PINE BLUFF, Ark., April 20, 2021 (GLOBE
NEWSWIRE) -- Simmons First National Corporation (NASDAQ: SFNC) (the
“Company” or “Simmons”) today announced net income of $67.4 million
for the quarter ended March 31, 2021, compared to $77.2 million for
the same period in 2020, a decrease of $9.8 million, or 12.7%, due
in significant part to the difference in the gains on sale of
securities recognized during the periods. Diluted earnings per
share were $0.62, a decrease of $0.06, or 8.8%, compared to the
same period in the prior year. Included in first quarter 2021
results were $634,000 in net after-tax merger-related and net
branch right-sizing costs as well as a $4.0 million after-tax gain
primarily associated with the sale of branches in Illinois.
Excluding the impact of these items, core
earnings were $64.0 million for the quarter ended March 31, 2021,
compared to $73.8 million for the quarter ended March 31, 2020, a
decrease of $9.8 million, or 13.3%. Core diluted earnings per share
were $0.59, a decrease of $0.06, or 9.2%, from the same period in
2020.
“We are very pleased with our solid performance
in the first quarter. It reflects the benefit of our diverse
operating model,” said George A. Makris, Jr., chairman and CEO of
Simmons First National Corporation. “We are still feeling the
effects of COVID in the economy. Some industries are still
struggling to return to pre-COVID levels of performance and the
government’s economic stimulus packages have created a rapid rise
in liquidity. Loan demand has been well below historical levels,
but we are encouraged by the rebuilding of the pipeline during the
first quarter. Asset quality has improved as compared to 2020 and
we are optimistic that trend will continue. Based on our current
levels of capital and liquidity, we have lending capacity that we
have not seen in several years, so Simmons is poised to do our part
as the economy continues to return to normal.”
Selected Highlights: |
1st Qtr
2021 |
4th Qtr
2020 |
1st Qtr
2020 |
Net income |
$67.4 million |
$53.0 million |
$77.2 million |
Diluted earnings per share |
$0.62 |
$0.49 |
$0.68 |
Return on avg assets |
1.20% |
0.96% |
1.48% |
Return on avg common equity |
9.20% |
7.13% |
10.83% |
Return on tangible common equity (1) |
15.85% |
12.48% |
19.00% |
|
|
|
|
Core earnings (2) |
$64.0 million |
$62.0 million |
$73.8 million |
Core diluted earnings per share (2) |
$0.59 |
$0.57 |
$0.65 |
Core return on avg assets (2) |
1.14% |
1.13% |
1.42% |
Core return on avg common equity (2) |
8.73% |
8.34% |
10.35% |
Core return on tangible common equity (1)(2) |
15.08% |
14.51% |
18.19% |
Efficiency ratio (3) |
57.77% |
55.27% |
57.79% |
Adjusted pre-tax, pre-provision earnings
(2) |
$73.1 million |
$83.1 million |
$84.4 million |
(1) |
|
Return on tangible common equity excludes goodwill and other
intangible assets and is a non-GAAP measurement. Please see
“Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP
Financial Measures” below. |
(2) |
|
Core figures exclude non-core items and are non-GAAP
measurements. Adjusted pre-tax, pre-provision earnings excludes
provision for income taxes, provisions for credit losses and
unfunded commitments, gains on sales of securities, and other
pre-tax, non-core items, and is also a non-GAAP measurement. Please
see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP
Financial Measures” below. |
(3) |
|
Efficiency ratio is core non-interest expense before foreclosed
property expense and amortization of intangibles, as a percent of
net interest income (fully taxable equivalent) and non-interest
revenues, excluding gains and losses from securities transactions
and non-core items, and is a non-GAAP measurement. Please see
“Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP
Financial Measures” below. |
|
|
|
Loans
($ in billions) |
1st Qtr
2021 |
4th Qtr
2020 |
1st Qtr
2020 |
Total loans |
$12.20 |
$12.90 |
$14.37 |
Total loans were $12.2 billion at March 31,
2021, a decrease of $705.0 million on a linked-quarter basis. Of
this decrease, $228.7 million was related to declines in seasonal
credit card and agricultural portfolios ($33.4 million), Paycheck
Protection Program (“PPP”) loans ($107.1 million) and mortgage
warehouse line of credit ($88.2 million). The remaining decrease
was related in significant part to planned loan payoffs, normal
paydowns and weakened loan demand as a result of the economic
uncertainty stemming from the COVID-19 pandemic.
Loan demand appears to be recovering going into
the second quarter of 2021. The Company’s total loan pipeline
consisting of all loan opportunities was $1.2 billion at March 31,
2021 compared to $674 million at December 31, 2020. Loans approved
and ready to close were $284 million as of March 31, 2021.
As of March 31, 2021, the Company had $797.6
million in loans outstanding under the PPP. The change in the total
PPP loan balance during the first quarter of 2021 was as
follows:
($ in millions) |
PPP Round 1 |
PPP Round 2 |
Total PPP Loans |
Beginning balance, January 1, 2021 |
$904.7 |
$ - |
$904.7 |
PPP loan originations |
- |
227.9 |
227.9 |
PPP loan forgiveness and repayments |
(335.0) |
- |
(335.0) |
Ending balance, March 31, 2021 |
$569.7 |
$227.9 |
$797.6 |
Deposits
($ in billions) |
1st Qtr
2021 |
4th Qtr
2020 |
1st Qtr
2020 |
Total deposits |
$18.2 |
$17.0 |
$15.6 |
Non-interest bearing deposits |
$4.9 |
$4.5 |
$3.6 |
Interest bearing deposits |
$10.3 |
$9.7 |
$8.8 |
Time deposits |
$3.0 |
$2.8 |
$3.2 |
Total deposits were $18.2 billion at March 31,
2021, representing increases of $2.6 billion, or 16.9%, since March
31, 2020 and $1.2 billion, or 7.1% since last quarter. The increase
in deposit balances was driven in significant part by multiple
rounds of economic stimulus legislation and changes in customer
spending as a result of the ongoing COVID-19 pandemic. Trends
affected by the increasing customer cash balances are paydowns on
loans, decreased loan demand, reduced credit card balances and
fewer overdraft activities.
Net Interest Income
|
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
2nd
Qtr
2020 |
1st
Qtr
2020 |
Loan yield (1) |
4.75% |
4.74% |
4.54% |
4.84% |
5.19% |
Core loan yield (1) (2) |
4.53% |
4.47% |
4.29% |
4.52% |
4.86% |
Security yield (1) |
2.36% |
2.48% |
2.60% |
2.50% |
2.63% |
Cost of interest bearing deposits |
0.41% |
0.47% |
0.54% |
0.59% |
1.03% |
Cost of deposits (3) |
0.30% |
0.34% |
0.39% |
0.44% |
0.80% |
Cost of borrowed funds |
1.91% |
1.88% |
1.85% |
1.84% |
2.06% |
Net interest margin (1) |
2.99% |
3.22% |
3.21% |
3.42% |
3.68% |
Core net interest margin (1) (2) |
2.86% |
3.04% |
3.02% |
3.18% |
3.42% |
(1) |
|
Fully tax equivalent using an effective tax rate of
26.135%. |
(2) |
|
Core loan yield and core net interest margin exclude accretion
and are non-GAAP measurements. Please see “Non-GAAP Financial
Measures” and “Reconciliation of Non-GAAP Financial Measures”
below. |
(3) |
|
Includes non-interest bearing deposits. |
|
|
|
The Company’s net interest income for the first
quarter of 2021 was $146.7 million, a decrease of
$20.8 million, or 12.4%, from the same period in 2020. The
decrease in net interest income was primarily due to the decline in
the loan yield of 44 basis points and the lower average loan
balance during the current period. This decrease was partially
offset by the 50 basis point decline in the cost of deposits. Loan
and deposits yields were impacted by the continuing low interest
rate environment during the first quarter of 2021. Included in
interest income was the yield accretion recognized on loans
acquired of $6.6 million and $11.8 million for the first quarters
of 2021 and 2020, respectively.
The loan yield essentially remained flat for the
quarter ended March 31, 2021, compared to the fourth quarter of
2020 at 4.75%. The core loan yield, which excludes accretion on
acquired loans, was 4.53%, an increase of 6 basis points for the
same period. The yield on PPP loans was approximately 5.26% during
the first quarter of 2021 (including accretion of net fees), which
increased the Company’s overall loan yield by approximately 4 basis
points.
Net interest margin (FTE) was 2.99% for the
quarter ended March 31, 2021, while core net interest margin, which
excludes the accretion, was 2.86% for the same period. The decline
in the net interest margin during the first quarter of 2021 was
primarily due to an $804 million increase in average cash and cash
equivalents. The Company added $1.1 billion to its average
investment security portfolio balance during the quarter. The net
interest margin during the first quarter of 2021 was affected by
additional liquidity and the PPP loans, which decreased the net
interest margin by approximately 35 basis points.
Non-Interest Income
Non-interest income for the first quarter of
2021 was $51.9 million, a decrease of $30.5 million compared to the
same period in the previous year. The decline in non-interest
income was primarily related to the incremental gains on the sale
of securities recognized during the first quarter of last year.
During the first quarter of 2020, the Company sold approximately
$1.0 billion in securities resulting in a gain of $30.1 million, to
begin creating additional liquidity in response to the unfolding
COVID-19 pandemic. During the first quarter of 2021, the Company
generated a gain of $5.5 million on sales of securities.
Debit and credit card fees for the first quarter
of 2021 were $9.0 million, an increase of $1.1 million, or 13.3%,
compared to the first quarter of 2020. Makris stated, “This
increase appears to highlight new consumer habits and the effects
of the government economic impact payments.”
Selected Non-Interest Income Items
($ in millions) |
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
2nd
Qtr
2020 |
1st
Qtr
2020 |
Service charges on deposit accounts |
$9.7 |
$10.8 |
$10.4 |
$8.6 |
$13.3 |
Mortgage lending income |
$6.4 |
$3.0 |
$14.0 |
$12.5 |
$5.0 |
SBA lending income |
$0.2 |
$0.5 |
$0.3 |
$0.2 |
$0.3 |
Debit and credit card fees |
$9.0 |
$8.7 |
$8.9 |
$8.0 |
$7.9 |
Gain on sale of securities |
$5.5 |
- |
$22.3 |
$0.4 |
$32.1 |
Other income |
$10.3 |
$10.6 |
$5.4 |
$9.8 |
$12.8 |
|
|
|
|
|
|
Core other income (1) |
$4.8 |
$10.3 |
$5.0 |
$7.6 |
$6.9 |
(1) |
|
Core figures exclude non-core items and are non-GAAP
measurements. Please see “Non-GAAP Financial Measures” and
“Reconciliation of Non-GAAP Financial Measures” below. |
|
|
|
Non-Interest Expense
Non-interest expense for the first quarter of
2021 was $115.4 million, a decrease of $13.5 million compared to
the first quarter of 2020. Included in this quarter were $858,000
of pre-tax non-core items for merger-related expenses and branch
right-sizing costs. Excluding these expenses, core non-interest
expense was $114.5 million for the first quarter of 2021, a
decrease of $13.0 million compared to the same period in 2020. The
decrease in other operating expenses is related to the realization
of expected synergies from the continuous evaluation of the
Company’s branch network and the branch sales and closures that
began in 2020 and have continued in 2021.
The efficiency ratio for the first quarter of
2021 was 57.77% compared to 57.79% for the same period in 2020.
Selected Non-Interest Expense Items
($ in millions) |
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
2nd
Qtr
2020 |
1st
Qtr
2020 |
Salaries and employee benefits |
$60.3 |
$55.8 |
$61.1 |
$57.6 |
$67.9 |
Merger related costs |
$0.2 |
$0.7 |
$0.9 |
$1.8 |
$1.1 |
Other operating expenses |
$38.4 |
$54.3 |
$38.2 |
$39.7 |
$41.8 |
|
|
|
|
|
|
Core salaries and employee benefits(1) |
$60.3 |
$55.6 |
$58.7 |
$57.2 |
$67.9 |
Core merger related costs(1) |
- |
- |
- |
- |
- |
Core other operating expenses(1) |
$38.2 |
$44.1 |
$38.2 |
$38.0 |
$41.6 |
(1) |
|
Core figures exclude non-core items and are non-GAAP
measurements. Please see “Non-GAAP Financial Measures” and
“Reconciliation of Non-GAAP Financial Measures” below. |
|
|
|
Asset Quality
($ in millions) |
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
2nd
Qtr
2020 |
1st
Qtr
2020 |
Allowance for credit losses on loans to total loans |
1.93% |
1.85% |
1.77% |
1.59% |
1.69% |
Allowance for credit losses on loans to non-performing loans |
204% |
193% |
148% |
176% |
155% |
Non-performing loans to total loans |
0.95% |
0.96% |
1.20% |
0.90% |
1.09% |
Net charge-off ratio (annualized) |
0.10% |
0.52% |
0.16% |
1.04% |
0.07% |
Net charge-off ratio YTD (annualized) |
0.10% |
0.45% |
0.43% |
0.56% |
0.07% |
|
|
|
|
|
|
Total non-performing loans |
$115.5 |
$123.5 |
$167.9 |
$131.9 |
$157.0 |
Total other non-performing assets |
$12.4 |
$20.4 |
$14.6 |
$16.1 |
$23.0 |
At March 31, 2021, the allowance for credit
losses was $235.1 million. Total non-performing assets at March 31,
2021 decreased $52.1 million from the first quarter of 2020 and
decreased $16.0 million from year end. Provision for credit losses
for the first quarter of 2021 was $1.4 million, a decrease of $5.5
million, or 79.2%, from the previous quarter.
