Simmons First National Corporation (Nasdaq:SFNC) today announced
record core earnings of $11.4 million for the fourth quarter of
2014, an increase of $3.6 million, or 47%, compared to the same
quarter last year. Diluted core earnings per share were $0.64, an
increase of $0.16. Core earnings exclude $1.2 million in net
after-tax earnings. Adjusted for the non-core items, net income was
$12.6 million for the fourth quarter of 2014, an increase of $8.9
million, or 234%, compared to the same quarter last year.
Year-to-date core earnings were $38.7 million, an
increase of $11.1 million, or 40%, compared to 2013. Year-to-date
diluted core earnings per share were $2.29, an increase of $0.60,
or 36%. Year-to-date net income was $35.7 million, an increase of
$12.5 million, or 54%, compared to 2013. Year-to-date diluted
earnings per share were $2.11, an increase of $0.69, or 49%.
"We are pleased with our ability to integrate our
acquisitions and continue to make good progress with our efficiency
initiatives, both in revenue enhancement and in expense control,"
commented George A. Makris, Jr., Chairman and CEO.
Loans
Total loans, including those acquired, were $2.7
billion at December 31, 2014, an increase of $333 million, or
13.8%, compared to the same period in 2013. Legacy loans (all loans
excluding acquired loans) grew $311 million, or 17.9%. Acquired
loans increased by $22 million, net of discounts.
Deposits
At December 31, 2014, total deposits were $3.9
billion, an increase of $163 million, or 4.4%, compared to the same
period in 2013. Total non-time deposits totaled $2.9 billion, or
75% of total deposits.
Net Interest Income
The Company's net interest income for the fourth
quarter of 2014 was $47.4 million, an increase of $7.8 million, or
19.6%, from the same period of 2013. This increase was driven by
growth in the legacy loan portfolio and earning assets acquired
through the Metropolitan and Delta Trust transactions. Net interest
margin was 4.65% for the quarter ended December 31, 2014, a 5 basis
point decline from the same quarter of 2013. Included in interest
income for both periods was the additional yield accretion
recognized as a result of updated estimates of the cash flows of
the acquired loans. Each quarter, the Company estimates the cash
flows expected to be collected from the acquired loans, and
adjustments may or may not be required. The cash flows estimate has
increased based on payment histories and reduced loss expectations
of the loans. This resulted in increased interest income recognized
during the quarter on certain loans and interest income that is
spread on a level-yield basis over the remaining expected lives of
loan pools. The increases in expected cash flows also reduce the
amount of expected reimbursements under the loss sharing agreements
with the FDIC, which are recorded as indemnification assets.
The impact of the adjustments on the Company's
financial results for the current reporting period is shown
below:
|
Three Months Ended |
Twelve Months Ended |
(In thousands) |
December 31 |
December 31 |
|
2014 |
2013 |
2014 |
2013 |
Impact on net interest income |
$ 8,185 |
$ 8,802 |
$ 26,400 |
$ 18,905 |
Non-interest income |
(2,971) |
(8,371) |
(20,540) |
(18,106) |
Net impact to pre-tax income |
$ 5,214 |
$ 431 |
$ 5,860 |
$ 799 |
Because these adjustments will be recognized over the remaining
lives of the loans 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 $17.0 million
and the remaining adjustment to the indemnification assets that
will reduce non-interest income is $10.6 million. Of the remaining
adjustments, we expect to recognize $9.1 million of interest income
and a $7.9 million reduction of non-interest income, for a net
increase to pre-tax income of approximately $1.2 million
during 2015. The accretable yield adjustments recorded in future
periods will change as the Company continues to evaluate expected
cash flows from the acquired loans.
Non-Interest Income
Non-interest income for the fourth quarter was
$21.5 million, an increase of $13.8 million compared to the fourth
quarter of 2013. Losses on FDIC covered assets decreased $5.0
million primarily due to lower indemnification asset amortization.
Included in non-interest income were $4.6 million in gains from the
sale of branch facilities that were closed as part the integration
of Metropolitan. The remaining increase in non-interest income was
primarily due to additional trust income, service charge and fee
income and mortgage lending income resulting from a full quarter
impact of the Metropolitan and Delta Trust acquisitions.
Non-Interest Expense
Non-interest expense for the fourth quarter of 2014
was $47.0 million, an increase of $5.3 million compared to the same
period in 2013. Included in the quarter were $1.2 million of
various merger related costs for the Company's acquisition of Delta
Trust. During the fourth quarter of 2013, the Company recorded
$6.4 million in merger related costs for acquisition of
Metropolitan, resulting in a decrease in merger related expenses of
$5.2 million. The Company recorded $2.5 million during the quarter
for one-time compensation related accruals and change-in-control
payments. The Company also funded an endowment for the Simmons
First Foundation with a $1.0 million contribution. OREO
write-downs resulted in an $833 increase in expense compared to the
previous year. The remaining increase in non-interest expense
was primarily due to incremental operating expenses of the acquired
Metropolitan and Delta Trust locations.
Asset Quality
Beginning in 2010, the Company has 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 covered loans and OREO. The
acquired loans and OREO and any related FDIC loss share
indemnification asset were presented in the Company's financial
reports with a carrying value equal to the discounted net present
value of expected future proceeds. At December 31, 2014, acquired
loans covered by loss share were carried at $107 million, OREO
covered by loss share was carried at $12 million and the FDIC loss
share indemnification asset was carried at $23 million. Acquired
loans and OREO not covered by loss share were carried at $576
million and $33 million, respectively. As a result of using
the discounted net present value method of valuing these assets,
and due to the significant protection against possible losses
provided by the FDIC loss share indemnification, all acquired
assets, with the exception of OREO not covered by loss share, are
excluded from the computations of the asset quality ratios for the
legacy loan portfolio, except for their inclusion in total
assets.
"It is important to remember that the acquired non-covered loans
are protected by a credit mark and the acquired covered loans are
protected by a credit mark and 80% loss coverage by the FDIC,"
explained Makris. "At December 31, 2014, the allowance for loan
losses was $29.0 million on legacy loans and $1.0 million on
covered loans, and the loan credit mark was $77.2 million, for a
total of $107.2 million of coverage. This equates to a total
coverage ratio of 3.8% of gross loans. The ratio of credit mark and
related allowance to acquired loans was 10.3%." The Company's
allowance for loan losses at December 31, 2014, was 1.41% of total
loans and 223% of non-performing loans. Non-performing loans as a
percent of total loans were 0.63%. Non-performing assets decreased
$4.8 million from the previous quarter to $58.0 million. For 2014,
the year-to-date net charge-off ratio, excluding credit cards, was
0.20%, and the year-to-date credit card charge-off ratio was
1.27%.
