- Net income of $74.9 million, up 27
percent from the year ago quarter and up 11 percent compared to the
first quarter of 2021
- Diluted EPS of $0.69, up 28 percent from the year ago quarter
and up 11 percent compared to the first quarter of 2021
- Adjusted pre-tax, pre-provision income of $74.6 million, up 2
percent from first quarter 2021 levels
- Loan production totaled $1.8 billion during the first half of
2021, on pace to significantly exceed production volume for
full-year of 2020
- Total deposits of $18.3 billion, up $1.3 billion since year-end
2020 while deposits costs dropped 10 bps over the same period
- Improved macroeconomic scenario models and sharp decline in
nonperforming loans (down $34.6 million linked quarter) drive $13.0
million provision expense recapture in the quarter
- Merger and acquisition activity resumes during the quarter with
announced pending acquisitions of Tennessee-based Landmark
Community Bank and Triumph Bancshares, Inc.
PINE BLUFF, Ark., July 27, 2021 (GLOBE NEWSWIRE)
-- Simmons First National Corporation (NASDAQ: SFNC) (the “Company”
or “Simmons”) today reported net income of $74.9 million for the
second quarter of 2021 compared to net income of $58.8 million for
the second quarter of 2020, an increase of $16.1 million, or 27
percent. Diluted earnings per share for the second quarter of 2021
were $0.69, an increase of $0.15, or 28 percent, compared to the
same period in the prior year. Included in second quarter 2021
results were $524,000 in net after-tax merger-related and net
branch right-sizing costs. Excluding the impact of these items,
core earnings were $75.4 million for the second quarter of 2021,
compared to $60.1 million for the second quarter of 2020, an
increase of $15.3 million, or 25 percent. Core diluted earnings per
share were $0.69, an increase of $0.14, or 25 percent, from the
comparable period in 2020.
On a year-to-date basis, net income for the
first half of 2021 was $142.3 million, or $1.31 diluted earnings
per share, compared to $136.0 million, or $1.22 diluted earnings
per share, for the first half of 2020. Excluding $2.9 million in
net after-tax merger-related and net branch right-sizing costs and
the after-tax gain primarily associated with the sale of branches
in Illinois, core earnings for the first half of 2021 were $139.4
million, an increase of $5.4 million compared to the first half of
last year. Core diluted earnings per share for the first half of
2021 were $1.28, an increase of $0.07, or 6 percent, from the
comparable period of 2020.
“Overall we were very pleased with our results
for the quarter as we delivered solid performance in multiple areas
while continuing to navigate the challenging environment,” said
George A, Makris, Jr., Simmons’ chairman and CEO. “While loan
growth throughout the financial services industry continues to be
hampered by the significant amounts of government stimulus in the
economy that has resulted in sluggish loan demand and historically
high levels of paydowns, Simmons generated $1.8 billion in loan
originations and advances during the first half of 2021, putting us
on pace to significantly exceed loan production volume reported for
the full-year of 2020. Our commercial loan pipeline has increased
for three consecutive quarters and we are cautiously optimistic
that this trend is a positive sign going forward.”
“At the same time, asset quality metrics
continued to improve as certain initially anticipated impacts of
the COVID-19 pandemic on asset quality have thus far failed to
materialize. As such, we recorded the recapture of $13.0 million of
provision expense during the quarter while maintaining our
nonperforming loan coverage ratio and an appropriate allowance to
loan ratio that is reflective of the uncertainty in the economy and
associated risk in our loan portfolio. As a result of our solid
results in the quarter and our strong asset quality and capital
positions, Simmons’ board of directors extended and increased the
authorization under our share repurchase program, thus increasing
our remaining capacity under the program to approximately $150
million and extending the program’s scheduled expiration to October
2022.”
Selected Highlights: |
2nd Qtr
2021 |
1st Qtr
2021 |
2nd Qtr
2020 |
Net income |
$74.9 million |
$67.4 million |
$58.8 million |
Diluted earnings per share |
$0.69 |
$0.62 |
$0.54 |
Return on avg assets |
1.29% |
1.20% |
1.08% |
Return on avg common equity |
10.08% |
9.20% |
8.21% |
Return on tangible common equity (1) |
17.25% |
15.85% |
14.55% |
|
|
|
|
Core earnings (2) |
$75.4 million |
$64.0 million |
$60.1 million |
Core diluted earnings per share (2) |
$0.69 |
$0.59 |
$0.55 |
Core return on avg assets (2) |
1.30% |
1.14% |
1.11% |
Core return on avg common equity (2) |
10.15% |
8.73% |
8.40% |
Core return on tangible common equity (1)(2) |
17.36% |
15.08% |
14.87% |
Efficiency ratio (3) |
56.93% |
57.43% |
51.13% |
Adjusted pre-tax, pre-provision earnings (2) |
$74.6 million |
$73.1 million |
$97.7 million |
(1) |
|
Return on tangible common equity excludes goodwill and other
intangible assets and is a non-GAAP measurement. Please see
“Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP
Financial Measures” below. |
(2) |
|
Core figures exclude non-core
items and are non-GAAP measurements. Adjusted pre-tax,
pre-provision earnings exclude provision for income taxes,
provisions for credit losses and unfunded commitments, gains on
sales of securities, and other pre-tax, non-core items, and is also
a non-GAAP measurement. Please see “Non-GAAP Financial Measures”
and “Reconciliation of Non-GAAP Financial Measures”
below. |
(3) |
|
Efficiency ratio is core
non-interest expense before foreclosed property expense and
amortization of intangibles, as a percent of net interest income
(fully taxable equivalent) and non-interest revenues, excluding
gains and losses from securities transactions and non-core items,
and is a non-GAAP measurement. Please see “Non-GAAP Financial
Measures” and “Reconciliation of Non-GAAP Financial Measures”
below. |
Loans
($ in billions) |
2nd Qtr
2021 |
1st Qtr
2021 |
2nd Qtr
2020 |
Total loans |
$11.4 |
$12.2 |
$14.6 |
Total loans at the end of the second quarter of
2021 were $11.4 billion compared to $12.2 billion at the end of the
first quarter of 2021 and $14.6 billion at the end of the second
quarter of 2020. Total loan production (loan originations and
advances) for the first half of 2021 totaled $1.8 billion. While
loan originations and advances are outpacing prior year production,
the decline in loan balances reflects the substantial government
stimulus to support the economy during the COVID-19 pandemic which
contributed to an increase in the level of loan paydowns, payoffs
and corresponding sluggish loan demand throughout the financial
services industry. The Company’s balance of Paycheck Protection
Program (“PPP”) loans totaled $441.4 million at the end of the
second quarter of 2021, down $463.3 million during the first half
of 2021 as originations under PPP Round 2 have been offset by loan
forgiveness.
Despite these headwinds, loan demand appears to
be returning to more normalized levels. For the third consecutive
quarter, the Company experienced an increase in its commercial loan
demand. The Company’s total commercial loan pipeline consisting of
all loan opportunities was $1.3 billion compared to $674 million at
December 31, 2020. Loans approved and ready to close at the end of
the quarter totaled $467 million.
PPP Loans
($ in millions) |
PPP Round 1 |
PPP Round 2 |
Total PPP Loans |
Beginning balance, January 1, 2021 |
$904.7 |
$ - |
$904.7 |
PPP loan originations |
- |
318.9 |
318.9 |
PPP loan forgiveness and repayments |
(763.9) |
(18.3) |
(782.2) |
Ending balance, June 30, 2021 |
$140.8 |
$300.6 |
$441.4 |
Deposits
($ in billions) |
2nd Qtr
2021 |
1st Qtr
2021 |
2nd Qtr
2020 |
Total deposits |
$18.3 |
$18.2 |
$16.6 |
Noninterest bearing deposits |
$4.9 |
$4.9 |
$4.6 |
Interest bearing deposits |
$10.6 |
$10.3 |
$9.0 |
Time deposits |
$2.8 |
$3.0 |
$3.0 |
Total deposits at the end of the second quarter
of 2021 were $18.3 billion, an increase of $1.7 billion or 10
percent from $16.6 billion at the end of the second quarter of
2020. The increase in total deposits from a year ago was driven by
a $1.6 billion increase in interest bearing deposits (checking,
savings and money market accounts) which totaled $10.6 billion at
the end of the second quarter of 2021. Noninterest bearing deposits
also contributed to the year-over-year growth in total deposits,
increasing $285.9 million or 6 percent while time deposits declined
$188.9 million or 6 percent during the same period.
Net Interest Income
|
2nd
Qtr
2021 |
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
2nd
Qtr
2020 |
Loan yield (1) |
4.73% |
4.75% |
4.74% |
4.54% |
4.84% |
Core loan yield (1) (2) |
4.54% |
4.53% |
4.47% |
4.29% |
4.52% |
Security yield (1) |
1.97% |
2.36% |
2.48% |
2.60% |
2.50% |
Cost of interest bearing deposits |
0.32% |
0.41% |
0.47% |
0.54% |
0.59% |
Cost of deposits (3) |
0.24% |
0.30% |
0.34% |
0.39% |
0.44% |
Cost of borrowed funds |
1.97% |
1.91% |
1.88% |
1.85% |
1.84% |
Net interest margin (1) |
2.89% |
2.99% |
3.22% |
3.21% |
3.42% |
Core net interest margin (1) (2) |
2.78% |
2.86% |
3.04% |
3.02% |
3.18% |
(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. |
Net interest income for the second quarter of
2021 totaled $146.5 million, compared to $146.7 million in the
first quarter of 2021 and $163.7 million in the second quarter of
2020. Included in net interest income is accretion recognized on
loans acquired totaling $5.6 million in the second quarter of 2021,
$6.6 million in the first quarter of 2021 and $11.7 million in the
second quarter of 2020. Excluding the impact of accretion, core net
interest income for the second quarter of 2021 increased 1 percent
on a linked quarter basis.
The decrease in net interest income from the
year ago quarter reflects a lower average loan balance combined
with an 11 basis point decrease in loan yields. To offset the
expected pressure on net interest income given the current low
interest rate environment, the Company has been diligent in its
efforts to reduce deposits costs. As a result, cost of deposits for
the second quarter of 2021 was 24 basis points, down 6 basis points
on a linked quarter basis and 20 basis points compared to the
second quarter of 2020.
While loan yields declined from the year ago
quarter, on a linked quarter basis loan yields declined only 2
basis points. The core loan yield, which excludes accretion, for
the second quarter of 2021 was 4.54 percent, up 1 basis point
compared to the first quarter of 2021 and up 2 basis points
compared to the second quarter a year ago. The yield on PPP loans
was approximately 5.08 percent during the second quarter of 2021
(including accretion of net fees), which increased the overall loan
yield by approximately 2 basis points.
The net interest margin on a fully taxable
equivalent basis was 2.89 percent for the second quarter of 2021
compared to 2.99 percent for the first quarter of 2021 and 3.42
percent for the second quarter of 2020. Core net interest margin
(excluding accretion on acquired loans) was 2.78 percent compared
to 2.86 percent for the first quarter of 2021 and 3.18 percent for
the second quarter of 2020. During the second quarter of 2021, the
Company purchased $2.5 billion of investment securities. This
included the strategic redeployment of excess liquidity through the
purchase of variable rate investment securities totaling
approximately $1.1 billion. Consequently, the duration of the
investment securities portfolio shortened from 6.5 years at March
31, 2021 to 4.9 years at June 30, 2021.
Noninterest Income
Noninterest income for the second quarter of 2021 was $47.9 million
compared to $50.3 million in the first quarter of 2021 and $48.8
million in the second quarter of 2020. Gains on the sale of
investment securities totaled $5.1 million in the second quarter of
2021, $5.5 million in the first quarter of 2021 and $390,000 in the
second quarter of 2020. Core noninterest income totaled $47.5
million in the second quarter of 2021 compared to $44.9 million in
the first quarter of 2021 and $46.6 million in the second quarter
of 2020. Core noninterest income excludes gains on the sale of
branches which totaled $445,000 in the second quarter of 2021, $5.5
million in the first quarter of 2021 and $2.2 million in the second
quarter of 2020.