Foreclosed Assets and Other Real Estate
Owned
At March 31, 2021, foreclosed assets and other
real estate owned were $11.2 million, a decrease of $9.6 million,
or 46.3%, compared to the same period in 2020 and a decrease of
$7.2 million, or 39.3% from December 31, 2020. The composition of
these assets is divided into three
types:
($ in millions) |
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
2nd
Qtr
2020 |
1st
Qtr
2020 |
Closed bank branches and branch sites |
$0.5 |
$0.6 |
$0.6 |
$2.7 |
$8.8 |
Foreclosed assets – acquired |
$7.7 |
$15.3 |
$9.3 |
$9.2 |
$9.2 |
Foreclosed assets – legacy |
$3.0 |
$2.5 |
$2.7 |
$2.2 |
$2.8 |
Capital
|
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
2nd
Qtr
2020 |
1st
Qtr
2020 |
Stockholders’ equity to total assets |
12.6% |
13.3% |
13.7% |
13.3% |
13.7% |
Tangible common equity to tangible assets (1) |
7.9% |
8.5% |
8.7% |
8.3% |
8.4% |
Regulatory common equity tier 1 ratio |
14.1% |
13.4% |
12.6% |
11.9% |
11.1% |
Regulatory tier 1 leverage ratio |
9.0% |
9.1% |
9.1% |
8.8% |
9.0% |
Regulatory tier 1 risk-based capital ratio |
14.1% |
13.4% |
12.6% |
11.9% |
11.1% |
Regulatory total risk-based capital ratio |
17.5% |
16.8% |
15.8% |
14.9% |
14.1% |
(1) |
|
Tangible common equity to tangible assets is a non-GAAP
measurement. Please see “Non-GAAP Financial Measures” and
“Reconciliation of Non-GAAP Financial Measures” below. |
|
|
|
At March 31, 2021, common stockholders' equity
was $2.9 billion. Book value per share was $27.04 and tangible book
value per share was $16.13 at March 31, 2021, compared to $27.53
and $16.56, respectively, at December 31, 2020. The ratio of
stockholders’ equity to total assets was 12.6% at March 31, 2021,
compared to 13.3% at December 31, 2020, while tangible common
equity to tangible assets was 7.9% at March 31, 2021, compared to
8.5% at the previous year-end.
During the first quarter of 2021, the Company
repurchased approximately 131,000 shares of its common stock at an
average price per share of $23.53. Market conditions and capital
needs will drive the decisions regarding additional, future stock
repurchases.
Simmons First National
Corporation
Simmons First National Corporation is a
financial holding company headquartered in Pine Bluff, Arkansas,
with total consolidated assets of approximately $23.3 billion as of
March 31, 2021. The Company, through its subsidiaries, conducts
financial operations in Arkansas, Kansas, Missouri, Oklahoma,
Tennessee and Texas and offers comprehensive financial solutions
delivered with a client-centric approach. The Company’s common
stock is listed on the NASDAQ Global Select Market under the symbol
“SFNC.”
Conference Call
Management will conduct a live conference call
to review this information beginning at 9:00 a.m. CDT today,
Tuesday, April 20, 2021. 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 1443639. In addition, the call
will be available live or in recorded version on the Company’s
website at www.simmonsbank.com for at least
60 days.
Non-GAAP Financial Measures
This press release contains financial
information determined by methods other than in accordance with
U.S. 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 adjust
GAAP performance measures to, among other things, include the tax
benefit associated with revenue items that are tax-exempt, as well
as exclude from income available to common shareholders,
non-interest income, and non-interest expense certain income and
expenses related to significant non-core activities, including
merger-related expenses, gain on sale of branches, early retirement
program expenses and net branch right-sizing expenses. In addition,
the Company also presents certain figures based on tangible common
stockholders’ equity, tangible assets and tangible book value,
which exclude goodwill and other intangible assets. The Company
further presents certain figures that are exclusive of the impact
of PPP loans. The Company’s management believes that these non-GAAP
financial measures are useful to investors because they, among
other things, present the results of the Company’s ongoing
operations without the effect of mergers or other items not central
to the Company’s ongoing business, as well as normalize for tax
effects. Management, therefore, 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, and management uses these
non-GAAP financial measures to assess the performance of the
Company’s core businesses as related to prior financial periods.
These non-GAAP disclosures should not be viewed as a substitute for
operating results determined in accordance with GAAP, nor are they
necessarily comparable to non-GAAP performance measures that may be
presented by other companies. Where non-GAAP financial measures are
used, the comparable GAAP financial measure, as well as the
reconciliation to the comparable GAAP financial measure, can be
found in the tables of this release.
Forward-Looking Statements
Some of the statements in this news release may
not be based on historical facts and should be considered
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements, including, without limitation, statements made in Mr.
Makris’s quotes, may be identified by reference to future periods
or by the use of forward-looking terminology, such as “believe,”
“budget,” “expect,” “foresee,” “anticipate,” “intend,” “indicate,”
“target,” “estimate,” “plan,” “project,” “continue,” “contemplate,”
“positions,” “prospects,” “predict,” or “potential,” by future
conditional verbs such as “will,” “would,” “should,” “could,”
“might” or “may,” or by variations of such words or by similar
expressions. These forward-looking statements include, without
limitation, statements relating to Simmons’ future growth, lending
capacity and lending activity, revenue, assets, asset quality,
profitability, net interest margin, non-interest revenue, share
repurchase program, acquisition strategy, digital banking
initiatives, the Company’s ability to recruit and retain key
employees, the benefits associated with the Company’s early
retirement program, branch closures and branch sales, the adequacy
of the allowance for credit losses, the ability of the Company to
manage the impact of the COVID-19 pandemic, and the impacts of the
Company’s and its customers participation in the PPP. Any
forward-looking statement speaks only as of the date of this news
release, and Simmons undertakes no obligation to update these
forward-looking statements to reflect events or circumstances that
occur after the date of this news release. By nature,
forward-looking statements are based on various assumptions and
involve inherent risk and uncertainties. Various factors,
including, but not limited to, changes in economic conditions,
credit quality, interest rates, loan demand, deposit flows, real
estate values, the assumptions used in making the forward-looking
statements, the securities markets generally or the price of
Simmons common stock specifically, and information technology
affecting the financial industry; the effect of steps the Company
takes and has taken in response to the COVID-19 pandemic; the
severity and duration of the pandemic, including the effectiveness
of vaccination efforts; the pace of recovery when the pandemic
subsides and the heightened impact it has on many of the risks
described herein; the effects of the COVID-19 pandemic on, among
other things, the Company’s operations, liquidity, and credit
quality; general economic and market conditions; unemployment;
claims, damages, and fines related to litigation or government
actions, including litigation or actions arising from the Company’s
participation in and administration of programs related to the
COVID-19 pandemic (including, among other things, the PPP loan
program authorized by the Coronavirus Aid, Relief and Economic
Security Act); changes in accounting principles relating to loan
loss recognition (current expected credit losses, or CECL); the
Company’s ability to manage and successfully integrate its mergers
and acquisitions; cyber threats, attacks or events; reliance on
third parties for key services; government legislation; and other
factors, many of which are beyond the control of the Company, could
cause actual results to differ materially from those contemplated
by the forward-looking statements. Additional information on
factors that might affect the Company’s financial results is
included in the Company’s Form 10-K for the year ended December 31,
2020, which has been filed with, and is available from, the U.S.
Securities and Exchange Commission.
FOR MORE INFORMATION CONTACT:
Stephen C. Massanelli
EVP, Chief Administrative Officer
Simmons First National Corporation
steve.massanelli@simmonsbank.com
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
SFNC
|
|
Consolidated End of Period Balance Sheets |
|
|
|
|
|
For the Quarters Ended |
|
Mar 31 |
|
|
|
Dec 31 |
|
|
|
Sep 30 |
|
|
|
Jun 30 |
|
|
|
Mar 31 |
|
(Unaudited) |
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
($
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
non-interest bearing balances due from banks |
$ |
227,713 |
|
|
$ |
217,499 |
|
|
$ |
382,691 |
|
|
$ |
234,998 |
|
|
$ |
244,123 |
|
Interest
bearing balances due from banks and federal funds sold |
|
3,677,750 |
|
|
|
3,254,653 |
|
|
|
2,139,440 |
|
|
|
2,310,162 |
|
|
|
1,493,076 |
|
Cash and cash equivalents |
|
3,905,463 |
|
|
|
3,472,152 |
|
|
|
2,522,131 |
|
|
|
2,545,160 |
|
|
|
1,737,199 |
|
Interest
bearing balances due from banks - time |
|
1,334 |
|
|
|
1,579 |
|
|
|
4,061 |
|
|
|
4,561 |
|
|
|
4,309 |
|
Investment
securities - held-to-maturity |
|
609,500 |
|
|
|
333,031 |
|
|
|
47,102 |
|
|
|
51,720 |
|
|
|
53,968 |
|
Investment
securities - available-for-sale |
|
4,528,348 |
|
|
|
3,473,598 |
|
|
|
2,607,288 |
|
|
|
2,496,896 |
|
|
|
2,466,640 |
|
Mortgage
loans held for sale |
|
63,655 |
|
|
|
137,378 |
|
|
|
192,729 |
|
|
|
120,034 |
|
|
|
49,984 |
|
Other assets
held for sale |
|
100 |
|
|
|
100 |
|
|
|
389 |
|
|
|
399 |
|
|
|
115,315 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
12,195,873 |
|
|
|
12,900,897 |
|
|
|
14,017,442 |
|
|
|
14,606,900 |
|
|
|
14,374,277 |
|
Allowance for credit losses on loans |
|
(235,116 |
) |
|
|
(238,050 |
) |
|
|
(248,251 |
) |
|
|
(231,643 |
) |
|
|
(243,195 |
) |
Net loans |
|
11,960,757 |
|
|
|
12,662,847 |
|
|
|
13,769,191 |
|
|
|
14,375,257 |
|
|
|
14,131,082 |
|
Premises and
equipment |
|
427,540 |
|
|
|
441,692 |
|
|
|
470,491 |
|
|
|
478,896 |
|
|
|
484,990 |
|
Premises
held for sale |
|
13,613 |
|
|
|
15,008 |
|
|
|
4,486 |
|
|
|
4,576 |
|
|
|
- |
|
Foreclosed
assets and other real estate owned |
|
11,168 |
|
|
|
18,393 |
|
|
|
12,590 |
|
|
|
14,111 |
|
|
|
20,805 |
|
Interest
receivable |
|
71,359 |
|
|
|
72,597 |
|
|
|
77,352 |
|
|
|
79,772 |
|
|
|
57,039 |
|
Bank owned
life insurance |
|
257,152 |
|
|
|
255,630 |
|
|
|
257,718 |
|
|
|
256,643 |
|
|
|
255,197 |
|
Goodwill |
|
1,075,305 |
|
|
|
1,075,305 |
|
|
|
1,075,305 |
|
|
|
1,064,765 |
|
|
|
1,064,978 |
|
Other
intangible assets |
|
107,091 |
|
|
|
111,110 |
|
|
|
114,460 |
|
|
|
117,823 |
|
|
|
121,673 |
|
Other
