Simmons First National Corporation (Nasdaq:SFNC) today announced
net income of $6.3 million and diluted earnings per share of $0.37
for the quarter ended December 31, 2011. Regarding the quarterly
earnings, J. Thomas May, Chairman and CEO, commented, "Because the
fourth quarter of 2010 included a considerable non-core net gain,
there is a significant variance when comparing quarter to quarter
earnings results. Obviously, there is a lot of noise in our fourth
quarter comparative results due to the October 15, 2010,
FDIC-assisted acquisition in Kansas. After taxes, the combined
fourth quarter 2010 non-recurring items from that acquisition
contributed $9.7 million to net income, or $0.56 to diluted
earnings per share. After adjusting for the acquisition, comparable
core earnings for the fourth quarter 2010 were $6.9 million, or
$0.40 diluted core earnings per share."
For the year ended December 31, 2011, net income
was $25.4 million, or $1.47 diluted earnings per share, compared to
$37.1 million, or $2.15 diluted earnings per share for the same
period in 2010. "Again," added May, "GAAP results include
non-recurring items from our 2010 acquisitions, along with other
one-time income/expense items, which can distort comparative
operating results. Normalizing for the non-recurring items in 2010
and 2011, core earnings for the year ended December 31, 2011, were
$25.0 million, or $1.45 core earnings per share, compared to $26.0
million, or $1.51 core earnings per share."
Total assets were $3.3 billion at December 31,
2011, unchanged from December 31, 2010.
Loans
Total loans, including those covered by FDIC loss
share agreements, were $1.7 billion at December 31, 2011, a
decrease of $177 million, or 9.3%, from the same period in 2010.
"In our legacy portfolio, we experienced a decrease of $104
million, or 6.2%, compared to December 31, 2010. Additionally, like
the rest of the financial industry in Arkansas, we continue to
experience weak loan demand as a result of the overall general
economic environment. We believe loan demand is likely to remain
soft through the first quarter of 2012, and likely into the second
quarter, but we are cautiously optimistic relative to improved loan
demand in the last half of 2012," commented May. Loans covered by
FDIC loss share agreements, which provide 80% Government guaranteed
protection against credit risk on those covered assets, were $158
million at December 31, 2011, compared to $232 million at December
31, 2010.
Deposits
At December 31, 2011, total deposits were $2.7
billion, an increase of $41 million, or 1.6%, compared to the same
period in 2010. The December 31, 2011, deposits include $179
million of deposits in Missouri and Kansas. "While we continue our
efforts to manage our high levels of liquidity, we remain focused
on creating core deposit growth. We are very pleased with our ratio
of non-time deposits as a percent of total deposits, which is a
very favorable 67%," added May.
Net Interest Income
The Company's net interest income for the fourth
quarter of 2011 increased 3.9% to $27.3 million compared to the
same period of 2010. The increase was primarily due to additional
yield accretion recognized as a result of updated estimates of the
cash flows of the loan pools acquired in the Company's 2010
FDIC-assisted transactions. Each quarter, the Company estimates the
cash flows expected to be collected from the acquired loan pools,
and adjustments may or may not be required. During the fourth
quarter of 2011, the cash flows estimate has increased based on
payment histories and reduced loss expectations of the loan pools.
This resulted in increased interest income that was spread on a
level-yield basis over the remaining expected lives of the loan
pools. The increases in expected cash flows also reduced the amount
of expected reimbursements under the loss sharing agreements with
the FDIC, which are recorded as indemnification assets. The impact
of the fourth quarter adjustments on the Company's financial
results for the current reporting period is shown below:
(In thousands, except
basis points data) |
Three Months Ended
December 31, 2011 |
Year Ended December 31,
2011 |
Impact on net interest
income/net interest margin (in basis points) |
$ 1,124 |
15 bps |
$ 1,124 |
4 bps |
Non-interest income |
(978) |
|
(978) |
|
|
|
|
|
|
Net impact to
pre-tax income |
$ 146 |
|
$ 146 |
|
Because these adjustments will be recognized over
the remaining lives of the loan pools and the remainder of the loss
sharing agreements, respectively, they will impact future periods
as well. The current estimate of the remaining accretable yield
adjustment that will positively impact interest income is $22.6
million and the remaining adjustment to the indemnification assets
that will reduce non-interest income is $19.9 million. Of the
remaining adjustments, we expect to recognize $11.0 million of
interest income and a $9.7 million reduction of non-interest income
during 2012. The accretable yield adjustments recorded in future
periods will change as we continue to evaluate expected cash flows
from the acquired loan pools. Net interest margin was 3.76% for the
quarter ended December 31, 2011, an increase of 16 basis points
from the fourth quarter of 2010.
Non-Interest Income
Non-interest income for the fourth quarter of 2011
was $12.8 million, a decrease of $20.8 million, or 61.8%, compared
to the same period last year. "As I mentioned earlier, the fourth
quarter of 2010 was a very noisy quarter, including
$18.6 million of non-interest income from the bargain purchase
gain and liquidation of the acquired investment portfolio related
to our FDIC acquisition in Olathe, Kansas. On a normalized basis,
non-interest income in the fourth quarter of 2011 decreased by $2.2
million, or 14.8%. Approximately $1.0 million of the decrease was
due to reductions of the indemnification assets resulting from
increased cash flows expected to be collected from the FDIC covered
loan portfolios," reiterated May.
Non-Interest Expense
Non-interest expense for the fourth quarter of 2011
was $28.5 million, a decrease of $2.0 million, compared to the same
period in 2010. Non-interest expense in the fourth quarter of 2010
includes $2.0 million of merger related costs associated with the
Company's 2010 FDIC-assisted transaction. "Normalizing for the
non-recurring acquisition costs, non-interest expense remained
relatively flat as a result of the implementation of our efficiency
initiatives and a decrease in deposit insurance premiums caused by
changes in the FDIC's assessment base and rates," according to
May.
Asset Quality
During 2010, the Company acquired loans and
foreclosed real estate ("OREO") through FDIC-assisted acquisitions.
Through the loss share provisions of the purchase and assumption
agreements, the FDIC agreed to reimburse the Company for 80% of the
losses incurred on the disposition of such loans and OREO. The
loans and OREO covered by the FDIC loss share agreements and the
related FDIC loss share indemnification asset were presented in the
Company's financial reports as "covered" assets (i.e., covered by
the FDIC loss share agreements) with a carrying value equal to the
discounted net present value of expected future proceeds. At
December 31, 2011, loans covered by loss share were carried at $158
million (net of discount), OREO covered by loss share was carried
at $12 million (net of discount) and the FDIC loss share
indemnification asset was carried at $48 million. As a result of
the FDIC loss share indemnification related to these assets and the
discounted net present value method of valuing these assets, such
assets are excluded from the computations of the following asset
quality ratios, except for their inclusion in total assets.