Capital
At December 31, 2014, stockholders' equity was $494
million, book value per share was $27.38 and tangible book value
per share was $20.15. The Company's ratio of stockholders' equity
to total assets was 10.7% and its ratio of tangible common equity
to tangible assets was 8.1%.
Simmons First National
Corporation
Simmons First National Corporation is an Arkansas
based financial holding company with total assets of
$4.6 billion and conducting financial operations throughout
Arkansas, Kansas and Missouri. The Company's common stock trades on
the NASDAQ Global Select Market under the symbol "SFNC".
Conference Call
Management will conduct a conference call to review
this information beginning at 3:00 p.m. Central Time on Thursday,
January 22, 2015. 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 61558218. 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 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 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) |
2014 |
2014 |
2014 |
2014 |
2013 |
(in thousands) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
Cash and non-interest bearing balances due
from banks |
$ 54,347 |
$ 73,554 |
$ 44,805 |
$ 48,018 |
$ 69,827 |
Interest bearing balances due from
banks |
281,562 |
210,742 |
377,855 |
474,118 |
469,553 |
Federal funds sold |
-- |
10,000 |
-- |
-- |
-- |
Cash and cash equivalents |
335,909 |
294,296 |
422,660 |
522,136 |
539,380 |
Investment securities -
held-to-maturity |
777,587 |
822,730 |
799,963 |
776,615 |
745,688 |
Investment securities -
available-for-sale |
305,283 |
317,473 |
270,336 |
264,974 |
212,277 |
Mortgage loans held for sale |
21,265 |
22,003 |
20,409 |
16,717 |
9,494 |
Assets held in trading accounts |
6,987 |
6,819 |
6,881 |
6,865 |
8,978 |
Loans: |
|
|
|
|
|
Legacy loans |
2,053,721 |
1,963,378 |
1,868,842 |
1,779,609 |
1,742,638 |
Allowance for loan losses |
(29,028) |
(27,076) |
(27,530) |
(26,983) |
(27,442) |
Loans acquired, not covered by FDIC loss
share |
|
|
|
|
|
(net of discount) |
575,980 |
676,056 |
398,967 |
450,289 |
515,644 |
Loans acquired, covered by FDIC loss
share |
|
|
|
|
|
(net of discount and
allowance) |
106,933 |
118,158 |
121,524 |
137,879 |
146,653 |
Net loans |
2,707,606 |
2,730,516 |
2,361,803 |
2,340,794 |
2,377,493 |
FDIC indemnification asset |
22,663 |
25,694 |
30,508 |
39,239 |
48,791 |
Premises and equipment |
122,966 |
115,639 |
113,541 |
111,888 |
119,614 |
Premises held for sale |
6,126 |
15,856 |
14,145 |
23,779 |
19,466 |
Foreclosed assets not covered by FDIC loss
share |
44,856 |
50,770 |
53,342 |
57,476 |
64,820 |
Foreclosed assets covered by FDIC loss
share |
11,793 |
15,212 |
16,951 |
18,171 |
20,585 |
Interest receivable |
16,774 |
18,006 |
14,254 |
15,102 |
15,654 |
Bank owned life insurance |
77,592 |
75,357 |
61,115 |
60,714 |
60,384 |
Goodwill |
108,095 |
108,095 |
78,529 |
78,529 |
78,906 |
Other intangible assets |
22,526 |
22,988 |
14,094 |
14,519 |
14,972 |
Other assets |
55,326 |
49,768 |
47,310 |
49,129 |
46,598 |
Total assets |
$ 4,643,354 |
$ 4,691,222 |
$ 4,325,841 |
$ 4,396,647 |
$ 4,383,100 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Non-interest bearing transaction
accounts |
$ 889,260 |
$ 884,064 |
$ 838,543 |
$ 838,050 |
$ 718,438 |
Interest bearing transaction accounts and
savings deposits |
2,006,271 |
1,984,422 |
1,784,040 |
1,793,330 |
1,862,618 |
Time deposits less than
$100,000 |
530,890 |
565,957 |
559,597 |
589,798 |
611,729 |
Time deposits greater than
$100,000 |
434,297 |
474,472 |
459,545 |
485,870 |
504,782 |
Total deposits |
3,860,718 |
3,908,915 |
3,641,725 |
3,707,048 |
3,697,567 |
Federal funds purchased and securities
sold under agreements to repurchase |
110,586 |
112,977 |
98,226 |
104,643 |
107,887 |
Other borrowings |
114,682 |
123,396 |
115,602 |
116,970 |
117,090 |
Subordinated debentures |
20,620 |
20,620 |
20,620 |
20,620 |
20,620 |
Accrued interest and other
liabilities |
42,429 |
41,309 |
35,533 |
40,694 |
36,104 |
Total liabilities |
4,149,035 |
4,207,217 |
3,911,706 |
3,989,975 |
3,979,268 |
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
Common stock |
181 |
180 |
163 |
163 |
162 |
Surplus |
156,568 |
155,592 |
90,010 |
89,274 |
88,095 |
Undivided profits |
338,906 |
330,185 |
325,371 |
319,354 |
318,577 |
Accumulated other comprehensive
loss |
|
|
|
|
|
Unrealized depreciation on AFS
securities |
(1,336) |
(1,952) |
(1,409) |
(2,119) |
(3,002) |
Total stockholders' equity |
494,319 |
484,005 |
414,135 |
406,672 |
403,832 |
Total liabilities and stockholders'
equity |
$ 4,643,354 |
$ 4,691,222 |
$ 4,325,841 |
$ 4,396,647 |
$ 4,383,100 |
|
|
|
|
|
|
|
|
|
|
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) |
2014 |
2014 |
2014 |
2014 |
2013 |
(in thousands) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
Cash and non-interest bearing balances due
from banks |
$ 54,485 |
$ 50,980 |
$ 44,671 |
$ 68,770 |
$ 50,473 |