assets |
|
315,732 |
|
|
|
289,332 |
|
|
|
282,102 |
|
|
|
293,071 |
|
|
|
278,173 |
|
Total assets |
$ |
23,348,117 |
|
|
$ |
22,359,752 |
|
|
$ |
21,437,395 |
|
|
$ |
21,903,684 |
|
|
$ |
20,841,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing transaction accounts |
$ |
4,884,667 |
|
|
$ |
4,482,091 |
|
|
$ |
4,451,385 |
|
|
$ |
4,608,098 |
|
|
$ |
3,572,244 |
|
Interest bearing transaction accounts and savings deposits |
|
10,279,997 |
|
|
|
9,672,608 |
|
|
|
8,993,255 |
|
|
|
8,978,045 |
|
|
|
8,840,678 |
|
Time deposits |
|
3,024,724 |
|
|
|
2,832,327 |
|
|
|
2,802,007 |
|
|
|
3,029,975 |
|
|
|
3,146,811 |
|
Total deposits |
|
18,189,388 |
|
|
|
16,987,026 |
|
|
|
16,246,647 |
|
|
|
16,616,118 |
|
|
|
15,559,733 |
|
Federal
funds purchased and securities sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to repurchase |
|
323,053 |
|
|
|
299,111 |
|
|
|
313,694 |
|
|
|
387,025 |
|
|
|
377,859 |
|
Other
borrowings |
|
1,340,467 |
|
|
|
1,342,067 |
|
|
|
1,342,769 |
|
|
|
1,393,689 |
|
|
|
1,396,829 |
|
Subordinated
notes and debentures |
|
383,008 |
|
|
|
382,874 |
|
|
|
382,739 |
|
|
|
382,604 |
|
|
|
388,396 |
|
Other
liabilities held for sale |
|
- |
|
|
|
154,620 |
|
|
|
- |
|
|
|
- |
|
|
|
58,405 |
|
Accrued
interest and other liabilities |
|
181,426 |
|
|
|
217,398 |
|
|
|
209,305 |
|
|
|
219,545 |
|
|
|
214,730 |
|
Total liabilities |
|
20,417,342 |
|
|
|
19,383,096 |
|
|
|
18,495,154 |
|
|
|
18,998,981 |
|
|
|
17,995,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock |
|
767 |
|
|
|
767 |
|
|
|
767 |
|
|
|
767 |
|
|
|
767 |
|
Common stock |
|
1,083 |
|
|
|
1,081 |
|
|
|
1,090 |
|
|
|
1,090 |
|
|
|
1,090 |
|
Surplus |
|
2,017,188 |
|
|
|
2,014,076 |
|
|
|
2,032,372 |
|
|
|
2,029,383 |
|
|
|
2,026,420 |
|
Undivided profits |
|
948,913 |
|
|
|
901,006 |
|
|
|
866,503 |
|
|
|
819,153 |
|
|
|
778,893 |
|
Accumulated other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (depreciation) accretion on AFS securities |
|
(37,176 |
) |
|
|
59,726 |
|
|
|
41,509 |
|
|
|
54,310 |
|
|
|
38,230 |
|
Total stockholders' equity |
|
2,930,775 |
|
|
|
2,976,656 |
|
|
|
2,942,241 |
|
|
|
2,904,703 |
|
|
|
2,845,400 |
|
Total liabilities and stockholders' equity |
$ |
23,348,117 |
|
|
$ |
22,359,752 |
|
|
$ |
21,437,395 |
|
|
$ |
21,903,684 |
|
|
$ |
20,841,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
SFNC |
|
Consolidated Statements of Income -
Quarter-to-Date |
|
|
|
|
|
For the Quarters Ended |
|
Mar 31 |
|
|
Dec 31 |
|
|
Sep 30 |
|
|
Jun 30 |
|
|
Mar 31 |
|
(Unaudited) |
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
($
in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (including fees) |
$ |
146,424 |
|
$ |
160,115 |
|
$ |
163,180 |
|
$ |
176,910 |
|
$ |
187,566 |
|
Interest bearing balances due from banks and
federal funds sold |
|
798 |
|
|
716 |
|
|
623 |
|
|
603 |
|
|
2,441 |
|
Investment securities |
|
21,573 |
|
|
17,207 |
|
|
14,910 |
|
|
13,473 |
|
|
18,943 |
|
Mortgage loans held for sale |
|
639 |
|
|
1,070 |
|
|
1,012 |
|
|
668 |
|
|
281 |
|
TOTAL
INTEREST INCOME |
|
169,434 |
|
|
179,108 |
|
|
179,725 |
|
|
191,654 |
|
|
209,231 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits |
|
7,091 |
|
|
7,835 |
|
|
9,437 |
|
|
10,803 |
|
|
13,323 |
|
Other deposits |
|
6,088 |
|
|
6,536 |
|
|
6,769 |
|
|
7,203 |
|
|
17,954 |
|
Federal funds purchased and securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sold under agreements to
repurchase |
|
245 |
|
|
284 |
|
|
335 |
|
|
337 |
|
|
759 |
|
Other borrowings |
|
4,802 |
|
|
4,869 |
|
|
4,943 |
|
|
4,963 |
|
|
4,877 |
|
Subordinated notes and debentures |
|
4,527 |
|
|
4,624 |
|
|
4,631 |
|
|
4,667 |
|
|
4,835 |
|
TOTAL
INTEREST EXPENSE |
|
22,753 |
|
|
24,148 |
|
|
26,115 |
|
|
27,973 |
|
|
41,748 |
|
NET
INTEREST INCOME |
|
146,681 |
|
|
154,960 |
|
|
153,610 |
|
|
163,681 |
|
|
167,483 |
|
Provision for credit losses |
|
1,445 |
|
|
6,943 |
|
|
22,981 |
|
|
21,915 |
|
|
23,134 |
|
NET
INTEREST INCOME AFTER PROVISION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR CREDIT LOSSES |
|
145,236 |
|
|
148,017 |
|
|
130,629 |
|
|
141,766 |
|
|
144,349 |
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust income |
|
6,666 |
|
|
6,557 |
|
|
6,744 |
|
|
7,253 |
|
|
7,151 |
|
Service charges on deposit accounts |
|
9,715 |
|
|
10,799 |
|
|
10,385 |
|
|
8,570 |
|
|
13,328 |
|
Other service charges and fees |
|
1,922 |
|
|
1,783 |
|
|
1,764 |
|
|
1,489 |
|
|
1,588 |
|
Mortgage lending income |
|
6,447 |
|
|
2,993 |
|
|
13,971 |
|
|
12,459 |
|
|
5,046 |
|
SBA lending income |
|
240 |
|
|
484 |
|
|
304 |
|
|
245 |
|
|
296 |
|
Investment banking income |
|
695 |
|
|
676 |
|
|
557 |
|
|
571 |
|
|
877 |
|
Debit and credit card fees |
|
8,964 |
|
|
8,710 |
|
|
8,850 |
|
|
7,996 |
|
|
7,914 |
|
Bank owned life insurance income |
|
1,523 |
|
|
1,481 |
|
|
1,591 |
|
|
1,445 |
|
|
1,298 |
|
Gain on sale of securities, net |
|
5,471 |
|
|
16 |
|
|
22,305 |
|
|
390 |
|
|
32,095 |
|
Other income |
|
10,260 |
|
|
10,557 |
|
|
5,380 |
|
|
9,809 |
|
|
12,801 |
|
TOTAL
NON-INTEREST INCOME |
|
51,903 |
|
|
44,056 |
|
|
71,851 |
|
|
50,227 |
|
|
82,394 |
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
60,340 |
|
|
55,762 |
|
|
61,144 |
|
|
57,644 |
|
|
67,924 |
|
Occupancy expense, net |
|
9,300 |
|
|
9,182 |
|
|
9,647 |
|
|
9,217 |
|
|
9,510 |
|
Furniture and equipment expense |
|
5,415 |
|
|
5,940 |
|
|
6,231 |
|
|
6,144 |
|
|
5,723 |
|
Other real estate and foreclosure expense |
|
343 |
|
|
551 |
|
|
602 |
|
|
274 |
|
|
325 |
|
Deposit insurance |
|
1,308 |
|
|
1,627 |
|
|
2,244 |
|
|
2,838 |
|
|
2,475 |
|
Merger-related costs |
|
233 |
|
|
731 |
|
|
902 |
|
|
1,830 |
|
|
1,068 |
|
Other operating expenses |
|
38,417 |
|
|
54,342 |
|
|
38,179 |
|
|
39,651 |
|
|
41,788 |
|
TOTAL
NON-INTEREST EXPENSE |
|
115,356 |
|
|
128,135 |
|
|
118,949 |
|
|
117,598 |
|
|
128,813 |
|
NET
INCOME BEFORE INCOME TAXES |
|
81,783 |
|
|
63,938 |
|
|
83,531 |
|
|
74,395 |
|
|
97,930 |
|
Provision for income taxes |
|
14,363 |
|
|
10,970 |
|
|
17,633 |
|
|
15,593 |
|
|
20,694 |
|
NET
INCOME |
|
67,420 |
|
|
52,968 |
|
|
65,898 |
|
|
58,802 |
|
|
77,236 |
|
Preferred stock dividends |
|
13 |
|
|
13 |
|
|
13 |
|
|
13 |
|
|
13 |
|
NET
INCOME AVAILABLE TO COMMON STOCKHOLDERS |
$ |
67,407 |
|
$ |
52,955 |
|
$ |
65,885 |
|
$ |
58,789 |
|
$ |
77,223 |
|
BASIC EARNINGS PER SHARE |
$ |
0.62 |
|
$ |
0.49 |
|
$ |
0.60 |
|
$ |
0.54 |
|
$ |
0.68 |
|
DILUTED EARNINGS PER SHARE |
$ |
0.62 |
|
$ |
0.49 |
|
$ |
0.60 |
|
$ |
0.54 |
|
$ |
0.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
SFNC |
|
Consolidated Risk-Based Capital |
|
|
|
|
|
For the Quarters Ended |
|
Mar 31 |
|
|
|
Dec 31 |
|
|
|
Sep 30 |
|
|
|
Jun 30 |
|
|
|
Mar 31 |
|
(Unaudited) |
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
($
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
$ |
2,930,775 |
|
|
$ |
2,976,656 |
|
|
$ |
2,942,241 |
|
|
$ |
2,904,703 |
|
|
$ |
2,845,400 |
|
CECL transition provision (1) |
|
131,637 |
|
|
|
131,430 |
|
|
|
134,798 |
|
|
|
130,480 |
|
|
|
134,558 |
|
Disallowed intangible assets, net of deferred tax |
|
(1,159,720 |
) |
|
|
(1,163,797 |
) |
|
|
(1,167,357 |
) |
|
|
(1,160,385 |
) |
|
|
(1,164,038 |
) |
Unrealized loss (gain) on AFS securities |
|
37,176 |
|
|
|
(59,726 |
) |
|
|
(41,509 |
) |
|
|
(54,310 |
) |
|
|
(38,230 |
) |
Total Tier 1 capital |
|
1,939,868 |
|
|
|
1,884,563 |
|
|
|
1,868,173 |
|
|
|
1,820,488 |
|
|
|
1,777,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 2 capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust preferred securities and subordinated debt |
|
383,008 |
|
|
|
382,874 |
|
|
|
382,739 |
|
|
|
382,604 |
|
|
|
388,396 |
|
Qualifying allowance for loan losses and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reserve for unfunded commitments |
|
87,251 |
|
|
|
89,546 |
|
|
|
96,734 |
|
|
|
83,780 |
|
|
|
96,015 |
|
Total Tier 2 capital |
|
470,259 |
|
|
|
472,420 |
|
|
|
479,473 |
|
|
|
466,384 |
|
|
|
484,411 |
|
Total risk-based capital |
$ |
2,410,127 |
|
|
$ |
2,356,983 |
|
|
$ |
2,347,646 |
|
|
$ |
2,286,872 |
|
|
$ |
2,262,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk
weighted assets |
$ |
13,771,244 |
|
|
$ |
14,048,608 |
|
|
$ |
14,878,932 |
|
|
$ |
15,362,175 |
|
|
$ |
16,012,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
average assets for leverage ratio |
$ |
21,668,406 |
|
|
$ |
20,765,127 |
|
|
$ |
20,652,454 |
|
|
$ |
20,742,824 |
|
|
$ |
19,832,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios at end of quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets |
|
12.55 |
% |
|
|
13.31 |
% |
|
|
13.72 |
% |
|
|
13.26 |
% |
|
|
13.65 |
% |
Tangible common equity to tangible assets (2) |
|
7.88 |
% |
|
|
8.45 |
% |
|
|
8.65 |
% |
|
|
8.31 |
% |
|
|
8.44 |
% |
Common equity Tier 1 ratio (CET1) |
|
14.08 |
% |
|
|
13.41 |
% |
|
|
12.55 |
% |
|
|
11.85 |
% |
|
|
11.10 |
% |
Tier 1 leverage ratio |
|
8.95 |
% |
|
|
9.08 |
% |
|
|
9.05 |
% |
|
|
8.78 |
% |
|
|
8.96 |
% |
Tier 1 risk-based capital ratio |
|
14.09 |
% |
|
|
13.41 |
% |
|
|
12.56 |
% |
|
|
11.85 |
% |
|
|
11.10 |
% |
Total risk-based capital ratio |
|
17.50 |
% |
|
|
16.78 |
% |
|
|
15.78 |
% |
|
|
14.89 |
% |
|
|
14.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Company
has elected to use the CECL transition provision allowed for in the
year of adopting ASC 326. |
(2) Calculations
of tangible common equity to tangible assets and the
reconciliations to GAAP are included in the schedules
accompanying this release. |
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
SFNC |
|
Consolidated Investment Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Quarters Ended |
|
Mar 31 |
|
|
Dec 31 |
|
|
Sep 30 |
|
|
Jun 30 |
|
|
Mar 31 |
|
(Unaudited) |
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
($
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities - End of Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies |
$ |
77,396 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
Mortgage-backed securities |
|
47,988 |
|
|
22,354 |
|
|
24,297 |
|
|
25,980 |
|
|
27,121 |
|
State and political subdivisions |
|
484,116 |
|
|
310,109 |
|
|
21,930 |
|
|
24,777 |
|
|
25,985 |
|
Other securities |
|
- |
|
|
568 |
|
|
875 |
|
|
963 |
|
|
862 |
|
Total held-to-maturity (net of credit losses) |
|
609,500 |
|
|
333,031 |
|
|
47,102 |
|
|
51,720 |
|
|
53,968 |
|
Available-for-Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
$ |
600 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
424,989 |
|
U.S. Government agencies |
|
487,679 |
|
|
477,237 |
|
|
471,973 |
|
|
210,921 |
|
|
161,289 |
|
Mortgage-backed securities |
|
2,133,086 |
|
|
1,394,936 |
|
|
903,687 |
|
|
1,154,086 |
|
|
1,179,837 |
|
State and political subdivisions |
|
1,571,910 |
|
|
1,470,723 |
|
|
1,133,006 |
|
|
1,054,068 |
|
|
678,243 |
|
Other securities |
|
335,073 |
|
|
130,702 |
|
|
98,622 |
|
|
77,821 |
|
|
22,282 |
|
Total available-for-sale (net of credit losses) |
|
4,528,348 |
|
|
3,473,598 |
|
|
2,607,288 |
|
|
2,496,896 |
|
|
2,466,640 |
|
Total investment securities (net of credit losses) |
$ |
5,137,848 |
|
$ |
3,806,629 |
|
$ |
2,654,390 |
|
$ |