The Company's allowance for loan losses was $30.1
million at December 31, 2011, or 1.91% of total loans and 186% of
non-performing loans. Non-performing assets as a percent of total
assets were 1.18% as of December 31, 2011, a decrease from 1.24% as
of September 30, 2011. Non-performing loans as a percent of total
loans were 1.02% as of December 31, 2011, a decrease from 1.14% as
of September 30, 2011. These ratios include
$2.5 million of Government guaranteed student loans that
were over 90 days past due at the end of the quarter.
Excluding the guaranteed past due student loans, non-performing
assets as a percent of total assets were 1.10% and
non-performing loans as a percent of total loans were 0.87%. "One
of the strengths of our Company has always been the strength of our
asset quality. Our ratio of non-performing assets continues to
rank in the 82nd percentile of our peer group, which is a
significant achievement considering the challenges of the economy,"
commented May.
Excluding credit cards, the Company's annualized
net charge-off ratio was 0.24% for the fourth quarter of 2011 and
0.30% for the full year of 2011. The credit card annualized
net charge-off ratio was 2.20% for the fourth quarter and 2.06% for
the full year. The Company's credit card loss ratio is more than
300 basis points below the most recently published credit card
charge-off industry average of over 5%.
Capital
At December 31, 2011, stockholders' equity was $408
million, book value per share was $23.70 and tangible book value
per share was $20.09. The Company's ratio of stockholders' equity
to total assets was 12.3% and its ratio of tangible stockholders'
equity to tangible assets was 10.6%, as of December 31, 2011.
"Our exceptional level of risk-based capital puts
us in the 94th percentile of our peer group and allows us to
actively pursue the right opportunities that meet our strategic
plan regarding mergers and acquisitions," continued May. As of
December 31, 2011, the Company's regulatory capital ratios remain
significantly higher than regulatory 'well capitalized'
guidelines":
|
"Well Capitalized" |
SFNC |
Tier 1 Leverage Ratio |
5.00% |
11.86% |
Tier 1 Risk-Based Capital
Ratio |
6.00% |
21.58% |
Total Risk-Based Capital
Ratio |
10.00% |
22.83% |
Simmons First National
Corporation
Simmons First National Corporation is an eight bank
financial holding company with community banks in Pine Bluff, Lake
Village, Jonesboro, Rogers, Searcy, Russellville, El Dorado and Hot
Springs, Arkansas. The Company's eight banks conduct financial
operations from 88 offices, of which 84 are financial centers,
in 47 communities in Arkansas, Missouri and Kansas. The
Company's common stock trades on the NASDAQ Global Select Market
under the symbol "SFNC".
The Simmons First National Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4819
Conference Call
Management will conduct a conference call to review
this information beginning at 3:00 p.m. Central Time on Thursday,
January 19, 2012. Interested persons can listen to this call by
dialing 1-877-723-9522 (United States and Canada only) and
asking for the Simmons First National Corporation conference call.
A replay of the call will be available through 5:00 p.m. Central
Time on January 26, 2012, by dialing 1-888-203-1112. The
passcode for the replay is 7792047. In addition, the call will be
available live or in recorded version on the Company's website at
www.simmonsfirst.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 exclude the effects of the amortization of
intangibles and include the tax benefit associated with revenue
items that are tax-exempt, as well as adjust income available to
common shareholders for certain significant activities or
nonrecurring transactions. Since the presentation of these non-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.
Forward Looking Statements
Statements in this press release that are not
historical facts should be considered forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements of this type speak only as of
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 and changes in the assumptions
used in making the forward-looking statements, 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.
Simmons First
National Corporation |
SFNC |
Consolidated End of
Period Balance Sheets |
For the Quarters
Ended |
Dec 31 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
(Unaudited) |
2011 |
2011 |
2011 |
2011 |
2010 |
(in
thousands) |
ASSETS |
|
|
|
|
|
Cash and non-interest bearing balances
due from banks |
$ 35,087 |
$ 33,408 |
$ 43,604 |
$ 35,923 |
$ 33,717 |
Interest bearing balances due from
banks |
535,119 |
490,283 |
498,323 |
473,247 |
418,343 |
Federal funds sold |
-- |
-- |
-- |
-- |
-- |
Cash and cash
equivalents |
570,206 |
523,691 |
541,927 |
509,170 |
452,060 |
Investment securities -
held-to-maturity |
525,444 |
504,302 |
406,365 |
501,745 |
465,183 |
Investment securities -
available-for-sale |
