5,730,189    6,047    0.43%
Non-interest bearing liabilities:                                             
Non-interest bearing deposits   2,632,182              2,476,235              1,466,501           
Other liabilities   204,230              262,409              51,307           
Total liabilities   12,985,158              11,965,974              7,247,997           
Stockholders' equity   2,103,052              1,931,804              1,166,473           
Total liabilities and stockholders' equity  $15,088,210             $13,897,778             $8,414,470           
Net interest income (FTE)       $136,096             $128,844             $74,345      
Net interest spread (FTE)             3.95%             4.02%             3.93%
Net interest margin (FTE) - quarter-to-date             4.17%             4.21%             4.04%
                                              
Net interest margin (FTE) - year-to-date             4.17%             4.07%             4.04%
                                              
Core net interest margin (FTE) - quarter-to-date (1)             3.82%             3.70%             3.80%
Core loan yield (FTE) - quarter-to-date (1)             4.95%             4.75%             4.59%
                                              
Core net interest margin (FTE) - year-to-date (1)             3.82%             3.76%             3.80%
Core loan yield (FTE) - year-to-date (1)             4.95%             4.69%             4.59%

 

(1) Calculations of core net interest margin and core loan yield and the reconciliations to GAAP are included in the schedules accompanying this release.

 

Page 7

 

 

Simmons First National Corporation              SFNC 
Consolidated - Selected Financial Data                    
For the Quarters Ended  Mar 31   Dec 31   Sep 30   Jun 30   Mar 31 
(Unaudited)  2018   2017   2017   2017   2017 
($ in thousands, except share data)                    
QUARTER-TO-DATE                         
Financial Highlights - GAAP                         
Net Income  $51,312   $18,903   $28,852   $23,065   $22,120 
Diluted earnings per share   0.55    0.22    0.44    0.36    0.35 
Return on average assets   1.38%   0.54%   1.25%   1.05%   1.07%
Return on average common equity   9.90%   3.88%   9.12%   7.65%   7.69%
Return on tangible common equity   18.77%   7.53%   14.47%   12.13%   12.22%
Net interest margin (FTE)   4.17%   4.21%   3.91%   4.04%   4.04%
FTE adjustment   1,130    1,925    1,751    2,082    1,965 
Amortization of intangibles   2,837    2,839    1,724    1,553    1,550 
Amortization of intangibles, net of taxes   2,096    1,725    1,048    944    942 
Average diluted shares outstanding   92,638,765    87,036,044    64,847,592    64,051,560    63,225,800 
Cash dividends declared per common share   0.15    0.13    0.13    0.13    0.13 
Financial Highlights - Core (non-GAAP)                         
Core earnings (excludes non-core items) (1)  $52,618   $42,018   $27,746   $26,753   $22,532 
Diluted core earnings per share (1)   0.57    0.48    0.43    0.42    0.36 
Core net interest margin (FTE) (2)   3.82%   3.70%   3.77%   3.79%   3.80%
Accretable yield on acquired loans   11,294    15,684    2,890    4,792    4,427 
Efficiency ratio (1)   53.24%   51.36%   55.06%   56.04%   60.92%
Core return on average assets (1)   1.41%   1.20%   1.20%   1.22%   1.09%
Core return on average common equity (1)   10.15%   8.63%   8.77%   8.87%   7.83%
Core return on tangible common equity (1)   19.23%   15.97%   13.93%   13.99%   12.44%
YEAR-TO-DATE                         
Financial Highlights - GAAP                         
Net Income  $51,312   $92,940   $74,037   $45,185   $22,120 
Diluted earnings per share   0.55    1.33    1.16    0.71    0.35 
Return on average assets   1.38%   0.92%   1.12%   1.06%   1.07%
Return on average common equity   9.90%   6.68%   8.18%   7.67%   7.69%
Return on tangible common equity   18.77%   11.26%   12.97%   12.17%   12.22%
Net interest margin (FTE)   4.17%   4.07%   3.99%   4.04%   4.04%
FTE adjustment   1,130    7,723    5,798    4,047    1,965 
Amortization of intangibles   2,837    7,666    4,827    3,103    1,550 
Amortization of intangibles, net of taxes   2,096    4,659    2,934    1,886    942 
Average diluted shares outstanding   92,638,765    69,852,920    64,014,270    63,588,726    63,225,800 
Cash dividends declared per common share   0.15    0.50    0.38    0.25    0.13 
Financial Highlights - Core (non-GAAP)                         
Core earnings (excludes non-core items) (1)  $52,618   $119,049   $77,031   $49,285   $22,532 
Diluted core earnings per share (1)   0.57    1.70    1.20    0.78    0.36 
Core net interest margin (FTE) (2)   3.82%   3.76%   3.79%   3.79%   3.80%
Accretable yield on acquired loans   11,294    27,793    12,109    9,219    4,427 
Efficiency ratio (1)   53.24%   55.27%   57.25%   58.40%   60.92%
Core return on average assets (1)   1.41%   1.18%   1.17%   1.15%   1.09%
Core return on average common equity (1)   10.15%   8.56%   8.51%   8.37%   7.83%
Core return on tangible common equity (1)   19.23%   14.28%   13.48%   13.23%   12.44%
END OF PERIOD                         
Book value per share  $22.86   $22.65   $19.51   $19.16   $18.65 
Tangible book value per share   12.62    12.34    12.82    12.36    12.26 
Shares outstanding   92,242,389    92,029,118    64,424,484    64,425,664    62,776,714 
Full-time equivalent employees   2,626    2,640    1,942    1,919    1,876 
Total number of financial centers   200    200    156    161    151 