Select Noninterest Income Items
($ in millions) |
2nd
Qtr
2021 |
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
2nd
Qtr
2020 |
Service charges on deposit accounts |
$10.1 |
$9.7 |
$10.8 |
$10.4 |
$8.6 |
Trust income |
$7.2 |
$6.7 |
$6.6 |
$6.7 |
$7.3 |
Mortgage lending income |
$4.5 |
$6.4 |
$3.0 |
$14.0 |
$12.5 |
SBA lending income |
$0.3 |
$0.2 |
$0.5 |
$0.3 |
$0.2 |
Debit and credit card fees (1) |
$7.9 |
$7.4 |
$7.2 |
$7.2 |
$6.6 |
Gain on sale of securities |
$5.1 |
$5.5 |
- |
$22.3 |
$0.4 |
Other income |
$8.1 |
$10.3 |
$10.6 |
$5.4 |
$9.8 |
|
|
|
|
|
|
Core other income (2) |
$7.7 |
$4.8 |
$10.3 |
$5.0 |
$7.6 |
(1) |
|
During the second quarter of 2021, certain debit and credit
card transaction fees were reclassified from noninterest expense to
noninterest income. Prior periods have been adjusted to reflect
this reclassification. |
(2) |
|
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. |
Noninterest
Expense
Noninterest expense for the second quarter of
2021 totaled $115.5 million compared to $113.8 million for the
first quarter of 2021 and $116.2 million for the second quarter of
2020. Included in noninterest expense are pre-tax, non- core items
for merger-related expenses and branch right sizing costs.
Excluding these items, core noninterest expense was $114.3 million
for the second quarter of 2021, $112.9 million for the first
quarter of 2021 and $112.1 million for the second quarter of 2020.
Overall expenses were well contained, increasing 1 percent from
first quarter 2021 levels both on a reported basis and on a core
basis. The efficiency ratio for the second quarter of 2021 was
56.93 percent compared to 57.43 percent for the first quarter of
2021 and 51.13 percent for the second quarter of 2020. As part of
its ongoing branch right sizing initiative, the Company announced
plans to close 12 branches during the third quarter of 2021.
Select Noninterest Expense Items
($ in millions) |
2nd
Qtr
2021 |
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
2nd
Qtr
2020 |
Salaries and employee benefits |
$60.3 |
$60.3 |
$55.8 |
$61.1 |
$57.6 |
Merger related costs |
$0.7 |
$0.2 |
$0.7 |
$0.9 |
$1.8 |
Other operating expenses (1) |
$38.0 |
$36.9 |
$52.8 |
$36.5 |
$38.2 |
|
|
|
|
|
|
Core salaries and employee benefits
(2) |
$60.3 |
$60.3 |
$55.6 |
$58.7 |
$57.2 |
Core merger related costs (2) |
- |
- |
- |
- |
- |
Core other operating expenses
(2) |
$37.9 |
$36.6 |
$42.6 |
$36.5 |
$36.6 |
(1) |
|
During the second quarter of 2021, certain debit and credit
card transaction fees were reclassified from noninterest expense to
noninterest income. Prior periods have been adjusted to reflect
this reclassification. |
(2) |
|
Core figures exclude non-core
items and are non-GAAP measurements. Please see “Non-GAAP Financial
Measures” and “Reconciliation of Non-GAAP Financial Measures”
below. |
Asset Quality
($ in millions) |
2nd
Qtr
2021 |
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
2nd
Qtr
2020 |
Allowance for credit losses on loans to total loans |
2.00% |
1.93% |
1.85% |
1.77% |
1.59% |
Allowance for credit losses on loans to nonperforming loans |
281% |
204% |
193% |
148% |
176% |
Nonperforming loans to total loans |
0.71% |
0.95% |
0.96% |
1.20% |
0.90% |
Net charge-off ratio (annualized) |
(0.07%) |
0.10% |
0.52% |
0.16% |
1.04% |
Net charge-off ratio YTD (annualized) |
0.01% |
0.10% |
0.45% |
0.43% |
0.56% |
|
|
|
|
|
|
Total nonperforming loans |
$80.9 |
$115.5 |
$123.5 |
$167.9 |
$131.9 |
Total other nonperforming assets |
$16.3 |
$12.4 |
$20.4 |
$14.6 |
$16.1 |
Asset quality metrics continued to show marked
improvement during the quarter. Total nonperforming loans at the
end of the quarter totaled $80.9 million, down $34.6 million
compared to $115.5 million at the end of the first quarter of 2021
and down $50.9 million from the second quarter of 2020. Net
charge-offs as a percentage of average total loans for the quarter
were negative 7 basis points, reflecting $2.2 million of loan
charge-offs completely offset by $4.3 million of recoveries.
Provision for credit losses in the quarter was a credit of $13
million, including $10 million associated with the loan portfolio.
The recapture of provision for credit losses reflected continued
positive trends in asset quality metrics, combined with improved
economic modeling scenarios. As a result, the allowance for credit
losses at the end of the second quarter of 2021 totaled $227.2
million compared to $235.1 million at the end of the first quarter
of 2021 and $231.6 million at the end of the second quarter of
2020. At the same time, the allowance to loan ratio rose 7 basis
points to 2.00 percent compared to 1.93 percent at the end of the
first quarter of 2021 and 1.59 percent at the end of the second
quarter of 2020. The nonperforming loan coverage ratio remains
strong at 281 percent compared to 204 percent at the end of the
first quarter of 2021 and 176 percent at the end of the second
quarter of 2020.
Foreclosed Assets and Other Real Estate
Owned
At June 30, 2021, foreclosed assets and other real estate owned
(“OREO”) totaled $15.2 million compared to $11.2 million at the
March 31, 2021 and $14.1 million at June 30, 2020. The increase on
a linked quarter basis is primarily due to $4.4 million in closed
bank branch facilities. A breakdown of the composition of
foreclosed assets and OREO is provided in the table below:
($ in millions) |
2nd
Qtr
2021 |
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
2nd
Qtr
2020 |
Closed bank branches and branch sites |
$4.4 |
$0.5 |
$0.6 |
$0.6 |
$2.7 |
Foreclosed assets – acquired |
$6.7 |
$7.7 |
$15.3 |
$9.3 |
$9.2 |
Foreclosed assets – legacy |
$4.1 |
$3.0 |
$2.5 |
$2.7 |
$2.2 |
Capital
|
2nd
Qtr
2021 |
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
2nd
Qtr
2020 |
Stockholders’ equity to total assets |
13.0% |
12.6% |
13.3% |
13.7% |
13.3% |
Tangible common equity to tangible assets (1) |
8.4% |
7.9% |
8.5% |
8.7% |
8.3% |
Regulatory common equity tier 1 ratio |
14.2% |
14.1% |
13.4% |
12.6% |
11.9% |
Regulatory tier 1 leverage ratio |
9.0% |
9.0% |
9.1% |
9.1% |
8.8% |
Regulatory tier 1 risk-based capital ratio |
14.2% |
14.1% |
13.4% |
12.6% |
11.9% |
Regulatory total risk-based capital ratio |
17.5% |
17.5% |
16.8% |
15.8% |
14.9% |
(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. |
Total common stockholders’ equity at the end of
the quarter totaled $3.0 billion compared to $2.9 billion at the
end of the first quarter of 2021 and the second quarter of 2020.
Book value per share at the end of the quarter was $28.03 compared
to $27.04 at the end of the first quarter of 2021 and $26.64 at the
end of the second quarter of 2020. Tangible book value per share
was $17.16, up $1.03 from $16.13 reported at the end of the first
quarter of 2021 and up $1.37 from $15.79 reported at the end of the
second quarter of 2020. The ratio of stockholders’ equity to total
assets at June 30, 2021 was 13.0 percent while tangible common
equity to tangible total assets was 8.4 percent. All of the
Company’s regulatory capital ratios continue to exceed the
requirements under “well-capitalized” guidelines. The Company did
not repurchase shares during the second quarter of 2021 primarily
as a result of its merger and acquisition activity.
Share Repurchase Program
The Company’s board of directors approved an amendment to the
Company’s stock repurchase program (“Program”) that increases the
amount of the Company’s common stock that may be repurchased under
the Program from a maximum of $180 million to a maximum of $276.5
million and extends the term of the Program from October 31, 2021,
to October 31, 2022 (unless terminated sooner). The Program was
originally approved on October 17, 2019 and amended in March 2020,
and to date, the Company has repurchased approximately $126.5
million of its common stock under the Program.
The Program permits the Company to repurchase
shares of its common stock through open market and privately
negotiated transactions or otherwise. The timing, pricing, and
amount of any repurchases under the Program will be determined by
the Company’s management at its discretion based on a variety of
factors, including, but not limited to, trading volume and market
price of the common stock, corporate considerations, the Company’s
working capital and investment requirements, general market and
economic conditions, and legal requirements. The Program does not
obligate the Company to repurchase any common stock and may be
modified, discontinued, or suspended at any time without prior
notice.
Simmons First National
Corporation
Simmons First National Corporation (NASDAQ: SFNC) is an
approximately $23.4 billion asset Mid-South based financial holding
company whose principal subsidiary, Simmons Bank, operates 198
financial centers, including 68 in Arkansas, 48 in Missouri, 33 in
Tennessee, 23 in Texas, 20 in Oklahoma and 6 in Kansas. Founded in
1903, Simmons Bank offers comprehensive financial solutions
delivered with a client-centric approach. Simmons Bank was recently
named to Forbes’ list of “World’s Best Banks” for the
second consecutive year and ranked among the top 30 banks in
Forbes’ list of “America’s Best Banks” for 2021.
Additional information about Simmons and Simmons Bank can be found
on our website at simmonsbank.com, by following
@Simmons_Bank on Twitter or by
visiting our newsroom.
Conference Call
Management will conduct a live conference call to review this
information beginning at 9:00 a.m. CDT today, Tuesday, July 27,
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 8482416. In addition, the call
will be available live or in recorded version on the Company’s
website at 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, loan demand, 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 and developments with respect to COVID-19
variants; 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.
Important Additional Information and
Where to Find It
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval with respect to the proposed transactions
(“Proposed Transactions”) with Landmark Community Bank (“Landmark”)
and Triumph Bancshares, Inc. (“Triumph”). No offer of securities
shall be made except by means of a prospectus meeting the
requirements of the Securities Act of 1933, as amended, and no
offer to sell or solicitation of an offer to buy shall be made in
any jurisdiction in which such offer, solicitation or sale would be
unlawful.
In connection with the Proposed Transactions,
the Company has filed with the SEC a registration statement on Form
S-4 (the “Registration Statement”) that includes proxy statements
of each of Landmark and Triumph and a prospectus of the Company
(the “Joint Proxy Statement/Prospectus”), and the Company may file
with the SEC other relevant documents concerning the Proposed
Transactions. The definitive Joint Proxy Statement/Prospectus will
be mailed to shareholders of Landmark and Triumph. SHAREHOLDERS ARE
URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY
STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTIONS CAREFULLY
AND IN ITS ENTIRETY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE
SEC BY THE COMPANY, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO
THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT
THE PROPOSED TRANSACTIONS.