Interest bearing balances due from
banks |
299,054 |
288,258 |
456,931 |
507,936 |
428,551 |
Federal funds sold |
6,486 |
6,794 |
985 |
385 |
2,616 |
Cash and cash equivalents |
360,025 |
346,032 |
502,587 |
577,091 |
481,640 |
Investment securities -
held-to-maturity |
806,069 |
810,085 |
782,900 |
749,126 |
657,736 |
Investment securities -
available-for-sale |
318,879 |
300,927 |
265,194 |
223,203 |
220,292 |
Mortgage loans held for sale |
17,241 |
24,942 |
15,299 |
6,668 |
6,666 |
Assets held in trading accounts |
6,848 |
6,841 |
6,850 |
7,212 |
8,881 |
Loans: |
|
|
|
|
|
Legacy loans |
2,008,550 |
1,917,155 |
1,817,429 |
1,719,294 |
1,734,469 |
Allowance for loan losses |
(28,474) |
(27,470) |
(27,287) |
(27,771) |
(27,806) |
Loans acquired, not covered by FDIC loss
share |
|
|
|
|
|
(net of discount) |
620,505 |
481,658 |
418,515 |
505,031 |
261,577 |
Loans acquired, covered by FDIC loss
share |
|
|
|
|
|
(net of discount and
allowance) |
111,618 |
119,372 |
128,099 |
142,777 |
145,742 |
Net loans |
2,712,199 |
2,490,715 |
2,336,756 |
2,339,331 |
2,113,982 |
FDIC indemnification asset |
24,457 |
28,311 |
35,940 |
46,154 |
57,587 |
Premises and equipment |
117,018 |
115,577 |
112,994 |
119,626 |
87,310 |
Premises held for sale |
6,794 |
12,521 |
21,142 |
19,514 |
212 |
Foreclosed assets not covered by FDIC loss
share |
48,745 |
51,097 |
55,304 |
63,453 |
50,680 |
Foreclosed assets covered by FDIC loss
share |
13,964 |
16,073 |
18,330 |
19,901 |
22,529 |
Interest receivable |
17,738 |
15,743 |
15,076 |
14,882 |
15,707 |
Bank owned life insurance |
76,578 |
63,798 |
60,895 |
60,552 |
60,209 |
Goodwill |
109,837 |
88,590 |
78,529 |
78,901 |
60,804 |
Other intangible assets |
17,748 |
15,321 |
14,299 |
14,765 |
5,526 |
Other assets |
50,566 |
52,234 |
48,583 |
45,458 |
33,324 |
Total assets |
$ 4,704,706 |
$ 4,438,807 |
$ 4,370,678 |
$ 4,385,837 |
$ 3,883,085 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Non-interest bearing transaction
accounts |
$ 895,470 |
$ 828,340 |
$ 823,552 |
$ 735,101 |
$ 665,644 |
Interest bearing transaction accounts and
savings deposits |
2,010,827 |
1,869,095 |
1,810,436 |
1,854,510 |
1,620,244 |
Time deposits less than
$100,000 |
545,986 |
555,837 |
577,856 |
601,046 |
517,603 |
Time deposits greater than
$100,000 |
458,117 |
457,489 |
472,009 |
495,574 |
409,361 |
Total deposits |
3,910,400 |
3,710,761 |
3,683,853 |
3,686,231 |
3,212,852 |
Federal funds purchased and securities
sold under agreements to repurchase |
117,661 |
108,357 |
101,537 |
115,018 |
98,359 |
Other borrowings |
121,691 |
117,664 |
116,082 |
117,588 |
108,693 |
Subordinated debentures |
20,620 |
20,620 |
20,620 |
20,620 |
20,620 |
Accrued interest and other
liabilities |
38,869 |
38,950 |
34,637 |
36,967 |
33,117 |
Total liabilities |
4,209,241 |
3,996,352 |
3,956,729 |
3,976,424 |
3,473,641 |
Total stockholders' equity |
495,465 |
442,455 |
413,949 |
409,413 |
409,444 |
Total liabilities and stockholders'
equity |
$ 4,704,706 |
$ 4,438,807 |
$ 4,370,678 |
$ 4,385,837 |
$ 3,883,085 |
|
|
|
|
|
|
|
|
|
|
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) |
2014 |
2014 |
2014 |
2014 |
2013 |
(in thousands, except per share
data) |
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
Loans |
$ 45,248 |
$ 40,082 |
$ 38,622 |
$ 40,131 |
$ 38,614 |
Federal funds sold |
13 |
12 |
2 |
1 |
5 |
Investment securities |
5,325 |
4,717 |
4,766 |
4,549 |
3,951 |
Mortgage loans held for sale |
188 |
269 |
168 |
69 |
72 |
Assets held in trading
accounts |
4 |
3 |
5 |
5 |
6 |
Interest bearing balances due from
banks |
167 |
132 |
279 |
279 |
251 |
TOTAL INTEREST INCOME |
50,945 |
45,215 |
43,842 |
45,034 |
42,899 |
INTEREST EXPENSE |
|
|
|
|
|
Time deposits |
1,470 |
1,461 |
1,515 |
1,577 |
1,479 |
Other deposits |
872 |
771 |
720 |
692 |
646 |
Federal funds purchased and
securities sold under agreements to repurchase |
61 |
55 |
31 |
53 |
55 |
Other borrowings |
992 |
996 |
988 |
1,010 |
929 |
Subordinated debentures |
160 |
160 |
160 |
157 |
161 |
TOTAL INTEREST EXPENSE |
3,555 |
3,443 |
3,414 |
3,489 |
3,270 |
NET INTEREST
INCOME |
47,390 |
41,772 |
40,428 |
41,545 |
39,629 |
Provision for loan losses |
3,607 |
1,128 |
1,602 |
908 |
1,084 |
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES |
43,783 |
40,644 |
38,826 |
40,637 |
38,545 |
NON-INTEREST
INCOME |
|
|
|
|
|
Trust income |
2,182 |
1,838 |
1,553 |
1,537 |
1,608 |
Service charges on deposit
accounts |
6,552 |
6,238 |
6,792 |
6,068 |
5,497 |
Other service charges and fees |
1,083 |
808 |
859 |
823 |
703 |
Mortgage lending income |
1,457 |
1,812 |
1,262 |
810 |
916 |
Investment banking income |
451 |
284 |
154 |
181 |
421 |
Credit card fees |
5,653 |
5,769 |
5,801 |
5,643 |
5,053 |
Bank owned life insurance
income |
727 |
411 |
377 |
330 |
347 |
Gain on sale of securities,
net |
(12) |
(18) |
38 |
-- |
42 |
Net (loss) gain on assets covered by FDIC
loss share agreements |