 

(1) Core earnings exclude non-core items, which is a non-GAAP measurement. Reconciliations to GAAP are included in the schedules accompanying this release.

(2) Excludes accretable yield adjustment on loans, which is a non-GAAP measurement. Reconciliations to GAAP are included in the schedules accompanying this release.

 

Page 8

 

 

Simmons First National Corporation              SFNC 
Consolidated - Reconciliation of Core Earnings (non-GAAP)            
For the Quarters Ended  Mar 31   Dec 31   Sep 30   Jun 30   Mar 31 
(Unaudited)  2018   2017   2017   2017   2017 
($ in thousands, except per share data)                    
QUARTER-TO-DATE                         
 Net Income  $51,312   $18,903   $28,852   $23,065   $22,120 
Non-core items                         
Gain on sale of P&C insurance business   -    -    (3,708)   -    - 
Donation to Simmons Foundation   -    5,000    -    -    - 
Merger-related costs   1,711    14,044    752    6,603    524 
Branch right-sizing   57    116    435    (536)   154 
Tax effect (1)   (462)   (7,516)   1,415    (2,379)   (266)
Net non-core items (before SAB 118 adjustment)   1,306    11,644    (1,106)   3,688    412 
SAB 118 adjustment (2)   -    11,471    -    -    - 
 Core earnings (non-GAAP)  $52,618   $42,018   $27,746   $26,753   $22,532 
                          
 Diluted earnings per share  $0.55   $0.22   $0.44   $0.36   $0.35 
Non-core items                         
Gain on sale of P&C insurance business   -    -    (0.06)   -    - 
Donation to Simmons Foundation   -    0.06    -    -    - 
Merger-related costs   0.02    0.17    0.01    0.11    0.01 
Branch right-sizing   -    -    0.01    (0.01)   - 
Tax effect (1)   -    (0.10)   0.03    (0.04)   - 
Net non-core items (before SAB 118 adjustment)   0.02    0.13    (0.01)   0.06    0.01 
SAB 118 adjustment (2)   -    0.13    -    -    - 
 Core earnings (non-GAAP)  $0.57   $0.48   $0.43   $0.42   $0.36 
                          