Free copies of the Joint Proxy
Statement/Prospectus, as well as other filings containing
information about the Company, may be obtained at the SEC’s
Internet site (http://www.sec.gov), when they
are filed by the Company. You will also be able to obtain these
documents, when they are filed, free of charge, from the Company at
simmonsbank.com under the
heading “Investor Relations.” Copies of the Joint Proxy
Statement/Prospectus can also be obtained, free of charge, by
directing a request to Simmons First National Corporation, 501 Main
Street, Pine Bluff, Arkansas 71601, Attention: Ed Bilek, Director
of Investor Relations, Email: ed.bilek@simmonsbank.com or
ir@simmonsbank.com, Telephone:
(870) 541-1000, to Triumph Bancshares, Inc., 5699 Poplar Avenue,
Memphis, TN 38119, Attention: Will Chase, President, Telephone:
(901) 333-8800, or to Landmark Community Bank, 1015 West Poplar
Avenue, Collierville, TN 38017, Attention: Jake Farrell, Chairman,
Telephone: (901) 850-0555.
Participants in the
Solicitation
The Company, Landmark, Triumph and certain of their directors,
executive officers and employees may be deemed to be participants
in the solicitation of proxies from the shareholders of Landmark or
Triumph in connection with the Proposed Transactions. Information
about the Company’s directors and executive officers is available
in its proxy statement for its 2021 annual meeting of shareholders,
which was filed with the SEC on April 15, 2021. Information
regarding all of the persons who may, under the rules of the SEC,
be deemed participants in the proxy solicitation and a description
of their direct and indirect interests, by security holdings or
otherwise, are contained in the Joint Proxy Statement/Prospectus
regarding the Proposed Transactions and other relevant materials to
be filed with the SEC when they become available. Free copies of
these documents may be obtained as described in the preceding
paragraph.
FOR MORE INFORMATION CONTACT:
Ed Bilek
EVP, Director of Investor Relations
Simmons First National Corporation
ed.bilek@simmonsbank.com
Simmons First National Corporation |
|
|
|
|
SFNC |
Consolidated End of Period Balance Sheets |
|
|
|
|
|
For
the Quarters Ended |
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
Jun
30 |
(Unaudited) |
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2020 |
($
in thousands) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
Cash and non-interest bearing balances due from banks |
$ |
215,381 |
|
|
$ |
227,713 |
|
|
$ |
217,499 |
|
|
$ |
382,691 |
|
|
$ |
234,998 |
|
Interest
bearing balances due from banks and federal funds sold |
|
2,123,743 |
|
|
|
3,677,750 |
|
|
|
3,254,653 |
|
|
|
2,139,440 |
|
|
|
2,310,162 |
|
Cash and cash equivalents |
|
2,339,124 |
|
|
|
3,905,463 |
|
|
|
3,472,152 |
|
|
|
2,522,131 |
|
|
|
2,545,160 |
|
Interest
bearing balances due from banks - time |
|
1,335 |
|
|
|
1,334 |
|
|
|
1,579 |
|
|
|
4,061 |
|
|
|
4,561 |
|
Investment
securities - held-to-maturity |
|
931,352 |
|
|
|
609,500 |
|
|
|
333,031 |
|
|
|
47,102 |
|
|
|
51,720 |
|
Investment
securities - available-for-sale |
|
6,556,581 |
|
|
|
4,528,348 |
|
|
|
3,473,598 |
|
|
|
2,607,288 |
|
|
|
2,496,896 |
|
Mortgage
loans held for sale |
|
36,011 |
|
|
|
63,655 |
|
|
|
137,378 |
|
|
|
192,729 |
|
|
|
120,034 |
|
Other assets
held for sale |
|
100 |
|
|
|
100 |
|
|
|
100 |
|
|
|
389 |
|
|
|
399 |
|
Loans: |
|
|
|
|
|
Loans |
|
11,386,352 |
|
|
|
12,195,873 |
|
|
|
12,900,897 |
|
|
|
14,017,442 |
|
|
|
14,606,900 |
|
Allowance for credit losses on loans |
|
(227,239 |
) |
|
|
(235,116 |
) |
|
|
(238,050 |
) |
|
|
(248,251 |
) |
|
|
(231,643 |
) |
Net loans |
|
11,159,113 |
|
|
|
11,960,757 |
|
|
|
12,662,847 |
|
|
|
13,769,191 |
|
|
|
14,375,257 |
|
Premises and
equipment |
|
429,587 |
|
|
|
427,540 |
|
|
|
441,692 |
|
|
|
470,491 |
|
|
|
478,896 |
|
Premises
held for sale |
|
6,090 |
|
|
|
13,613 |
|
|
|
15,008 |
|
|
|
4,486 |
|
|
|
4,576 |
|
Foreclosed
assets and other real estate owned |
|
15,239 |
|
|
|
11,168 |
|
|
|
18,393 |
|
|
|
12,590 |
|
|
|
14,111 |
|
Interest
receivable |
|
67,916 |
|
|
|
71,359 |
|
|
|
72,597 |
|
|
|
77,352 |
|
|
|
79,772 |
|
Bank owned
life insurance |
|
419,198 |
|
|
|
257,152 |
|
|
|
255,630 |
|
|
|
257,718 |
|
|
|
256,643 |
|
Goodwill |
|
1,075,305 |
|
|
|
1,075,305 |
|
|
|
1,075,305 |
|
|
|
1,075,305 |
|
|
|
1,064,765 |
|
Other
intangible assets |
|
103,759 |
|
|
|
107,091 |
|
|
|
111,110 |
|
|
|
114,460 |
|
|
|
117,823 |
|
Other
assets |
|
282,449 |
|
|
|
315,732 |
|
|
|
289,332 |
|
|
|
282,102 |
|
|
|
293,071 |
|
Total assets |
$ |
23,423,159 |
|
|
$ |
23,348,117 |
|
|
$ |
22,359,752 |
|
|
$ |
21,437,395 |
|
|
$ |
21,903,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing transaction accounts |
$ |
4,893,959 |
|
|
$ |
4,884,667 |
|
|
$ |
4,482,091 |
|
|
$ |
4,451,385 |
|
|
$ |
4,608,098 |
|
Interest bearing transaction accounts and savings deposits |
|
10,569,602 |
|
|
|
10,279,997 |
|
|
|
9,672,608 |
|
|
|
8,993,255 |
|
|
|
8,978,045 |
|
Time deposits |
|
2,841,052 |
|
|
|
3,024,724 |
|
|
|
2,832,327 |
|
|
|
2,802,007 |
|
|
|
3,029,975 |
|
Total deposits |
|
18,304,613 |
|
|
|
18,189,388 |
|
|
|
16,987,026 |
|
|
|
16,246,647 |
|
|
|
16,616,118 |
|
Federal
funds purchased and securities sold |
|
|
|
|
|
under agreements to repurchase |
|
187,215 |
|
|
|
323,053 |
|
|
|
299,111 |
|
|
|
313,694 |
|
|
|
387,025 |
|
Other
borrowings |
|
1,339,193 |
|
|
|
1,340,467 |
|
|
|
1,342,067 |
|
|
|
1,342,769 |
|
|
|
1,393,689 |
|
Subordinated
notes and debentures |
|
383,143 |
|
|
|
383,008 |
|
|
|
382,874 |
|
|
|
382,739 |
|
|
|
382,604 |
|
Other
liabilities held for sale |
|
- |
|
|
|
- |
|
|
|
154,620 |
|
|
|
- |
|
|
|
- |
|
Accrued
interest and other liabilities |
|
169,629 |
|
|
|
181,426 |
|
|
|
217,398 |
|
|
|
209,305 |
|
|
|
219,545 |
|
Total liabilities |
|
20,383,793 |
|
|
|
20,417,342 |
|
|
|
19,383,096 |
|
|
|
18,495,154 |
|
|
|
18,998,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock |
|
767 |
|
|
|
767 |
|
|
|
767 |
|
|
|
767 |
|
|
|
767 |
|
Common stock |
|
1,084 |
|
|
|
1,083 |
|
|
|
1,081 |
|
|
|
1,090 |
|
|
|
1,090 |
|
Surplus |
|
2,021,128 |
|
|
|
2,017,188 |
|
|
|
2,014,076 |
|
|
|
2,032,372 |
|
|
|
2,029,383 |
|
Undivided profits |
|
1,004,314 |
|
|
|
948,913 |
|
|
|
901,006 |
|
|
|
866,503 |
|
|
|
819,153 |
|
Accumulated other comprehensive income (loss): |
|
|
|
|
|
Unrealized (depreciation) accretion on AFS securities |
|
12,073 |
|
|
|
(37,176 |
) |
|
|
59,726 |
|
|
|
41,509 |
|
|
|
54,310 |
|
Total stockholders' equity |
|
3,039,366 |
|
|
|
2,930,775 |
|
|
|
2,976,656 |
|
|
|
2,942,241 |
|
|
|
2,904,703 |
|
Total liabilities and stockholders' equity |
$ |
23,423,159 |
|
|
$ |
23,348,117 |
|
|
$ |
22,359,752 |
|
|
$ |
21,437,395 |
|
|
$ |
21,903,684 |
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
SFNC |
|
Consolidated Statements of Income -
Quarter-to-Date |
|
|
|
|
|
For
the Quarters Ended |
Jun
30
|
|
Mar
31
|
|
|
Dec
31
|
|
|
Sep
30
|
|
|
Jun
30
|
|
(Unaudited) |
2021 |
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
($ in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (including fees) |
$ |
138,804 |
|
|
$ |
146,424 |
|
|
$ |
160,115 |
|
|
$ |
163,180 |
|
|
$ |
176,910 |
|
Interest bearing balances due from banks and federal funds
sold |
|
651 |
|
|
|
798 |
|
|
|
716 |
|
|
|
623 |
|
|
|
603 |
|
Investment securities |
|
27,128 |
|
|
|
21,573 |
|
|
|
17,207 |
|
|
|
14,910 |
|
|
|
13,473 |
|
Mortgage loans held for sale |
|
386 |
|
|
|
639 |
|
|
|
1,070 |
|
|
|
1,012 |
|
|
|
668 |
|
TOTAL INTEREST INCOME |
|
166,969 |
|
|
|
169,434 |
|
|
|
179,108 |
|
|
|
179,725 |
|
|
|
191,654 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
Time deposits |
|
6,061 |
|
|
|
7,091 |
|
|
|
7,835 |
|
|
|
9,437 |
|
|
|
10,803 |
|
Other deposits |
|
4,721 |
|
|
|
6,088 |
|
|
|
6,536 |
|
|
|
6,769 |
|
|
|
7,203 |
|
Federal funds purchased and securities |
|
|
|
|
|
|
sold under agreements to repurchase |
|
192 |
|
|
|
245 |
|
|
|
284 |
|
|
|
335 |