(3,013) |
(3,744) |
(6,268) |
(7,370) |
(7,988) |
Other income |
6,424 |
2,637 |
4,820 |
1,176 |
1,118 |
TOTAL NON-INTEREST INCOME |
21,504 |
16,035 |
15,388 |
9,198 |
7,717 |
NON-INTEREST
EXPENSE |
|
|
|
|
|
Salaries and employee benefits |
25,126 |
20,892 |
20,982 |
22,464 |
19,933 |
Occupancy expense, net |
2,494 |
3,204 |
3,285 |
3,890 |
2,544 |
Furniture and equipment
expense |
2,732 |
2,363 |
2,215 |
2,014 |
2,257 |
Other real estate and foreclosure
expense |
1,395 |
1,864 |
375 |
873 |
562 |
Deposit insurance |
724 |
877 |
1,085 |
668 |
620 |
Merger related costs |
1,214 |
3,628 |
1,354 |
1,272 |
6,413 |
Other operating expenses |
13,293 |
11,526 |
10,546 |
13,370 |
9,349 |
TOTAL NON-INTEREST EXPENSE |
46,978 |
44,354 |
39,842 |
44,551 |
41,678 |
NET INCOME BEFORE INCOME
TAXES |
18,309 |
12,325 |
14,372 |
5,284 |
4,584 |
Provision for income taxes |
5,669 |
3,537 |
4,464 |
932 |
798 |
NET INCOME |
$ 12,640 |
$ 8,788 |
$ 9,908 |
$ 4,352 |
$ 3,786 |
BASIC EARNINGS PER
SHARE |
$ 0.72 |
$ 0.52 |
$ 0.61 |
$ 0.27 |
$ 0.23 |
DILUTED EARNINGS PER
SHARE |
$ 0.72 |
$ 0.52 |
$ 0.60 |
$ 0.27 |
$ 0.23 |
|
|
|
|
|
|
|
|
|
|
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) |
2014 |
2014 |
2014 |
2014 |
2013 |
(in thousands, except per share
data) |
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
Loans |
$ 164,082 |
$ 118,834 |
$ 78,753 |
$ 40,131 |
$ 128,171 |
Federal funds sold |
27 |
16 |
3 |
1 |
19 |
Investment securities |
19,357 |
14,032 |
9,315 |
4,549 |
13,300 |
Mortgage loans held for sale |
695 |
506 |
237 |
69 |
467 |
Assets held in trading
accounts |
17 |
13 |
10 |
5 |
29 |
Interest bearing balances due from
banks |
857 |
691 |
558 |
279 |
1,127 |
TOTAL INTEREST INCOME |
185,035 |
134,092 |
88,876 |
45,034 |
143,113 |
INTEREST EXPENSE |
|
|
|
|
|
Time deposits |
6,022 |
4,552 |
3,091 |
1,577 |
5,938 |
Other deposits |
3,057 |
2,185 |
1,414 |
692 |
2,461 |
Federal funds purchased and
securities sold under agreements to repurchase |
269 |
194 |
84 |
53 |
219 |
Other borrowings |
3,986 |
2,995 |
1,998 |
1,010 |
3,001 |
Subordinated debentures |
637 |
477 |
317 |
157 |
644 |
TOTAL INTEREST EXPENSE |
13,971 |
10,403 |
6,904 |
3,489 |
12,263 |
NET INTEREST
INCOME |
171,064 |
123,689 |
81,972 |
41,545 |
130,850 |
Provision for loan losses |
7,245 |
3,638 |
2,510 |
908 |
4,118 |
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES |
163,819 |
120,051 |
79,462 |
40,637 |
126,732 |
NON-INTEREST
INCOME |
|
|
|
|
|
Trust income |
7,111 |
4,929 |
3,091 |
1,537 |
5,842 |
Service charges on deposit
accounts |
25,650 |
19,098 |
12,860 |
6,068 |
18,815 |
Other service charges and fees |
3,574 |
2,490 |
1,684 |
823 |
2,997 |
Mortgage lending income |
5,342 |
3,885 |
2,074 |
810 |
4,592 |
Investment banking income |
1,070 |
620 |
336 |
181 |
1,811 |
Credit card fees |
22,866 |
17,213 |
11,444 |
5,643 |
17,833 |
Bank owned life insurance
income |
1,843 |
1,117 |
705 |
330 |
1,319 |
Gain on sale of securities,
net |
8 |
20 |
38 |
-- |
(151) |
Net (loss) gain on assets covered by FDIC
loss share agreements |
(20,316) |
(17,303) |
(13,639) |
(7,370) |
(16,188) |
Other income |
15,044 |
8,619 |
5,984 |
1,176 |
3,746 |
TOTAL NON-INTEREST INCOME |
62,192 |
40,688 |
24,577 |
9,198 |
40,616 |
NON-INTEREST
EXPENSE |
|
|
|
|
|
Salaries and employee benefits |
89,210 |
64,338 |
43,447 |
22,464 |
74,078 |
Occupancy expense, net |
12,833 |
10,338 |
7,155 |
3,890 |
10,034 |
Furniture and equipment
expense |
9,325 |
6,592 |
4,229 |
2,014 |
7,623 |
Other real estate and foreclosure
expense |
4,507 |
3,112 |
1,248 |
873 |
1,337 |
Deposit insurance |
3,354 |
2,630 |
1,753 |
668 |
2,482 |
Merger related costs |
7,470 |
6,255 |
2,627 |
1,272 |
6,376 |
Other operating expenses |
49,022 |
35,492 |
23,923 |
13,370 |
32,882 |
TOTAL NON-INTEREST EXPENSE |
175,721 |
128,757 |
84,382 |
44,551 |
134,812 |
NET INCOME BEFORE INCOME
TAXES |
50,290 |
31,982 |
19,657 |
5,284 |
32,536 |
Provision for income taxes |
14,602 |
8,933 |
5,396 |
932 |
9,305 |
NET INCOME |
$ 35,688 |
$ 23,049 |
$ 14,261 |
$ 4,352 |
$ 23,231 |
BASIC EARNINGS PER
SHARE |
$ 2.11 |
$ 1.40 |
$ 0.88 |
$ 0.27 |
$ 1.42 |
DILUTED EARNINGS PER
SHARE |
$ 2.11 |
$ 1.39 |
$ 0.87 |
$ 0.27 |
$ 1.42 |
|
|
|
|
|
|
|
|
|
|
Simmons First National
Corporation |
|
|
|
SFNC |
Consolidated Risk-Based
Capital |
|
|
|
|
|
For the Quarters
Ended |
Dec 31 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
(Unaudited) |
2014 |
2014 |
2014 |
2014 |
2013 |
($ in thousands) |
|
|
|
|
|
Tier 1 capital |
|
|
|
|
|
Stockholders' equity |
$ 494,319 |
$ 482,642 |
$ 414,135 |
$ 406,672 |
$ 403,832 |
Trust preferred securities, net
allowable |
20,000 |
20,000 |
20,000 |
20,000 |
20,000 |
Disallowed intangible assets, net of
deferred tax |
(112,545) |
(109,698) |
(74,003) |
(74,477) |
(75,501) |
Unrealized loss on AFS
securities |
1,336 |
1,952 |
1,409 |
2,119 |
3,002 |
|
|
|
|
|
|
Total Tier 1 capital |
403,110 |