YEAR-TO-DATE                         
 Net Income  $51,312   $92,940   $74,037   $45,185   $22,120 
Non-core items                         
Gain from early retirement of trust preferred securities   -    -    -    -    - 
Gain on sale of P&C insurance business   -    (3,708)   (3,708)   -    - 
Donation to Simmons Foundation   -    5,000    -    -    - 
Merger-related costs   1,711    21,923    7,879    7,127    524 
Branch right-sizing   57    169    53    (382)   154 
Tax effect (1)   (462)   (8,746)   (1,230)   (2,645)   (266)
Net non-core items (before SAB 118 adjustment)   1,306    14,638    2,994    4,100    412 
SAB 118 adjustment (2)   -    11,471    -    -    - 
 Core earnings (non-GAAP)  $52,618   $119,049   $77,031   $49,285   $22,532 
                          
 Diluted earnings per share  $0.55   $1.33   $1.16   $0.71   $0.35 
Non-core items                         
Gain from early retirement of trust preferred securities   -    -    -    -    - 
Gain on sale of P&C insurance business   -    (0.04)   (0.06)   -    - 
Donation to Simmons Foundation   -    0.07                
Merger-related costs   0.02    0.31    0.12    0.12    0.01 
Branch right-sizing   -    -    -    (0.01)   - 
Tax effect (1)   -    (0.13)   (0.02)   (0.04)   - 
Net non-core items (before SAB 118 adjustment)   0.02    0.21    0.04    0.07    0.01 
SAB 118 adjustment (2)   -    0.16    -    -    - 
 Core earnings (non-GAAP)  $0.57   $1.70   $1.20   $0.78   $0.36 

 

(1) Effective tax rate of 26.135% for 2018 and 39.225% for prior years, adjusted for non-deductible merger-related costs and deferred tax items on P&C insurance sale.

(2) Tax adjustment to revalue deferred tax assets and liabilities to account for the future impact of lower corporate tax rates resulting from the "Tax Cuts and Jobs Act", signed into law on December 22, 2017.

 

Page 9

 

 

Simmons First National Corporation                  SFNC 
Reconciliation Of Non-GAAP Financial Measures - End of Period            
For the Quarters Ended                    
(Unaudited)  Mar 31   Dec 31   Sept 30   Jun 30   Mar 31 
   2018   2017   2017   2017   2017 
($ in thousands, except per share data)                    
                     
Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets        
                     
Total common stockholders' equity  $2,109,051   $2,084,564   $1,257,199   $1,234,076   $1,170,889 
Intangible assets:                         
Goodwill   (845,687)   (842,651)   (375,731)   (379,437)   (350,035)
Other intangible assets   (99,504)   (106,071)   (55,501)   (58,528)   (51,408)
Total intangibles   (945,191)   (948,722)   (431,232)   (437,965)   (401,443)
Tangible common stockholders' equity  $1,163,860   $1,135,842   $825,967   $796,111   $769,446 
                          
Total assets  $15,597,309   $15,055,806   $9,535,370   $9,068,308   $8,626,638 
Intangible assets:                         
Goodwill   (845,687)   (842,651)   (375,731)   (379,437)   (350,035)
Other intangible assets   (99,504)   (106,071)   (55,501)   (58,528)   (51,408)
Total intangibles   (945,191)   (948,722)   (431,232)   (437,965)   (401,443)
Tangible assets  $14,652,118   $14,107,084   $9,104,138   $8,630,343   $8,225,195 
                          
Ratio of equity to assets   13.52%   13.85%   13.18%   13.61%   13.57%
Ratio of tangible common equity to tangible assets   7.94%   8.05%   9.07%   9.22%   9.35%
                          
Calculation of Discount for credit losses and allowance on loans acquired to total loans acquired plus
  discount for credit losses and allowance on loans acquired
                          
Credit discount on acquired loans  $79,087   $89,275   $24,994   $28,409   $28,941 
Allowance for loan losses on acquired loans   407    418    391    391    435 
Total credit discount and ALLL on acquired loans  $79,494   $89,693   $25,385   $28,800   $29,376 
Total loans acquired  $4,776,439   $5,163,769   $1,117,424   $1,253,539   $1,173,667 
Discount and ALLL on acquired loans to acquired loans   1.66%   1.74%   2.27%   2.30%   2.50%
                          