|
|
|
337 |
|
Other borrowings |
|
4,897 |
|
|
|
4,802 |
|
|
|
4,869 |
|
|
|
4,943 |
|
|
|
4,963 |
|
Subordinated notes and debentures |
|
4,565 |
|
|
|
4,527 |
|
|
|
4,624 |
|
|
|
4,631 |
|
|
|
4,667 |
|
TOTAL INTEREST EXPENSE |
|
20,436 |
|
|
|
22,753 |
|
|
|
24,148 |
|
|
|
26,115 |
|
|
|
27,973 |
|
NET
INTEREST INCOME |
|
146,533 |
|
|
|
146,681 |
|
|
|
154,960 |
|
|
|
153,610 |
|
|
|
163,681 |
|
Provision for credit losses |
|
(12,951 |
) |
|
|
1,445 |
|
|
|
6,943 |
|
|
|
22,981 |
|
|
|
21,915 |
|
NET
INTEREST INCOME AFTER PROVISION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR CREDIT LOSSES |
|
159,484 |
|
|
|
145,236 |
|
|
|
148,017 |
|
|
|
130,629 |
|
|
|
141,766 |
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust income |
|
7,238 |
|
|
|
6,666 |
|
|
|
6,557 |
|
|
|
6,744 |
|
|
|
7,253 |
|
Service charges on deposit accounts |
|
10,050 |
|
|
|
9,715 |
|
|
|
10,799 |
|
|
|
10,385 |
|
|
|
8,570 |
|
Other service charges and fees |
|
2,048 |
|
|
|
1,922 |
|
|
|
1,783 |
|
|
|
1,764 |
|
|
|
1,489 |
|
Mortgage lending income |
|
4,490 |
|
|
|
6,447 |
|
|
|
2,993 |
|
|
|
13,971 |
|
|
|
12,459 |
|
SBA lending income |
|
287 |
|
|
|
240 |
|
|
|
484 |
|
|
|
304 |
|
|
|
245 |
|
Investment banking income |
|
654 |
|
|
|
695 |
|
|
|
676 |
|
|
|
557 |
|
|
|
571 |
|
Debit and credit card fees |
|
7,882 |
|
|
|
7,401 |
|
|
|
7,203 |
|
|
|
7,217 |
|
|
|
6,575 |
|
Bank owned life insurance income |
|
2,038 |
|
|
|
1,523 |
|
|
|
1,481 |
|
|
|
1,591 |
|
|
|
1,445 |
|
Gain on sale of securities, net |
|
5,127 |
|
|
|
5,471 |
|
|
|
16 |
|
|
|
22,305 |
|
|
|
390 |
|
Other income |
|
8,110 |
|
|
|
10,260 |
|
|
|
10,557 |
|
|
|
5,380 |
|
|
|
9,809 |
|
TOTAL NON-INTEREST INCOME |
|
47,924 |
|
|
|
50,340 |
|
|
|
42,549 |
|
|
|
70,218 |
|
|
|
48,806 |
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
60,261 |
|
|
|
60,340 |
|
|
|
55,762 |
|
|
|
61,144 |
|
|
|
57,644 |
|
Occupancy expense, net |
|
9,103 |
|
|
|
9,300 |
|
|
|
9,182 |
|
|
|
9,647 |
|
|
|
9,217 |
|
Furniture and equipment expense |
|
4,859 |
|
|
|
5,415 |
|
|
|
5,940 |
|
|
|
6,231 |
|
|
|
6,144 |
|
Other real estate and foreclosure expense |
|
863 |
|
|
|
343 |
|
|
|
551 |
|
|
|
602 |
|
|
|
274 |
|
Deposit insurance |
|
1,687 |
|
|
|
1,308 |
|
|
|
1,627 |
|
|
|
2,244 |
|
|
|
2,838 |
|
Merger-related costs |
|
686 |
|
|
|
233 |
|
|
|
731 |
|
|
|
902 |
|
|
|
1,830 |
|
Other operating expenses |
|
38,007 |
|
|
|
36,854 |
|
|
|
52,835 |
|
|
|
36,546 |
|
|
|
38,230 |
|
TOTAL NON-INTEREST EXPENSE |
|
115,466 |
|
|
|
113,793 |
|
|
|
126,628 |
|
|
|
117,316 |
|
|
|
116,177 |
|
NET
INCOME BEFORE INCOME TAXES |
|
91,942 |
|
|
|
81,783 |
|
|
|
63,938 |
|
|
|
83,531 |
|
|
|
74,395 |
|
Provision for income taxes |
|
17,018 |
|
|
|
14,363 |
|
|
|
10,970 |
|
|
|
17,633 |
|
|
|
15,593 |
|
NET
INCOME |
|
74,924 |
|
|
|
67,420 |
|
|
|
52,968 |
|
|
|
65,898 |
|
|
|
58,802 |
|
Preferred stock dividends |
|
13 |
|
|
|
13 |
|
|
|
13 |
|
|
|
13 |
|
|
|
13 |
|
NET
INCOME AVAILABLE TO COMMON STOCKHOLDERS |
$ |
74,911 |
|
|
$ |
67,407 |
|
|
$ |
52,955 |
|
|
$ |
65,885 |
|
|
$ |
58,789 |
|
BASIC EARNINGS PER SHARE |
$ |
0.69 |
|
|
$ |
0.62 |
|
|
$ |
0.49 |
|
|
$ |
0.60 |
|
|
$ |
0.54 |
|
DILUTED EARNINGS PER SHARE |
$ |
0.69 |
|
|
$ |
0.62 |
|
|
$ |
0.49 |
|
|
$ |
0.60 |
|
|
$ |
0.54 |
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
SFNC |
Consolidated Risk-Based Capital |
|
|
|
|
|
For
the Quarters Ended |
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
Jun
30 |
(Unaudited) |
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital |
|
|
|
|
|
Stockholders' equity |
$ |
3,039,366 |
|
|
$ |
2,930,775 |
|
|
$ |
2,976,656 |
|
|
$ |
2,942,241 |
|
|
$ |
2,904,703 |
|
CECL transition provision (1) |
|
128,933 |
|
|
|
131,637 |
|
|
|
131,430 |
|
|
|
134,798 |
|
|
|
130,480 |
|
Disallowed intangible assets, net of deferred tax |
|
(1,156,203 |
) |
|
|
(1,159,720 |
) |
|
|
(1,163,797 |
) |
|
|
(1,167,357 |
) |
|
|
(1,160,385 |
) |
Unrealized loss (gain) on AFS securities |
|
(12,073 |
) |
|
|
37,176 |
|
|
|
(59,726 |
) |
|
|
(41,509 |
) |
|
|
(54,310 |
) |
Total Tier 1 capital |
|
2,000,023 |
|
|
|
1,939,868 |
|
|
|
1,884,563 |
|
|
|
1,868,173 |
|
|
|
1,820,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 2 capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust preferred securities and subordinated debt |
|
383,143 |
|
|
|
383,008 |
|
|
|
382,874 |
|
|
|
382,739 |
|
|
|
382,604 |
|
Qualifying allowance for loan losses and |
|
|
|
|
|
reserve for unfunded commitments |
|
79,138 |
|
|
|
87,251 |
|
|
|
89,546 |
|
|
|
96,734 |
|
|
|
83,780 |
|
Total Tier 2 capital |
|
462,281 |
|
|
|
470,259 |
|
|
|
472,420 |
|
|
|
479,473 |
|
|
|
466,384 |
|
Total risk-based capital |
$ |
2,462,304 |
|
|
$ |
2,410,127 |
|
|
$ |
2,356,983 |
|
|
$ |
2,347,646 |
|
|
$ |
2,286,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk
weighted assets |
$ |
14,076,975 |
|
|
$ |
13,771,244 |
|
|
$ |
14,048,608 |
|
|
$ |
14,878,932 |
|
|
$ |
15,362,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
average assets for leverage ratio |
$ |
22,244,118 |
|
|
$ |
21,668,406 |
|
|
$ |
20,765,127 |
|
|
$ |
20,652,454 |
|
|
$ |
20,742,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios at end of quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets |
|
12.98 |
% |
|
|
12.55 |
% |
|
|
13.31 |
% |
|
|
13.72 |
% |
|
|
13.26 |
% |
Tangible common equity to tangible assets (2) |
|
8.36 |
% |
|
|
7.88 |
% |
|
|
8.45 |
% |
|
|
8.65 |
% |
|
|
8.31 |
% |
Common equity Tier 1 ratio (CET1) |
|
14.20 |
% |
|
|
14.08 |
% |
|
|
13.41 |
% |
|
|
12.55 |
% |
|
|
11.85 |
% |
Tier 1 leverage ratio |
|
8.99 |
% |
|
|
8.95 |
% |
|
|
9.08 |
% |
|
|
9.05 |
% |
|
|
8.78 |
% |
Tier 1 risk-based capital ratio |
|
14.21 |
% |
|
|
14.09 |
% |
|
|
13.41 |
% |
|
|
12.56 |
% |
|
|
11.85 |
% |
Total risk-based capital ratio |
|
17.49 |
% |
|
|
17.50 |
% |
|
|
16.78 |
% |
|
|
15.78 |
% |
|
|
14.89 |
% |
|
|
|
|
|
|
(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 |
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
Jun
30
|
|
(Unaudited) |
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|
($
in thousands) |
|
|
|
|
|
|
Investment Securities - End of Period |
|
|
|
|
|
|
Held-to-Maturity |
|
|
|
|
|
|
U.S. Government agencies |
$ |
77,396 |
|
$ |
77,396 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
Mortgage-backed securities |
|
60,649 |
|
|
47,988 |
|
|
22,354 |
|
|
24,297 |
|
|
25,980 |
|
State and political subdivisions |
|
793,307 |
|
|
484,116 |
|
|
310,109 |
|
|
21,930 |
|
|
24,777 |
|
Other securities |
|
- |
|
|
- |
|
|
568 |
|
|
875 |
|
|
963 |
|
Total held-to-maturity (net of credit losses) |
|
931,352 |
|
|
609,500 |
|
|
333,031 |
|
|
47,102 |
|
|
51,720 |
|
Available-for-Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
$ |
600 |
|
$ |
600 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
U.S. Government agencies |
|
554,937 |
|
|
487,679 |
|
|
477,237 |
|
|
471,973 |
|
|
210,921 |
|
Mortgage-backed securities |
|
3,987,209 |
|
|
2,133,086 |
|
|
1,394,936 |
|
|
903,687 |
|
|
1,154,086 |
|
State and political subdivisions |
|
1,557,497 |
|
|
1,571,910 |
|
|
1,470,723 |
|
|
1,133,006 |
|
|
1,054,068 |
|
Other securities |
|
456,338 |
|
|
335,073 |
|
|
130,702 |
|
|
98,622 |
|
|
77,821 |
|
Total available-for-sale (net of credit losses) |
|
6,556,581 |
|
|
4,528,348 |
|
|
3,473,598 |
|
|
2,607,288 |
|
|
2,496,896 |
|
Total investment securities (net of credit losses) |
$ |
7,487,933 |
|
$ |
5,137,848 |
|
$ |
3,806,629 |
|
$ |
2,654,390 |
|
$ |
2,548,616 |
|
Fair value - HTM investment securities |
$ |
935,596 |
|
$ |
597,694 |
|
$ |
341,925 |
|
$ |
49,064 |
|
$ |
53,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities - QTD Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
$ |
4,265,545 |
|
$ |
2,471,291 |
|
$ |
1,757,234 |
|
$ |
1,534,742 |
|
$ |
1,642,083 |
|
Tax exempt securities |
|
2,157,076 |
|
|
1,919,919 |
|
|
1,528,127 |
|
|
1,155,099 |
|
|
866,944 |
|
Total investment securities - QTD average |