172,212 |
140,579 |
178,853 |
119,847 |
148,479 |
Mortgage loans held for sale |
22,976 |
21,037 |
9,983 |
6,618 |
17,237 |
Assets held in trading
accounts |
7,541 |
5,252 |
7,356 |
7,468 |
7,577 |
Loans |
1,579,769 |
1,631,541 |
1,633,660 |
1,619,374 |
1,683,464 |
Allowance for loan
losses |
(30,108) |
(29,151) |
(27,796) |
(27,905) |
(26,416) |
Net loans |
1,549,661 |
1,602,390 |
1,605,864 |
1,591,469 |
1,657,048 |
Covered assets: |
|
|
|
|
|
Loans, net of
discount |
158,075 |
172,394 |
192,899 |
208,774 |
231,600 |
Other real estate owned,
net of discount |
11,685 |
13,845 |
13,033 |
12,933 |
8,717 |
FDIC indemnification
asset |
47,683 |
51,223 |
54,437 |
58,520 |
60,235 |
Premises and equipment |
86,486 |
86,972 |
82,145 |
82,948 |
77,199 |
Foreclosed assets held for sale,
net |
22,887 |
22,159 |
22,441 |
23,686 |
23,204 |
Interest receivable |
15,126 |
16,195 |
15,203 |
15,382 |
17,363 |
Bank owned life insurance |
50,579 |
50,175 |
49,914 |
49,475 |
49,072 |
Goodwill |
60,605 |
60,605 |
60,605 |
60,605 |
60,605 |
Core deposit premiums |
1,579 |
1,793 |
2,015 |
2,239 |
2,463 |
Other assets |
17,384 |
20,736 |
20,169 |
18,511 |
38,390 |
Total assets |
$ 3,320,129 |
$ 3,293,348 |
$ 3,263,209 |
$ 3,269,390 |
$ 3,316,432 |
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Non-interest bearing
transaction accounts |
$ 532,259 |
$ 531,025 |
$ 476,274 |
$ 459,628 |
$ 428,750 |
Interest bearing
transaction accounts and savings deposits |
1,239,504 |
1,194,907 |
1,228,910 |
1,217,718 |
1,220,133 |
Time deposits less than
$100,000 |
499,809 |
513,658 |
524,567 |
537,070 |
599,537 |
Time deposits greater
than $100,000 |
378,825 |
395,224 |
377,429 |
387,000 |
360,349 |
Total deposits |
2,650,397 |
2,634,814 |
2,607,180 |
2,601,416 |
2,608,769 |
Federal funds purchased and securities
sold under agreements to repurchase |
114,766 |
98,286 |
93,560 |
107,099 |
109,139 |
Short-term debt |
272 |
481 |
628 |
718 |
1,033 |
Long-term debt |
120,828 |
122,501 |
123,673 |
127,344 |
164,324 |
Accrued interest and other
liabilities |
25,955 |
29,607 |
34,308 |
33,266 |
35,796 |
Total
liabilities |
2,912,218 |
2,885,689 |
2,859,349 |
2,869,843 |
2,919,061 |
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
Common stock |
172 |
173 |
173 |
173 |
173 |
Surplus |
112,436 |
115,026 |
115,126 |
114,537 |
114,040 |
Undivided
profits |
294,864 |
291,830 |
287,870 |
284,420 |
282,646 |
Accumulated other
comprehensive income |
|
|
|
|
|
Unrealized appreciation
on AFS securities |
439 |
630 |
691 |
417 |
512 |
Total stockholders'
equity |
407,911 |
407,659 |
403,860 |
399,547 |
397,371 |
Total liabilities and
stockholders' equity |
$ 3,320,129 |
$ 3,293,348 |
$ 3,263,209 |
$ 3,269,390 |
$ 3,316,432 |
|
|
|
|
|
|
|
|
Simmons First
National Corporation |
SFNC |
Consolidated
Average Quarter-to-Date Balance Sheets |
For the Quarters
Ended |
Dec 31 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
(Unaudited) |
2011 |
2011 |
2011 |
2011 |
2010 |
(in
thousands) |
ASSETS |
|
|
|
|
|
Cash and non-interest bearing balances
due from banks |
$ 35,132 |
$ 35,202 |
$ 34,128 |
$ 34,869 |
$ 71,780 |
Interest bearing balances due from
banks |
546,478 |
462,333 |
472,425 |
463,858 |
400,174 |
Federal funds sold |
99 |
2,309 |
554 |
583 |
1,208 |
Cash and cash
equivalents |
581,709 |
499,844 |
507,107 |
499,310 |
473,162 |
Investment securities -
held-to-maturity |
501,812 |
460,951 |
479,371 |
493,128 |
462,328 |
Investment securities -
available-for-sale |
173,360 |
164,468 |
143,447 |
120,085 |
180,634 |
Mortgage loans held for sale |
20,035 |
12,527 |
7,806 |
7,445 |
27,832 |
Assets held in trading
accounts |
7,375 |
7,428 |
7,462 |
7,598 |
7,615 |
Loans |
1,590,584 |
1,640,439 |
1,618,749 |
1,633,298 |
1,697,937 |
Allowance for loan
losses |
(29,730) |
(28,299) |
(27,498) |
(27,073) |
(23,316) |
Net loans |
1,560,854 |
1,612,140 |
1,591,251 |
1,606,225 |
1,674,621 |
Covered assets: |
|
|
|
|
|
Loans, net of
discount |
168,506 |
180,884 |
201,788 |
219,956 |
256,619 |
Other real estate owned,
net of discount |
12,409 |
13,467 |
12,722 |
9,171 |
12,978 |
FDIC indemnification
asset |
50,180 |
53,547 |
57,738 |
59,777 |
32,008 |
Premises and equipment |
86,881 |
83,917 |
82,729 |
80,516 |
77,876 |
Foreclosed assets held for sale,
net |
22,702 |
22,292 |
23,299 |
23,382 |
23,658 |
Interest receivable |
16,071 |
15,376 |
15,712 |
15,831 |
18,325 |
Bank owned life insurance |
50,362 |
50,116 |
49,695 |
49,275 |
48,868 |
Goodwill |
60,605 |
60,605 |
60,605 |
60,605 |
60,605 |
Core deposit premiums |
1,685 |
1,917 |
2,140 |
2,363 |
1,612 |
Other assets |
18,562 |
20,307 |
18,296 |
29,784 |
20,515 |
Total assets |
$ 3,333,108 |
$ 3,259,786 |
$ 3,261,168 |
$ 3,284,451 |
$ 3,379,256 |
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Non-interest bearing
transaction accounts |
$ 535,663 |
$ 494,982 |
$ 463,689 |
$ 436,272 |
$ 416,343 |
Interest bearing
transaction accounts and savings deposits |