Calculation of Total Allowance and Credit Coverage                         
                          
Allowance for loan losses  $47,207   $41,668   $42,717   $41,379   $37,865 
Total credit discount and ALLL on acquired loans   79,494    89,693    25,385    28,800    29,376 
Total allowance and credit discount  $126,701   $131,361   $68,102   $70,179   $67,241 
Total loans  $11,066,822   $10,869,378   $6,328,736   $6,254,155   $5,806,572 
Total allowance and credit coverage   1.14%   1.21%   1.08%   1.12%   1.16%
                          
Calculation of Tangible Book Value per Share                         
                          
Total common stockholders' equity  $2,109,051   $2,084,564   $1,257,199   $1,234,076   $1,170,889 
Intangible assets:                         
Goodwill   (845,687)   (842,651)   (375,731)   (379,437)   (350,035)
Other intangible assets   (99,504)   (106,071)   (55,501)   (58,528)   (51,408)
Total intangibles   (945,191)   (948,722)   (431,232)   (437,965)   (401,443)
Tangible common stockholders' equity  $1,163,860   $1,135,842   $825,967   $796,111   $769,446 
Shares of common stock outstanding   92,242,389    92,029,118    64,424,484    64,425,664    62,776,714 
Book value per common share  $22.86   $22.65   $19.51   $19.16   $18.65 
Tangible book value per common share  $12.62   $12.34   $12.82   $12.36   $12.26 

 

Page 10 

 

 

Simmons First National Corporation                  SFNC 
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date            
For the Quarters Ended                    
(Unaudited)  Mar 31   Dec 31   Sept 30   Jun 30   Mar 31 
   2018   2017   2017   2017   2017 
($ in thousands)                    
Calculation of Core Return on Average Assets                    
                     
Net income  $51,312   $18,903   $28,852   $23,065   $22,120 
Net non-core items, net of taxes, adjustment   1,306    23,115    (1,106)   3,688    412 
Core earnings  $52,618   $42,018   $27,746   $26,753   $22,532 
                          
Average total assets  $15,088,210   $13,897,778   $9,175,607   $8,812,460   $8,414,470 
                          
Return on average assets   1.38%   0.54%   1.25%   1.05%   1.07%
Core return on average assets   1.41%   1.20%   1.20%   1.22%   1.09%
                          
Calculation of Return on Tangible Common Equity                         
                          
Net income  $51,312   $18,903   $28,852   $23,065   $22,120 
Amortization of intangibles, net of taxes   2,096    1,725    1,048    944    942 
Total income available to common stockholders  $53,408   $20,628   $29,900   $24,009   $23,062 
                          
Net non-core items, net of taxes   1,306    23,115    (1,106)   3,688    412 
Core earnings   52,618    42,018    27,746    26,753    22,532 
Amortization of intangibles, net of taxes   2,096    1,725    1,048    944    942 
Total core income available to common stockholders  $54,714   $43,743   $28,794   $27,697   $23,474 
                          
Average common stockholders' equity  $2,103,052   $1,931,804   $1,255,694   $1,209,343   $1,166,473 
Average intangible assets:                         
Goodwill   (844,148)   (731,661)   (378,387)   (362,925)   (348,837)
Other intangibles   (104,718)   (113,770)   (57,232)   (52,419)   (52,169)
Total average intangibles   (948,866)   (845,431)   (435,619)   (415,344)   (401,006)
Average tangible common stockholders' equity  $1,154,186   $1,086,373   $820,075   $793,999   $765,467 
                          
Return on average common equity   9.90%   3.88%   9.12%   7.65%   7.69%
Return on tangible common equity   18.77%   7.53%   14.47%   12.13%   12.22%
Core return on average common equity   10.15%   8.63%   8.77%   8.87%   7.83%
Core return on tangible common equity   19.23%   15.97%   13.93%   13.99%   12.44%
                          
