Simmons First National Corporation (NASDAQ:SFNC) today announced
record core earnings of $25.6 million for the third quarter of
2015, an increase of $14.9 million, or 139 percent, compared with
the same quarter last year. Diluted core earnings per share were
$0.85, an increase of $0.22, or 34.9 percent. Including the
non-core items, net income was $21.6 million for the third quarter
of 2015, an increase of $12.8 million, or 146 percent, compared
with the same quarter last year. Diluted earnings per share were
$0.72, an increase of $0.20, or 38.5 percent.
Year-to-date core earnings were $63.7 million, an
increase of $36.4 million, or 133 percent, compared with the same
period of 2014. Year-to-date diluted core earnings per share were
$2.32, an increase of $0.67, or 40.6 percent. Year-to-date net
income was $50.3 million, or $1.83 diluted earnings per share.
"We continue to make good progress with our
efficiency initiatives, both in revenue enhancement and in expense
control," said George A. Makris, Jr., chairman and CEO. "Our core
efficiency ratio was 57.5 percent for the quarter and our core ROA
was 1.33 percent."
Loans
Total loans, including those acquired, were $4.9
billion at Sept. 30, 2015, an increase of $2.1 billion, or 76.0
percent, compared with the same period in 2014. Legacy loans (all
loans excluding acquired loans) grew $876 million, or 44.6 percent.
Acquired loans increased by $1.2 billion, net of discounts.
Deposits
At Sept. 30, 2015, total deposits were $6.1
billion, an increase of $2.2 billion, or 55.8 percent, compared
with the same period in 2014. Total non-time deposits were $4.7
billion, or 78 percent of total deposits.
Net Interest Income
The company's net interest income for the third
quarter of 2015 was $78.7 million, an increase of $36.9 million, or
88.4 percent, from the same period of 2014. This increase was
driven by growth in the legacy loan portfolio and earning assets
acquired through the Delta Trust, Community First and Liberty
transactions. Net interest margin was 4.82 percent for the quarter
ended Sept. 30, 2015, a 46 basis-point increase from the same
quarter of 2014.
Included in interest income was the yield accretion
recognized on acquired loans of $14.9 million and $8.5 million for
the third quarter of 2015 and 2014, respectively. The company's
core net interest margin, excluding the accretion, was 3.93 percent
for the third quarter of 2015, a 42 basis-point increase from the
same quarter of 2014.
Non-Interest Income
Non-interest income for the third quarter was $23.5
million, an increase of $7.5 million compared with the third
quarter of 2014. The increase in non-interest income was primarily
due to additional trust income, service charge and fee income,
mortgage lending and investment banking income resulting from the
acquisitions, gains on sale of other real estate and gain on the
sale of our Salina, Kan., banking operations. Losses on
FDIC-covered assets increased $5.3 million primarily due to a $7.5
million charge for termination of the loss-share agreements,
partially offset by a $2.1 million decrease in indemnification
asset amortization.
Non-Interest Expense
Non-interest expense for the third quarter of 2015
was $67.9 million, an increase of $23.6 million compared with the
same period in 2014. Included in the quarter were $1.2 million of
merger-related and branch right-sizing expenses. The increase in
non-interest expense was primarily due to incremental operating
expenses of the acquired Delta Trust, Community First and Liberty
franchises, somewhat offset by the company's ongoing efficiency
initiatives.
Asset Quality
During the third quarter, the company entered into an agreement
with the FDIC to terminate all of its remaining loss-sharing
agreements. As a result, all FDIC-acquired assets are now
classified as non-covered. All acquired loans 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 Sept. 30, 2015, the allowance for loan losses for legacy
loans was $30.4 million and $1.0 million for acquired loans. The
loan discount credit mark was $70.4 million, for a total of $101.8
million of coverage. This equates to a total coverage ratio of 2.1
percent of gross loans. The ratio of credit mark and related
allowance to acquired loans was 3.4 percent.
The company's allowance for loan losses on legacy loans at Sept.
30, 2015, was 1.07 percent of total loans and 181 percent of
non-performing loans. In the legacy portfolio, non-performing loans
as a percent of total loans were 0.59 percent. Through the third
quarter of 2015, the year-to-date annualized net charge-off ratio,
excluding credit cards, was 0.12 percent, and the year-to-date
annualized credit card charge-off ratio was 1.30 percent.
Capital
At Sept. 30, 2015, common stockholders' equity was
$1.0 billion, book value per share was $33.89 and tangible book
value per share was $21.89. The company's ratio of stockholders'
equity to total assets was 13.8 percent and its ratio of tangible
common equity to tangible assets was 9.1 percent.