394,896 |
361,541 |
354,314 |
351,333 |
|
|
|
|
|
|
Tier 2 capital |
|
|
|
|
|
Qualifying unrealized gain on AFS equity
securities |
2 |
-- |
47 |
42 |
45 |
Qualifying allowance for loan losses
and reserve for unfunded commitments |
32,073 |
29,167 |
29,621 |
28,846 |
28,967 |
|
|
|
|
|
|
Total Tier 2 capital |
32,075 |
29,167 |
29,668 |
28,888 |
29,012 |
|
|
|
|
|
|
Total risk-based capital |
$ 435,185 |
$ 424,063 |
$ 391,209 |
$ 383,202 |
$ 380,345 |
|
|
|
|
|
|
Risk weighted assets |
$ 3,002,270 |
$ 3,063,801 |
$ 2,652,474 |
$ 2,651,970 |
$ 2,697,630 |
|
|
|
|
|
|
Adjusted average assets for leverage
ratio |
$ 4,593,924 |
$ 4,331,488 |
$ 4,299,379 |
$ 4,315,279 |
$ 3,811,793 |
|
|
|
|
|
|
Ratios at end of
quarter |
|
|
|
|
|
Equity to assets |
10.65% |
10.29% |
9.57% |
9.25% |
9.21% |
Tangible common equity to tangible
assets |
8.06% |
7.78% |
7.59% |
7.29% |
7.23% |
Tier 1 leverage ratio |
8.77% |
9.12% |
8.41% |
8.21% |
9.22% |
Tier 1 risk-based capital
ratio |
13.43% |
12.89% |
13.63% |
13.36% |
13.02% |
Total risk-based capital ratio |
14.50% |
13.84% |
14.75% |
14.45% |
14.10% |
|
|
|
|
|
|
|
|
|
|
Simmons First National
Corporation |
|
|
|
SFNC |
Consolidated Loans and
Investments |
|
|
|
|
|
For the Quarters
Ended |
Dec 31 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
(Unaudited) |
2014 |
2014 |
2014 |
2014 |
2013 |
(in thousands) |
|
|
|
|
|
Legacy Loan Portfolio - End of Period
(1) |
|
|
|
|
|
Consumer |
|
|
|
|
|
Credit cards |
$ 185,380 |
$ 175,822 |
$ 176,239 |
$ 172,609 |
$ 184,935 |
Student loans |
-- |
-- |
398 |
24,415 |
25,906 |
Other consumer |
103,402 |
105,508 |
105,998 |
104,185 |
98,851 |
Total consumer |
288,782 |
281,330 |
282,635 |
301,209 |
309,692 |
Real Estate |
|
|
|
|
|
Construction |
181,968 |
163,364 |
163,412 |
168,147 |
146,458 |
Single-family residential |
455,563 |
436,925 |
417,187 |
402,588 |
392,285 |
Other commercial |
714,797 |
681,848 |
653,734 |
644,772 |
626,333 |
Total real estate |
1,352,328 |
1,282,137 |
1,234,333 |
1,215,507 |
1,165,076 |
Commercial |
|
|
|
|
|
Commercial |
291,820 |
249,186 |
233,510 |
186,303 |
164,329 |
Agricultural |
115,658 |
145,157 |
111,567 |
72,239 |
98,886 |
Total commercial |
407,478 |
394,343 |
345,077 |
258,542 |
263,215 |
Other |
5,133 |
5,568 |
6,796 |
4,351 |
4,655 |
Total Loans |
$ 2,053,721 |
$ 1,963,378 |
$ 1,868,841 |
$ 1,779,609 |
$ 1,742,638 |
|
|
|
|
|
|
(1) Excludes all acquired loans,
including those covered by FDIC loss share agreements. |
|
|
|
|
|
|
|
|
Investment Securities - End of
Period |
|
|
|
|
|
Held-to-Maturity |
|
|
|
|
|
U.S. Government agencies |
$ 418,914 |
$ 455,827 |
$ 449,201 |
$ 425,616 |
$ 395,198 |
Mortgage-backed securities |
29,743 |
30,954 |
32,204 |
33,323 |
34,425 |
State and political
subdivisions |
328,310 |
335,329 |
317,938 |
317,056 |
315,445 |
Other securities |
620 |
620 |
620 |
620 |
620 |
Total held-to-maturity |
777,587 |
822,730 |
799,963 |
776,615 |
745,688 |
Available-for-Sale |
|
|
|
|
|
U.S. Treasury |
$ 3,992 |
$ 3,991 |
$ 3,994 |
$ 3,981 |
$ 3,985 |
U.S. Government agencies |
272,816 |
280,321 |
238,411 |
231,949 |
178,217 |
Mortgage-backed securities |
1,572 |
32 |
1,958 |
1,833 |
1,891 |
State and political
subdivisions |
6,540 |
8,903 |
6,920 |
7,367 |
7,861 |
FHLB stock |
5,126 |
5,623 |
4,966 |
5,168 |
6,002 |
Other securities |
15,237 |
18,603 |
14,087 |
14,676 |
14,321 |
Total available-for-sale |
305,283 |
317,473 |
270,336 |
264,974 |
212,277 |
Total investment securities |
$ 1,082,870 |
$ 1,140,203 |
$ 1,070,299 |
$ 1,041,589 |
$ 957,965 |
Fair value - HTM investment
securities |
$ 780,534 |
$ 823,446 |
$ 802,597 |
$ 771,114 |
$ 731,705 |
|
|
|
|
|
|
Investment Securities - QTD
Average |
|
|
|
|
|
Taxable securities |
$ 782,062 |
$ 781,685 |
$ 722,084 |
$ 649,329 |
$ 583,389 |
Tax exempt securities |
342,886 |
329,327 |
326,010 |
323,000 |
294,639 |
Total investment securities - QTD
average |
$ 1,124,948 |
$ 1,111,012 |
$ 1,048,094 |
$ 972,329 |
$ 878,028 |
|
|
|
|
|
|
|
|
|
|
Simmons First National
Corporation |
|
|
|
SFNC |
Consolidated Loans and Credit
Coverage |
|
|
|
|
|
For the Quarters
Ended |
Dec 31 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
(Unaudited) |
2014 |
2014 |
2014 |
2014 |
2013 |
($ in thousands) |
|
|
|
|
|
LOANS |
|
|
|
|
|
Legacy loans |
$ 2,053,721 |
$ 1,963,378 |
$ 1,868,841 |
$ 1,779,609 |
$ 1,742,638 |
Allowance for loan losses (legacy
loans) |
(29,028) |
(27,076) |
(27,530) |
(26,983) |
(27,442) |
Legacy loans (net of
allowance) |
2,024,693 |
1,936,302 |
1,841,311 |
1,752,626 |
1,715,196 |
Loans acquired, not covered by FDIC loss
share |
621,020 |
733,914 |
445,515 |
495,915 |
566,895 |
Credit discount |
(45,040) |
(57,858) |
(46,548) |
(45,626) |
(51,251) |
Loans acquired, not covered (net of
discount) |
575,980 |
676,056 |
398,967 |
450,289 |
515,644 |
Loans acquired, covered by FDIC loss
share |
140,038 |
154,183 |
163,775 |
188,755 |