2,548,616 |
|
$ |
2,520,608 |
|
Fair value - HTM investment securities |
$ |
597,694 |
|
$ |
341,925 |
|
$ |
49,064 |
|
$ |
53,751 |
|
$ |
55,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities - QTD Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
$ |
2,471,291 |
|
$ |
1,757,234 |
|
$ |
1,534,742 |
|
$ |
1,642,083 |
|
$ |
2,324,188 |
|
Tax exempt securities |
|
1,919,919 |
|
|
1,528,127 |
|
|
1,155,099 |
|
|
866,944 |
|
|
900,223 |
|
Total investment securities - QTD average |
$ |
4,391,210 |
|
$ |
3,285,361 |
|
$ |
2,689,841 |
|
$ |
2,509,027 |
|
$ |
3,224,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
SFNC |
|
Consolidated Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Quarters Ended |
|
Mar 31 |
|
|
Dec 31 |
|
|
Sep 30 |
|
|
Jun 30 |
|
|
Mar 31 |
|
(Unaudited) |
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
($
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Portfolio - End of Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
$ |
175,458 |
|
$ |
188,845 |
|
$ |
180,848 |
|
$ |
184,348 |
|
$ |
188,596 |
|
Other consumer |
|
172,965 |
|
|
202,379 |
|
|
182,768 |
|
|
214,024 |
|
|
267,870 |
|
Total consumer |
|
348,423 |
|
|
391,224 |
|
|
363,616 |
|
|
398,372 |
|
|
456,466 |
|
Real
Estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
1,451,841 |
|
|
1,596,255 |
|
|
1,853,360 |
|
|
2,010,256 |
|
|
2,024,118 |
|
Single-family residential |
|
1,730,056 |
|
|
1,880,673 |
|
|
1,997,070 |
|
|
2,207,087 |
|
|
2,343,543 |
|
Other commercial real estate |
|
5,638,010 |
|
|
5,746,863 |
|
|
6,132,823 |
|
|
6,316,444 |
|
|
6,466,104 |
|
Total real estate |
|
8,819,907 |
|
|
9,223,791 |
|
|
9,983,253 |
|
|
10,533,787 |
|
|
10,833,765 |
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
2,444,700 |
|
|
2,574,386 |
|
|
2,907,798 |
|
|
3,038,216 |
|
|
2,314,472 |
|
Agricultural |
|
155,921 |
|
|
175,905 |
|
|
241,687 |
|
|
217,715 |
|
|
191,535 |
|
Total commercial |
|
2,600,621 |
|
|
2,750,291 |
|
|
3,149,485 |
|
|
3,255,931 |
|
|
2,506,007 |
|
Other |
|
426,922 |
|
|
535,591 |
|
|
521,088 |
|
|
418,810 |
|
|
578,039 |
|
Total Loans |
$ |
12,195,873 |
|
$ |
12,900,897 |
|
$ |
14,017,442 |
|
$ |
14,606,900 |
|
$ |
14,374,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
SFNC |
|
Consolidated Allowance and Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Quarters Ended |
|
Mar 31 |
|
|
|
Dec 31 |
|
|
|
Sep 30 |
|
|
|
Jun 30 |
|
|
|
Mar 31 |
|
(Unaudited) |
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
($
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Credit Losses on Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance, prior to adoption of ASC 326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
68,244 |
|
Impact of adopting ASC 326 (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
151,377 |
|
Beginning balance, after adoption of ASC 326 |
$ |
238,050 |
|
|
$ |
248,251 |
|
|
$ |
231,641 |
|
|
$ |
243,195 |
|
|
$ |
219,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
charged off |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
|
1,003 |
|
|
|
787 |
|
|
|
832 |
|
|
|
1,053 |
|
|
|
1,441 |
|
Other consumer |
|
731 |
|
|
|
960 |
|
|
|
1,091 |
|
|
|
592 |
|
|
|
1,379 |
|
Real estate |
|
1,687 |
|
|
|
10,415 |
|
|
|
1,153 |
|
|
|
1,824 |
|
|
|
396 |
|
Commercial |
|
830 |
|
|
|
8,199 |
|
|
|
4,327 |
|
|
|
35,687 |
|
|
|
523 |
|
Total loans charged off |
|
4,251 |
|
|
|
20,361 |
|
|
|
7,403 |
|
|
|
39,156 |
|
|
|
3,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
of loans previously charged off |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
|
290 |
|
|
|
241 |
|
|
|
276 |
|
|
|
272 |
|
|
|
225 |
|
Other consumer |
|
314 |
|
|
|
355 |
|
|
|
366 |
|
|
|
301 |
|
|
|
443 |
|
Real estate |
|
403 |
|
|
|
431 |
|
|
|
120 |
|
|
|
253 |
|
|
|
101 |
|
Commercial |
|
310 |
|
|
|
1,835 |
|
|
|
936 |
|
|
|
98 |
|
|
|
347 |
|
Total recoveries |
|
1,317 |
|
|
|
2,862 |
|
|
|
1,698 |
|
|
|
924 |
|
|
|
1,116 |
|
Net loans charged off |
|
2,934 |
|
|
|
17,499 |
|
|
|
5,705 |
|
|
|
38,232 |
|
|
|
2,623 |
|
Provision
for credit losses on loans |
|
- |
|
|
|
7,298 |
|
|
|
22,315 |
|
|
|
26,678 |
|
|
|
26,197 |
|
Balance, end
of quarter |
$ |
235,116 |
|
|
$ |
238,050 |
|
|
$ |
248,251 |
|
|
$ |
231,641 |
|
|
$ |
243,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
114,856 |
|
|
$ |
122,879 |
|
|
$ |
167,713 |
|
|
$ |
131,383 |
|
|
$ |
155,863 |
|
Loans past due 90 days or more |
|
635 |
|
|
|
578 |
|
|
|
174 |
|
|
|
494 |
|
|
|
1,160 |
|
Total non-performing loans |
|
115,491 |
|
|
|
123,457 |
|
|
|
167,887 |
|
|
|
131,877 |
|
|
|
157,023 |
|
Other
non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed assets and other real estate owned |
|
11,168 |
|
|
|
18,393 |
|
|
|
12,590 |
|
|
|
14,111 |
|
|
|
20,805 |
|
Other non-performing assets |
|
1,229 |
|
|
|
2,016 |
|
|
|
1,983 |
|
|
|
2,008 |
|
|
|
2,169 |
|
Total other non-performing assets |
|
12,397 |
|
|
|
20,409 |
|
|
|
14,573 |
|
|
|
16,119 |
|
|
|
22,974 |
|
Total non-performing assets |
$ |
127,888 |
|
|
$ |
143,866 |
|
|
$ |
182,460 |
|
|
$ |
147,996 |
|
|
$ |
179,997 |
|
Performing
TDRs (troubled debt restructurings) |
$ |
3,804 |
|
|
$ |
3,138 |
|
|
$ |
3,379 |
|
|
$ |
3,960 |
|
|
$ |
4,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses on loans to total loans |
|
1.93 |
% |
|
|
1.85 |
% |
|
|
1.77 |
% |
|
|
1.59 |
% |
|
|
1.69 |
% |
Allowance
for credit losses to non-performing loans |
|
204 |
% |
|
|
193 |
% |
|
|
148 |
% |
|
|
176 |
% |
|
|
155 |
% |
Non-performing loans to total loans |
|
0.95 |
% |
|
|
0.96 |
% |
|
|
1.20 |
% |
|
|
0.90 |
% |
|
|
1.09 |
% |
Non-performing assets (including performing TDRs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to total assets |
|
0.56 |
% |
|
|
0.66 |
% |
|
|
0.87 |
% |
|
|
0.69 |
% |
|
|
0.88 |
% |
Non-performing assets to total assets |
|
0.55 |
% |
|
|
0.64 |
% |
|
|
0.85 |
% |
|
|
0.68 |
% |
|
|
0.86 |
% |
Annualized
net charge offs to total loans |
|
0.10 |
% |
|
|
0.52 |
% |
|
|
0.16 |
% |
|
|
1.04 |
% |
|
|
0.07 |
% |
Annualized
net credit card charge offs to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
total credit card loans |
|
1.39 |
% |
|
|
1.15 |
% |
|
|
1.20 |
% |
|
|
1.67 |
% |
|
|
2.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Company adopted ASC 326.effective January 1,
2020. |
|
|
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
|
|
|
|
|
SFNC |
Consolidated -
Average Balance Sheet and Net Interest Income
Analysis |
|
|
|
|
|
|
For the Quarters Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
Mar 2021 |
|
Three Months Ended
Dec 2020 |
|
Three Months Ended
Mar 2020
|
($
in thousands) |
Average
Balance
|
|
Income/
Expense
|
|
Yield/
Rate |
|
Average
Balance
|
|
Income/
Expense
|
|
Yield/
Rate |
|
Average
Balance
|
|
Income/
Expense
|
|
Yield/
Rate
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing balances due from banks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and federal funds sold |
$ |
3,477,989 |
|
$ |
798 |
|
0.09 |
% |
|
$ |
2,651,938 |
|
$ |
716 |
|
0.11 |
% |
|
$ |
764,639 |
|
$ |
2,441 |
|
1.28 |
% |
Investment securities - taxable |
|
2,471,291 |
|
|
10,120 |
|
1.66 |
% |
|
|
1,757,234 |
|
|
7,720 |
|
1.75 |
% |
|
|
2,324,188 |
|
|
12,752 |
|
2.21 |
% |
Investment securities - non-taxable (FTE) |
|
1,919,919 |
|
|
15,439 |
|
3.26 |
% |
|
|
1,528,127 |
|
|
12,778 |
|
3.33 |
% |
|
|
900,223 |
|
|
8,315 |
|
3.71 |
% |
Mortgage loans held for sale |
|
97,409 |
|
|
639 |
|
2.66 |
% |
|
|
179,275 |
|
|
1,070 |
|
2.37 |
% |
|
|
43,588 |
|
|
281 |
|
2.59 |
% |
Loans - including fees (FTE) |
|
12,518,300 |
|
|
146,601 |
|
4.75 |
% |
|
|
13,457,077 |
|
|
160,306 |
|
4.74 |
% |
|
|
14,548,853 |
|
|
187,747 |
|
5.19 |
% |
Total interest earning assets
(FTE) |
|
20,484,908 |
|
|
173,597 |
|
3.44 |
% |
|
|
19,573,651 |
|
|
182,590 |
|
3.71 |
% |
|
|
18,581,491 |
|
|
211,536 |
|
4.58 |
% |
Non-earning assets |
|
2,253,913 |
|
|
|
|
|
|
|
|
2,278,443 |
|
|
|
|
|
|
|
|
2,338,732 |
|
|
|
|
|
|
Total assets |
$ |
22,738,821 |
|
|
|
|
|
|
|
$ |
21,852,094 |
|
|
|
|
|
|
|
$ |
20,920,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing transaction and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
savings accounts |
$ |
10,093,868 |
|
$ |
6,088 |
|
0.24 |
% |
|
$ |
9,389,570 |
|
$ |
6,536 |
|
0.28 |
% |
|
$ |
9,005,701 |
|
$ |
17,954 |
|
0.80 |
% |
Time deposits |
|
3,043,000 |
|
|
7,091 |
|
0.95 |
% |
|
|
2,823,166 |
|
|
7,835 |
|
1.10 |
% |
|
|
3,150,909 |
|
|
13,323 |
|
1.70 |
% |
Total interest bearing
deposits |
|
13,136,868 |
|
|
13,179 |
|
0.41 |
% |
|
|
12,212,736 |
|
|
14,371 |
|
0.47 |
% |
|
|
12,156,610 |
|
|
31,277 |
|
1.03 |
% |
Federal funds purchased and securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sold under agreement to
repurchase |
|
307,540 |
|
|
245 |
|
0.32 |
% |
|
|
340,333 |
|
|
284 |
|
0.33 |
% |
|
|
330,902 |
|
|
759 |
|
0.92 |
% |
Other borrowings |
|
1,341,059 |
|
|
4,802 |
|
1.45 |
% |
|
|
1,342,403 |
|
|
4,869 |
|
1.44 |
% |
|
|
1,320,245 |
|
|
4,877 |
|
1.49 |
% |
Subordinated notes and debentures |
|
382,943 |
|
|
4,527 |
|
4.79 |
% |
|
|
382,808 |
|
|
4,624 |
|
4.81 |
% |
|
|
388,330 |
|
|
4,835 |
|
5.01 |
% |
Total interest bearing
liabilities |
|
15,168,410 |
|
|
22,753 |
|
0.61 |
% |
|
|
14,278,280 |
|
|
24,148 |
|
0.67 |
% |
|
|
14,196,087 |
|
|
41,748 |
|
1.18 |
% |
Non-interest
bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
4,419,136 |
|
|
|
|
|
|
|
|
4,413,168 |
|
|
|
|
|
|
|
|
3,602,678 |
|
|
|
|
|
|
Other liabilities |
|
177,819 |
|
|
|
|
|
|
|
|
204,014 |
|
|
|
|
|
|
|
|
251,514 |
|
|
|
|
|
|
Total liabilities |
|
19,765,365 |
|
|
|
|
|
|
|
|
18,895,462 |
|
|
|
|
|
|
|
|
18,050,279 |
|
|
|
|
|
|
Stockholders' equity |
|
2,973,456 |
|
|
|
|
|
|
|
|
2,956,632 |
|
|
|
|
|
|
|
|
2,869,944 |
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
22,738,821 |
|
|
|
|
|
|
|
$ |
21,852,094 |
|
|
|
|
|
|
|
$ |
20,920,223 |
|
|
|
|
|
|
Net interest
income (FTE) |
|
|
|
$ |
150,844 |
|
|
|
|
|
|
|
$ |
158,442 |
|
|
|
|
|
|
|
$ |
169,788 |
|
|
|
Net interest
spread (FTE) |
|
|
|
|
|
|
2.83 |
% |
|
|
|
|
|
|
|
3.04 |
% |
|
|
|
|
|
|
|
3.40 |
% |
Net interest
margin (FTE) - quarter-to-date |
|
|
|
|
|
|
2.99 |
% |
|
|
|
|
|
|
|
3.22 |
% |
|
|
|
|
|
|
|
3.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin (FTE) - year-to-date |
|
|
|
|
|
|
2.99 |
% |
|
|
|
|
|
|
|
3.38 |
% |
|
|
|
|
|
|
|
3.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net
interest margin (FTE) - quarter-to-date (1) |
|
|
|
|
|
|
2.86 |
% |
|
|
|
|
|
|
|
3.04 |
% |
|
|
|
|
|
|
|
3.42 |
% |
Core loan
yield (FTE) - quarter-to-date (1) |
|
|
|
|
|
|
4.53 |
% |
|
|
|
|
|
|
|
4.47 |
% |
|
|
|
|
|
|
|
4.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net
interest margin (FTE) - year-to-date (1) |
|
|
|
|
|
|
2.86 |
% |
|
|
|
|
|
|
|
3.16 |
% |
|
|
|
|
|
|
|
3.42 |
% |
Core loan
yield (FTE) - year-to-date (1) |
|
|
|
|
|
|
4.53 |
% |
|
|
|
|
|
|
|
4.54 |
% |
|
|
|
|
|
|
|
4.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Calculations of core net interest margin and core loan yield and
the reconciliations to GAAP are included in the schedules
accompanying this release.