Simmons First National
Corporation
Simmons First National Corporation is an
Arkansas-based financial holding company with total assets of $7.6
billion and conducting financial operations throughout Arkansas,
Kansas, Missouri and Tennessee. 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 p.m. CDT on Thursday, Oct. 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 48225101. 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 news 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 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. 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 |
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|
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|
SFNC |
Consolidated End of
Period Balance Sheets |
For the Quarters
Ended |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
2015 |
2015 |
2015 |
2014 |
2014 |
($ in
thousands) |
ASSETS |
|
|
|
|
|
Cash and non-interest bearing balances due
from banks |
$ 106,678 |
$ 69,770 |
$ 83,424 |
$ 54,347 |
$ 73,554 |
Interest bearing balances due from
banks |
284,645 |
173,130 |
423,986 |
281,562 |
210,742 |
Federal funds sold |
9,675 |
49,570 |
178,418 |
-- |
10,000 |
Cash and cash
equivalents |
400,998 |
292,470 |
685,828 |
335,909 |
294,296 |
Interest bearing balances due from
banks |
16,504 |
24,189 |
25,000 |
-- |
-- |
Investment securities -
held-to-maturity |
776,294 |
861,596 |
902,423 |
777,587 |
822,730 |
Investment securities -
available-for-sale |
703,347 |
747,701 |
707,383 |
305,283 |
317,473 |
Mortgage loans held for sale |
15,556 |
48,094 |
25,513 |
21,265 |
22,003 |
Assets held in trading accounts |
6,292 |
6,481 |
6,528 |
6,987 |
6,819 |
Loans: |
|
|
|
|
|
Legacy loans |
2,839,278 |
2,611,229 |
2,115,380 |
2,053,721 |
1,963,378 |
Allowance for loan
losses |
(30,380) |
(30,567) |
(29,183) |
(29,028) |
(27,076) |
Loans acquired, not covered by
FDIC loss share |
|
|
|
|
|
(net of discount and
allowance) |
2,013,816 |
2,108,306 |
2,418,440 |
575,980 |
676,056 |
Loans acquired, covered by FDIC
loss share |
|
|
|
|
|
(net of discount and
allowance) |
-- |
93,121 |
102,468 |
106,933 |
118,158 |
Net loans |
4,822,714 |
4,782,089 |
4,607,105 |
2,707,606 |
2,730,516 |
FDIC indemnification asset |
-- |
13,020 |
15,965 |
22,663 |
25,694 |
Premises and equipment |
190,182 |
191,335 |
198,106 |
122,966 |
115,639 |
Premises held for sale |
923 |
6,587 |
-- |
6,126 |
15,856 |
Foreclosed assets not covered by FDIC loss
share |
48,073 |
42,666 |
50,723 |
44,856 |
50,770 |
Foreclosed assets covered by FDIC loss
share |
-- |
12,833 |
12,010 |
11,793 |
15,212 |
Interest receivable |
26,873 |
24,129 |
24,719 |
16,774 |
18,006 |
Bank owned life insurance |
118,922 |
118,073 |
117,296 |
77,592 |
75,357 |
Goodwill |
314,282 |
314,282 |
314,282 |
108,095 |
108,095 |
Other intangible assets |
44,904 |
46,605 |
47,960 |
22,526 |
22,988 |
Other assets |
73,830 |
82,208 |
74,959 |
55,326 |
49,768 |
Total assets |
$ 7,559,694 |
$ 7,614,358 |
$ 7,815,800 |
$ 4,643,354 |
$ 4,691,222 |
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LIABILITIES AND
STOCKHOLDERS' EQUITY |
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|
|
|
|
Deposits: |
|
|
|
|
|
Non-interest bearing
transaction accounts |
$ 1,212,724 |
$ 1,141,285 |
$ 1,123,966 |
$ 889,260 |
$ 884,064 |
Interest bearing transaction
accounts and savings deposits |
3,521,840 |
3,581,049 |
3,627,870 |
2,006,271 |
1,984,422 |
Time deposits less than
$100,000 |
673,651 |
719,606 |
756,978 |
530,890 |
565,957 |
Time deposits greater than
$100,000 |
681,585 |
728,082 |
765,894 |
434,297 |
474,472 |
Total deposits |
6,089,800 |
6,170,022 |
6,274,708 |
3,860,718 |
3,908,915 |
Federal funds purchased and securities sold
under agreements to repurchase |
110,437 |
111,792 |
111,484 |
110,586 |
112,977 |
Other borrowings |
173,426 |
171,321 |
284,386 |
114,682 |
123,396 |
Subordinated debentures |
61,906 |
61,794 |
61,644 |
20,620 |
20,620 |
Accrued interest and other
liabilities |
78,684 |
74,324 |
69,841 |
42,429 |
41,309 |
Total liabilities |
6,514,253 |
6,589,253 |
6,802,063 |
4,149,035 |
4,207,217 |
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|
Stockholders' equity: |
|
|
|
|
|
Preferred stock |
30,852 |
30,852 |
30,852 |
-- |
-- |
Common stock |
299 |
299 |
299 |
181 |
180 |
Surplus |
642,400 |
640,895 |
639,493 |
156,568 |
155,592 |
Undivided profits |
369,172 |
354,459 |
341,238 |
338,906 |
330,185 |
Accumulated other comprehensive
income (loss): |