1,228,495 |
1,201,174 |
1,222,299 |
1,216,903 |
1,239,736 |
Time deposits less than
$100,000 |
508,847 |
518,855 |
532,462 |
570,426 |
617,288 |
Time deposits greater
than $100,000 |
388,470 |
383,688 |
379,289 |
370,004 |
364,481 |
Total deposits |
2,661,475 |
2,598,699 |
2,597,739 |
2,593,605 |
2,637,848 |
Federal funds purchased and
securities sold under agreements to repurchase |
107,750 |
93,067 |
98,919 |
114,491 |
111,594 |
Short-term debt |
396 |
579 |
828 |
865 |
2,094 |
Long-term debt |
122,086 |
123,136 |
125,357 |
139,728 |
166,774 |
Accrued interest and other
liabilities |
31,303 |
35,683 |
33,954 |
34,480 |
67,113 |
Total
liabilities |
2,923,010 |
2,851,164 |
2,856,797 |
2,883,169 |
2,985,423 |
Total stockholders'
equity |
410,098 |
408,622 |
404,371 |
401,282 |
393,833 |
Total liabilities and
stockholders' equity |
$ 3,333,108 |
$ 3,259,786 |
$ 3,261,168 |
$ 3,284,451 |
$ 3,379,256 |
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First
National Corporation |
SFNC |
Consolidated
Statements of Income - Quarter-to-Date |
For the Quarters
Ended |
Dec 31 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
(Unaudited) |
2011 |
2011 |
2011 |
2011 |
2010 |
(in thousands, except
per share data) |
INTEREST
INCOME |
|
|
|
|
|
Loans |
$ 23,370 |
$ 24,366 |
$ 23,883 |
$ 24,094 |
$ 25,649 |
Covered loans |
4,513 |
3,917 |
4,347 |
4,341 |
3,127 |
Federal funds
sold |
1 |
3 |
1 |
1 |
3 |
Investment
securities |
3,568 |
3,539 |
3,771 |
3,705 |
4,030 |
Mortgage loans held for
sale |
198 |
130 |
87 |
88 |
286 |
Assets held in trading
accounts |
7 |
8 |
9 |
9 |
10 |
Interest bearing balances
due from banks |
324 |
243 |
298 |
235 |
234 |
TOTAL INTEREST
INCOME |
31,981 |
32,206 |
32,396 |
32,473 |
33,339 |
INTEREST
EXPENSE |
|
|
|
|
|
Time deposits |
2,577 |
2,738 |
2,865 |
3,134 |
3,500 |
Other deposits |
779 |
856 |
934 |
1,042 |
1,156 |
Federal funds purchased
and securities sold under agreements to repurchase |
118 |
113 |
103 |
116 |
134 |
Short-term
debt |
14 |
13 |
12 |
12 |
13 |
Long-term debt |
1,196 |
1,207 |
1,232 |
1,335 |
2,260 |
TOTAL INTEREST
EXPENSE |
4,684 |
4,927 |
5,146 |
5,639 |
7,063 |
NET INTEREST
INCOME |
27,297 |
27,279 |
27,250 |
26,834 |
26,276 |
Provision for loan
losses |
2,831 |
2,842 |
3,328 |
2,675 |
3,733 |
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES |
24,466 |
24,437 |
23,922 |
24,159 |
22,543 |
NON-INTEREST
INCOME |
|
|
|
|
|
Trust income |
1,416 |
1,370 |
1,243 |
1,346 |
1,416 |
Service charges on
deposit accounts |
4,289 |
4,450 |
4,212 |
3,857 |
4,272 |
Other service charges and
fees |
699 |
695 |
780 |
806 |
716 |
Income on sale of
mortgage loans, net of commissions |
1,464 |
1,249 |
849 |
626 |
2,033 |
Income on investment
banking, net of commissions |
294 |
203 |
381 |
600 |
486 |
Credit card
fees |
4,318 |
4,303 |
4,264 |
3,943 |
4,448 |
Premiums on sale of
student loans |
-- |
-- |
-- |
-- |
-- |
Bank owned life insurance
income |
403 |
261 |
414 |
403 |
410 |
Gain on sale of
securities |
-- |
-- |
-- |
-- |
317 |
Gain on FDIC-assisted
transactions |
-- |
-- |
-- |
-- |
18,277 |
Other income |
(41) |
1,191 |
2,221 |
1,051 |
1,286 |
TOTAL NON-INTEREST
INCOME |
12,842 |
13,722 |
14,364 |
12,632 |
33,661 |
NON-INTEREST
EXPENSE |
|
|
|
|
|
Salaries and employee
benefits |
15,973 |
15,533 |
16,436 |
17,116 |
15,692 |
Occupancy expense,
net |
1,930 |
2,224 |
2,100 |
2,189 |
2,176 |
Furniture and equipment
expense |
1,721 |
1,763 |
1,560 |
1,589 |
1,530 |
Other real estate and
foreclosure expense |
146 |
215 |
223 |
94 |
298 |
Deposit
insurance |
295 |
211 |
842 |
1,039 |
914 |
Merger related
costs |
-- |
-- |
167 |
190 |
2,034 |
Other operating
expenses |
8,380 |
7,687 |
7,364 |
7,758 |
7,846 |
TOTAL NON-INTEREST
EXPENSE |
28,445 |
27,633 |
28,692 |
29,975 |
30,490 |
NET INCOME BEFORE INCOME
TAXES |
8,863 |
10,526 |
9,594 |
6,816 |
25,714 |
Provision for income
taxes |
2,558 |
3,269 |
2,848 |
1,750 |
9,154 |
NET INCOME |
$ 6,305 |
$ 7,257 |
$ 6,746 |
$ 5,066 |
$ 16,560 |
BASIC EARNINGS PER
SHARE |
$ 0.37 |
$ 0.42 |
$ 0.39 |
$ 0.29 |
$ 0.96 |
DILUTED EARNINGS PER
SHARE |
$ 0.37 |
$ 0.42 |
$ 0.39 |
$ 0.29 |
$ 0.96 |
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First
National Corporation |
SFNC |
Consolidated
Statements of Income - Year-to-Date |
For the Quarters
Ended |
Dec 31 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
(Unaudited) |
2011 |
2011 |
2011 |
2011 |
2010 |
(in thousands, except
per share data) |
INTEREST
INCOME |
|
|
|
|
|
Loans |
$ 95,713 |
$ 72,343 |
$ 47,977 |
$ 24,094 |
$ 106,062 |
Covered loans |
17,118 |
12,605 |
8,688 |
4,341 |
4,204 |
Federal funds
sold |
6 |
5 |
2 |
1 |
15 |
Investment
securities |
14,583 |
11,015 |
7,476 |
3,705 |
17,208 |
Mortgage loans held for
sale |
503 |
305 |
175 |
88 |
715 |
Assets held in trading
accounts |
33 |
26 |
18 |
9 |
30 |
Interest bearing balances
due from banks |
1,100 |
776 |
533 |
235 |
721 |
TOTAL INTEREST
INCOME |
129,056 |
97,075 |