Calculation of Efficiency Ratio (1)                         
                          
Non-interest expense  $98,073   $108,490   $66,159   $71,408   $66,322 
Non-core non-interest expense adjustment   (1,772)   (19,160)   (862)   (6,700)   (635)
Other real estate and foreclosure expense adjustment   (1,020)   (865)   (1,071)   (517)   (550)
Amortization of intangibles adjustment   (2,837)   (2,839)   (1,724)   (1,553)   (1,550)
Efficiency ratio numerator  $92,444   $85,626   $62,502   $62,638   $63,587 
                          
Net-interest income  $134,966   $126,919   $78,819   $76,812   $72,380 
Non-interest income   37,535    36,629    36,332    35,744    30,060 
Non-core non-interest income adjustment   (4)   -    (3,383)   (632)   43 
Fully tax-equivalent adjustment   1,130    1,925    1,751    2,082    1,965 
(Gain) loss on sale of securities   (6)   1,243    (3)   (2,236)   (63)
Efficiency ratio denominator  $173,621   $166,716   $113,516   $111,770   $104,385 
                          
Efficiency ratio (1)   53.24%   51.36%   55.06%   56.04%   60.92%
                          
Calculation of Core Net Interest Margin                         
                          
Net interest income  $134,966   $126,919   $78,819   $76,812   $72,380 
Fully tax-equivalent adjustment   1,130    1,925    1,751    2,082    1,965 
Fully tax-equivalent net interest income   136,096    128,844    80,570    78,894    74,345 
                          
Total accretable yield   (11,294)   (15,684)   (2,890)   (4,792)   (4,427)
Core net interest income  $124,802   $113,160   $77,680   $74,102   $69,918 
Average earning assets  $13,251,549   $12,145,003   $8,182,292   $7,841,208   $7,469,709 
                          
Net interest margin   4.17%   4.21%   3.91%   4.04%   4.04%
Core net interest margin   3.82%   3.70%   3.77%   3.79%   3.80%
                          
Calculation of Core Loan Yield                         
                          
Loan interest income  $143,350   $132,617   $77,457   $73,549   $68,728 
Total accretable yield   (11,294)   (15,684)   (2,890)   (4,792)   (4,427)
Core loan interest income  $132,056   $116,933   $74,567   $68,757   $64,301 
Average loan balance  $10,819,324   $9,772,043   $6,261,507   $5,954,019   $5,685,585 
                          
Core loan yield   4.95%   4.75%   4.72%   4.63%   4.59%

 

(1) Efficiency ratio is noninterest expense before foreclosed property expense and amortization of intangibles as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and non-core items.

 

Page 11 

 

 

Simmons First National Corporation                  SFNC 
Reconciliation Of Non-GAAP Financial Measures - Year-to-Date                
For the Quarters Ended                    
(Unaudited)  Mar 31   Dec 31   Sept 30   Jun 30   Mar 31 
   2018   2017   2017   2017   2017 
($ in thousands)                    
Calculation of Core Return on Average Assets                    
                     
Net income  $51,312   $92,940   $74,037   $45,185   $22,120 
Net non-core items, net of taxes, adjustment   1,306    26,109    2,994    4,100    412 
Core earnings  $52,618   $119,049   $77,031   $49,285   $22,532 
                          
Average total assets  $15,088,210   $10,074,951   $8,800,675   $8,613,240   $8,414,470 
                          
Return on average assets   1.38%   0.92%   1.12%   1.06%   1.07%
Core return on average assets   1.41%   1.18%   1.17%   1.15%   1.09%
                          
Calculation of Return on Tangible Common Equity                         
                          
Net income  $51,312   $92,940   $74,037   $45,185   $22,120 
Amortization of intangibles, net of taxes   2,096    4,659    2,934    1,886    942 
Total income available to common stockholders  $53,408   $97,599   $76,971   $47,071   $23,062 
                          