|
|
|
|
|
Unrealized (depreciation)
appreciation on AFS securities |
2,718 |
(1,400) |
1,855 |
(1,336) |
(1,952) |
Total stockholders'
equity |
1,045,441 |
1,025,105 |
1,013,737 |
494,319 |
484,005 |
Total liabilities and
stockholders' equity |
$ 7,559,694 |
$ 7,614,358 |
$ 7,815,800 |
$ 4,643,354 |
$ 4,691,222 |
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Simmons First National
Corporation |
|
|
|
|
SFNC |
Consolidated Average
Quarter-to-Date Balance Sheets |
For the Quarters
Ended |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
2015 |
2015 |
2015 |
2014 |
2014 |
($ in
thousands) |
ASSETS |
|
|
|
|
|
Cash and non-interest bearing balances due
from banks |
$ 94,695 |
$ 69,137 |
$ 59,711 |
$ 54,485 |
$ 50,980 |
Interest bearing balances due from
banks |
206,467 |
308,756 |
371,195 |
299,054 |
288,258 |
Federal funds sold |
19,086 |
75,922 |
56,846 |
6,486 |
6,794 |
Cash and cash
equivalents |
320,248 |
453,815 |
487,752 |
360,025 |
346,032 |
Interest bearing balances due from
banks |
20,251 |
26,817 |
8,611 |
-- |
-- |
Investment securities -
held-to-maturity |
728,437 |
922,877 |
915,405 |
806,069 |
810,085 |
Investment securities -
available-for-sale |
838,596 |
732,949 |
370,102 |
318,879 |
300,927 |
Mortgage loans held for sale |
26,379 |
37,656 |
14,655 |
17,241 |
24,942 |
Assets held in trading accounts |
6,401 |
6,592 |
6,782 |
6,848 |
6,841 |
Loans: |
|
|
|
|
|
Legacy loans |
2,725,254 |
2,363,305 |
2,084,551 |
2,008,550 |
1,917,155 |
Allowance for loan
losses |
(31,709) |
(31,275) |
(30,072) |
(28,474) |
(27,470) |
Loans acquired, not covered by
FDIC loss share |
|
|
|
|
|
(net of discount and
allowance) |
2,020,236 |
2,228,841 |
1,197,601 |
620,505 |
481,658 |
Loans acquired, covered by FDIC
loss share |
|
|
|
|
|
(net of discount and
allowance) |
89,578 |
97,795 |
104,701 |
111,618 |
119,372 |
Net loans |
4,803,359 |
4,658,666 |
3,356,781 |
2,712,199 |
2,490,715 |
FDIC indemnification asset |
10,838 |
15,448 |
21,515 |
24,457 |
28,311 |
Premises and equipment |
191,107 |
200,875 |
150,564 |
117,018 |
115,577 |
Premises held for sale |
5,775 |
6,131 |
6,126 |
6,794 |
12,521 |
Foreclosed assets not covered by FDIC loss
share |
40,273 |
42,994 |
44,059 |
48,745 |
51,097 |
Foreclosed assets covered by FDIC loss
share |
12,345 |
12,313 |
11,902 |
13,964 |
16,073 |
Interest receivable |
24,403 |
23,260 |
19,181 |
17,738 |
15,743 |
Bank owned life insurance |
118,489 |
117,662 |
91,760 |
76,578 |
63,798 |
Goodwill |
314,282 |
314,060 |
175,901 |
109,837 |
88,590 |
Other intangible assets |
45,712 |
47,302 |
31,102 |
17,748 |
15,321 |
Other assets |
100,872 |
76,275 |
58,536 |
50,566 |
52,234 |
Total assets |
$ 7,607,767 |
$ 7,695,692 |
$ 5,770,734 |
$ 4,704,706 |
$ 4,438,807 |
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LIABILITIES AND
STOCKHOLDERS' EQUITY |
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Deposits: |
|
|
|
|
|
Non-interest bearing
transaction accounts |
$ 1,121,078 |
$ 1,088,474 |
$ 946,979 |
$ 895,470 |
$ 828,340 |
Interest bearing transaction
accounts and savings deposits |
3,600,930 |
3,621,060 |
2,601,046 |
2,010,827 |
1,869,095 |
Time deposits less than
$100,000 |
694,872 |
739,748 |
573,867 |
545,986 |
555,837 |
Time deposits greater than
$100,000 |
703,056 |
748,460 |
580,625 |
458,117 |
457,489 |
Total deposits |
6,119,936 |
6,197,742 |
4,702,517 |
3,910,400 |
3,710,761 |
Federal funds purchased and securities
sold under agreements to repurchase |
109,311 |
116,258 |
121,568 |
117,661 |
108,357 |
Other borrowings |
197,832 |
179,080 |
183,953 |
121,691 |
117,664 |
Subordinated debentures |
61,851 |
62,981 |
35,686 |
20,620 |
20,620 |
Accrued interest and other
liabilities |
74,696 |
70,312 |
43,825 |
38,869 |
38,950 |
Total liabilities |
6,563,626 |
6,626,373 |
5,087,549 |
4,209,241 |
3,996,352 |
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|
Stockholders' equity: |
|
|
|
|
|
Preferred stock |
30,852 |
30,885 |
10,970 |
-- |
-- |
Common stock |
299 |
299 |
223 |
180 |
169 |
Surplus |
641,738 |
640,172 |
328,830 |
155,672 |
111,551 |
Undivided profits |
371,291 |
396,609 |
343,973 |
341,042 |
332,184 |
Accumulated other comprehensive
income (loss): |
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|
|
|
|
Unrealized appreciation
(depreciation) on AFS securities |
(39) |
1,354 |
(811) |
(1,429) |
(1,449) |
Total stockholders'
equity |
1,044,141 |
1,069,319 |
683,185 |
495,465 |
442,455 |
Total liabilities and
stockholders' equity |