64,869 |
32,473 |
128,955 |
INTEREST
EXPENSE |
|
|
|
|
|
Time deposits |
11,314 |
8,737 |
5,999 |
3,134 |
14,310 |
Other deposits |
3,611 |
2,832 |
1,976 |
1,042 |
5,227 |
Federal funds purchased
and securities sold under agreements to repurchase |
450 |
332 |
219 |
116 |
532 |
Short-term
debt |
51 |
37 |
24 |
12 |
58 |
Long-term debt |
4,970 |
3,774 |
2,567 |
1,335 |
6,879 |
TOTAL INTEREST
EXPENSE |
20,396 |
15,712 |
10,785 |
5,639 |
27,006 |
NET INTEREST
INCOME |
108,660 |
81,363 |
54,084 |
26,834 |
101,949 |
Provision for loan
losses |
11,676 |
8,845 |
6,003 |
2,675 |
14,129 |
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES |
96,984 |
72,518 |
48,081 |
24,159 |
87,820 |
NON-INTEREST
INCOME |
|
|
|
|
|
Trust income |
5,375 |
3,959 |
2,589 |
1,346 |
5,179 |
Service charges on
deposit accounts |
16,808 |
12,519 |
8,069 |
3,857 |
17,700 |
Other service charges and
fees |
2,980 |
2,281 |
1,586 |
806 |
2,812 |
Income on sale of
mortgage loans, net of commissions |
4,188 |
2,724 |
1,475 |
626 |
4,810 |
Income on investment
banking, net of commissions |
1,478 |
1,184 |
981 |
600 |
2,236 |
Credit card
fees |
16,828 |
12,510 |
8,207 |
3,943 |
16,140 |
Premiums on sale of
student loans |
-- |
-- |
-- |
-- |
2,524 |
Bank owned life insurance
income |
1,481 |
1,078 |
817 |
403 |
1,670 |
Gain on sale of
securities |
-- |
-- |
-- |
-- |
317 |
Gain on FDIC-assisted
transactions |
-- |
-- |
-- |
-- |
21,314 |
Other income |
4,422 |
4,463 |
3,272 |
1,051 |
3,229 |
TOTAL NON-INTEREST
INCOME |
53,560 |
40,718 |
26,996 |
12,632 |
77,931 |
NON-INTEREST
EXPENSE |
|
|
|
|
|
Salaries and employee
benefits |
65,058 |
49,085 |
33,552 |
17,116 |
60,731 |
Occupancy expense,
net |
8,443 |
6,513 |
4,289 |
2,189 |
7,808 |
Furniture and equipment
expense |
6,633 |
4,912 |
3,149 |
1,589 |
6,093 |
Other real estate and
foreclosure expense |
678 |
532 |
317 |
94 |
974 |
Deposit
insurance |
2,387 |
2,092 |
1,881 |
1,039 |
3,813 |
Merger related
costs |
357 |
357 |
357 |
190 |
2,611 |
Other operating
expenses |
31,189 |
22,809 |
15,122 |
7,758 |
29,290 |
TOTAL NON-INTEREST
EXPENSE |
114,745 |
86,300 |
58,667 |
29,975 |
111,320 |
NET INCOME BEFORE INCOME
TAXES |
35,799 |
26,936 |
16,410 |
6,816 |
54,431 |
Provision for income
taxes |
10,425 |
7,867 |
4,598 |
1,750 |
17,314 |
NET INCOME |
$ 25,374 |
$ 19,069 |
$ 11,812 |
$ 5,066 |
$ 37,117 |
BASIC EARNINGS PER
SHARE |
$ 1.47 |
$ 1.10 |
$ 0.68 |
$ 0.29 |
$ 2.16 |
DILUTED EARNINGS PER
SHARE |
$ 1.47 |
$ 1.10 |
$ 0.68 |
$ 0.29 |
$ 2.15 |
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First
National Corporation |
SFNC |
Consolidated
Risk-Based Capital |
For the Quarters
Ended |
Dec 31 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
(Unaudited) |
2011 |
2011 |
2011 |
2011 |
2010 |
(in
thousands) |
Tier 1
capital |
|
|
|
|
|
Stockholders'
equity |
$ 407,911 |
$ 407,659 |
$ 403,860 |
$ 399,547 |
$ 397,371 |
Trust preferred
securities, net allowable |
30,000 |
30,000 |
30,000 |
30,000 |
30,000 |
Disallowed intangible
assets, net of deferred tax |
(47,889) |
(48,403) |
(48,923) |
(49,447) |
(49,953) |
Unrealized gain on AFS
securities |
(439) |
(630) |
(691) |
(417) |
(512) |
|
|
|
|
|
|
Total Tier 1
capital |
389,583 |
388,626 |
384,246 |
379,683 |
376,906 |
|
|
|
|
|
|
Tier 2
capital |
|
|
|
|
|
Qualifying unrealized
gain on AFS equity securities |
9 |
6 |
17 |
14 |
7 |
Qualifying allowance for
loan losses |
22,682 |
23,337 |
22,825 |
22,700 |
23,553 |
|
|
|
|
|
|
Total Tier 2
capital |
22,691 |
23,343 |
22,842 |
22,714 |
23,560 |
|
|
|
|
|
|
Total risk-based
capital |
$ 412,274 |
$ 411,969 |
$ 407,088 |
$ 402,397 |
$ 400,466 |
|
|
|
|
|
|
Risk weighted assets |
$ 1,805,585 |
$ 1,859,657 |
$ 1,819,494 |
$ 1,809,241 |
$ 1,879,832 |
|
|
|
|
|
|
Adjusted average assets for leverage
ratio |
$ 3,284,379 |
$ 3,210,283 |
$ 3,211,310 |
$ 3,234,262 |
$ 3,327,825 |
|
|
|
|
|
|
Ratios at end of
quarter |
|
|
|
|
|
Equity to
assets |
12.29% |
12.38% |
12.38% |
12.22% |
11.98% |
Tangible common equity to
tangible assets |
10.61% |
10.69% |
10.66% |
10.50% |
10.28% |
Tier 1 leverage
ratio |
11.86% |
12.11% |
11.97% |
11.74% |
11.33% |
Tier 1 risk-based capital
ratio |
21.58% |
20.90% |
21.12% |
20.99% |
20.05% |
Total risk-based capital
ratio |
22.83% |
22.15% |
22.37% |
22.24% |
21.30% |
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First
National Corporation |
SFNC |
Consolidated Loans
and Investments |
For the Quarters
Ended |
Dec 31 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
(Unaudited) |
2011 |
2011 |
2011 |
2011 |
2010 |
(in
thousands) |
Loan Portfolio - End
of Period (1) |
|
|
|
|
|
Consumer |
|
|
|
|
|
Credit cards |
$ 189,970 |
$ 182,886 |
$ 181,216 |
$ 176,544 |
$ 190,329 |
Student loans |
47,419 |
50,620 |
53,574 |
57,181 |
61,305 |
Other consumer |
109,211 |
112,947 |
107,411 |
110,954 |
118,581 |
Total consumer |
346,600 |
346,453 |
342,201 |
344,679 |
370,215 |
Real Estate |
|
|
|
|
|
Construction |
109,825 |
113,317 |