|
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
SFNC
|
|
Consolidated - Selected Financial Data |
|
|
|
|
|
For the Quarters Ended |
|
Mar 31 |
|
|
|
Dec 31 |
|
|
|
Sep 30 |
|
|
|
Jun 30 |
|
|
|
Mar 31 |
|
(Unaudited) |
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
($
in thousands, except share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTER-TO-DATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights - GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
67,407 |
|
|
$ |
52,955 |
|
|
$ |
65,885 |
|
|
$ |
58,789 |
|
|
$ |
77,223 |
|
Diluted earnings per share |
|
0.62 |
|
|
|
0.49 |
|
|
|
0.60 |
|
|
|
0.54 |
|
|
|
0.68 |
|
Return on average assets |
|
1.20 |
% |
|
|
0.96 |
% |
|
|
1.20 |
% |
|
|
1.08 |
% |
|
|
1.48 |
% |
Return on average common equity |
|
9.20 |
% |
|
|
7.13 |
% |
|
|
8.91 |
% |
|
|
8.21 |
% |
|
|
10.83 |
% |
Return on tangible common equity |
|
15.85 |
% |
|
|
12.48 |
% |
|
|
15.45 |
% |
|
|
14.55 |
% |
|
|
19.00 |
% |
Net interest margin (FTE) |
|
2.99 |
% |
|
|
3.22 |
% |
|
|
3.21 |
% |
|
|
3.42 |
% |
|
|
3.68 |
% |
FTE adjustment |
|
4,163 |
|
|
|
3,482 |
|
|
|
2,864 |
|
|
|
2,350 |
|
|
|
2,305 |
|
Amortization of intangibles |
|
3,344 |
|
|
|
3,351 |
|
|
|
3,362 |
|
|
|
3,369 |
|
|
|
3,413 |
|
Amortization of intangibles, net of taxes |
|
2,470 |
|
|
|
2,475 |
|
|
|
2,483 |
|
|
|
2,489 |
|
|
|
2,521 |
|
Average diluted shares outstanding |
|
108,655,293 |
|
|
|
108,888,264 |
|
|
|
109,207,294 |
|
|
|
109,130,866 |
|
|
|
113,137,223 |
|
Shares repurchased under plan |
|
130,916 |
|
|
|
1,034,364 |
|
|
|
- |
|
|
|
- |
|
|
|
4,922,336 |
|
Average price of shares repurchased |
|
23.53 |
|
|
|
19.36 |
|
|
|
- |
|
|
|
- |
|
|
|
18.96 |
|
Cash dividends declared per common share |
|
0.18 |
|
|
|
0.17 |
|
|
|
0.17 |
|
|
|
0.17 |
|
|
|
0.17 |
|
Financial Highlights - Core (non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core earnings (excludes non-core items) (1) |
$ |
63,995 |
|
|
$ |
61,977 |
|
|
$ |
68,338 |
|
|
$ |
60,147 |
|
|
$ |
73,838 |
|
Core diluted earnings per share (1) |
|
0.59 |
|
|
|
0.57 |
|
|
|
0.63 |
|
|
|
0.55 |
|
|
|
0.65 |
|
Core net interest margin (FTE) (2) |
|
2.86 |
% |
|
|
3.04 |
% |
|
|
3.02 |
% |
|
|
3.18 |
% |
|
|
3.42 |
% |
Accretable yield on acquired loans |
|
6,630 |
|
|
|
8,999 |
|
|
|
8,948 |
|
|
|
11,723 |
|
|
|
11,837 |
|
Efficiency ratio (1) |
|
57.77 |
% |
|
|
55.27 |
% |
|
|
54.12 |
% |
|
|
51.46 |
% |
|
|
57.79 |
% |
Core return on average assets (1) |
|
1.14 |
% |
|
|
1.13 |
% |
|
|
1.25 |
% |
|
|
1.11 |
% |
|
|
1.42 |
% |
Core return on average common equity (1) |
|
8.73 |
% |
|
|
8.34 |
% |
|
|
9.24 |
% |
|
|
8.40 |
% |
|
|
10.35 |
% |
Core return on tangible common equity (1) |
|
15.08 |
% |
|
|
14.51 |
% |
|
|
16.00 |
% |
|
|
14.87 |
% |
|
|
18.19 |
% |
YEAR-TO-DATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights - GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
67,407 |
|
|
$ |
254,852 |
|
|
$ |
201,897 |
|
|
$ |
136,012 |
|
|
$ |
77,223 |
|
Diluted earnings per share |
|
0.62 |
|
|
|
2.31 |
|
|
|
1.83 |
|
|
|
1.22 |
|
|
|
0.68 |
|
Return on average assets |
|
1.20 |
% |
|
|
1.18 |
% |
|
|
1.25 |
% |
|
|
1.28 |
% |
|
|
1.48 |
% |
Return on average common equity |
|
9.20 |
% |
|
|
8.72 |
% |
|
|
9.27 |
% |
|
|
9.45 |
% |
|
|
10.83 |
% |
Return on tangible common equity |
|
15.85 |
% |
|
|
15.25 |
% |
|
|
16.19 |
% |
|
|
16.57 |
% |
|
|
19.00 |
% |
Net interest margin (FTE) |
|
2.99 |
% |
|
|
3.38 |
% |
|
|
3.43 |
% |
|
|
3.55 |
% |
|
|
3.68 |
% |
FTE adjustment |
|
4,163 |
|
|
|
11,001 |
|
|
|
7,519 |
|
|
|
4,655 |
|
|
|
2,305 |
|
Amortization of intangibles |
|
3,344 |
|
|
|
13,495 |
|
|
|
10,144 |
|
|
|
6,782 |
|
|
|
3,413 |
|
Amortization of intangibles, net of taxes |
|
2,470 |
|
|
|
9,968 |
|
|
|
7,493 |
|
|
|
5,010 |
|
|
|
2,521 |
|
Average diluted shares outstanding |
|
108,655,293 |
|
|
|
110,173,661 |
|
|
|
110,480,508 |
|
|
|
111,083,999 |
|
|
|
113,137,223 |
|
Cash dividends declared per common share |
|
0.18 |
|
|
|
0.68 |
|
|
|
0.51 |
|
|
|
0.34 |
|
|
|
0.17 |
|
Financial Highlights - Core (non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core earnings (excludes non-core items) (1) |
$ |
63,995 |
|
|
$ |
264,300 |
|
|
$ |
202,323 |
|
|
$ |
133,985 |
|
|
$ |
73,838 |
|
Core diluted earnings per share (1) |
|
0.59 |
|
|
|
2.40 |
|
|
|
1.83 |
|
|
|
1.21 |
|
|
|
0.65 |
|
Core net interest margin (FTE) (2) |
|
2.86 |
% |
|
|
3.16 |
% |
|
|
3.20 |
% |
|
|
3.30 |
% |
|
|
3.42 |
% |
Accretable yield on acquired loans |
|
6,630 |
|
|
|
41,507 |
|
|
|
32,508 |
|
|
|
23,560 |
|
|
|
11,837 |
|
Efficiency ratio (1) |
|
57.77 |
% |
|
|
54.66 |
% |
|
|
54.46 |
% |
|
|
54.62 |
% |
|
|
57.79 |
% |
Core return on average assets (1) |
|
1.14 |
% |
|
|
1.22 |
% |
|
|
1.26 |
% |
|
|
1.26 |
% |
|
|
1.42 |
% |
Core return on average common equity (1) |
|
8.73 |
% |
|
|
9.05 |
% |
|
|
9.29 |
% |
|
|
9.31 |
% |
|
|
10.35 |
% |
Core return on tangible common equity (1) |
|
15.08 |
% |
|
|
15.79 |
% |
|
|
16.22 |
% |
|
|
16.33 |
% |
|
|
18.19 |
% |
END OF PERIOD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
$ |
27.04 |
|
|
$ |
27.53 |
|
|
$ |
26.98 |
|
|
$ |
26.64 |
|
|
$ |
26.11 |
|
Tangible book value per share |
|
16.13 |
|
|
|
16.56 |
|
|
|
16.07 |
|
|
|
15.79 |
|
|
|
15.22 |
|
Shares outstanding |
|
108,345,732 |
|
|
|
108,077,662 |
|
|
|
109,023,781 |
|
|
|
108,994,389 |
|
|
|
108,966,331 |
|
Full-time equivalent employees |
|
2,962 |
|
|
|
2,923 |
|
|
|
2,904 |
|
|
|
2,939 |
|
|
|
3,079 |
|
Total number of financial centers |
|
198 |
|
|
|
204 |
|
|
|
226 |
|
|
|
226 |
|
|
|
240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Core earnings
exclude non-core items, which is a non-GAAP measurement.