209,459 |
Credit discount |
(32,151) |
(36,025) |
(42,251) |
(50,876) |
(62,806) |
Allowance for loan losses (acquired covered
loans) |
(954) |
-- |
-- |
-- |
-- |
Loans acquired, covered (net of discount
and allowance) |
106,933 |
118,158 |
121,524 |
137,879 |
146,653 |
Net loans |
$ 2,707,606 |
$ 2,730,516 |
$ 2,361,802 |
$ 2,340,794 |
$ 2,377,493 |
|
|
|
|
|
|
Loan Coverage Ratios |
|
|
|
|
|
Allowance for loan losses to legacy
loans |
1.41% |
1.38% |
1.47% |
1.52% |
1.57% |
|
|
|
|
|
|
Discount for credit losses on loans acquired,
not covered, to total loans acquired, not covered, plus
discount for credit losses on loans acquired, not
covered |
7.25% |
7.88% |
10.45% |
9.20% |
9.04% |
|
|
|
|
|
|
Discount for credit losses on loans acquired,
covered, to total loans acquired, covered, plus discount
for credit losses on loans acquired, covered |
23.64% |
23.37% |
25.80% |
26.95% |
29.98% |
|
|
|
|
|
|
Total allowance and credit
coverage |
3.81% |
4.24% |
4.69% |
5.01% |
5.62% |
|
|
|
|
|
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) |
2014 |
2014 |
2014 |
2014 |
2013 |
($ in thousands) |
|
|
|
|
|
Allowance for Loan Losses (Legacy
Loans) |
|
|
|
|
|
Balance, beginning of quarter |
$ 27,076 |
$ 27,530 |
$ 26,983 |
$ 27,442 |
$ 27,533 |
Loans charged off |
|
|
|
|
|
Credit cards |
859 |
788 |
725 |
816 |
841 |
Other consumer |
781 |
648 |
426 |
148 |
428 |
Real estate |
200 |
534 |
1,144 |
1,035 |
255 |
Commercial |
310 |
474 |
186 |
82 |
133 |
Total loans charged off |
2,150 |
2,444 |
2,481 |
2,081 |
1,657 |
|
|
|
|
|
|
Recoveries of loans previously charged
off |
|
|
|
|
|
Credit cards |
220 |
190 |
215 |
271 |
226 |
Other consumer |
94 |
122 |
133 |
121 |
166 |
Real estate |
56 |
379 |
1,062 |
308 |
78 |
Commercial |
125 |
171 |
16 |
14 |
12 |
Total recoveries |
495 |
862 |
1,426 |
714 |
482 |
Net loans charged off |
1,655 |
1,582 |
1,055 |
1,367 |
1,175 |
Provision for loan losses |
3,607 |
1,128 |
1,602 |
908 |
1,084 |
Balance, end of quarter |
$ 29,028 |
$ 27,076 |
$ 27,530 |
$ 26,983 |
$ 27,442 |
|
|
|
|
|
|
Non-performing assets (1)
(2) |
|
|
|
|
|
Non-performing loans |
|
|
|
|
|
Nonaccrual loans |
|
|
|
|
|
Real estate |
$ 10,152 |
$ 9,374 |
$ 8,166 |
$ 8,075 |
$ 4,799 |
Commercial |
1,481 |
1,174 |
1,110 |
1,054 |
495 |
Consumer |
405 |
664 |
877 |
883 |
967 |
Total nonaccrual loans |
12,038 |
11,212 |
10,153 |
10,012 |
6,261 |
Loans past due 90 days or more |
|
|
|
|
|
Government guaranteed student
loans |
-- |
-- |
323 |
1,965 |
2,264 |
Other loans |
961 |
713 |
757 |
517 |
687 |
Total loans past due 90 days or
more |
961 |
713 |
1,080 |
2,482 |
2,951 |
Total non-performing loans |
12,999 |
11,925 |
11,233 |
12,494 |
9,212 |
Other non-performing assets |
|
|
|
|
|
Foreclosed assets held for
sale |
11,803 |
13,167 |
16,745 |
17,357 |
19,361 |
Acquired foreclosed assets held for sale,
not covered by FDIC loss share agreements |
33,053 |
37,603 |
36,597 |
40,119 |
45,459 |
Other non-performing
assets |
97 |
72 |
80 |
60 |
75 |
Total other non-performing
assets |
44,953 |
50,842 |
53,422 |
57,536 |
64,895 |
Total non-performing assets |
$ 57,952 |
$ 62,767 |
$ 64,655 |
$ 70,030 |
$ 74,107 |
Performing TDRs (troubled debt
restructurings) |
$ 2,233 |
$ 2,234 |
$ 2,776 |
$ 8,655 |
$ 9,497 |
|
|
|
|
|
|
Ratios (1) (2) |
|
|
|
|
|
Allowance for loan losses to total
loans |
1.41% |
1.38% |
1.47% |
1.52% |
1.57% |
Allowance for loan losses to
non-performing loans |
223% |
227% |
245% |
216% |
298% |
Non-performing loans to total
loans |
0.63% |
0.61% |
0.60% |
0.70% |
0.53% |
Non-performing assets (including
performing TDRs) to total assets |
1.30% |
1.39% |
1.56% |
1.79% |
1.91% |
Non-performing assets to total
assets |
1.25% |
1.34% |
1.49% |
1.59% |
1.69% |
Non-performing assets to total
assets |
|
|
|
|
|
(excluding Gov't guaranteed student
loans) |
1.25% |
1.34% |
1.49% |
1.55% |
1.64% |
Annualized net charge offs to total
loans |
0.33% |
0.33% |
0.23% |
0.32% |
0.27% |
Annualized net credit card charge offs
to total credit card loans |
1.41% |
1.31% |
1.14% |
1.20% |
1.31% |
Annualized net charge offs to total
loans |
|
|
|
|
|
(excluding credit cards) |
0.22% |
0.22% |
0.13% |
0.22% |
0.14% |
Past due loans >30 days (excluding
nonaccrual) |
0.48% |
0.33% |
0.34% |
0.61% |
0.57% |
Past due loans >30 days (excluding
nonaccrual) |
|
|
|
|
|
(excluding Gov't guaranteed student
loans) |
0.48% |
0.33% |
0.32% |
0.45% |
0.41% |
|
|
|
|
|
|
(1) Excludes all acquired loans,
including those covered by FDIC loss share agreements, except for
their inclusion in total assets. |
(2) Excludes acquired foreclosed
assets covered by FDIC loss share agreements, except for their
inclusion in total assets. |
|
|
|
|
|
|
|
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Simmons First National
Corporation |
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SFNC |
Consolidated - Net
Interest Income Analysis |