Net non-core items, net of taxes   1,306    26,109    2,994    4,100    412 
Core earnings   52,618    119,049    77,031    49,285    22,532 
Amortization of intangibles, net of taxes   2,096    4,659    2,934    1,886    942 
Total core income available to common stockholders  $54,714   $123,708   $79,965   $51,171   $23,474 
                          
Average common stockholders' equity  $2,103,052   $1,390,815   $1,210,487   $1,187,906   $1,166,473 
Average intangible assets:                         
Goodwill   (844,148)   (455,453)   (363,383)   (355,881)   (348,837)
Other intangibles   (104,718)   (68,896)   (53,941)   (52,294)   (52,169)
Total average intangibles   (948,866)   (524,349)   (417,324)   (408,175)   (401,006)
Average tangible common stockholders' equity  $1,154,186   $866,466   $793,163   $779,731   $765,467 
                          
Return on average common equity   9.90%   6.68%   8.18%   7.67%   7.69%
Return on tangible common equity   18.77%   11.26%   12.97%   12.17%   12.22%
Core return on average common equity   10.15%   8.56%   8.51%   8.37%   7.83%
Core return on tangible common equity   19.23%   14.28%   13.48%   13.23%   12.44%
                          
Calculation of Efficiency Ratio (1)                         
                          
Non-interest expense  $98,073   $312,379   $203,889   $137,730   $66,322 
Non-core non-interest expense adjustment   (1,772)   (27,357)   (8,197)   (7,335)   (635)
Other real estate and foreclosure expense adjustment   (1,020)   (3,042)   (2,177)   (1,067)   (550)
Amortization of intangibles adjustment   (2,837)   (7,666)   (4,827)   (3,103)   (1,550)
Efficiency ratio numerator  $92,444   $274,314   $188,688   $126,225   $63,587 
                          
Net-interest income  $134,966   $354,930   $228,011   $149,192   $72,380 
Non-interest income   37,535    138,765    102,136    65,804    30,060 
Non-core non-interest income adjustment   (4)   (3,972)   (3,972)   (589)   43 
Fully tax-equivalent adjustment   1,130    7,723    5,798    4,047    1,965 
(Gain) loss on sale of securities   (6)   (1,059)   (2,302)   (2,299)   (63)
Efficiency ratio denominator  $173,621   $496,387   $329,671   $216,155   $104,385 
                          
Efficiency ratio (1)   53.24%   55.27%   57.25%   58.40%   60.92%
                          
Calculation of Core Net Interest Margin                         
                          
Net interest income  $134,966   $354,930   $228,011   $149,192   $72,380 
Fully tax-equivalent adjustment   1,130    7,723    5,798    4,047    1,965 
Fully tax-equivalent net interest income   136,096    362,653    233,809    153,239    74,345 
                          
Total accretable yield   (11,294)   (27,793)   (12,109)   (9,219)   (4,427)
Core net interest income  $124,802   $334,860   $221,700   $144,020   $69,918 
Average earning assets  $13,251,549   $8,908,418   $7,829,548   $7,653,177   $7,469,709 
                          
Net interest margin   4.17%   4.07%   3.99%   4.04%   4.04%
Core net interest margin   3.82%   3.76%   3.79%   3.79%   3.80%
                          
Calculation of Core Loan Yield                         
                          
Loan interest income  $143,350   $352,351   $219,734   $142,277   $68,728 
Total accretable yield   (11,294)   (27,793)   (12,109)   (9,219)   (4,427)
Core loan interest income  $132,056   $324,558   $207,625   $133,058   $64,301 
Average loan balance  $10,819,324   $6,918,293   $5,967,036   $5,819,803   $5,685,585 
                          
Core loan yield   4.95%   4.69%   4.65%   4.61%   4.59%

 

(1) Efficiency ratio is noninterest expense before foreclosed property expense and amortization of intangibles as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and non-core items.

 

 Page 12 

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