Reconciliations to GAAP are included in the schedules
accompanying this release. |
(2) Excludes
accretable yield adjustment on loans, which is a non-GAAP
measurement. Reconciliations to GAAP are included in the
schedules accompanying this release. |
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
SFNC
|
|
Reconciliation
Of Non-GAAP Financial Measures - Core Earnings -
Quarter-to-Date |
|
For the Quarters Ended |
|
Mar 31 |
|
|
|
Dec 31 |
|
|
|
Sep 30 |
|
|
|
Jun 30 |
|
|
|
Mar 31 |
|
(Unaudited) |
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
($
in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTER-TO-DATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
$ |
67,407 |
|
|
$ |
52,955 |
|
|
$ |
65,885 |
|
|
$ |
58,789 |
|
|
$ |
77,223 |
|
Non-core items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of branches |
|
(5,477 |
) |
|
|
(275 |
) |
|
|
- |
|
|
|
(2,204 |
) |
|
|
(5,889 |
) |
Merger-related costs |
|
233 |
|
|
|
731 |
|
|
|
902 |
|
|
|
1,830 |
|
|
|
1,068 |
|
Early retirement program |
|
- |
|
|
|
62 |
|
|
|
2,346 |
|
|
|
493 |
|
|
|
- |
|
Branch right-sizing (net) |
|
625 |
|
|
|
11,696 |
|
|
|
72 |
|
|
|
1,721 |
|
|
|
238 |
|
Tax effect (1) |
|
1,207 |
|
|
|
(3,192 |
) |
|
|
(867 |
) |
|
|
(482 |
) |
|
|
1,198 |
|
Net non-core items |
|
(3,412 |
) |
|
|
9,022 |
|
|
|
2,453 |
|
|
|
1,358 |
|
|
|
(3,385 |
) |
Core
earnings (non-GAAP) |
$ |
63,995 |
|
|
$ |
61,977 |
|
|
$ |
68,338 |
|
|
$ |
60,147 |
|
|
$ |
73,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
$ |
0.62 |
|
|
$ |
0.49 |
|
|
$ |
0.60 |
|
|
$ |
0.54 |
|
|
$ |
0.68 |
|
Non-core items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of branches |
|
(0.05 |
) |
|
|
- |
|
|
|
- |
|
|
|
(0.02 |
) |
|
|
(0.05 |
) |
Merger-related costs |
|
- |
|
|
|
- |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.01 |
|
Early retirement program |
|
- |
|
|
|
- |
|
|
|
0.02 |
|
|
|
- |
|
|
|
- |
|
Branch right-sizing (net) |
|
0.01 |
|
|
|
0.11 |
|
|
|
- |
|
|
|
0.02 |
|
|
|
- |
|
Tax effect (1) |
|
0.01 |
|
|
|
(0.03 |
) |
|
|
- |
|
|
|
(0.01 |
) |
|
|
0.01 |
|
Net non-core items |
|
(0.03 |
) |
|
|
0.08 |
|
|
|
0.03 |
|
|
|
0.01 |
|
|
|
(0.03 |
) |
Core diluted
earnings per share (non-GAAP) |
$ |
0.59 |
|
|
$ |
0.57 |
|
|
$ |
0.63 |
|
|
$ |
0.55 |
|
|
$ |
0.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Effective tax rate of 26.135%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Selected Non-Core Non-Interest Income and Expense Items
(non-GAAP) |
|
|
|
|
|
|
|
QUARTER-TO-DATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
$ |
10,260 |
|
|
$ |
10,557 |
|
|
$ |
5,380 |
|
|
$ |
9,809 |
|
|
$ |
12,801 |
|
Non-core items (1) |
|
(5,477 |
) |
|
|
(275 |
) |
|
|
(370 |
) |
|
|
(2,204 |
) |
|
|
(5,889 |
) |
Core other income (non-GAAP) |
$ |
4,783 |
|
|
$ |
10,282 |
|
|
$ |
5,010 |
|
|
$ |
7,605 |
|
|
$ |
6,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
$ |
115,356 |
|
|
$ |
128,135 |
|
|
$ |
118,949 |
|
|
$ |
117,598 |
|
|
$ |
128,813 |
|
Non-core items (1) |
|
(858 |
) |
|
|
(12,489 |
) |
|
|
(3,690 |
) |
|
|
(4,044 |
) |
|
|
(1,306 |
) |
Core non-interest expense (non-GAAP) |
$ |
114,498 |
|
|
$ |
115,646 |
|
|
$ |
115,259 |
|
|
$ |
113,554 |
|
|
$ |
127,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
$ |
60,340 |
|
|
$ |
55,762 |
|
|
$ |
61,144 |
|
|
$ |
57,644 |
|
|
$ |
67,924 |
|
Non-core items (1) |
|
- |
|
|
|
(144 |
) |
|
|
(2,448 |
) |
|
|
(493 |
) |
|
|
- |
|
Core salaries and employee benefits (non-GAAP) |
$ |
60,340 |
|
|
$ |
55,618 |
|
|
$ |
58,696 |
|
|
$ |
57,151 |
|
|
$ |
67,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger related costs |
$ |
233 |
|
|
$ |
731 |
|
|
$ |
902 |
|
|
$ |
1,830 |
|
|
$ |
1,068 |
|
Non-core items (1) |
|
(233 |
) |
|
|
(731 |
) |
|
|
(902 |
) |
|
|
(1,830 |
) |
|
|
(1,068 |
) |
Core merger related costs (non-GAAP) |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating expenses |
$ |
38,417 |
|
|
$ |
54,342 |
|
|
$ |
38,179 |
|
|
$ |
39,651 |
|
|
$ |
41,788 |
|
Non-core items (1) |
|
(208 |
) |
|
|
(10,270 |
) |
|
|
(11 |
) |
|
|
(1,662 |
) |
|
|
(212 |
) |
Core other operating expenses (non-GAAP) |
$ |
38,209 |
|
|
$ |
44,072 |
|
|
$ |
38,168 |
|
|
$ |
37,989 |
|
|
$ |
41,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-core items
include gain on sale of branches, merger related costs, early
retirement program expenses and branch right-sizing
costs. |
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
SFNC |
|
Reconciliation
Of Non-GAAP Financial Measures - Core Earnings -
Year-to-Date |
|
For
the Quarters Ended |
|
Mar 31 |
|
|
|
Dec 31 |
|
|
|
Sep 30 |
|
|
|
Jun 30 |
|
|
|
Mar 31 |
|
(Unaudited) |
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
($
in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
$ |
67,407 |
|
|
$ |
254,852 |
|
|
$ |
201,897 |
|
|
$ |
136,012 |
|
|
$ |
77,223 |
|
Non-core items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of branches |
|
(5,477 |
) |
|
|
(8,368 |
) |
|
|
(8,093 |
) |
|
|
(8,093 |
) |
|
|
(5,889 |
) |
Merger-related costs |
|
233 |
|
|
|
4,531 |
|
|
|
3,800 |
|
|
|
2,898 |
|
|
|
1,068 |
|
Early retirement program |
|
- |
|
|
|
2,901 |
|
|
|
2,839 |
|
|
|
493 |
|
|
|
- |
|
Branch right-sizing (net) |
|
625 |
|
|
|
13,727 |
|
|
|
2,031 |
|
|
|
1,959 |
|
|
|
238 |
|
Tax effect (1) |
|
1,207 |
|
|
|
(3,343 |
) |
|
|
(151 |
) |
|
|
716 |
|
|
|
1,198 |
|
Net non-core items |
|
(3,412 |
) |
|
|
9,448 |
|
|
|
426 |
|
|
|
(2,027 |
) |
|
|
(3,385 |
) |
Core
earnings (non-GAAP) |
$ |
63,995 |
|
|
$ |
264,300 |
|
|
$ |
202,323 |
|
|
$ |
133,985 |
|
|
$ |
73,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
$ |
0.62 |
|
|
$ |
2.31 |
|
|
$ |
1.83 |
|
|
$ |
1.22 |
|
|
$ |
0.68 |
|
Non-core items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of branches |
|
(0.05 |
) |
|
|
(0.07 |
) |
|
|
(0.07 |
) |
|
|
(0.07 |
) |
|
|
(0.05 |
) |
Merger-related costs |
|
- |
|
|
|
0.04 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.01 |
|
Early retirement program |
|
- |
|
|
|
0.03 |
|
|
|
0.02 |
|
|
|
- |
|
|
|
- |
|
Branch right-sizing (net) |
|
0.01 |
|
|
|
0.12 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
- |
|
Tax effect (1) |
|
0.01 |
|
|
|
(0.03 |
) |
|
|
- |
|
|
|
0.01 |
|
|
|
0.01 |
|
Net non-core items |
|
(0.03 |
) |
|
|
0.09 |
|
|
|
- |
|
|
|
(0.01 |
) |
|
|
(0.03 |
) |
Core diluted
earnings per share (non-GAAP) |
$ |
0.59 |
|
|
$ |
2.40 |
|
|
$ |
1.83 |
|
|
$ |
1.21 |
|
|
$ |
0.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Effective tax rate of 26.135%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Selected Non-Core Non-Interest Income and Expense Items
(non-GAAP) |
|
|
|
|
|
|
|
YEAR-TO-DATE |
|
|
|
|
|
Other income |
$ |
10,260 |
|
|
$ |
38,547 |
|
|
$ |
27,990 |
|
|
$ |
22,610 |
|
|
$ |
12,801 |
|
Non-core items (1) |
|
(5,477 |
) |
|
|
(8,738 |
) |
|
|
(8,463 |
) |
|
|
(8,093 |
) |
|
|
(5,889 |
) |
Core other income (non-GAAP) |
$ |
4,783 |
|
|
$ |
29,809 |
|
|
$ |
19,527 |
|
|
$ |
14,517 |
|
|
$ |
6,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
$ |
115,356 |
|
|
$ |
493,495 |
|
|
$ |
365,360 |
|
|
$ |
246,411 |
|
|
$ |
128,813 |
|
Non-core items (1) |
|
(858 |
) |
|
|
(21,529 |
) |
|
|
(9,040 |
) |
|
|
(5,350 |
) |
|
|
(1,306 |
) |
Core non-interest expense (non-GAAP) |
$ |
114,498 |
|
|
$ |
471,966 |
|
|
$ |
356,320 |
|
|
$ |
241,061 |
|
|
$ |
127,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
$ |
60,340 |
|
|
$ |
242,474 |
|
|
$ |
186,712 |
|
|
$ |
125,568 |
|
|
$ |
67,924 |
|
Non-core items (1) |
|
- |
|
|
|
(3,085 |
) |
|
|
(2,941 |
) |
|
|
(493 |
) |
|
|
- |
|
Core salaries and employee benefits (non-GAAP) |
$ |
60,340 |
|
|
$ |
239,389 |
|
|
$ |
183,771 |
|
|
$ |
125,075 |
|
|
$ |
67,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger related costs |
$ |
233 |
|
|
$ |
4,531 |
|
|
$ |
3,800 |
|
|
$ |
2,898 |
|
|
$ |
1,068 |
|
Non-core items (1) |
|
(233 |
) |
|
|
(4,531 |
) |
|
|
(3,800 |
) |
|
|
(2,898 |
) |
|
|
(1,068 |
) |
Core merger related costs (non-GAAP) |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating expenses |
$ |
38,417 |
|
|
$ |
173,960 |
|
|
$ |
119,618 |
|
|
$ |
81,439 |
|
|
$ |
41,788 |
|
Non-core items (1) |
|
(208 |
) |
|
|
(12,155 |
) |
|
|
(1,885 |
) |
|
|
(1,874 |
) |
|
|
(212 |
) |
Core other operating expenses (non-GAAP) |
$ |
38,209 |
|
|
$ |
161,805 |
|
|
$ |
117,733 |
|
|
$ |
79,565 |
|
|
$ |
41,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-core items
include gain on sale of branches, merger related costs, early
retirement program expenses and branch right-sizing
costs. |
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
|
SFNC |
|
Reconciliation Of Non-GAAP Financial Measures - End of
Period |
|
|
|
For the Quarters Ended |
|
Mar 31 |
|
|
|
Dec 31 |
|
|
|
Sep 30 |
|
|
|
Jun 30 |
|
|
|
Mar 31 |
|
(Unaudited) |
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
($
in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Tangible Common Equity and the Ratio of Tangible Common Equity to
Tangible Assets |
|
|
|
|
|
|
|
Total common
stockholders' equity |
$ |
2,930,008 |
|
|
$ |
2,975,889 |
|
|
$ |
2,941,474 |
|
|
$ |
2,903,936 |
|
|
$ |
2,844,633 |
|
Intangible
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,064,765 |
) |
|
|
(1,064,978 |
) |
Other intangible assets |
|
(107,091 |
) |
|
|
(111,110 |
) |
|
|
(114,460 |
) |
|
|
(117,823 |
) |
|
|
(121,673 |
) |
Total
intangibles |
|
(1,182,396 |
) |
|
|
(1,186,415 |
) |
|
|
(1,189,765 |
) |
|
|
(1,182,588 |
) |
|
|
(1,186,651 |
) |
Tangible
common stockholders' equity |
$ |
1,747,612 |
|
|
$ |
1,789,474 |
|
|
$ |
1,751,709 |
|
|
$ |
1,721,348 |
|
|
$ |
1,657,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
23,348,117 |
|
|
$ |
22,359,752 |
|
|
$ |
21,437,395 |
|
|
$ |
21,903,684 |
|
|
$ |
20,841,352 |
|
Intangible
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,064,765 |
) |
|
|
(1,064,978 |
) |
Other intangible assets |
|
(107,091 |
) |
|
|
(111,110 |
) |
|
|
(114,460 |
) |
|
|
(117,823 |
) |
|
|
(121,673 |
) |
Total
intangibles |
|
(1,182,396 |
) |
|
|
(1,186,415 |
) |
|
|
(1,189,765 |
) |
|
|
(1,182,588 |
) |
|
|
(1,186,651 |
) |
Tangible
assets |
$ |
22,165,721 |
|
|
$ |
21,173,337 |
|
|
$ |
20,247,630 |
|
|
$ |
20,721,096 |
|
|
$ |
19,654,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paycheck
protection program ("PPP") loans |