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For the Quarters
Ended |
Dec 31 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
(Unaudited) |
2014 |
2014 |
2014 |
2014 |
2013 |
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ASSETS |
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Earning Assets |
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Interest bearing balances due from
banks |
0.22% |
0.18% |
0.24% |
0.22% |
0.23% |
Investment securities |
2.49% |
2.29% |
2.47% |
2.60% |
2.44% |
Mortgage loans held for sale |
4.33% |
4.28% |
4.40% |
4.20% |
4.29% |
Assets held in trading accounts |
0.23% |
0.17% |
0.29% |
0.28% |
0.27% |
Loans, including acquired loans |
6.55% |
6.32% |
6.55% |
6.88% |
7.16% |
Total interest earning assets |
4.98% |
4.71% |
4.69% |
4.91% |
5.08% |
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LIABILITIES |
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Interest bearing liabilities |
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Interest bearing transaction and savings
accounts |
0.17% |
0.16% |
0.16% |
0.15% |
0.16% |
Time deposits |
0.58% |
0.57% |
0.58% |
0.58% |
0.63% |
Total interest bearing deposits |
0.31% |
0.31% |
0.31% |
0.31% |
0.33% |
Federal funds purchased and securities
sold under agreement to repurchase |
0.21% |
0.20% |
0.12% |
0.19% |
0.22% |
Other borrowings |
3.23% |
3.36% |
3.41% |
3.48% |
3.39% |
Subordinated debentures |
3.08% |
3.08% |
3.11% |
3.09% |
3.10% |
Total interest bearing liabilities |
0.43% |
0.44% |
0.44% |
0.44% |
0.47% |
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NET INTEREST
MARGIN/SPREAD |
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Net interest spread |
4.55% |
4.27% |
4.25% |
4.47% |
4.61% |
Net interest margin -
quarter-to-date |
4.65% |
4.36% |
4.34% |
4.54% |
4.70% |
Net interest margin - year-to-date |
4.47% |
4.41% |
4.44% |
4.54% |
4.21% |
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Simmons First National
Corporation |
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SFNC |
Consolidated - Selected Financial
Data |
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For the Quarters
Ended |
Dec 31 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
(Unaudited) |
2014 |
2014 |
2014 |
2014 |
2013 |
($ in thousands, except share
data) |
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QUARTER-TO-DATE |
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Diluted earnings per share |
$ 0.72 |
$ 0.52 |
$ 0.60 |
$ 0.27 |
$ 0.23 |
Core earnings (excludes nonrecurring
items) (non-GAAP) |
11,387 |
10,684 |
9,153 |
7,482 |
7,749 |
Diluted core earnings per share
(non-GAAP) |
0.64 |
0.63 |
0.56 |
0.46 |
0.48 |
Cash dividends declared per common
share |
0.22 |
0.22 |
0.22 |
0.22 |
0.21 |
Cash dividends declared -
amount |
3,965 |
3,954 |
3,589 |
3,575 |
3,403 |
Return on average stockholders'
equity |
10.12% |
7.88% |
9.60% |
4.31% |
3.67% |
Return on tangible equity |
14.00% |
10.62% |
12.72% |
5.94% |
4.51% |
Return on average assets |
1.07% |
0.79% |
0.91% |
0.40% |
0.39% |
Net interest margin (FTE) |
4.65% |
4.36% |
4.34% |
4.54% |
4.70% |
FTE adjustment - investments |
1,744 |
1,695 |
1,687 |
1,682 |
1,442 |
FTE adjustment - loans |
7 |
7 |
8 |
10 |
17 |
Amortization of intangibles |
565 |
454 |
452 |
453 |
192 |
Amortization of intangibles, net of
taxes |
343 |
276 |
275 |
275 |
117 |
Average shares outstanding |
18,031,669 |
16,873,504 |
16,318,003 |
16,270,149 |
16,210,480 |
Average earning assets |
4,195,250 |
3,956,032 |
3,892,202 |
3,861,632 |
3,466,530 |
Average interest bearing
liabilities |
3,274,902 |
3,129,062 |
3,098,540 |
3,204,356 |
2,774,880 |
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YEAR-TO-DATE |
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Diluted earnings per share |
$ 2.11 |
$ 1.39 |
$ 0.87 |
$ 0.27 |
$ 1.42 |
Core earnings (excludes nonrecurring
items) (non-GAAP) |
38,706 |
27,319 |
16,635 |
7,482 |
27,612 |
Diluted core earnings per share
(non-GAAP) |
2.29 |
1.65 |
1.02 |
0.46 |
1.69 |
Cash dividends declared per common
share |
0.88 |
0.66 |
0.44 |
0.22 |
0.84 |
Cash dividends declared -
amount |
15,083 |
11,118 |
7,164 |
3,575 |
13,707 |
Return on average stockholders'
equity |
8.11% |
7.30% |
6.95% |
4.31% |
5.33% |
Return on tangible equity |
10.99% |
9.82% |
9.33% |
5.94% |
6.36% |
Return on average assets |
0.80% |
0.70% |
0.65% |
0.40% |
0.64% |
Net interest margin (FTE) |
4.47% |
4.41% |
4.44% |
4.54% |
4.21% |
FTE adjustment - investments |
6,808 |
5,064 |
3,369 |
1,682 |
4,900 |
FTE adjustment - loans |
32 |
25 |
18 |
10 |
51 |
Amortization of intangibles |
1,979 |
1,359 |
905 |
453 |
601 |
Amortization of intangibles, net of
taxes |
1,203 |
826 |
550 |
275 |
365 |
Average shares outstanding |
16,878,766 |
16,489,429 |
16,294,208 |
16,270,149 |
16,339,335 |
Average diluted shares
outstanding |
16,922,026 |
16,532,689 |
16,336,901 |