$ 7,607,767 |
$ 7,695,692 |
$ 5,770,734 |
$ 4,704,706 |
$ 4,438,807 |
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Simmons First National
Corporation |
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|
SFNC |
Consolidated Statements
of Income - Quarter-to-Date |
For the Quarters
Ended |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
2015 |
2015 |
2015 |
2014 |
2014 |
($ in thousands, except
per share data) |
INTEREST INCOME |
|
|
|
|
|
Loans |
$ 76,432 |
$ 70,438 |
$ 50,986 |
$ 45,248 |
$ 40,082 |
Federal funds sold |
15 |
73 |
29 |
13 |
12 |
Investment
securities |
8,335 |
8,050 |
5,879 |
5,325 |
4,717 |
Mortgage loans held for
sale |
291 |
375 |
148 |
188 |
269 |
Assets held in trading
accounts |
4 |
4 |
3 |
4 |
3 |
Interest bearing balances due
from banks |
122 |
229 |
210 |
167 |
132 |
TOTAL INTEREST
INCOME |
85,199 |
79,169 |
57,255 |
50,945 |
45,215 |
INTEREST EXPENSE |
|
|
|
|
|
Time deposits |
1,936 |
2,064 |
1,596 |
1,470 |
1,461 |
Other deposits |
2,222 |
2,131 |
1,348 |
872 |
771 |
Federal funds purchased and
securities sold under agreements to repurchase |
55 |
57 |
64 |
61 |
55 |
Other borrowings |
1,812 |
1,151 |
1,051 |
992 |
996 |
Subordinated
debentures |
498 |
559 |
234 |
160 |
160 |
TOTAL INTEREST
EXPENSE |
6,523 |
5,962 |
4,293 |
3,555 |
3,443 |
NET INTEREST
INCOME |
78,676 |
73,207 |
52,962 |
47,390 |
41,772 |
Provision for loan
losses |
1,615 |
3,006 |
1,171 |
3,607 |
1,128 |
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES |
77,061 |
70,201 |
51,791 |
43,783 |
40,644 |
NON-INTEREST
INCOME |
|
|
|
|
|
Trust income |
2,215 |
2,070 |
2,251 |
2,182 |
1,838 |
Service charges on deposit
accounts |
8,488 |
8,031 |
6,363 |
6,552 |
6,238 |
Other service charges and
fees |
3,089 |
3,130 |
1,827 |
1,083 |
808 |
Mortgage lending
income |
3,446 |
3,449 |
2,262 |
1,457 |
1,812 |
Investment banking
income |
663 |
593 |
894 |
451 |
284 |
Debit and credit card
fees |
6,879 |
6,486 |
5,648 |
5,653 |
5,769 |
Bank owned life insurance
income |
748 |
746 |
572 |
727 |
411 |
Gain on sale of securities,
net |
40 |
-- |
(38) |
(12) |
(18) |
Net (loss) gain on assets
covered by FDIC loss-share agreements |
(9,085) |
(3,056) |
(2,671) |
(3,013) |
(3,744) |
Other income |
7,006 |
3,863 |
1,390 |
6,424 |
2,637 |
TOTAL NON-INTEREST
INCOME |
23,489 |
25,312 |
18,498 |
21,504 |
16,035 |
NON-INTEREST
EXPENSE |
|
|
|
|
|
Salaries and employee
benefits |
37,417 |
35,475 |
26,771 |
25,126 |
20,892 |
Occupancy expense,
net |
4,812 |
5,051 |
3,557 |
2,494 |
3,204 |
Furniture and equipment
expense |
4,202 |
3,241 |
3,268 |
2,732 |
2,363 |
Other real estate and
foreclosure expense |
2,297 |
1,017 |
381 |
1,395 |
1,864 |
Deposit insurance |
1,013 |
1,096 |
870 |
724 |
877 |
Merger-related costs |
857 |
1,247 |
10,419 |
1,214 |
3,628 |
Other operating
expenses |
17,314 |
18,041 |
12,106 |
13,294 |
11,526 |
TOTAL NON-INTEREST
EXPENSE |
67,912 |
65,168 |
57,372 |
46,979 |
44,354 |
NET INCOME BEFORE INCOME
TAXES |
32,638 |
30,345 |
12,917 |
18,308 |
12,325 |
Provision for income
taxes |
10,963 |
10,250 |
4,182 |
5,669 |
3,537 |
NET INCOME |
21,675 |
20,095 |
8,735 |
12,639 |
8,788 |
Preferred stock
dividends |
77 |
77 |
26 |
-- |
-- |
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS |
$ 21,598 |
$ 20,018 |
$ 8,709 |
$ 12,639 |
$ 8,788 |
BASIC EARNINGS PER
SHARE |
$ 0.72 |
$ 0.67 |
$ 0.39 |
$ 0.72 |
$ 0.52 |
DILUTED EARNINGS PER
SHARE |
$ 0.72 |
$ 0.67 |
$ 0.39 |
$ 0.72 |
$ 0.52 |
|
|
|
|
|
Simmons First National
Corporation |
|
|
|
SFNC |
Consolidated Risk-Based
Capital |
For the Quarters
Ended |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
2015 |
2015 |
2015 |
2014 |
2014 |
($ in
thousands) |
Tier 1 capital |
|
|
|
|
|
Stockholders'
equity |
$ 1,045,441 |
$ 1,025,105 |
$ 1,013,737 |
$ 494,319 |
$ 482,642 |
Trust preferred
securities, net allowable |
61,906 |
61,794 |
61,410 |
20,000 |
20,000 |
Disallowed
intangible assets, net of deferred tax |
(314,735) |
(342,590) |
(344,140) |
(112,545) |
(109,698) |
Unrealized (gain)
loss on AFS securities |
(2,718) |
1,400 |
(1,855) |
1,336 |
1,952 |
Other |
-- |
(10,297) |
(4,789) |
-- |
-- |
Total Tier 1 capital |
789,894 |
735,412 |
724,363 |
403,110 |
394,896 |
|
|
|
|
|
|
Tier 2 capital |
|
|
|
|
|
Qualifying
unrealized gain on AFS equity securities |
-- |
-- |
-- |
2 |
-- |
Qualifying
allowance for loan losses and reserve for unfunded
commitments |
34,097 |
34,284 |
32,600 |
32,073 |
29,167 |
Total Tier 2 capital |
34,097 |
34,284 |