|
(797,629 |
) |
|
|
(904,673 |
) |
|
|
(970,488 |
) |
|
|
(963,712 |
) |
|
|
|
|
Total assets
excluding PPP loans |
$ |
22,550,488 |
|
|
$ |
21,455,079 |
|
|
$ |
20,466,907 |
|
|
$ |
20,939,972 |
|
|
|
|
|
Tangible
assets excluding PPP loans |
$ |
21,368,092 |
|
|
$ |
20,268,664 |
|
|
$ |
19,277,142 |
|
|
$ |
19,757,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of
equity to assets |
|
12.55 |
% |
|
|
13.31 |
% |
|
|
13.72 |
% |
|
|
13.26 |
% |
|
|
13.65 |
% |
Ratio of
equity to assets excluding PPP loans |
|
13.00 |
% |
|
|
13.87 |
% |
|
|
14.38 |
% |
|
|
13.87 |
% |
|
|
|
|
Ratio of
tangible common equity to tangible assets |
|
7.88 |
% |
|
|
8.45 |
% |
|
|
8.65 |
% |
|
|
8.31 |
% |
|
|
8.44 |
% |
Ratio of
tangible common equity to tangible assets excluding PPP loans |
|
8.18 |
% |
|
|
8.83 |
% |
|
|
9.09 |
% |
|
|
8.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Tangible Book Value per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total common
stockholders' equity |
$ |
2,930,008 |
|
|
$ |
2,975,889 |
|
|
$ |
2,941,474 |
|
|
$ |
2,903,936 |
|
|
$ |
2,844,633 |
|
Intangible
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,064,765 |
) |
|
|
(1,064,978 |
) |
Other intangible assets |
|
(107,091 |
) |
|
|
(111,110 |
) |
|
|
(114,460 |
) |
|
|
(117,823 |
) |
|
|
(121,673 |
) |
Total
intangibles |
|
(1,182,396 |
) |
|
|
(1,186,415 |
) |
|
|
(1,189,765 |
) |
|
|
(1,182,588 |
) |
|
|
(1,186,651 |
) |
Tangible
common stockholders' equity |
$ |
1,747,612 |
|
|
$ |
1,789,474 |
|
|
$ |
1,751,709 |
|
|
$ |
1,721,348 |
|
|
$ |
1,657,982 |
|
Shares of
common stock outstanding |
|
108,345,732 |
|
|
|
108,077,662 |
|
|
|
109,023,781 |
|
|
|
108,994,389 |
|
|
|
108,966,331 |
|
Book value
per common share |
$ |
27.04 |
|
|
$ |
27.53 |
|
|
$ |
26.98 |
|
|
$ |
26.64 |
|
|
$ |
26.11 |
|
Tangible
book value per common share |
$ |
16.13 |
|
|
$ |
16.56 |
|
|
$ |
16.07 |
|
|
$ |
15.79 |
|
|
$ |
15.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Regulatory Tier 1 Leverage Ratio Excluding
Average PPP Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Tier 1
capital |
$ |
1,939,868 |
|
|
$ |
1,884,563 |
|
|
$ |
1,868,173 |
|
|
$ |
1,820,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
average assets for leverage ratio |
$ |
21,668,406 |
|
|
$ |
20,765,127 |
|
|
$ |
20,652,454 |
|
|
$ |
20,742,824 |
|
|
|
|
|
Average PPP
loans |
|
(891,070 |
) |
|
|
(937,544 |
) |
|
|
(967,152 |
) |
|
|
(645,172 |
) |
|
|
|
|
Adjusted
average assets excluding average PPP loans |
$ |
20,777,336 |
|
|
$ |
19,827,583 |
|
|
$ |
19,685,302 |
|
|
$ |
20,097,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1
leverage ratio |
|
8.95 |
% |
|
|
9.08 |
% |
|
|
9.05 |
% |
|
|
8.78 |
% |
|
|
|
|
Tier 1
leverage ratio excluding average PPP loans |
|
9.34 |
% |
|
|
9.50 |
% |
|
|
9.49 |
% |
|
|
9.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
|
|
SFNC |
|
Reconciliation Of Non-GAAP Financial Measures -
Quarter-to-Date |
|
|
|
For the Quarters Ended |
|
Mar 31 |
|
|
|
Dec 31 |
|
|
|
Sep 30 |
|
|
|
Jun 30 |
|
|
|
Mar 31 |
|
(Unaudited) |
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
($
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Core Return on Average Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
67,407 |
|
|
$ |
52,955 |
|
|
$ |
65,885 |
|
|
$ |
58,789 |
|
|
$ |
77,223 |
|
Net non-core
items, net of taxes, adjustment |
|
(3,412 |
) |
|
|
9,022 |
|
|
|
2,453 |
|
|
|
1,358 |
|
|
|
(3,385 |
) |
Core
earnings |
$ |
63,995 |
|
|
$ |
61,977 |
|
|
$ |
68,338 |
|
|
$ |
60,147 |
|
|
$ |
73,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
total assets |
$ |
22,738,821 |
|
|
$ |
21,852,094 |
|
|
$ |
21,765,321 |
|
|
$ |
21,822,273 |
|
|
$ |
20,920,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
1.20 |
% |
|
|
0.96 |
% |
|
|
1.20 |
% |
|
|
1.08 |
% |
|
|
1.48 |
% |
Core return
on average assets |
|
1.14 |
% |
|
|
1.13 |
% |
|
|
1.25 |
% |
|
|
1.11 |
% |
|
|
1.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Return on Tangible Common
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
67,407 |
|
|
$ |
52,955 |
|
|
$ |
65,885 |
|
|
$ |
58,789 |
|
|
$ |
77,223 |
|
Amortization
of intangibles, net of taxes |
|
2,470 |
|
|
|
2,475 |
|
|
|
2,483 |
|
|
|
2,489 |
|
|
|
2,521 |
|
Total income
available to common stockholders |
$ |
69,877 |
|
|
$ |
55,430 |
|
|
$ |
68,368 |
|
|
$ |
61,278 |
|
|
$ |
79,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non-core
items, net of taxes |
|
(3,412 |
) |
|
|
9,022 |
|
|
|
2,453 |
|
|
|
1,358 |
|
|
|
(3,385 |
) |
Core
earnings |
|
63,995 |
|
|
|
61,977 |
|
|
|
68,338 |
|
|
|
60,147 |
|
|
|
73,838 |
|
Amortization
of intangibles, net of taxes |
|
2,470 |
|
|
|
2,475 |
|
|
|
2,483 |
|
|
|
2,489 |
|
|
|
2,521 |
|
Total core
income available to common stockholders |
$ |
66,465 |
|
|
$ |
64,452 |
|
|
$ |
70,821 |
|
|
$ |
62,636 |
|
|
$ |
76,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
common stockholders' equity |
$ |
2,972,689 |
|
|
$ |
2,955,865 |
|
|
$ |
2,942,045 |
|
|
$ |
2,879,337 |
|
|
$ |
2,869,177 |
|
Average
intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,064,893 |
) |
|
|
(1,064,955 |
) |
|
|
(1,055,498 |
) |
Other intangibles |
|
(109,850 |
) |
|
|
(113,098 |
) |
|
|
(116,385 |
) |
|
|
(120,111 |
) |
|
|
(125,746 |
) |
Total
average intangibles |
|
(1,185,155 |
) |
|
|
(1,188,403 |
) |
|
|
(1,181,278 |
) |
|
|
(1,185,066 |
) |
|
|
(1,181,244 |
) |
Average
tangible common stockholders' equity |
$ |
1,787,534 |
|
|
$ |
1,767,462 |
|
|
$ |
1,760,767 |
|
|
$ |
1,694,271 |
|
|
$ |
1,687,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average common equity |
|
9.20 |
% |
|
|
7.13 |
% |
|
|
8.91 |
% |
|
|
8.21 |
% |
|
|
10.83 |
% |
Return on
tangible common equity |
|
15.85 |
% |
|
|
12.48 |
% |
|
|
15.45 |
% |
|
|
14.55 |
% |
|
|
19.00 |
% |
Core return
on average common equity |
|
8.73 |
% |
|
|
8.34 |
% |
|
|
9.24 |
% |
|
|
8.40 |
% |
|
|
10.35 |
% |
Core return
on tangible common equity |
|
15.08 |
% |
|
|
14.51 |
% |
|
|
16.00 |
% |
|
|
14.87 |
% |
|
|
18.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Efficiency Ratio
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense |
$ |
115,356 |
|
|
$ |
128,135 |
|
|
$ |
118,949 |
|
|
$ |
117,598 |
|
|
$ |
128,813 |
|
Non-core
non-interest expense adjustment |
|
(858 |
) |
|
|
(12,489 |
) |
|
|
(3,690 |
) |
|
|
(4,044 |
) |
|
|
(1,306 |
) |
Other real
estate and foreclosure expense adjustment |
|
(343 |
) |
|
|
(545 |
) |
|
|
(600 |
) |
|
|
(242 |
) |
|
|
(319 |
) |
Amortization
of intangibles adjustment |
|
(3,344 |
) |
|
|
(3,351 |
) |
|
|
(3,362 |
) |
|
|
(3,369 |
) |
|
|
(3,413 |
) |
Efficiency
ratio numerator |
$ |
110,811 |
|
|
$ |
111,750 |
|
|
$ |
111,297 |
|
|
$ |
109,943 |
|
|
$ |
123,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net-interest
income |
$ |
146,681 |
|
|
$ |
154,960 |
|
|
$ |
153,610 |
|
|
$ |
163,681 |
|
|
$ |
167,483 |
|
Non-interest
income |
|
51,903 |
|
|
|
44,056 |
|
|
|
71,851 |
|
|
|
50,227 |
|
|
|
82,394 |
|
Non-core
non-interest income adjustment |
|
(5,477 |
) |
|
|
(275 |
) |
|
|
(370 |
) |
|
|
(2,204 |
) |
|
|
(5,889 |
) |
Fully
tax-equivalent adjustment (effective tax rate of 26.135%) |
|
4,163 |
|
|
|
3,482 |
|
|
|
2,864 |
|
|
|
2,350 |
|
|
|
2,305 |
|
Gain on sale
of securities |
|
(5,471 |
) |
|
|
(16 |
) |
|
|
(22,305 |
) |
|
|
(390 |
) |
|
|
(32,095 |
) |
Efficiency
ratio denominator |
$ |
191,799 |
|
|
$ |
202,207 |
|
|
$ |
205,650 |
|
|
$ |
213,664 |
|
|
$ |
214,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio (1) |
|
57.77 |
% |
|
|
55.27 |
% |
|
|
54.12 |
% |
|
|
51.46 |
% |
|
|
57.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Efficiency
ratio is core non-interest expense before foreclosed property
expense and amortization of intangibles as a percent of net
interest income (fully taxable equivalent) and non-interest
revenues, excluding gains and losses from securities transactions
and non-core items. |
|
|
Simmons First National Corporation |
|
|
|
|
|
SFNC |
|
Reconciliation
Of Non-GAAP Financial Measures - Quarter-to-Date
(continued) |
|
|
For the Quarters Ended |
|
Mar 31 |
|
|
|
Dec 31 |
|
|
|
Sep 30 |
|
|
|
Jun 30 |
|
|
|
Mar 31 |
|
(Unaudited) |
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
($
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Core Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
$ |
146,681 |
|
|
$ |
154,960 |
|
|
$ |
153,610 |
|
|
$ |
163,681 |
|
|
$ |
167,483 |
|
Fully
tax-equivalent adjustment (effective tax rate of 26.135%) |
|
4,163 |
|
|
|
3,482 |
|
|
|
2,864 |
|
|
|
2,350 |
|
|
|
2,305 |
|
Fully
tax-equivalent net interest income |
|
150,844 |
|
|
|
158,442 |
|
|
|
156,474 |
|
|
|
166,031 |
|
|
|
169,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
accretable yield |
|
(6,630 |
) |
|
|
(8,999 |
) |
|
|
(8,948 |
) |
|
|
(11,723 |
) |
|
|
(11,837 |
) |
Core net
interest income |
$ |
144,214 |
|
|
$ |
149,443 |
|
|
$ |
147,526 |
|
|
$ |
154,308 |
|
|
$ |
157,951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP loan and
additional liquidity interest income |
|
(12,257 |
) |
|
|
(6,983 |
) |
|
|
(6,131 |
) |
|
$ |
(5,623 |
) |
|
|
|
|
Net interest
income adjusted for PPP loans and liquidity |
$ |
138,587 |
|
|
$ |
151,459 |
|
|
$ |
150,343 |
|
|
$ |
160,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
earning assets |
$ |
20,484,908 |
|
|
$ |
19,573,651 |
|
|
$ |
19,415,314 |
|
|
$ |
19,517,475 |
|
|
$ |
18,581,491 |
|
Average PPP
loan balance and additional liquidity |
|
(3,617,567 |
) |
|
|
(2,837,125 |
) |
|
|
(2,359,928 |
) |
|
$ |
(2,071,411 |
) |
|
|
|
|
Average
earning assets adjusted for PPP loans and liquidity |
$ |
16,867,341 |
|
|
$ |
16,736,526 |
|
|
$ |
17,055,386 |
|
|
$ |
17,446,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
2.99 |
% |
|
|
3.22 |
% |
|
|
3.21 |
% |
|
|
3.42 |
% |
|
|
3.68 |
% |
Core net
interest margin |
|
2.86 |
% |
|
|
3.04 |
% |
|
|
3.02 |
% |
|
|
3.18 |
% |
|
|
3.42 |
% |
Net interest
margin adjusted for PPP loans and liquidity |
|
3.33 |
% |
|
|
3.60 |
% |
|
|
3.51 |
% |
|
|
3.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Core Loan Yield |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
interest income (FTE) |
$ |
146,601 |
|
|
$ |
160,306 |
|
|
$ |
163,379 |
|
|
$ |
177,168 |
|
|
$ |
187,566 |