139,217 |
142,261 |
153,772 |
Single-family
residential |
355,094 |
353,917 |
355,566 |
358,152 |
364,442 |
Other
commercial |
536,372 |
550,410 |
540,011 |
546,659 |
548,360 |
Total real
estate |
1,001,291 |
1,017,644 |
1,034,794 |
1,047,072 |
1,066,574 |
Commercial |
|
|
|
|
|
Commercial |
141,422 |
138,724 |
142,897 |
144,298 |
150,501 |
Agricultural |
85,728 |
123,873 |
104,526 |
72,205 |
86,171 |
Total
commercial |
227,150 |
262,597 |
247,423 |
216,503 |
236,672 |
Other |
4,728 |
4,847 |
9,242 |
11,120 |
10,004 |
Total Loans |
$ 1,579,769 |
$ 1,631,541 |
$ 1,633,660 |
$ 1,619,374 |
$ 1,683,465 |
|
|
|
|
|
|
(1) Excludes
loans covered by FDIC loss share agreements. |
|
|
|
|
|
|
Investment Securities
- End of Period |
|
|
|
|
|
Held-to-Maturity |
|
|
|
|
|
U.S. Treasury |
$ 4,000 |
$ 4,000 |
$ 4,000 |
$ 4,000 |
$ 4,000 |
U.S. Government
agencies |
308,779 |
291,795 |
190,294 |
289,844 |
249,844 |
Mortgage-backed
securities |
62 |
67 |
70 |
75 |
78 |
State and political
subdivisions |
211,673 |
207,510 |
211,071 |
206,896 |
210,331 |
Other
securities |
930 |
930 |
930 |
930 |
930 |
Total
held-to-maturity |
525,444 |
504,302 |
406,365 |
501,745 |
465,183 |
Available-for-Sale |
|
|
|
|
|
U.S. Government
agencies |
153,627 |
121,939 |
157,836 |
97,830 |
125,469 |
Mortgage-backed
securities |
2,557 |
2,624 |
2,664 |
2,657 |
2,789 |
FHLB stock |
6,237 |
6,231 |
8,604 |
9,604 |
11,508 |
Other
securities |
9,791 |
9,785 |
9,749 |
9,756 |
8,713 |
Total
available-for-sale |
172,212 |
140,579 |
178,853 |
119,847 |
148,479 |
Total investment
securities |
$ 697,656 |
$ 644,881 |
$ 585,218 |
$ 621,592 |
$ 613,662 |
Fair value - HTM
investment securities |
$ 532,206 |
$ 511,617 |
$ 411,531 |
$ 505,150 |
$ 466,907 |
|
|
|
|
|
|
Investment Securities
- QTD Average |
|
|
|
|
|
Taxable
securities |
$ 466,369 |
$ 418,179 |
$ 415,101 |
$ 405,257 |
$ 435,839 |
Tax exempt
securities |
208,803 |
207,240 |
207,717 |
207,956 |
207,123 |
Total investment
securities - QTD average |
$ 675,172 |
$ 625,419 |
$ 622,818 |
$ 613,213 |
$ 642,962 |
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First
National Corporation |
SFNC |
Consolidated
Allowance and Asset Quality |
For the Quarters
Ended |
Dec 31 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
(Unaudited) |
2011 |
2011 |
2011 |
2011 |
2010 |
(in
thousands) |
Allowance for Loan
Losses |
|
|
|
|
|
Balance, beginning of
quarter |
$ 29,151 |
$ 27,796 |
$ 27,905 |
$ 26,416 |
$ 25,682 |
Loans charged
off |
|
|
|
|
|
Credit cards |
1,262 |
1,140 |
1,145 |
1,156 |
1,218 |
Other consumer |
530 |
450 |
621 |
289 |
560 |
Real estate |
885 |
255 |
1,682 |
343 |
1,361 |
Commercial |
226 |
345 |
745 |
95 |
567 |
Total loans charged
off |
2,903 |
2,190 |
4,193 |
1,883 |
3,706 |
|
|
|
|
|
|
Recoveries of loans
previously charged off |
|
|
|
|
|
Credit cards |
244 |
261 |
237 |
237 |
225 |
Other consumer |
100 |
219 |
131 |
154 |
128 |
Real estate |
436 |
151 |
147 |
247 |
275 |
Commercial |
249 |
72 |
241 |
59 |
79 |
Total
recoveries |
1,029 |
703 |
756 |
697 |
707 |
Net loans charged
off |
1,874 |
1,487 |
3,437 |
1,186 |
2,999 |
Provision for loan
losses |
2,831 |
2,842 |
3,328 |
2,675 |
3,733 |
Balance, end of
quarter |
$ 30,108 |
$ 29,151 |
$ 27,796 |
$ 27,905 |
$ 26,416 |
|
|
|
|
|
|
Non-performing assets
(1) |
|
|
|
|
|
Non-performing
loans |
|
|
|
|
|
Nonaccrual
loans |
|
|
|
|
|
Real estate |
$ 10,315 |
$ 12,810 |
$ 11,823 |
$ 12,872 |
$ 8,345 |
Commercial |
1,253 |
1,177 |
1,583 |
1,173 |
1,314 |
Consumer |
1,339 |
1,356 |
1,400 |
1,546 |
1,527 |
Total nonaccrual
loans |
12,907 |
15,343 |
14,806 |
15,591 |
11,186 |
Loans past due 90 days or
more |
|
|
|
|
|
Government guaranteed
student loans |
2,483 |
2,496 |
3,113 |
2,627 |
1,736 |
Other loans |
785 |
777 |
721 |
1,117 |
969 |
Total loans past due 90
days or more |
3,268 |
3,273 |
3,834 |
3,744 |
2,705 |
Total non-performing
loans |
16,175 |
18,616 |
18,640 |
19,335 |
13,891 |
Other non-performing
assets |
|
|
|
|
|
Foreclosed assets held
for sale |
22,887 |
22,159 |
22,441 |
23,686 |
23,204 |
Other non-performing
assets |
-- |
191 |
235 |
246 |
109 |
Total other
non-performing assets |
22,887 |
22,350 |
22,676 |
23,932 |
23,313 |
Total non-performing
assets |
$ 39,062 |
$ 40,966 |
$ 41,316 |
$ 43,267 |
$ 37,204 |
Performing TDRs (troubled
debt restructurings) |
$ 11,391 |
$ 10,393 |
$ 10,298 |
$ 10,653 |
$ 19,426 |
|
|
|
|
|
|
Ratios
(1) |
|
|
|
|
|
Allowance for loan losses
to total loans |
1.91% |
1.79% |
1.70% |
1.72% |
1.57% |
Allowance for loan losses
to non-performing loans |
186.14% |
156.59% |
149.12% |
144.32% |
190.17% |
Non-performing loans to
total loans |
1.02% |
1.14% |
1.14% |
1.19% |
0.83% |
Non-performing assets
(including performing TDRs) to total assets |
1.52% |
1.56% |
1.58% |
1.65% |
1.71% |
Non-performing assets to
total assets |
1.18% |
1.24% |
1.27% |
1.32% |
1.12% |
Non-performing assets to
total assets (excluding Gov't guaranteed student loans) |
1.10% |