16,309,868 |
16,352,167 |
Average earning assets |
3,975,903 |
3,903,290 |
3,876,918 |
3,861,632 |
3,224,094 |
Average interest bearing
liabilities |
3,176,716 |
3,143,984 |
3,151,446 |
3,204,356 |
2,551,653 |
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END OF PERIOD |
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Book value per share |
$ 27.38 |
$ 26.82 |
$ 25.36 |
$ 24.93 |
$ 24.89 |
Tangible book value per share |
20.15 |
19.72 |
19.69 |
19.23 |
19.10 |
Shares outstanding |
18,052,488 |
17,992,261 |
16,331,341 |
16,311,263 |
16,226,256 |
Full-time equivalent employees |
1,338 |
1,397 |
1,281 |
1,321 |
1,343 |
Total number of ATM's |
124 |
129 |
120 |
120 |
157 |
Total number of financial
centers |
109 |
113 |
104 |
104 |
131 |
Parent company only - investment in
subsidiaries |
522,841 |
516,801 |
449,591 |
453,067 |
452,688 |
Parent company only - intangible
assets |
133 |
133 |
133 |
133 |
133 |
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Simmons First National
Corporation |
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SFNC |
Consolidated -
Reconciliation of Core Earnings (non-GAAP) |
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For the Quarters
Ended |
Dec 31 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
(Unaudited) |
2014 |
2014 |
2014 |
2014 |
2013 |
(in thousands, except per share
data) |
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QUARTER-TO-DATE |
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Net Income |
$ 12,640 |
$ 8,788 |
$ 9,908 |
$ 4,352 |
$ 3,786 |
Nonrecurring items |
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Gain on sale of merchant services |
-- |
-- |
(1,000) |
-- |
-- |
Merger related costs |
1,218 |
3,628 |
1,354 |
1,272 |
6,413 |
Change-in-control payments |
885 |
-- |
-- |
-- |
-- |
Branch right sizing |
(4,221) |
(705) |
(2,011) |
3,878 |
108 |
Charter consolidation costs |
42 |
196 |
414 |
-- |
-- |
Tax effect (1) |
824 |
(1,223) |
488 |
(2,020) |
(2,558) |
Net nonrecurring items |
(1,252) |
1,896 |
(755) |
3,130 |
3,963 |
Core earnings (non-GAAP) |
$ 11,388 |
$ 10,684 |
$ 9,153 |
$ 7,482 |
$ 7,749 |
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Diluted earnings per share |
$ 0.72 |
$ 0.52 |
$ 0.60 |
$ 0.27 |
$ 0.23 |
Nonrecurring items |
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Gain on sale of merchant services |
-- |
-- |
(0.06) |
-- |
-- |
Merger related costs |
0.07 |
0.21 |
0.08 |
0.08 |
0.40 |
Change-in-control payments |
0.05 |
-- |
-- |
-- |
-- |
Branch right sizing |
(0.24) |
(0.04) |
(0.12) |
0.24 |
0.01 |
Charter consolidation costs |
-- |
0.01 |
0.03 |
-- |
-- |
Tax effect (1) |
0.04 |
(0.07) |
0.03 |
(0.13) |
(0.16) |
Net nonrecurring items |
(0.08) |
0.11 |
(0.04) |
0.19 |
0.25 |
Diluted core earnings per share
(non-GAAP) |
$ 0.64 |
$ 0.63 |
$ 0.56 |
$ 0.46 |
$ 0.48 |
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YEAR-TO-DATE |
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Net Income |
$ 35,688 |
$ 23,049 |
$ 14,261 |
$ 4,352 |
$ 23,231 |
Nonrecurring items |
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Gain on sale of merchant services |
(1,000) |
(1,000) |
(1,000) |
-- |
-- |
Merger related costs |
7,472 |
6,254 |
2,626 |
1,272 |
6,376 |
Change-in-control payments |
885 |
-- |
-- |
-- |
-- |
Loss on sale of securities |
-- |
-- |
-- |
-- |
193 |
Branch right sizing |
(3,059) |
1,162 |
1,867 |
3,878 |
641 |
Charter consolidation costs |
652 |
610 |
414 |
-- |
-- |
Tax effect (1) |
(1,931) |
(2,745) |
(1,533) |
(2,020) |
(2,829) |
Net nonrecurring items |
3,019 |
4,281 |
2,374 |
3,130 |
4,381 |
Core earnings (non-GAAP) |
$ 38,707 |
$ 27,330 |
$ 16,635 |
$ 7,482 |
$ 27,612 |
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Diluted earnings per share |
$ 2.11 |
$ 1.39 |
$ 0.87 |
$ 0.27 |
$ 1.42 |
Nonrecurring items |
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Gain on sale of merchant services |
(0.06) |
(0.06) |
(0.06) |
-- |
-- |
Merger related costs |
0.44 |
0.37 |
0.16 |
0.08 |
0.39 |
Change-in-control payments |
0.05 |
-- |
-- |
-- |
-- |
Loss on sale of securities |
-- |
-- |
-- |
-- |
0.01 |
Branch right sizing |
(0.16) |
0.08 |
0.12 |
0.24 |
0.04 |
Charter consolidation costs |
0.04 |
0.04 |
0.03 |
-- |
-- |
Tax effect (1) |
(0.13) |
(0.17) |
(0.10) |
(0.13) |
(0.17) |
Net nonrecurring items |
0.18 |
0.26 |
0.15 |
0.19 |
0.27 |
Diluted core earnings per share
(non-GAAP) |
$ 2.29 |
$ 1.65 |
$ 1.02 |
$ 0.46 |
$ 1.69 |
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(1) Effective tax rate of 39.225% |
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CONTACT: DAVID W. GARNER
Executive Vice President and Investor Relations Officer
Simmons First National Corporation
(870) 541-1000
Grafico Azioni Simmons First National (NASDAQ:SFNC)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Simmons First National (NASDAQ:SFNC)
Storico
Da Lug 2023 a Lug 2024