$ |
6,422,621 |
|
$ |
4,391,210 |
|
$ |
3,285,361 |
|
$ |
2,689,841 |
|
$ |
2,509,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
SFNC |
|
Consolidated Loans |
|
|
|
|
|
|
For
the Quarters Ended |
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
Jun
30 |
|
(Unaudited) |
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|
($
in thousands) |
|
|
|
|
|
|
Loan Portfolio - End of Period |
|
|
|
|
|
|
Consumer |
|
|
|
|
|
|
Credit cards |
$ |
177,634 |
|
$ |
175,458 |
|
$ |
188,845 |
|
$ |
180,848 |
|
$ |
184,348 |
|
Other consumer |
|
181,712 |
|
|
172,965 |
|
|
202,379 |
|
|
182,768 |
|
|
214,024 |
|
Total consumer |
|
359,346 |
|
|
348,423 |
|
|
391,224 |
|
|
363,616 |
|
|
398,372 |
|
Real Estate |
|
|
|
|
|
|
Construction |
|
1,428,165 |
|
|
1,451,841 |
|
|
1,596,255 |
|
|
1,853,360 |
|
|
2,010,256 |
|
Single-family residential |
|
1,608,028 |
|
|
1,730,056 |
|
|
1,880,673 |
|
|
1,997,070 |
|
|
2,207,087 |
|
Other commercial real estate |
|
5,332,655 |
|
|
5,638,010 |
|
|
5,746,863 |
|
|
6,132,823 |
|
|
6,316,444 |
|
Total real estate |
|
8,368,848 |
|
|
8,819,907 |
|
|
9,223,791 |
|
|
9,983,253 |
|
|
10,533,787 |
|
Commercial |
|
|
|
|
|
|
Commercial |
|
2,074,729 |
|
|
2,444,700 |
|
|
2,574,386 |
|
|
2,907,798 |
|
|
3,038,216 |
|
Agricultural |
|
193,462 |
|
|
155,921 |
|
|
175,905 |
|
|
241,687 |
|
|
217,715 |
|
Total commercial |
|
2,268,191 |
|
|
2,600,621 |
|
|
2,750,291 |
|
|
3,149,485 |
|
|
3,255,931 |
|
Other |
|
389,967 |
|
|
426,922 |
|
|
535,591 |
|
|
521,088 |
|
|
418,810 |
|
Total Loans |
$ |
11,386,352 |
|
$ |
12,195,873 |
|
$ |
12,900,897 |
|
$ |
14,017,442 |
|
$ |
14,606,900 |
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
SFNC |
Consolidated Allowance and Asset Quality |
|
|
|
|
|
For
the Quarters Ended |
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
Jun
30 |
(Unaudited) |
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
($
in thousands) |
|
|
|
|
|
Allowance for Credit Losses on Loans |
|
|
|
|
|
Beginning balance, after adoption of ASC 326 |
$ |
235,116 |
|
|
$ |
238,050 |
|
|
$ |
248,251 |
|
|
$ |
231,641 |
|
|
$ |
243,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans charged off |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
|
1,046 |
|
|
|
1,003 |
|
|
|
787 |
|
|
|
832 |
|
|
|
1,053 |
|
Other consumer |
|
411 |
|
|
|
702 |
|
|
|
960 |
|
|
|
1,091 |
|
|
|
592 |
|
Real estate |
|
439 |
|
|
|
1,687 |
|
|
|
10,415 |
|
|
|
1,153 |
|
|
|
1,824 |
|
Commercial |
|
309 |
|
|
|
859 |
|
|
|
8,199 |
|
|
|
4,327 |
|
|
|
35,687 |
|
Total loans charged off |
|
2,205 |
|
|
|
4,251 |
|
|
|
20,361 |
|
|
|
7,403 |
|
|
|
39,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries of loans previously charged off |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
|
244 |
|
|
|
290 |
|
|
|
241 |
|
|
|
276 |
|
|
|
272 |
|
Other consumer |
|
425 |
|
|
|
304 |
|
|
|
355 |
|
|
|
366 |
|
|
|
301 |
|
Real estate |
|
1,523 |
|
|
|
403 |
|
|
|
431 |
|
|
|
120 |
|
|
|
253 |
|
Commercial |
|
2,147 |
|
|
|
320 |
|
|
|
1,835 |
|
|
|
936 |
|
|
|
98 |
|
Total recoveries |
|
4,339 |
|
|
|
1,317 |
|
|
|
2,862 |
|
|
|
1,698 |
|
|
|
924 |
|
Net loans charged off |
|
(2,134 |
) |
|
|
2,934 |
|
|
|
17,499 |
|
|
|
5,705 |
|
|
|
38,232 |
|
Provision for credit losses on loans |
|
(10,011 |
) |
|
|
- |
|
|
|
7,298 |
|
|
|
22,315 |
|
|
|
26,678 |
|
Balance, end of quarter |
$ |
227,239 |
|
|
$ |
235,116 |
|
|
$ |
238,050 |
|
|
$ |
248,251 |
|
|
$ |
231,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
80,282 |
|
|
$ |
114,856 |
|
|
$ |
122,879 |
|
|
$ |
167,713 |
|
|
$ |
131,383 |
|
Loans past due 90 days or more |
|
653 |
|
|
|
635 |
|
|
|
578 |
|
|
|
174 |
|
|
|
494 |
|
Total non-performing loans |
|
80,935 |
|
|
|
115,491 |
|
|
|
123,457 |
|
|
|
167,887 |
|
|
|
131,877 |
|
Other non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed assets and other real estate owned |
|
15,239 |
|
|
|
11,168 |
|
|
|
18,393 |
|
|
|
12,590 |
|
|
|
14,111 |
|
Other non-performing assets |
|
1,062 |
|
|
|
1,229 |
|
|
|
2,016 |
|
|
|
1,983 |
|
|
|
2,008 |
|
Total other non-performing assets |
|
16,301 |
|
|
|
12,397 |
|
|
|
20,409 |
|
|
|
14,573 |
|
|
|
16,119 |
|
Total non-performing assets |
$ |
97,236 |
|
|
$ |
127,888 |
|
|
$ |
143,866 |
|
|
$ |
182,460 |
|
|
$ |
147,996 |
|
Performing TDRs (troubled debt restructurings) |
$ |
4,436 |
|
|
$ |
3,805 |
|
|
$ |
3,138 |
|
|
$ |
3,379 |
|
|
$ |
3,960 |
|
|
|
|
|
|
|
Ratios |
|
|
|
|
|
Allowance for credit losses on loans to total loans |
|
2.00 |
% |
|
|
1.93 |
% |
|
|
1.85 |
% |
|
|
1.77 |
% |
|
|
1.59 |
% |
Allowance for credit losses to non-performing loans |
|
281 |
% |
|
|
204 |
% |
|
|
193 |
% |
|
|
148 |
% |
|
|
176 |
% |
Non-performing loans to total loans |
|
0.71 |
% |
|
|
0.95 |
% |
|
|
0.96 |
% |
|
|
1.20 |
% |
|
|
0.90 |
% |
Non-performing assets (including performing TDRs) |
|
|
|
|
|
to total assets |
|
0.43 |
% |
|
|
0.56 |
% |
|
|
0.66 |
% |
|
|
0.87 |
% |
|
|
0.69 |
% |
Non-performing assets to total assets |
|
0.42 |
% |
|
|
0.55 |
% |
|
|
0.64 |
% |
|
|
0.85 |
% |
|
|
0.68 |
% |
Annualized net charge offs to total loans |
|
-0.07 |
% |
|
|
0.10 |
% |
|
|
0.52 |
% |
|
|
0.16 |
% |
|
|
1.04 |
% |
Annualized net credit card charge offs to |
|
|
|
|
|
total credit card loans |
|
1.78 |
% |
|
|
1.39 |
% |
|
|
1.15 |
% |
|
|
1.20 |
% |
|
|
1.67 |
% |
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
|
|
|
|
|
SFNC |
Consolidated -
Average Balance Sheet and Net Interest Income
Analysis |
|
|
|
|
|
|
For
the Quarters Ended |
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
Jun 2021 |
|
Three Months Ended
Mar 2021 |
|
Three Months Ended
Jun 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 |
$ |
2,703,920 |
|
$ |
651 |
|
0.10% |
|
$ |
3,477,989 |
|
$ |
798 |
|
0.09% |
|
$ |
2,190,878 |
|
$ |
603 |
|
0.11% |
Investment securities - taxable |
|
4,265,545 |
|
|
14,594 |
|
1.37% |
|
|
2,471,291 |
|
|
10,120 |
|
1.66% |
|
|
1,642,083 |
|
|
7,131 |
|
1.75% |
Investment securities - non-taxable (FTE) |
|
2,157,076 |
|
|
16,899 |
|
3.14% |
|
|
1,919,919 |
|
|
15,439 |
|
3.26% |
|
|
866,944 |
|
|
8,434 |
|
3.91% |
Mortgage loans held for sale |
|
49,262 |
|
|
386 |
|
3.14% |
|
|
97,409 |
|
|
639 |
|
2.66% |
|
|
86,264 |
|
|
668 |
|
3.11% |
Loans - including fees (FTE) |
|
11,783,839 |
|
|
138,987 |
|
4.73% |
|
|
12,518,300 |
|
|
146,601 |
|
4.75% |
|
|
14,731,306 |
|
|
177,168 |
|
4.84% |
Total interest earning assets (FTE) |
|
20,959,642 |
|
|
171,517 |
|
3.28% |
|
|
20,484,908 |
|
|
173,597 |
|
3.44% |
|
|
19,517,475 |
|
|
194,004 |
|
4.00% |
Non-earning assets |
|
2,298,279 |
|
|
|
|
|
2,253,913 |
|
|
|
|
|
2,304,798 |
|
|
|
Total assets |
$ |
23,257,921 |
|
|
|
|
$ |
22,738,821 |
|
|
|
|
$ |
21,822,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Interest
bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing transaction and |
|
|
|
|
|
|
|
|
|
|
|
savings accounts |
$ |
10,403,932 |
|
$ |
4,721 |
|
0.18% |
|
$ |
10,093,868 |
|
$ |
6,088 |
|
0.24% |
|
$ |
9,138,563 |
|
$ |
7,203 |
|
0.32% |
Time deposits |
|
2,930,025 |
|
|
6,061 |
|
0.83% |
|
|
3,043,000 |
|
|
7,091 |
|
0.95% |
|
|
3,057,153 |
|
|
10,803 |
|
1.42% |
Total interest bearing deposits |
|
13,333,957 |
|
|
10,782 |
|
0.32% |
|
|
13,136,868 |
|
|
13,179 |
|
0.41% |
|
|
12,195,716 |
|
|
18,006 |
|
0.59% |
Federal funds purchased and securities |
|
|
|
|
|
|
|
|
|
|
|
sold under agreement to repurchase |
|
240,876 |
|
|
192 |
|
0.32% |
|
|
307,540 |
|
|
245 |
|
0.32% |
|
|
392,633 |
|
|
337 |
|
0.35% |
Other borrowings |
|
1,340,008 |
|
|
4,897 |
|
1.47% |
|
|
1,341,059 |
|
|
4,802 |
|
1.45% |
|
|
1,395,109 |
|
|
4,963 |
|
1.43% |
Subordinated notes and debentures |
|
383,078 |
|
|
4,565 |
|
4.78% |
|
|
382,943 |
|
|
4,527 |
|
4.79% |
|
|
387,422 |
|
|
4,667 |
|
4.84% |
Total interest bearing liabilities |
|
15,297,919 |
|
|
20,436 |
|
0.54% |
|
|
15,168,410 |
|
|
22,753 |
|
0.61% |
|
|
14,370,880 |
|
|
27,973 |
|
0.78% |
Non-interest
bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