1.17% |
1.17% |
1.24% |
1.07% |
Annualized net charge
offs to total loans |
0.47% |
0.36% |
0.85% |
0.29% |
0.70% |
Annualized net credit
card charge offs to total credit card loans |
2.20% |
1.94% |
2.08% |
2.06% |
2.14% |
Annualized net charge
offs to total loans (excluding credit cards) |
0.24% |
0.17% |
0.70% |
0.07% |
0.52% |
Past due loans >30
days (excluding nonaccrual) |
0.82% |
0.71% |
0.87% |
1.41% |
0.95% |
Past due loans >30
days (excluding nonaccrual) (excluding Gov't guaranteed
student loans) |
0.56% |
0.46% |
0.60% |
1.13% |
0.79% |
|
|
|
|
|
|
(1) Excludes
assets covered by FDIC loss share agreements, except for their
inclusion in total assets. |
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First
National Corporation |
SFNC |
Consolidated - Net
Interest Income Analysis |
For the Quarters
Ended |
Dec 31 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
(Unaudited) |
2011 |
2011 |
2011 |
2011 |
2010 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Earning Assets |
|
|
|
|
|
Interest bearing balances
due from banks |
0.24% |
0.21% |
0.25% |
0.21% |
0.23% |
Federal funds sold |
0.51% |
0.52% |
0.72% |
0.70% |
0.99% |
Investment
securities |
2.81% |
3.02% |
3.23% |
3.27% |
3.24% |
Mortgage loans held for
sale |
3.92% |
4.12% |
4.47% |
4.79% |
4.08% |
Assets held in trading
accounts |
0.38% |
0.43% |
0.48% |
0.48% |
0.52% |
Loans, including covered
loans (1) |
6.29% |
6.16% |
6.22% |
6.23% |
5.84% |
Total interest earning
assets |
4.38% |
4.53% |
4.60% |
4.64% |
4.52% |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing liabilities |
|
|
|
|
|
Interest bearing
transaction and savings accounts |
0.25% |
0.28% |
0.31% |
0.35% |
0.37% |
Time deposits |
1.14% |
1.20% |
1.26% |
1.35% |
1.41% |
Total interest bearing
deposits |
0.63% |
0.68% |
0.71% |
0.79% |
0.83% |
Federal funds purchased
and securities sold under agreement to repurchase |
0.43% |
0.48% |
0.42% |
0.41% |
0.48% |
Other borrowings |
3.92% |
3.91% |
3.95% |
3.89% |
5.34% |
Total interest bearing
liabilities |
0.79% |
0.84% |
0.87% |
0.95% |
1.12% |
|
|
|
|
|
|
NET INTEREST
MARGIN/SPREAD |
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
3.59% |
3.69% |
3.73% |
3.69% |
3.40% |
Net interest margin -
quarter-to-date |
3.76% |
3.86% |
3.90% |
3.87% |
3.60% |
Net interest margin -
year-to-date |
3.85% |
3.87% |
3.88% |
3.87% |
3.78% |
|
|
|
|
|
|
(1) Covered loans are loans
covered by FDIC loss share agreements. |
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First
National Corporation |
SFNC |
Consolidated -
Selected Financial Data |
For the Quarters
Ended |
Dec 31 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
(Unaudited) |
2011 |
2011 |
2011 |
2011 |
2010 |
(in thousands, except
share data) |
QUARTER-TO-DATE |
|
|
|
|
|
Diluted earnings per
share |
$ 0.37 |
$ 0.42 |
$ 0.39 |
$ 0.29 |
$ 0.96 |
Core earnings (excludes
nonrecurring items) (non-GAAP) |
6,305 |
7,257 |
6,245 |
5,181 |
6,856 |
Diluted core earnings per
share (non-GAAP) |
0.37 |
0.42 |
0.36 |
0.30 |
0.40 |
Cash dividends declared
per common share |
0.19 |
0.19 |
0.19 |
0.19 |
0.19 |
Cash dividends declared -
amount |
3,271 |
3,296 |
3,297 |
3,292 |
3,282 |
Return on average
stockholders' equity |
6.10% |
7.05% |
6.69% |
5.12% |
16.68% |
Return on tangible
equity |
7.34% |
8.47% |
8.08% |
6.24% |
19.97% |
Return on average
assets |
0.75% |
0.88% |
0.83% |
0.63% |
1.94% |
Net interest margin
(FTE) |
3.76% |
3.86% |
3.90% |
3.87% |
3.60% |
FTE adjustment -
investments |
1,219 |
1,221 |
1,241 |
1,239 |
1,216 |
FTE adjustment -
loans |
12 |
12 |
13 |
13 |
14 |
Amortization of
intangibles |
214 |
222 |
224 |
224 |
211 |
Amortization of
intangibles, net of taxes |
130 |
135 |
136 |
136 |
128 |
Average shares
outstanding |
17,250,718 |
17,348,460 |
17,342,165 |
17,296,684 |
17,255,366 |
Average earning
assets |
3,008,249 |
2,931,339 |
2,931,602 |
2,945,951 |
3,034,347 |
Average interest bearing
liabilities |
2,356,044 |
2,320,499 |
2,359,154 |
2,412,417 |
2,501,967 |
|
|
|
|
|
|
YEAR-TO-DATE |
|
|
|
|
|
Diluted earnings per
share |
$ 1.47 |
$ 1.10 |
$ 0.68 |
$ 0.29 |
$ 2.15 |
Core earnings (excludes
nonrecurring items) (non-GAAP) |
24,988 |
18,683 |
11,426 |
5,181 |
26,041 |
Diluted core earnings per
share (non-GAAP) |
1.45 |
1.08 |
0.66 |
0.30 |
1.51 |
Cash dividends declared
per common share |
0.76 |
0.57 |
0.38 |
0.19 |
0.76 |
Cash dividends declared -
amount |
13,156 |
9,885 |
6,589 |
3,292 |
13,091 |
Return on average
stockholders' equity |
6.25% |
6.30% |
5.91% |
5.12% |
9.69% |
Return on tangible
equity |
7.54% |
7.61% |
7.17% |
6.24% |
11.71% |
Return on average
assets |
0.77% |
0.78% |
0.73% |
0.63% |
1.18% |
Net interest margin
(FTE) |
3.85% |
3.87% |
3.88% |
3.87% |
3.78% |
FTE adjustment -
investments |
4,920 |
3,701 |
2,480 |
1,239 |
4,954 |
FTE adjustment -
loans |
50 |
38 |
26 |
13 |
58 |
Amortization of
intangibles |
884 |
670 |
448 |
224 |
786 |
Amortization of
intangibles, net of taxes |