32,600 |
32,075 |
29,167 |
Total risk-based
capital |
$ 823,991 |
$ 769,696 |
$ 756,963 |
$ 435,185 |
$ 424,063 |
|
|
|
|
|
|
Common equity |
|
|
|
|
|
Tier 1
capital |
$ 789,894 |
$ 735,412 |
$ 724,363 |
-- |
-- |
Less:
Non-cumulative preferred stock |
(30,852) |
(30,852) |
(30,852) |
-- |
-- |
Less: Trust
preferred securities |
(61,906) |
(61,794) |
(61,410) |
-- |
-- |
Total common equity |
$ 697,136 |
$ 642,766 |
$ 632,101 |
-- |
-- |
|
|
|
|
|
|
Risk weighted assets |
$ 4,986,641 |
$ 4,714,852 |
$ 4,659,065 |
$ 3,002,270 |
$ 3,063,801 |
|
|
|
|
|
|
Adjusted average assets for
leverage ratio |
$ 7,293,113 |
$ 7,350,900 |
$ 5,428,706 |
$ 4,593,924 |
$ 4,331,488 |
|
|
|
|
|
|
Ratios at end of
quarter |
|
|
|
|
|
Equity to assets |
13.83% |
13.46% |
12.97% |
10.65% |
10.29% |
Tangible common equity to
tangible assets |
9.10% |
8.73% |
8.32% |
8.06% |
7.78% |
Common equity Tier 1 ratio
(CET1) |
13.98% |
13.63% |
13.57% |
-- |
-- |
Tier 1 leverage
ratio |
10.83% |
10.00% |
13.34% |
8.77% |
9.12% |
Tier 1 risk-based capital
ratio |
15.84% |
15.60% |
15.55% |
13.43% |
12.89% |
Total risk-based capital
ratio |
16.52% |
16.32% |
16.25% |
14.50% |
13.84% |
|
|
|
|
|
Simmons First National
Corporation |
|
|
|
SFNC |
Consolidated Loans and
Investments |
For the Quarters
Ended |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
2015 |
2015 |
2015 |
2014 |
2014 |
($ in
thousands) |
Legacy Loan Portfolio - End of Period
(1) |
|
|
|
|
|
Consumer |
|
|
|
|
|
Credit cards |
$ 171,701 |
$ 174,074 |
$ 171,413 |
$ 185,380 |
$ 175,822 |
Student loans |
-- |
-- |
-- |
-- |
-- |
Other consumer |
182,472 |
160,828 |
107,486 |
103,402 |
105,508 |
Total consumer |
354,173 |
334,902 |
278,899 |
288,782 |
281,330 |
Real Estate |
|
|
|
|
|
Construction |
253,761 |
199,707 |
178,929 |
181,968 |
163,364 |
Single-family
residential |
623,089 |
662,954 |
507,351 |
455,563 |
436,925 |
Other commercial |
1,037,559 |
878,109 |
716,021 |
714,797 |
681,848 |
Total real
estate |
1,914,409 |
1,740,770 |
1,402,301 |
1,352,328 |
1,282,137 |
Commercial |
|
|
|
|
|
Commercial |
394,422 |
388,869 |
324,815 |
291,820 |
249,186 |
Agricultural |
170,257 |
141,502 |
105,228 |
115,658 |
145,157 |
Total commercial |
564,679 |
530,371 |
430,043 |
407,478 |
394,343 |
Other |
6,017 |
5,186 |
4,137 |
5,133 |
5,568 |
Total Loans |
$ 2,839,278 |
$ 2,611,229 |
$ 2,115,380 |
$ 2,053,721 |
$ 1,963,378 |
|
|
|
|
|
|
(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 |
$ 285,071 |
$ 361,744 |
$ 390,625 |
$ 418,914 |
$ 455,827 |
Mortgage-backed
securities |
25,913 |
27,146 |
28,535 |
29,743 |
30,954 |
State and political
subdivisions |
464,245 |
471,631 |
482,316 |
328,310 |
335,329 |
Other securities |
1,065 |
1,075 |
947 |
620 |
620 |
Total
held-to-maturity |
776,294 |
861,596 |
902,423 |
777,587 |
822,730 |
Available-for-Sale |
|
|
|
|
|
U.S. Treasury |
$ 4,008 |
$ 4,005 |
$ 4,008 |
$ 3,992 |
$ 3,991 |
U.S. Government
agencies |
153,576 |
236,003 |
346,315 |
272,816 |
280,321 |
Mortgage-backed
securities |
502,344 |
464,857 |
312,011 |
1,572 |
32 |
State and political
subdivisions |
10,976 |
10,971 |
13,452 |
6,540 |
8,903 |
FHLB stock |
14,275 |
13,619 |
15,256 |
5,126 |
5,623 |
Other securities |
18,168 |
18,246 |
16,341 |
15,237 |
18,603 |
Total
available-for-sale |
703,347 |
747,701 |
707,383 |
305,283 |
317,473 |
Total investment
securities |
$ 1,479,641 |
$ 1,609,297 |
$ 1,609,806 |
$ 1,082,870 |
$ 1,140,203 |
Fair value - HTM investment
securities |
$ 785,030 |
$ 863,349 |
$ 913,037 |
$ 780,534 |
$ 823,446 |
|
|
|
|
|
|
Investment Securities - QTD
Average |
|
|
|
|
|
Taxable securities |
$ 1,088,597 |
$ 1,163,708 |
$ 893,946 |
$ 782,062 |
$ 781,685 |
Tax exempt
securities |
478,436 |
492,118 |
391,561 |
342,886 |
329,327 |
Total investment securities -
QTD average |
$ 1,567,033 |
$ 1,655,826 |
$ 1,285,507 |
$ 1,124,948 |
$ 1,111,012 |
|
|
|
|
|
|
Simmons First National
Corporation |
|
|
|
|
SFNC |
Consolidated Loans and Credit
Coverage |
|
|
|
|
|
For the Quarters
Ended |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
2015 |
2015 |
2015 |
2014 |
2014 |
($ in
thousands) |
LOANS |
|
|
|
|
|
Legacy loans |
$ 2,839,278 |
$ 2,611,229 |
$ 2,115,380 |
$ 2,053,721 |
$ 1,963,378 |
Allowance for loan losses (legacy
loans) |
(30,380) |
(30,567) |
(29,183) |
(29,028) |
(27,076) |
Legacy loans (net of
allowance) |
2,808,898 |
2,580,662 |
2,086,197 |
2,024,693 |
1,936,302 |
Loans acquired, not covered by FDIC loss
share |
2,085,211 |
2,171,388 |