4,826,927 |
|
|
|
|
|
4,419,136 |
|
|
|
|
|
4,354,781 |
|
|
|
Other liabilities |
|
151,699 |
|
|
|
|
|
177,819 |
|
|
|
|
|
216,508 |
|
|
|
Total liabilities |
|
20,276,545 |
|
|
|
|
|
19,765,365 |
|
|
|
|
|
18,942,169 |
|
|
|
Stockholders' equity |
|
2,981,376 |
|
|
|
|
|
2,973,456 |
|
|
|
|
|
2,880,104 |
|
|
|
Total liabilities and stockholders' equity |
$ |
23,257,921 |
|
|
|
|
$ |
22,738,821 |
|
|
|
|
$ |
21,822,273 |
|
|
|
Net interest
income (FTE) |
|
$ |
151,081 |
|
|
|
|
$ |
150,844 |
|
|
|
|
$ |
166,031 |
|
|
Net interest
spread (FTE) |
|
|
2.74% |
|
|
|
2.83% |
|
|
|
3.22% |
Net interest
margin (FTE) - quarter-to-date |
|
|
2.89% |
|
|
|
2.99% |
|
|
|
3.42% |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin (FTE) - year-to-date |
|
|
2.94% |
|
|
|
2.99% |
|
|
|
3.55% |
|
|
|
|
|
|
|
|
|
|
|
|
Core net interest margin (FTE) - quarter-to-date
(1) |
|
2.78% |
|
|
|
2.86% |
|
|
|
3.18% |
Core loan
yield (FTE) - quarter-to-date (1) |
|
|
4.54% |
|
|
|
4.53% |
|
|
|
4.52% |
|
|
|
|
|
|
|
|
|
|
|
|
Core net
interest margin (FTE) - year-to-date (1) |
|
|
2.82% |
|
|
|
2.86% |
|
|
|
3.30% |
Core loan
yield (FTE) - year-to-date (1) |
|
|
4.54% |
|
|
|
4.53% |
|
|
|
4.69% |
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
Jun
30 |
|
(Unaudited) |
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
|
($
in thousands, except share data) |
|
|
|
|
|
|
QUARTER-TO-DATE |
|
|
|
|
|
|
Financial Highlights - GAAP |
|
|
|
|
|
|
Net Income |
$ |
74,911 |
|
|
$ |
67,407 |
|
|
$ |
52,955 |
|
|
$ |
65,885 |
|
|
$ |
58,789 |
|
|
Diluted earnings per share |
|
0.69 |
|
|
|
0.62 |
|
|
|
0.49 |
|
|
|
0.60 |
|
|
|
0.54 |
|
|
Return on average assets |
|
1.29 |
% |
|
|
1.20 |
% |
|
|
0.96 |
% |
|
|
1.20 |
% |
|
|
1.08 |
% |
|
Return on average common equity |
|
10.08 |
% |
|
|
9.20 |
% |
|
|
7.13 |
% |
|
|
8.91 |
% |
|
|
8.21 |
% |
|
Return on tangible common equity |
|
17.25 |
% |
|
|
15.85 |
% |
|
|
12.48 |
% |
|
|
15.45 |
% |
|
|
14.55 |
% |
|
Net interest margin (FTE) |
|
2.89 |
% |
|
|
2.99 |
% |
|
|
3.22 |
% |
|
|
3.21 |
% |
|
|
3.42 |
% |
|
FTE adjustment |
|
4,548 |
|
|
|
4,163 |
|
|
|
3,482 |
|
|
|
2,864 |
|
|
|
2,350 |
|
|
Amortization of intangibles |
|
3,333 |
|
|
|
3,344 |
|
|
|
3,351 |
|
|
|
3,362 |
|
|
|
3,369 |
|
|
Amortization of intangibles, net of taxes |
|
2,462 |
|
|
|
2,470 |
|
|
|
2,475 |
|
|
|
2,483 |
|
|
|
2,489 |
|
|
Average diluted shares outstanding |
|
108,822,175 |
|
|
|
108,655,293 |
|
|
|
108,888,264 |
|
|
|
109,207,294 |
|
|
|
109,130,866 |
|
|
Shares repurchased under plan |
|
- |
|
|
|
130,916 |
|
|
|
1,034,364 |
|
|
|
- |
|
|
|
- |
|
|
Average price of shares repurchased |
|
- |
|
|
|
23.53 |
|
|
|
19.36 |
|
|
|
- |
|
|
|
- |
|
|
Cash dividends declared per common share |
|
0.18 |
|
|
|
0.18 |
|
|
|
0.17 |
|
|
|
0.17 |
|
|
|
0.17 |
|
|
Financial Highlights - Core (non-GAAP) |
|
|
|
|
|
|
Core earnings (excludes non-core items) (1) |
$ |
75,435 |
|
|
$ |
63,995 |
|
|
$ |
61,977 |
|
|
$ |
68,338 |
|
|
$ |
60,147 |
|
|
Core diluted earnings per share (1) |
|
0.69 |
|
|
|
0.59 |
|
|
|
0.57 |
|
|
|
0.63 |
|
|
|
0.55 |
|
|
Core net interest margin (FTE) (2) |
|
2.78 |
% |
|
|
2.86 |
% |
|
|
3.04 |
% |
|
|
3.02 |
% |
|
|
3.18 |
% |
|
Accretable yield on acquired loans |
|
5,619 |
|
|
|
6,630 |
|
|
|
8,999 |
|
|
|
8,948 |
|
|
|
11,723 |
|
|
Efficiency ratio (1) |
|
56.93 |
% |
|
|
57.43 |
% |
|
|
54.93 |
% |
|
|
53.75 |
% |
|
|
51.13 |
% |
|
Core return on average assets (1) |
|
1.30 |
% |
|
|
1.14 |
% |
|
|
1.13 |
% |
|
|
1.25 |
% |
|
|
1.11 |
% |
|
Core return on average common equity (1) |
|
10.15 |
% |
|
|
8.73 |
% |
|
|
8.34 |
% |
|
|
9.24 |
% |
|
|
8.40 |
% |
|
Core return on tangible common equity (1) |
|
17.36 |
% |
|
|
15.08 |
% |
|
|
14.51 |
% |
|
|
16.00 |
% |
|
|
14.87 |
% |
|
YEAR-TO-DATE |
|
|
|
|
|
|
Financial Highlights - GAAP |
|
|
|
|
|
|
Net Income |
$ |
142,318 |
|
|
$ |
67,407 |
|
|
$ |
254,852 |
|
|
$ |
201,897 |
|
|
$ |
136,012 |
|
|
Diluted earnings per share |
|
1.31 |
|
|
|
0.62 |
|
|
|
2.31 |
|
|
|
1.83 |
|
|
|
1.22 |
|
|
Return on average assets |
|
1.25 |
% |
|
|
1.20 |
% |
|
|
1.18 |
% |
|
|
1.25 |
% |
|
|
1.28 |
% |
|
Return on average common equity |
|
9.64 |
% |
|
|
9.20 |
% |
|
|
8.72 |
% |
|
|
9.27 |
% |
|
|
9.45 |
% |
|
Return on tangible common equity |
|
16.56 |
% |
|
|
15.85 |
% |
|
|
15.25 |
% |
|
|
16.19 |
% |
|
|
16.57 |
% |
|
Net interest margin (FTE) |
|
2.94 |
% |
|
|
2.99 |
% |
|
|
3.38 |
% |
|
|
3.43 |
% |
|
|
3.55 |
% |
|
FTE adjustment |
|
4,548 |
|
|
|
4,163 |
|
|
|
11,001 |
|
|
|
7,519 |
|
|
|
4,655 |
|
|
Amortization of intangibles |
|
6,677 |
|
|
|
3,344 |
|
|
|
13,495 |
|
|
|
10,144 |
|
|
|
6,782 |
|
|
Amortization of intangibles, net of taxes |
|
4,932 |
|
|
|
2,470 |
|
|
|
9,968 |
|
|
|
7,493 |
|
|
|
5,010 |
|
|
Average diluted shares outstanding |
|
108,746,439 |
|
|
|
108,655,293 |
|
|
|
110,173,661 |
|
|
|
110,480,508 |
|
|
|
111,083,999 |
|
|
Cash dividends declared per common share |
|
0.18 |
|
|
|
0.18 |
|
|
|
0.68 |
|
|
|
0.51 |
|
|
|
0.34 |
|
|
Financial Highlights - Core (non-GAAP) |
|
|
|
|
|
|
Core earnings (excludes non-core items) (1) |
$ |
139,430 |
|
|
$ |
63,995 |
|
|
$ |
264,300 |
|
|
$ |
202,323 |
|
|
$ |
133,985 |
|
|
Core diluted earnings per share (1) |
|
1.28 |
|
|
|
0.59 |
|
|
|
2.40 |
|
|
|
1.83 |
|
|
|
1.21 |
|
|
Core net interest margin (FTE) (2) |
|
2.82 |
% |
|
|
2.86 |
% |
|
|
3.16 |
% |
|
|
3.20 |
% |
|
|
3.30 |
% |
|
Accretable yield on acquired loans |
|
12,249 |
|
|
|
6,630 |
|
|
|
41,507 |
|
|
|
32,508 |
|
|
|
23,560 |
|
|
Efficiency ratio (1) |
|
57.18 |
% |
|
|
57.43 |
% |
|
|
54.33 |
% |
|
|
54.14 |
% |
|
|
54.33 |
% |
|
Core return on average assets (1) |
|
1.22 |
% |
|
|
1.14 |
% |
|
|
1.22 |
% |
|
|
1.26 |
% |
|
|
1.26 |
% |
|
Core return on average common equity (1) |
|
9.45 |
% |
|
|
8.73 |
% |
|
|
9.05 |
% |
|
|
9.29 |
% |
|
|
9.31 |
% |
|
Core return on tangible common equity (1) |
|
16.23 |
% |
|
|
15.08 |
% |
|
|
15.79 |
% |
|
|
16.22 |
% |
|
|
16.33 |
% |
|
END OF PERIOD |
|
|
|
|
|
|
Book value per share |
$ |
28.03 |
|
|
$ |
27.04 |
|
|
$ |
27.53 |
|
|
$ |
26.98 |
|
|
$ |
26.64 |
|
|
Tangible book value per share |
|
17.16 |
|
|
|
16.13 |
|
|
|
16.56 |
|
|
|
16.07 |
|
|
|
15.79 |
|
|
Shares outstanding |
|
108,386,669 |
|
|
|
108,345,732 |
|
|
|
108,077,662 |
|
|
|
109,023,781 |
|
|
|
108,994,389 |
|
|
Full-time equivalent employees |
|
2,783 |
|
|
|
2,817 |
|
|
|
2,827 |
|
|
|
2,840 |
|
|
|
2,906 |
|
|
Total number of financial centers |
|
198 |
|
|
|
198 |
|
|
|
204 |
|
|
|
226 |
|
|
|
226 |
|
|
|
|
|
|
|
|
|
(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 |
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
Jun
30 |
(Unaudited) |
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
($ in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTER-TO-DATE |
|
|
|
|
|
Net
Income |
$ |
74,911 |
|
|
$ |
67,407 |
|
|
$ |
52,955 |
|
|
$ |
65,885 |
|
|
$ |
58,789 |
|
Non-core items |
|
|
|
|
|
Gain on sale of branches |
|
(445 |
) |
|
|
(5,477 |
) |
|
|
(275 |
) |
|
|
- |
|
|
|
(2,204 |
) |
Merger-related costs |
|
686 |
|
|
|
233 |
|
|
|
731 |
|
|
|
902 |
|
|
|
1,830 |
|
Early retirement program |
|
- |
|
|
|
- |
|
|
|
62 |
|
|
|
2,346 |
|
|
|
493 |
|
Branch right-sizing (net) |
|
468 |
|
|
|
625 |
|
|
|
11,696 |
|
|
|
72 |
|
|
|
1,721 |
|
Tax effect (1) |
|
(185 |
) |
|
|
1,207 |
|
|
|
(3,192 |
) |
|
|
(867 |
) |
|
|
(482 |
) |
Net non-core items |
|
524 |
|
|
|
(3,412 |
) |
|
|
9,022 |
|
|
|
2,453 |
|
|
|
1,358 |
|
Core
earnings (non-GAAP) |
$ |
75,435 |
|
|
$ |
63,995 |
|
|
$ |
61,977 |
|
|
$ |
68,338 |
|
|
$ |
60,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
$ |
0.69 |
|
|
$ |
0.62 |
|
|
$ |
0.49 |
|
|
$ |
0.60 |
|
|
$ |
0.54 |
|
Non-core items |
|
|
|
|
|
Gain on sale of branches |
|
(0.01 |
) |
|
|
(0.05 |
) |
|
|
- |
|
|
|
- |
|
|
|
(0.02 |
) |
Merger-related costs |
|
0.01 |
|
|
|
- |
|
|
|
- |
|
|
|
0.01 |
|
|
|
0.02 |
|
Early retirement program |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.02 |