537 |
407 |
272 |
136 |
483 |
Average shares
outstanding |
17,309,488 |
17,329,293 |
17,319,550 |
17,296,684 |
17,204,200 |
Average diluted shares
outstanding |
17,317,850 |
17,338,676 |
17,352,606 |
17,329,740 |
17,264,900 |
Average earning
assets |
2,954,285 |
2,936,297 |
2,938,777 |
2,945,951 |
2,826,718 |
Average interest bearing
liabilities |
2,362,028 |
2,364,023 |
2,385,787 |
2,412,417 |
2,340,838 |
|
|
|
|
|
|
END OF
PERIOD |
|
|
|
|
|
Book value per
share |
$ 23.70 |
$ 23.52 |
$ 23.28 |
$ 23.06 |
$ 23.01 |
Tangible book value per
share |
20.09 |
19.92 |
19.67 |
19.43 |
19.36 |
Shares
outstanding |
17,212,317 |
17,329,775 |
17,348,775 |
17,327,601 |
17,271,594 |
Full-time equivalent
employees |
1,083 |
1,070 |
1,095 |
1,082 |
1,075 |
Total number of
ATM's |
102 |
102 |
102 |
103 |
103 |
Total number of financial
centers |
84 |
84 |
84 |
85 |
85 |
Parent company only -
investment in subsidiaries |
381,236 |
379,331 |
375,686 |
372,773 |
370,402 |
Parent company only -
intangible assets |
133 |
133 |
133 |
133 |
133 |
|
|
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|
|
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|
Simmons First
National Corporation |
SFNC |
Consolidated -
Reconciliation of Core Earnings (non-GAAP) |
For the Quarters
Ended |
Dec 31 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
(Unaudited) |
2011 |
2011 |
2011 |
2011 |
2010 |
(in thousands, except
per share data) |
QUARTER-TO-DATE |
|
|
|
|
|
Net Income |
$ 6,305 |
$ 7,257 |
$ 6,746 |
$ 5,066 |
$ 16,560 |
Nonrecurring
items |
|
|
|
|
|
Gain on sale of MasterCard
stock (1) |
-- |
-- |
(1,132) |
-- |
-- |
Gain on FDIC-assisted
transactions |
-- |
-- |
-- |
-- |
(18,277) |
Merger related costs |
-- |
-- |
167 |
190 |
2,034 |
Gains from sale of securities
(2) |
-- |
-- |
-- |
-- |
(318) |
FHLB prepayment penalties
(3) |
-- |
-- |
-- |
-- |
594 |
Branch right sizing |
-- |
-- |
141 |
-- |
-- |
Tax effect (4) |
-- |
-- |
323 |
(75) |
6,263 |
Net nonrecurring
items |
-- |
-- |
(501) |
115 |
(9,704) |
Core earnings
(non-GAAP) |
$ 6,305 |
$ 7,257 |
$ 6,245 |
$ 5,181 |
$ 6,856 |
|
|
|
|
|
|
Diluted earnings per
share |
$ 0.37 |
$ 0.42 |
$ 0.39 |
$ 0.29 |
$ 0.96 |
Nonrecurring
items |
|
|
|
|
|
Gain on sale of MasterCard
stock (1) |
-- |
-- |
(0.07) |
-- |
-- |
Gain on FDIC-assisted
transactions |
-- |
-- |
-- |
-- |
(1.05) |
Merger related costs |
-- |
-- |
0.01 |
0.01 |
0.12 |
Gains from sale of securities
(2) |
-- |
-- |
-- |
-- |
(0.02) |
FHLB prepayment penalties
(3) |
-- |
-- |
-- |
-- |
0.03 |
Branch right sizing |
-- |
-- |
0.01 |
-- |
-- |
Tax effect (4) |
-- |
-- |
0.02 |
-- |
0.36 |
Net nonrecurring
items |
-- |
-- |
(0.03) |
0.01 |
(0.56) |
Diluted core earnings per
share (non-GAAP) |
$ 0.37 |
$ 0.42 |
$ 0.36 |
$ 0.30 |
$ 0.40 |
|
|
|
|
|
|
YEAR-TO-DATE |
|
|
|
|
|
Net Income |
$ 25,374 |
$ 19,069 |
$ 11,812 |
$ 5,066 |
$ 37,117 |
Nonrecurring
items |
|
|
|
|
|
Gain on sale of MasterCard
stock (1) |
(1,132) |
(1,132) |
(1,132) |
-- |
-- |
Gain on FDIC-assisted
transactions |
-- |
-- |
-- |
-- |
(21,314) |
Merger related costs |
357 |
357 |
357 |
190 |
2,611 |
Gains from sale of securities
(2) |
-- |
-- |
-- |
-- |
(318) |
FHLB prepayment penalties
(3) |
-- |
-- |
-- |
-- |
594 |
Branch right sizing |
141 |
141 |
141 |
-- |
372 |
Tax effect (4) |
248 |
248 |
248 |
(75) |
6,979 |
Net nonrecurring
items |
(386) |
(386) |
(386) |
115 |
(11,076) |
Core earnings
(non-GAAP) |
$ 24,988 |
$ 18,683 |
$ 11,426 |
$ 5,181 |
$ 26,041 |
|
|
|
|
|
|
Diluted earnings per
share |
$ 1.47 |
$ 1.10 |
$ 0.68 |
$ 0.29 |
$ 2.15 |
Nonrecurring
items |
|
|
|
|
|
Gain on sale of MasterCard
stock (1) |
(0.07) |
(0.07) |
(0.07) |
-- |
-- |
Gain on FDIC-assisted
transactions |
-- |
-- |
-- |
-- |
(1.23) |
Merger related costs |
0.02 |
0.02 |
0.02 |
0.01 |
0.15 |
Gains from sale of securities
(2) |
-- |
-- |
-- |
-- |
(0.02) |
FHLB prepayment penalties
(3) |
-- |
-- |
-- |
-- |
0.03 |
Branch right sizing |
0.01 |
0.01 |
0.01 |
-- |
0.02 |
Tax effect (4) |
0.02 |
0.02 |
0.02 |
-- |
0.41 |
Net nonrecurring
items |
(0.02) |
(0.02) |
(0.02) |
0.01 |
(0.64) |
Diluted core earnings per
share (non-GAAP) |
$ 1.45 |
$ 1.08 |
$ 0.66 |
$ 0.30 |
$ 1.51 |
|
|
|
|
|
|
(1) Gain from
liquidation of Class B shares received as part of MasterCard's 2006
IPO. |
(2) Gains
from sale of securities marked for sale at time of FDIC-assisted
transaction. |
(3) Penalties
for prepayment of FHLB advances marked for sale at time of
FDIC-assisted transaction. |
(4) Effective
tax rate of 39.225%; 2010 adjusted for additional fair value
deduction related to donation of closed branch. |
CONTACT: DAVID W. GARNER
Senior Vice President and Investor Relations Officer
Simmons First National Corporation
(870) 541-1000
Grafico Azioni Simmons First National (NASDAQ:SFNC)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Simmons First National (NASDAQ:SFNC)
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Da Ott 2023 a Ott 2024