2,491,316 |
621,020 |
733,914 |
Credit discount |
(70,441) |
(63,082) |
(72,876) |
(45,040) |
(57,858) |
Allowance for loan losses (loans acquired,
not covered) |
(954) |
-- |
-- |
-- |
-- |
Loans acquired, not covered
(net of discount and allowance) |
2,013,816 |
2,108,306 |
2,418,440 |
575,980 |
676,056 |
Loans acquired, covered by FDIC loss
share |
-- |
114,296 |
126,629 |
140,038 |
154,183 |
Credit discount |
-- |
(20,221) |
(23,207) |
(32,151) |
(36,025) |
Allowance for loan losses (acquired covered
loans) |
-- |
(954) |
(954) |
(954) |
-- |
Loans acquired, covered (net of
discount and allowance) |
-- |
93,121 |
102,468 |
106,933 |
118,158 |
Net loans |
$ 4,822,714 |
$ 4,782,089 |
$ 4,607,105 |
$ 2,707,606 |
$ 2,730,516 |
|
|
|
|
|
|
|
|
|
|
|
|
Loan Coverage Ratios |
|
|
|
|
|
Allowance for loan losses to
legacy loans |
1.07% |
1.17% |
1.38% |
1.41% |
1.38% |
|
|
|
|
|
|
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) |
3.42% |
3.69% |
3.71% |
10.27% |
10.57% |
|
|
|
|
|
|
Total allowance and credit
coverage (non-GAAP) |
2.07% |
2.34% |
2.67% |
3.81% |
4.24% |
|
|
|
|
|
Simmons First National
Corporation |
|
|
|
SFNC |
Consolidated Allowance and Asset
Quality |
|
|
|
|
|
For the Quarters
Ended |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
2015 |
2015 |
2015 |
2014 |
2014 |
($ in
thousands) |
Allowance for Loan Losses (Legacy
Loans) |
|
|
|
|
|
Balance, beginning of
quarter |
$ 30,567 |
$ 29,183 |
$ 29,028 |
$ 27,076 |
$ 27,530 |
Loans charged off |
|
|
|
|
|
Credit cards |
763 |
802 |
785 |
859 |
788 |
Other consumer |
597 |
366 |
220 |
781 |
648 |
Real estate |
109 |
333 |
293 |
200 |
534 |
Commercial |
516 |
-- |
245 |
310 |
474 |
Total loans charged
off |
1,985 |
1,501 |
1,543 |
2,150 |
2,444 |
|
|
|
|
|
|
Recoveries of loans previously
charged off |
|
|
|
|
|
Credit cards |
213 |
241 |
213 |
220 |
190 |
Other consumer |
78 |
187 |
133 |
94 |
122 |
Real estate |
25 |
46 |
12 |
56 |
379 |
Commercial |
-- |
9 |
169 |
125 |
171 |
Total recoveries |
316 |
483 |
527 |
495 |
862 |
Net loans charged
off |
1,669 |
1,018 |
1,016 |
1,655 |
1,582 |
Provision for loan
losses |
1,482 |
2,402 |
1,171 |
3,607 |
1,128 |
Balance, end of
quarter |
$ 30,380 |
$ 30,567 |
$ 29,183 |
$ 29,028 |
$ 27,076 |
|
|
|
|
|
|
Non-performing assets
(1) (2) |
|
|
|
|
|
Non-performing loans |
|
|
|
|
|
Nonaccrual loans |
15,305 |
15,565 |
14,511 |
12,038 |
11,212 |
Loans past due 90 days or
more |
1,506 |
1,375 |
498 |
961 |
713 |
Total non-performing
loans |
16,811 |
16,940 |
15,009 |
12,999 |
11,925 |
Other non-performing
assets |
|
|
|
|
|
Foreclosed assets held for
sale, not covered |
48,073 |
42,666 |
50,723 |
44,856 |
50,770 |
Other non-performing
assets |
172 |
242 |
215 |
97 |
72 |
Total other non-performing
assets |
48,245 |
42,908 |
50,938 |
44,953 |
50,842 |
Total non-performing
assets |
$ 65,056 |
$ 59,848 |
$ 65,947 |
$ 57,952 |
$ 62,767 |
Performing TDRs (troubled debt
restructurings) |
$ 1,955 |
$ 1,959 |
$ 2,227 |
$ 2,233 |
$ 2,234 |
|
|
|
|
|
|
Ratios (1)
(2) |
|
|
|
|
|
Allowance for loan losses to
total loans |
1.07% |
1.17% |
1.38% |
1.41% |
1.38% |
Allowance for loan losses to
non-performing loans |
181% |
180% |
194% |
223% |
227% |
Non-performing loans to total
loans |
0.59% |
0.65% |
0.71% |
0.63% |
0.61% |
Non-performing assets
(including performing TDRs) to total assets |
0.89% |
0.81% |
0.87% |
1.30% |
1.39% |
Non-performing assets to total
assets |
0.86% |
0.79% |
0.84% |
1.25% |
1.34% |
Annualized net charge offs to
total loans |
0.24% |
0.17% |
0.20% |
0.33% |
0.33% |
Annualized net credit card
charge offs to total credit card loans |
1.26% |
1.31% |
1.32% |
1.41% |
1.31% |
Annualized net charge offs to
total loans (excluding credit cards) |
0.17% |
0.08% |
0.09% |
0.22% |
0.22% |
|
|
|
|
|
|
(1) Excludes all acquired loans,
including those covered by FDIC loss-share agreements, except for
their inclusion in total assets. |
(2) Excludes acquired foreclosed
assets covered by FDIC loss-share agreements, except for their
inclusion in total assets. |
|
|
|
|
|
Simmons First
National Corporation |
|
|
|
SFNC |
Consolidated - Net
Interest Income Analysis |
|
|
|
|
For the Quarters
Ended |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
2015 |
2015 |
2015 |
2014 |
2014 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Earning Assets |
|
|
|
|
|
Interest bearing balances due
from banks |
0.23% |
0.30% |
0.23% |
0.22% |
0.18% |
Investment securities |
2.65% |
2.50% |
2.44% |