|
|
|
- |
|
Branch right-sizing (net) |
|
- |
|
|
|
0.01 |
|
|
|
0.11 |
|
|
|
- |
|
|
|
0.02 |
|
Tax effect (1) |
|
- |
|
|
|
0.01 |
|
|
|
(0.03 |
) |
|
|
- |
|
|
|
(0.01 |
) |
Net non-core items |
|
- |
|
|
|
(0.03 |
) |
|
|
0.08 |
|
|
|
0.03 |
|
|
|
0.01 |
|
Core diluted
earnings per share (non-GAAP) |
$ |
0.69 |
|
|
$ |
0.59 |
|
|
$ |
0.57 |
|
|
$ |
0.63 |
|
|
$ |
0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
$ |
8,110 |
|
|
$ |
10,260 |
|
|
$ |
10,557 |
|
|
$ |
5,380 |
|
|
$ |
9,809 |
|
Non-core items (1) |
|
(445 |
) |
|
|
(5,477 |
) |
|
|
(275 |
) |
|
|
(370 |
) |
|
|
(2,204 |
) |
Core other income (non-GAAP) |
$ |
7,665 |
|
|
$ |
4,783 |
|
|
$ |
10,282 |
|
|
$ |
5,010 |
|
|
$ |
7,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
$ |
115,466 |
|
|
$ |
113,793 |
|
|
$ |
126,628 |
|
|
$ |
117,316 |
|
|
$ |
116,177 |
|
Non-core items (1) |
|
(1,154 |
) |
|
|
(858 |
) |
|
|
(12,489 |
) |
|
|
(3,690 |
) |
|
|
(4,044 |
) |
Core non-interest expense (non-GAAP) |
$ |
114,312 |
|
|
$ |
112,935 |
|
|
$ |
114,139 |
|
|
$ |
113,626 |
|
|
$ |
112,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
$ |
60,261 |
|
|
$ |
60,340 |
|
|
$ |
55,762 |
|
|
$ |
61,144 |
|
|
$ |
57,644 |
|
Non-core items (1) |
|
- |
|
|
|
- |
|
|
|
(144 |
) |
|
|
(2,448 |
) |
|
|
(493 |
) |
Core salaries and employee benefits
(non-GAAP) |
$ |
60,261 |
|
|
$ |
60,340 |
|
|
$ |
55,618 |
|
|
$ |
58,696 |
|
|
$ |
57,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger related costs |
$ |
686 |
|
|
$ |
233 |
|
|
$ |
731 |
|
|
$ |
902 |
|
|
$ |
1,830 |
|
Non-core items (1) |
|
(686 |
) |
|
|
(233 |
) |
|
|
(731 |
) |
|
|
(902 |
) |
|
|
(1,830 |
) |
Core merger related costs (non-GAAP) |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating expenses |
$ |
38,007 |
|
|
$ |
36,854 |
|
|
$ |
52,835 |
|
|
$ |
36,546 |
|
|
$ |
38,230 |
|
Non-core items (1) |
|
(89 |
) |
|
|
(208 |
) |
|
|
(10,270 |
) |
|
|
(11 |
) |
|
|
(1,662 |
) |
Core other operating expenses (non-GAAP) |
$ |
37,918 |
|
|
$ |
36,646 |
|
|
$ |
42,565 |
|
|
$ |
36,535 |
|
|
$ |
36,568 |
|
|
|
|
|
|
|
(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 |
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
Jun
30 |
(Unaudited) |
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
($
in thousands, except per share data) |
|
|
|
|
|
YEAR-TO-DATE |
|
|
|
|
|
Net Income |
$ |
142,318 |
|
|
$ |
67,407 |
|
|
$ |
254,852 |
|
|
$ |
201,897 |
|
|
$ |
136,012 |
|
Non-core items |
|
|
|
|
|
Gain on sale of branches |
|
(5,922 |
) |
|
|
(5,477 |
) |
|
|
(8,368 |
) |
|
|
(8,093 |
) |
|
|
(8,093 |
) |
Merger-related costs |
|
919 |
|
|
|
233 |
|
|
|
4,531 |
|
|
|
3,800 |
|
|
|
2,898 |
|
Early retirement program |
|
- |
|
|
|
- |
|
|
|
2,901 |
|
|
|
2,839 |
|
|
|
493 |
|
Branch right-sizing (net) |
|
1,093 |
|
|
|
625 |
|
|
|
13,727 |
|
|
|
2,031 |
|
|
|
1,959 |
|
Tax effect (1) |
|
1,022 |
|
|
|
1,207 |
|
|
|
(3,343 |
) |
|
|
(151 |
) |
|
|
716 |
|
Net non-core items |
|
(2,888 |
) |
|
|
(3,412 |
) |
|
|
9,448 |
|
|
|
426 |
|
|
|
(2,027 |
) |
Core earnings (non-GAAP) |
$ |
139,430 |
|
|
$ |
63,995 |
|
|
$ |
264,300 |
|
|
$ |
202,323 |
|
|
$ |
133,985 |
|
|
|
|
|
|
|
Diluted earnings per share |
$ |
1.31 |
|
|
$ |
0.62 |
|
|
$ |
2.31 |
|
|
$ |
1.83 |
|
|
$ |
1.22 |
|
Non-core items |
|
|
|
|
|
Gain on sale of branches |
|
(0.06 |
) |
|
|
(0.05 |
) |
|
|
(0.07 |
) |
|
|
(0.07 |
) |
|
|
(0.07 |
) |
Merger-related costs |
|
0.01 |
|
|
|
- |
|
|
|
0.04 |
|
|
|
0.03 |
|
|
|
0.03 |
|
Early retirement program |
|
- |
|
|
|
- |
|
|
|
0.03 |
|
|
|
0.02 |
|
|
|
- |
|
Branch right-sizing (net) |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.12 |
|
|
|
0.02 |
|
|
|
0.02 |
|
Tax effect (1) |
|
0.01 |
|
|
|
0.01 |
|
|
|
(0.03 |
) |
|
|
- |
|
|
|
0.01 |
|
Net non-core items |
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
0.09 |
|
|
|
- |
|
|
|
(0.01 |
) |
Core diluted earnings per share (non-GAAP) |
$ |
1.28 |
|
|
$ |
0.59 |
|
|
$ |
2.40 |
|
|
$ |
1.83 |
|
|
$ |
1.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
$ |
18,370 |
|
|
$ |
10,260 |
|
|
$ |
38,547 |
|
|
$ |
27,990 |
|
|
$ |
22,610 |
|
Non-core items (1) |
|
(5,922 |
) |
|
|
(5,477 |
) |
|
|
(8,738 |
) |
|
|
(8,463 |
) |
|
|
(8,093 |
) |
Core other income (non-GAAP) |
$ |
12,448 |
|
|
$ |
4,783 |
|
|
$ |
29,809 |
|
|
$ |
19,527 |
|
|
$ |
14,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
$ |
229,259 |
|
|
$ |
113,793 |
|
|
$ |
487,585 |
|
|
$ |
360,957 |
|
|
$ |
243,641 |
|
Non-core items (1) |
|
(2,012 |
) |
|
|
(858 |
) |
|
|
(21,529 |
) |
|
|
(9,040 |
) |
|
|
(5,350 |
) |
Core non-interest expense (non-GAAP) |
$ |
227,247 |
|
|
$ |
112,935 |
|
|
$ |
466,056 |
|
|
$ |
351,917 |
|
|
$ |
238,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
$ |
120,601 |
|
|
$ |
60,340 |
|
|
$ |
242,474 |
|
|
$ |
186,712 |
|
|
$ |
125,568 |
|
Non-core items (1) |
|
- |
|
|
|
- |
|
|
|
(3,085 |
) |
|
|
(2,941 |
) |
|
|
(493 |
) |
Core salaries and employee benefits
(non-GAAP) |
$ |
120,601 |
|
|
$ |
60,340 |
|
|
$ |
239,389 |
|
|
$ |
183,771 |
|
|
$ |
125,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger related costs |
$ |
919 |
|
|
$ |
233 |
|
|
$ |
4,531 |
|
|
$ |
3,800 |
|
|
$ |
2,898 |
|
Non-core items (1) |
|
(919 |
) |
|
|
(233 |
) |
|
|
(4,531 |
) |
|
|
(3,800 |
) |
|
|
(2,898 |
) |
Core merger related costs (non-GAAP) |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating expenses |
$ |
74,861 |
|
|
$ |
36,854 |
|
|
$ |
168,050 |
|
|
$ |
115,215 |
|
|
$ |
78,669 |
|
Non-core items (1) |
|
(297 |
) |
|
|
(208 |
) |
|
|
(12,155 |
) |
|
|
(1,885 |
) |
|
|
(1,874 |
) |
Core other operating expenses (non-GAAP) |
$ |
74,564 |
|
|
$ |
36,646 |
|
|
$ |
155,895 |
|
|
$ |
113,330 |
|
|
$ |
76,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
Jun
30 |
(Unaudited) |
2021 |
|
2021 |
|
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 |
$ |
3,038,599 |
|
|
$ |
2,930,008 |
|
|
$ |
2,975,889 |
|
|
$ |
2,941,474 |
|
|
$ |
2,903,936 |
|
Intangible
assets: |
|
|
|
|
|
Goodwill |
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,064,765 |
) |
Other intangible assets |
|
(103,759 |
) |
|
|
(107,091 |
) |
|
|
(111,110 |
) |
|
|
(114,460 |
) |
|
|
(117,823 |
) |
Total
intangibles |
|
(1,179,064 |
) |
|
|
(1,182,396 |
) |
|
|
(1,186,415 |
) |
|
|
(1,189,765 |
) |
|
|
(1,182,588 |
) |
Tangible
common stockholders' equity |
$ |
1,859,535 |
|
|
$ |
1,747,612 |
|
|
$ |
1,789,474 |
|
|
$ |
1,751,709 |
|
|
$ |
1,721,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
23,423,159 |
|
|
$ |
23,348,117 |
|
|
$ |
22,359,752 |
|
|
$ |
21,437,395 |
|
|
$ |
21,903,684 |
|
Intangible
assets: |
|
|
|
|
|
Goodwill |
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,064,765 |
) |
Other intangible assets |
|
(103,759 |
) |
|
|
(107,091 |
) |
|
|
(111,110 |
) |
|
|
(114,460 |
) |
|
|
(117,823 |
) |
Total
intangibles |
|
(1,179,064 |
) |
|
|
(1,182,396 |
) |
|
|
(1,186,415 |
) |
|
|
(1,189,765 |
) |
|
|
(1,182,588 |
) |
Tangible
assets |
$ |
22,244,095 |
|
|
$ |
22,165,721 |
|
|
$ |
21,173,337 |
|
|
$ |
20,247,630 |
|
|
$ |
20,721,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paycheck
protection program ("PPP") loans |
|
(441,353 |
) |
|
|
(797,629 |
) |
|
|
(904,673 |
) |
|
|
(970,488 |
) |
|
|
(963,712 |
) |
Total assets
excluding PPP loans |
$ |
22,981,806 |
|
|
$ |
22,550,488 |
|
|
$ |
21,455,079 |
|
|
$ |
20,466,907 |
|
|
$ |
20,939,972 |
|
Tangible
assets excluding PPP loans |
$ |
21,802,742 |
|
|
$ |
21,368,092 |
|
|
$ |
20,268,664 |
|
|
$ |
19,277,142 |
|
|
$ |
19,757,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of
equity to assets |
|
12.98 |
% |
|
|
12.55 |
% |
|
|
13.31 |
% |
|
|
13.72 |
% |
|
|
13.26 |
% |
Ratio of
equity to assets excluding PPP loans |
|
13.23 |
% |
|
|
13.00 |
% |
|
|
13.87 |
% |
|
|
14.38 |
% |
|
|
13.87 |
% |
Ratio of
tangible common equity to tangible assets |
|
8.36 |
% |
|
|
7.88 |
% |
|
|
8.45 |
% |
|
|
8.65 |
% |
|
|
8.31 |
% |
Ratio of
tangible common equity to tangible assets excluding PPP loans |