|
Total
accretable yield |
|
(6,630 |
) |
|
|
(8,999 |
) |
|
|
(8,948 |
) |
|
|
(11,723 |
) |
|
|
(11,837 |
) |
Core loan
interest income |
$ |
139,971 |
|
|
$ |
151,307 |
|
|
$ |
154,431 |
|
|
$ |
165,445 |
|
|
$ |
175,729 |
|
PPP loan
interest income |
|
(11,652 |
) |
|
|
(6,457 |
) |
|
|
(5,782 |
) |
|
$ |
(3,733 |
) |
|
|
|
|
Core loan
interest income without PPP loans |
$ |
128,319 |
|
|
$ |
144,850 |
|
|
$ |
148,649 |
|
|
$ |
161,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loan
balance |
$ |
12,518,300 |
|
|
$ |
13,457,077 |
|
|
$ |
14,315,014 |
|
|
$ |
14,731,306 |
|
|
$ |
14,548,853 |
|
Average PPP
loan balance |
|
(891,070 |
) |
|
|
(937,544 |
) |
|
|
(967,152 |
) |
|
$ |
(645,172 |
) |
|
|
|
|
Average loan
balance without PPP loans |
$ |
11,627,230 |
|
|
$ |
12,519,533 |
|
|
$ |
13,347,862 |
|
|
$ |
14,086,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core loan
yield |
|
4.53 |
% |
|
|
4.47 |
% |
|
|
4.29 |
% |
|
|
4.52 |
% |
|
|
4.86 |
% |
Core loan
yield without PPP loans |
|
4.48 |
% |
|
|
4.60 |
% |
|
|
4.43 |
% |
|
|
4.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted Pre-Tax, Pre-Provision (PTPP)
Earnings |
|
|
|
|
|
|
|
|
|
|
Net income
available to common stockholders |
$ |
67,407 |
|
|
$ |
52,955 |
|
|
$ |
65,885 |
|
|
$ |
58,789 |
|
|
$ |
77,223 |
|
Provision
for income taxes |
|
14,363 |
|
|
|
10,970 |
|
|
|
17,633 |
|
|
|
15,593 |
|
|
|
20,694 |
|
Provision
for credit losses (including provision for unfunded
commitments) |
|
1,445 |
|
|
|
6,943 |
|
|
|
22,981 |
|
|
|
21,915 |
|
|
|
23,134 |
|
(Gain) loss
on sale of securities |
|
(5,471 |
) |
|
|
(16 |
) |
|
|
(22,305 |
) |
|
|
(390 |
) |
|
|
(32,095 |
) |
Net pre-tax
non-core items |
|
(4,619 |
) |
|
|
12,214 |
|
|
|
3,320 |
|
|
|
1,840 |
|
|
|
(4,583 |
) |
Adjusted
Pre-tax, pre-provision (PTPP) earnings |
$ |
73,125 |
|
|
$ |
83,066 |
|
|
$ |
87,514 |
|
|
$ |
97,747 |
|
|
$ |
84,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
|
|
SFNC |
|
Reconciliation Of Non-GAAP Financial Measures -
Year-to-Date |
|
|
|
For the Quarters Ended |
|
Mar 31 |
|
|
|
Dec 31 |
|
|
|
Sep 30 |
|
|
|
Jun 30 |
|
|
|
Mar 31 |
|
(Unaudited) |
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
($
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Core Return on Average Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
67,407 |
|
|
$ |
254,852 |
|
|
$ |
201,897 |
|
|
$ |
136,012 |
|
|
$ |
77,223 |
|
Net non-core
items, net of taxes, adjustment |
|
(3,412 |
) |
|
|
9,448 |
|
|
|
426 |
|
|
|
(2,027 |
) |
|
|
(3,385 |
) |
Core
earnings |
$ |
63,995 |
|
|
$ |
264,300 |
|
|
$ |
202,323 |
|
|
$ |
133,985 |
|
|
$ |
73,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
total assets |
$ |
22,738,821 |
|
|
$ |
21,590,745 |
|
|
$ |
21,503,564 |
|
|
$ |
21,371,248 |
|
|
$ |
20,920,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
1.20 |
% |
|
|
1.18 |
% |
|
|
1.25 |
% |
|
|
1.28 |
% |
|
|
1.48 |
% |
Core return
on average assets |
|
1.14 |
% |
|
|
1.22 |
% |
|
|
1.26 |
% |
|
|
1.26 |
% |
|
|
1.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Return on Tangible Common
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
67,407 |
|
|
$ |
254,852 |
|
|
$ |
201,897 |
|
|
$ |
136,012 |
|
|
$ |
77,223 |
|
Amortization
of intangibles, net of taxes |
|
2,470 |
|
|
|
9,968 |
|
|
|
7,493 |
|
|
|
5,010 |
|
|
|
2,521 |
|
Total income
available to common stockholders |
$ |
69,877 |
|
|
$ |
264,820 |
|
|
$ |
209,390 |
|
|
$ |
141,022 |
|
|
$ |
79,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non-core
items, net of taxes |
|
(3,412 |
) |
|
|
9,448 |
|
|
|
426 |
|
|
|
(2,027 |
) |
|
|
(3,385 |
) |
Core
earnings |
|
63,995 |
|
|
|
264,300 |
|
|
|
202,323 |
|
|
|
133,985 |
|
|
|
73,838 |
|
Amortization
of intangibles, net of taxes |
|
2,470 |
|
|
|
9,968 |
|
|
|
7,493 |
|
|
|
5,010 |
|
|
|
2,521 |
|
Total core
income available to common stockholders |
$ |
66,465 |
|
|
$ |
274,268 |
|
|
$ |
209,816 |
|
|
$ |
138,995 |
|
|
$ |
76,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
common stockholders' equity |
$ |
2,972,689 |
|
|
$ |
2,921,039 |
|
|
$ |
2,910,366 |
|
|
$ |
2,894,351 |
|
|
$ |
2,869,177 |
|
Average
intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
(1,075,305 |
) |
|
|
(1,065,190 |
) |
|
|
(1,061,793 |
) |
|
|
(1,060,226 |
) |
|
|
(1,055,498 |
) |
Other intangibles |
|
(109,850 |
) |
|
|
(118,812 |
) |
|
|
(120,731 |
) |
|
|
(122,928 |
) |
|
|
(125,746 |
) |
Total
average intangibles |
|
(1,185,155 |
) |
|
|
(1,184,002 |
) |
|
|
(1,182,524 |
) |
|
|
(1,183,154 |
) |
|
|
(1,181,244 |
) |
Average
tangible common stockholders' equity |
$ |
1,787,534 |
|
|
$ |
1,737,037 |
|
|
$ |
1,727,842 |
|
|
$ |
1,711,197 |
|
|
$ |
1,687,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average common equity |
|
9.20 |
% |
|
|
8.72 |
% |
|
|
9.27 |
% |
|
|
9.45 |
% |
|
|
10.83 |
% |
Return on
tangible common equity |
|
15.85 |
% |
|
|
15.25 |
% |
|
|
16.19 |
% |
|
|
16.57 |
% |
|
|
19.00 |
% |
Core return
on average common equity |
|
8.73 |
% |
|
|
9.05 |
% |
|
|
9.29 |
% |
|
|
9.31 |
% |
|
|
10.35 |
% |
Core return
on tangible common equity |
|
15.08 |
% |
|
|
15.79 |
% |
|
|
16.22 |
% |
|
|
16.33 |
% |
|
|
18.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Efficiency Ratio
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense |
$ |
115,356 |
|
|
$ |
493,495 |
|
|
$ |
365,360 |
|
|
$ |
246,411 |
|
|
$ |
128,813 |
|
Non-core
non-interest expense adjustment |
|
(858 |
) |
|
|
(21,529 |
) |
|
|
(9,040 |
) |
|
|
(5,350 |
) |
|
|
(1,306 |
) |
Other real
estate and foreclosure expense adjustment |
|
(343 |
) |
|
|
(1,706 |
) |
|
|
(1,161 |
) |
|
|
(561 |
) |
|
|
(319 |
) |
Amortization
of intangibles adjustment |
|
(3,344 |
) |
|
|
(13,495 |
) |
|
|
(10,144 |
) |
|
|
(6,782 |
) |
|
|
(3,413 |
) |
Efficiency
ratio numerator |
$ |
110,811 |
|
|
$ |
456,765 |
|
|
$ |
345,015 |
|
|
$ |
233,718 |
|
|
$ |
123,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net-interest
income |
$ |
146,681 |
|
|
$ |
639,734 |
|
|
$ |
484,774 |
|
|
$ |
331,164 |
|
|
$ |
167,483 |
|
Non-interest
income |
|
51,903 |
|
|
|
248,528 |
|
|
|
204,472 |
|
|
|
132,621 |
|
|
|
82,394 |
|
Non-core
non-interest income adjustment |
|
(5,477 |
) |
|
|
(8,738 |
) |
|
|
(8,463 |
) |
|
|
(8,093 |
) |
|
|
(5,889 |
) |
Fully
tax-equivalent adjustment (effective tax rate of 26.135%) |
|
4,163 |
|
|
|
11,001 |
|
|
|
7,519 |
|
|
|
4,655 |
|
|
|
2,305 |
|
Gain on sale
of securities |
|
(5,471 |
) |
|
|
(54,806 |
) |
|
|
(54,790 |
) |
|
|
(32,485 |
) |
|
|
(32,095 |
) |
Efficiency
ratio denominator |
$ |
191,799 |
|
|
$ |
835,719 |
|
|
$ |
633,512 |
|
|
$ |
427,862 |
|
|
$ |
214,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio (1) |
|
57.77 |
% |
|
|
54.66 |
% |
|
|
54.46 |
% |
|
|
54.62 |
% |
|
|
57.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Efficiency
ratio is core non-interest expense before foreclosed property
expense and amortization of intangibles as a percent of net
interest income (fully taxable equivalent) and non-interest
revenues, excluding gains and losses from securities transactions
and non-core items. |
|
|
Simmons First National Corporation |
|
|
|
|
|
|
SFNC |
|
Reconciliation Of Non-GAAP Financial Measures -
Year-to-Date (continued) |
|
|
|
For the Quarters Ended |
|
Mar 31 |
|
|
|
Dec 31 |
|
|
|
Sep 30 |
|
|
|
Jun 30 |
|
|
|
Mar 31 |
|
(Unaudited) |
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
($
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Core Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
$ |
146,681 |
|
|
$ |
639,734 |
|
|
$ |
484,774 |
|
|
$ |
331,164 |
|
|
$ |
167,483 |
|
Fully
tax-equivalent adjustment (effective tax rate of 26.135%) |
|
4,163 |
|
|
|
11,001 |
|
|
|
7,519 |
|
|
|
4,655 |
|
|
|
2,305 |
|
Fully
tax-equivalent net interest income |
|
150,844 |
|
|
|
650,735 |
|
|
|
492,293 |
|
|
|
335,819 |
|
|
|
169,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
accretable yield |
|
(6,630 |
) |
|
|
(41,507 |
) |
|
|
(32,508 |
) |
|
|
(23,560 |
) |
|
|
(11,837 |
) |
Core net
interest income |
$ |
144,214 |
|
|
$ |
609,228 |
|
|
$ |
459,785 |
|
|
$ |
312,259 |
|
|
$ |
157,951 |
|
Average
earning assets |
$ |
20,484,908 |
|
|
$ |
19,272,886 |
|
|
$ |
19,172,318 |
|
|
$ |
19,049,487 |
|
|
$ |
18,581,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
2.99 |
% |
|
|
3.38 |
% |
|
|
3.43 |
% |
|
|
3.55 |
% |
|
|
3.68 |
% |
Core net
interest margin |
|
2.86 |
% |
|
|
3.16 |
% |
|
|
3.20 |
% |
|
|
3.30 |
% |
|
|
3.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Core Loan Yield |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
interest income (FTE) |
$ |
146,601 |
|
|
$ |
688,600 |
|
|
$ |
528,294 |
|
|
$ |
364,915 |
|
|
$ |
187,566 |
|
Total
accretable yield |
|
(6,630 |
) |
|
|
(41,507 |
) |
|
|
(32,508 |
) |
|
|
(23,560 |
) |
|
|
(11,837 |
) |
Core loan
interest income |
$ |
139,971 |
|
|
$ |
647,093 |
|
|
$ |
495,786 |
|
|
$ |
341,355 |
|
|
$ |
175,729 |
|
Average loan
balance |
$ |
12,518,300 |
|
|
$ |
14,260,689 |
|
|
$ |
14,530,938 |
|
|
$ |
14,640,082 |
|
|
$ |
14,548,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core loan
yield |
|
4.53 |
% |
|
|
4.54 |
% |
|
|
4.56 |
% |
|
|
4.69 |
% |
|
|
4.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted Pre-Tax, Pre-Provision (PTPP)
Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
available to common stockholders |
$ |
67,407 |
|
|
$ |
254,852 |
|
|
$ |
201,897 |
|
|
$ |
136,012 |
|
|
$ |
77,223 |
|
Provision
for income taxes |
|
14,363 |
|
|
|
64,890 |
|
|
|
53,920 |
|
|
|
36,287 |
|
|
|
20,694 |
|
Provision
for credit losses (including provision for unfunded
commitments) |
|
1,445 |
|
|
|
74,973 |
|
|
|
68,030 |
|
|
|
45,049 |
|
|
|
23,134 |
|
(Gain) loss
on sale of securities |
|
(5,471 |
) |
|
|
(54,806 |
) |
|
|
(54,790 |
) |
|
|
(32,485 |
) |
|
|
(32,095 |
) |
Net pre-tax
non-core items |
|
(4,619 |
) |
|
|
12,791 |
|
|
|
577 |
|
|
|
(2,743 |
) |
|
|
(4,583 |
) |
Adjusted
Pre-tax, pre-provision (PTPP) earnings |
$ |
73,125 |
|
|
$ |
352,700 |
|
|
$ |
269,634 |
|
|
$ |
182,120 |
|
|
$ |
84,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
![Primary Logo](https://ml.globenewswire.com/media/36e38c52-90c6-43a1-a9ff-b606ee816085/small/simmons-first-national-corporation.jpg)
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