2.49% |
2.29% |
Mortgage loans held for
sale |
4.38% |
3.99% |
4.10% |
4.33% |
4.28% |
Assets held in trading
accounts |
0.25% |
0.24% |
0.18% |
0.23% |
0.17% |
Loans, including acquired
loans |
6.27% |
6.03% |
6.11% |
6.55% |
6.32% |
Total interest earning
assets |
5.20% |
4.82% |
4.68% |
4.98% |
4.71% |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing liabilities |
|
|
|
|
|
Interest bearing transaction
and savings accounts |
0.24% |
0.24% |
0.21% |
0.17% |
0.16% |
Time deposits |
0.55% |
0.56% |
0.56% |
0.58% |
0.57% |
Total interest bearing
deposits |
0.33% |
0.33% |
0.32% |
0.31% |
0.31% |
Federal funds purchased and
securities sold under agreement to repurchase |
0.20% |
0.20% |
0.21% |
0.21% |
0.20% |
Other borrowings |
3.63% |
2.58% |
2.32% |
3.23% |
3.36% |
Subordinated debentures |
3.19% |
3.56% |
2.66% |
3.08% |
3.08% |
Total interest bearing
liabilities |
0.48% |
0.44% |
0.42% |
0.43% |
0.44% |
|
|
|
|
|
|
NET INTEREST
MARGIN/SPREAD |
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
4.72% |
4.38% |
4.26% |
4.55% |
4.27% |
Net interest margin -
quarter-to-date |
4.82% |
4.47% |
4.34% |
4.65% |
4.36% |
Net interest margin -
year-to-date |
4.58% |
4.42% |
4.34% |
4.47% |
4.41% |
|
|
|
|
|
Simmons First National
Corporation |
|
|
|
SFNC |
Consolidated - Selected Financial
Data |
|
|
|
|
|
For the Quarters
Ended |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
2015 |
2015 |
2015 |
2014 |
2014 |
($ in thousands, except
share data) |
QUARTER-TO-DATE |
|
|
|
|
|
Financial Highlights - Core
(non-GAAP) |
|
|
|
|
|
Core earnings (excludes
nonrecurring items) (1) |
$ 25,565 |
$ 22,444 |
$ 15,700 |
$ 11,387 |
$ 10,684 |
Diluted core earnings per share
(1) |
0.85 |
0.75 |
0.70 |
0.64 |
0.63 |
Core net interest margin (FTE)
(2) |
3.93% |
3.87% |
3.55% |
3.63% |
3.51% |
Core efficiency ratio
(1) |
57.54% |
58.51% |
62.24% |
64.32% |
64.89% |
Core return on average assets
(1) |
1.33% |
1.17% |
1.10% |
0.96% |
0.95% |
Core return on average common
equity (1) |
10.01% |
8.67% |
9.47% |
9.12% |
9.58% |
Core return on tangible common
equity (1) |
15.99% |
13.80% |
14.16% |
12.65% |
12.84% |
Financial Highlights -
GAAP |
|
|
|
|
|
Net Income |
$ 21,598 |
$ 20,018 |
$ 8,709 |
$ 12,639 |
$ 8,788 |
Diluted earnings per
share |
0.72 |
0.67 |
0.39 |
0.72 |
0.52 |
Return on average
assets |
1.13% |
1.04% |
0.61% |
1.07% |
0.79% |
Return on average common
equity |
8.46% |
7.73% |
5.25% |
10.12% |
7.88% |
Return on tangible common
equity |
13.58% |
12.36% |
8.07% |
14.00% |
10.62% |
Net interest margin
(FTE) |
4.82% |
4.47% |
4.34% |
4.65% |
4.36% |
FTE adjustment |
2,172 |
2,303 |
1,857 |
1,751 |
1,702 |
Amortization of
intangibles |
1,265 |
1,388 |
899 |
565 |
454 |
Amortization of intangibles,
net of taxes |
769 |
844 |
546 |
343 |
276 |
Average earning
assets |
6,660,434 |
6,774,693 |
5,121,838 |
4,195,250 |
3,956,032 |
Average interest bearing
liabilities |
5,367,852 |
5,467,587 |
4,096,745 |
3,274,902 |
3,129,062 |
Average diluted shares
outstanding |
30,046,062 |
29,987,471 |
22,350,272 |
18,075,537 |
16,916,764 |
Cash dividends declared per
common share |
0.23 |
0.23 |
0.23 |
0.22 |
0.22 |
YEAR-TO-DATE |
|
|
|
|
|
Financial Highlights - Core
(non-GAAP) |
|
|
|
|
|
Core earnings (excludes
nonrecurring items) (1) |
$ 63,709 |
$ 38,144 |
$ 15,700 |
$ 38,706 |
$ 27,319 |
Diluted core earnings per share
(1) |
2.32 |
1.46 |
0.70 |
2.29 |
1.65 |
Core net interest margin (FTE)
(2) |
3.82% |
3.74% |
3.55% |
3.53% |
3.49% |
Core efficiency ratio
(1) |
59.05% |
60.08% |
62.24% |
67.22% |
68.41% |
Core return on average assets
(1) |
1.21% |
1.14% |
1.10% |
0.86% |
0.83% |
Core return on average common
equity (1) |
9.39% |
8.99% |
9.47% |
8.79% |
8.66% |
Core return on tangible common
equity (1) |
14.73% |
13.96% |
14.16% |
11.89% |
11.57% |
Financial Highlights -
GAAP |
|
|
|
|
|
Net Income |
$ 50,325 |
$ 28,727 |
$ 8,709 |
$ 35,688 |
$ 23,049 |
Diluted earnings per
share |
1.83 |
1.10 |
0.39 |
2.11 |
1.39 |
Return on average
assets |
0.96% |
0.86% |
0.61% |
0.80% |
0.70% |
Return on average common
equity |
7.41% |
6.77% |
5.25% |
8.11% |
7.30% |
Return on tangible common
equity |
11.73% |
10.63% |
8.07% |
10.99% |
9.82% |
Net interest margin
(FTE) |
4.58% |
4.42% |
4.34% |
4.47% |
4.41% |
FTE adjustment |
6,332 |
4,160 |
1,857 |
6,840 |
5,089 |
Amortization of
intangibles |
3,552 |
2,287 |
899 |
1,979 |
1,359 |
Amortization of intangibles,
net of taxes |
2,159 |
1,390 |
546 |
1,203 |
826 |
Average earning
assets |
6,170,521 |
5,948,265 |
5,121,838 |
3,975,903 |
3,903,290 |
Average interest bearing
liabilities |
4,977,397 |
4,782,167 |
4,096,745 |
3,176,716 |
3,143,984 |
Average diluted shares
outstanding |
27,497,813 |
26,203,942 |
22,350,272 |
16,922,026 |
16,532,689 |
Cash dividends declared per
common share |
0.69 |
0.46 |
0.23 |
0.88 |
0.66 |
END OF PERIOD |
|
|
|
|
|
Book value per share |
$ 33.89 |
$ 33.26 |
$ 32.93 |
$ 27.38 |
$ 26.82 |
Tangible book value per
share |
21.89 |
21.19 |
20.79 |
20.15 |
19.72 |
Shares outstanding |
29,939,698 |
29,894,903 |
29,850,034 |
18,052,488 |
17,992,261 |
Full-time equivalent
employees |
1,967 |
2,043 |
2,076 |
1,338 |
1,397 |
Total number of
ATM's |
183 |
186 |
179 |
124 |
129 |
Total number of financial
centers |
149 |
152 |
164 |
109 |
113 |
|
|
|
|
|
|
(1) Core earnings exclude
nonrecurring items, which is a non-GAAP measurement |
(2) Excludes accretable yield
adjustment on loans, which is a non-GAAP measurement |
|
|
|
|
|
Simmons First National
Corporation |
|
|
|
SFNC |
Consolidated
- Reconciliation of Core Earnings (non-GAAP) |
|
|
|
For the Quarters
Ended |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
2015 |
2015 |
2015 |
2014 |
2014 |
($ in thousands, except
per share data) |
QUARTER-TO-DATE |
|
|
|
|
|
Net Income |
$ 21,598 |
$ 20,018 |
$ 8,709 |
$ 12,639 |
$ 8,788 |
Nonrecurring items |
|
|
|
|
|
Gain on sale of banking
operations |
(2,110) |
-- |
-- |
-- |
-- |
Loss on FDIC loss-share
termination |
7,476 |
-- |
-- |
-- |
-- |
Merger-related costs |
857 |
1,247 |
10,418 |
1,218 |
3,628 |
Change-in-control payments |
-- |
-- |
-- |
885 |
-- |
Branch right-sizing |
304 |
2,745 |
35 |
(4,221) |
(705) |
Charter consolidation
costs |
-- |
-- |
-- |
42 |
196 |
Tax effect (1) |
(2,560) |
(1,566) |
(3,462) |
824 |
(1,223) |
Net nonrecurring
items |
3,967 |
2,426 |
6,991 |
(1,252) |
1,896 |
Core earnings
(non-GAAP) |
$ 25,565 |
$ 22,444 |
$ 15,700 |
$ 11,387 |
$ 10,684 |
|
|
|
|
|
|
Diluted earnings per
share |
$ 0.72 |
$ 0.67 |
$ 0.39 |
$ 0.72 |
$ 0.52 |
Nonrecurring items |
|
|
|
|
|
Gain on sale of banking
operations |
(0.07) |
-- |
-- |
-- |
-- |
Loss on FDIC loss-share
termination |
0.25 |
-- |
-- |
-- |
-- |
Merger-related costs |
0.03 |
0.04 |
0.47 |
0.07 |
0.21 |
Change-in-control payments |
-- |
-- |
-- |
0.05 |
-- |
Branch right-sizing |
0.01 |
0.09 |
-- |
(0.24) |
(0.04) |
Charter consolidation
costs |
-- |
-- |
-- |
-- |
0.01 |
Tax effect (1) |
(0.09) |
(0.05) |
(0.16) |
0.04 |
(0.07) |
Net nonrecurring
items |
0.13 |
0.08 |
0.31 |
(0.08) |
0.11 |
Core earnings
(non-GAAP) |
$ 0.85 |
$ 0.75 |
$ 0.70 |
$ 0.64 |
$ 0.63 |
|
|
|
|
|
|
YEAR-TO-DATE |
|
|
|
|
|
Net Income |
$ 50,325 |
$ 28,727 |
$ 8,709 |
$ 35,687 |
$ 23,049 |
Nonrecurring items |
|
|
|
|
|
Gain on sale of merchant
services |
-- |
-- |
-- |
(1,000) |
(1,000) |
Gain on sale of banking
operations |
(2,110) |
-- |
-- |
-- |
-- |
Loss on FDIC loss-share
termination |
7,476 |
-- |
-- |
-- |
-- |
Merger-related costs |
12,522 |
11,665 |
10,418 |
7,472 |
6,254 |
Change-in-control payments |
-- |
-- |
-- |
885 |
-- |
Branch right-sizing |
3,084 |
2,780 |
35 |
(3,059) |
1,162 |
Charter consolidation
costs |
-- |
-- |
-- |
652 |
610 |
Tax effect (1) |
(7,588) |
(5,028) |
(3,462) |
(1,931) |
(2,745) |
Net nonrecurring
items |
13,384 |
9,417 |
6,991 |
3,019 |
4,281 |
Core earnings
(non-GAAP) |
$ 63,709 |
$ 38,144 |
$ 15,700 |
$ 38,706 |
$ 27,330 |
|
|
|
|
|
|
Diluted earnings per
share |
$ 1.83 |
$ 1.10 |
$ 0.39 |
$ 2.11 |
$ 1.39 |
Nonrecurring items |
|
|
|
|
|
Gain on sale of merchant
services |
-- |
-- |
-- |
(0.06) |
(0.06) |
Gain on sale of banking
operations |
(0.07) |
-- |
-- |
-- |
-- |
Loss on FDIC loss-share
termination |
0.27 |
-- |
-- |
-- |
-- |
Merger-related costs |
0.46 |
0.45 |
0.47 |
0.44 |
0.37 |
Change-in-control payments |
-- |
-- |
-- |
0.05 |
-- |
Branch right-sizing |
0.11 |
0.11 |
-- |
(0.16) |
0.08 |
Charter consolidation
costs |
-- |
-- |
-- |
0.04 |
0.04 |
Tax effect (1) |
(0.28) |
(0.20) |
(0.16) |
(0.13) |
(0.17) |
Net nonrecurring
items |
0.49 |
0.36 |
0.31 |
0.18 |
0.26 |
Core earnings
(non-GAAP) |
$ 2.32 |
$ 1.46 |
$ 0.70 |
$ 2.29 |
$ 1.65 |
|
|
|
|
|
|
(1)
Effective tax rate of 39.225%, adjusted for non-deductible
merger-related costs. |
|
|
|
|
|
CONTACT: FOR MORE INFORMATION CONTACT:
J. BURTON HICKS
Chief of Staff and Investor Relations Officer
Simmons First National Corporation
(870) 541-1000
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