|
8.53 |
% |
|
|
8.18 |
% |
|
|
8.83 |
% |
|
|
9.09 |
% |
|
|
8.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Tangible Book Value per Share |
|
|
|
|
|
|
|
|
|
|
|
Total common
stockholders' equity |
$ |
3,038,599 |
|
|
$ |
2,930,008 |
|
|
$ |
2,975,889 |
|
|
$ |
2,941,474 |
|
|
$ |
2,903,936 |
|
Intangible
assets: |
|
|
|
|
|
Goodwill |
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,064,765 |
) |
Other intangible assets |
|
(103,759 |
) |
|
|
(107,091 |
) |
|
|
(111,110 |
) |
|
|
(114,460 |
) |
|
|
(117,823 |
) |
Total
intangibles |
|
(1,179,064 |
) |
|
|
(1,182,396 |
) |
|
|
(1,186,415 |
) |
|
|
(1,189,765 |
) |
|
|
(1,182,588 |
) |
Tangible
common stockholders' equity |
$ |
1,859,535 |
|
|
$ |
1,747,612 |
|
|
$ |
1,789,474 |
|
|
$ |
1,751,709 |
|
|
$ |
1,721,348 |
|
Shares of
common stock outstanding |
|
108,386,669 |
|
|
|
108,345,732 |
|
|
|
108,077,662 |
|
|
|
109,023,781 |
|
|
|
108,994,389 |
|
Book value
per common share |
$ |
28.03 |
|
|
$ |
27.04 |
|
|
$ |
27.53 |
|
|
$ |
26.98 |
|
|
$ |
26.64 |
|
Tangible
book value per common share |
$ |
17.16 |
|
|
$ |
16.13 |
|
|
$ |
16.56 |
|
|
$ |
16.07 |
|
|
$ |
15.79 |
|
|
|
|
|
|
|
Calculation of Regulatory Tier 1 Leverage Ratio Excluding
Average PPP Loans |
|
|
|
|
|
|
|
|
|
Total Tier 1
capital |
$ |
2,000,023 |
|
|
$ |
1,939,868 |
|
|
$ |
1,884,563 |
|
|
$ |
1,868,173 |
|
|
$ |
1,820,488 |
|
|
|
|
|
|
|
Adjusted
average assets for leverage ratio |
$ |
22,244,118 |
|
|
$ |
21,668,406 |
|
|
$ |
20,765,127 |
|
|
$ |
20,652,454 |
|
|
$ |
20,742,824 |
|
Average PPP
loans |
|
(707,296 |
) |
|
|
(891,070 |
) |
|
|
(937,544 |
) |
|
|
(967,152 |
) |
|
|
(645,172 |
) |
Adjusted
average assets excluding average PPP loans |
$ |
21,536,822 |
|
|
$ |
20,777,336 |
|
|
$ |
19,827,583 |
|
|
$ |
19,685,302 |
|
|
$ |
20,097,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1
leverage ratio |
|
8.99 |
% |
|
|
8.95 |
% |
|
|
9.08 |
% |
|
|
9.05 |
% |
|
|
8.78 |
% |
Tier 1
leverage ratio excluding average PPP loans |
|
9.29 |
% |
|
|
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 |
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
Jun
30 |
(Unaudited) |
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Core Return on Average Assets |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
74,911 |
|
|
$ |
67,407 |
|
|
$ |
52,955 |
|
|
$ |
65,885 |
|
|
$ |
58,789 |
|
Net non-core
items, net of taxes, adjustment |
|
524 |
|
|
|
(3,412 |
) |
|
|
9,022 |
|
|
|
2,453 |
|
|
|
1,358 |
|
Core
earnings |
$ |
75,435 |
|
|
$ |
63,995 |
|
|
$ |
61,977 |
|
|
$ |
68,338 |
|
|
$ |
60,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
total assets |
$ |
23,257,921 |
|
|
$ |
22,738,821 |
|
|
$ |
21,852,094 |
|
|
$ |
21,765,321 |
|
|
$ |
21,822,273 |
|
|
|
|
|
|
|
Return on
average assets |
|
1.29 |
% |
|
|
1.20 |
% |
|
|
0.96 |
% |
|
|
1.20 |
% |
|
|
1.08 |
% |
Core return
on average assets |
|
1.30 |
% |
|
|
1.14 |
% |
|
|
1.13 |
% |
|
|
1.25 |
% |
|
|
1.11 |
% |
|
|
|
|
|
|
Calculation of Return on Tangible Common
Equity |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
74,911 |
|
|
$ |
67,407 |
|
|
$ |
52,955 |
|
|
$ |
65,885 |
|
|
$ |
58,789 |
|
Amortization
of intangibles, net of taxes |
|
2,462 |
|
|
|
2,470 |
|
|
|
2,475 |
|
|
|
2,483 |
|
|
|
2,489 |
|
Total income
available to common stockholders |
$ |
77,373 |
|
|
$ |
69,877 |
|
|
$ |
55,430 |
|
|
$ |
68,368 |
|
|
$ |
61,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non-core
items, net of taxes |
|
524 |
|
|
|
(3,412 |
) |
|
|
9,022 |
|
|
|
2,453 |
|
|
|
1,358 |
|
Core
earnings |
|
75,435 |
|
|
|
63,995 |
|
|
|
61,977 |
|
|
|
68,338 |
|
|
|
60,147 |
|
Amortization
of intangibles, net of taxes |
|
2,462 |
|
|
|
2,470 |
|
|
|
2,475 |
|
|
|
2,483 |
|
|
|
2,489 |
|
Total core
income available to common stockholders |
$ |
77,897 |
|
|
$ |
66,465 |
|
|
$ |
64,452 |
|
|
$ |
70,821 |
|
|
$ |
62,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
common stockholders' equity |
$ |
2,980,609 |
|
|
$ |
2,972,689 |
|
|
$ |
2,955,865 |
|
|
$ |
2,942,045 |
|
|
$ |
2,879,337 |
|
Average
intangible assets: |
|
|
|
|
|
Goodwill |
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,064,893 |
) |
|
|
(1,064,955 |
) |
Other intangibles |
|
(105,785 |
) |
|
|
(109,850 |
) |
|
|
(113,098 |
) |
|
|
(116,385 |
) |
|
|
(120,111 |
) |
Total
average intangibles |
|
(1,181,090 |
) |
|
|
(1,185,155 |
) |
|
|
(1,188,403 |
) |
|
|
(1,181,278 |
) |
|
|
(1,185,066 |
) |
Average
tangible common stockholders' equity |
$ |
1,799,519 |
|
|
$ |
1,787,534 |
|
|
$ |
1,767,462 |
|
|
$ |
1,760,767 |
|
|
$ |
1,694,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average common equity |
|
10.08 |
% |
|
|
9.20 |
% |
|
|
7.13 |
% |
|
|
8.91 |
% |
|
|
8.21 |
% |
Return on
tangible common equity |
|
17.25 |
% |
|
|
15.85 |
% |
|
|
12.48 |
% |
|
|
15.45 |
% |
|
|
14.55 |
% |
Core return
on average common equity |
|
10.15 |
% |
|
|
8.73 |
% |
|
|
8.34 |
% |
|
|
9.24 |
% |
|
|
8.40 |
% |
Core return
on tangible common equity |
|
17.36 |
% |
|
|
15.08 |
% |
|
|
14.51 |
% |
|
|
16.00 |
% |
|
|
14.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Efficiency Ratio
(1) |
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense |
$ |
115,466 |
|
|
$ |
113,793 |
|
|
$ |
126,628 |
|
|
$ |
117,316 |
|
|
$ |
116,177 |
|
Non-core
non-interest expense adjustment |
|
(1,154 |
) |
|
|
(858 |
) |
|
|
(12,489 |
) |
|
|
(3,690 |
) |
|
|
(4,044 |
) |
Other real
estate and foreclosure expense adjustment |
|
(863 |
) |
|
|
(343 |
) |
|
|
(545 |
) |
|
|
(600 |
) |
|
|
(242 |
) |
Amortization
of intangibles adjustment |
|
(3,333 |
) |
|
|
(3,344 |
) |
|
|
(3,351 |
) |
|
|
(3,362 |
) |
|
|
(3,369 |
) |
Efficiency
ratio numerator |
$ |
110,116 |
|
|
$ |
109,248 |
|
|
$ |
110,243 |
|
|
$ |
109,664 |
|
|
$ |
108,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net-interest
income |
$ |
146,533 |
|
|
$ |
146,681 |
|
|
$ |
154,960 |
|
|
$ |
153,610 |
|
|
$ |
163,681 |
|
Non-interest
income |
|
47,924 |
|
|
|
50,340 |
|
|
|
42,549 |
|
|
|
70,218 |
|
|
|
48,806 |
|
Non-core
non-interest income adjustment |
|
(445 |
) |
|
|
(5,477 |
) |
|
|
(275 |
) |
|
|
(370 |
) |
|
|
(2,204 |
) |
Fully
tax-equivalent adjustment (effective tax rate of 26.135%) |
|
4,548 |
|
|
|
4,163 |
|
|
|
3,482 |
|
|
|
2,864 |
|
|
|
2,350 |
|
Gain on sale
of securities |
|
(5,127 |
) |
|
|
(5,471 |
) |
|
|
(16 |
) |
|
|
(22,305 |
) |
|
|
(390 |
) |
Efficiency
ratio denominator |
$ |
193,433 |
|
|
$ |
190,236 |
|
|
$ |
200,700 |
|
|
$ |
204,017 |
|
|
$ |
212,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio (1) |
|
56.93 |
% |
|
|
57.43 |
% |
|
|
54.93 |
% |
|
|
53.75 |
% |
|
|
51.13 |
% |
|
|
|
|
|
|
(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 |
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
Jun
30
|
(Unaudited) |
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Core Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
$ |
146,533 |
|
|
$ |
146,681 |
|
|
$ |
154,960 |
|
|
$ |
153,610 |
|
|
$ |
163,681 |
|
Fully
tax-equivalent adjustment (effective tax rate of 26.135%) |
|
4,548 |
|
|
|
4,163 |
|
|
|
3,482 |
|
|
|
2,864 |
|
|
|
2,350 |
|
Fully
tax-equivalent net interest income |
|
151,081 |
|
|
|
150,844 |
|
|
|
158,442 |
|
|
|
156,474 |
|
|
|
166,031 |
|
|
|
|
|
|
|
Total
accretable yield |
|
(5,619 |
) |
|
|
(6,630 |
) |
|
|
(8,999 |
) |
|
|
(8,948 |
) |
|
|
(11,723 |
) |
Core net
interest income |
$ |
145,462 |
|
|
$ |
144,214 |
|
|
$ |
149,443 |
|
|
$ |
147,526 |
|
|
$ |
154,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP loan and
additional liquidity interest income |
|
(9,445 |
) |
|
|
(12,257 |
) |
|
|
(6,983 |
) |
|
$ |
(6,131 |
) |
|
$ |
(5,623 |
) |
Net interest
income adjusted for PPP loans and liquidity |
$ |
141,636 |
|
|
$ |
138,587 |
|
|
$ |
151,459 |
|
|
$ |
150,343 |
|
|
$ |
160,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
earning assets |
$ |
20,959,642 |
|
|
$ |
20,484,908 |
|
|
$ |
19,573,651 |
|
|
$ |
19,415,314 |
|
|
$ |
19,517,475 |
|
Average PPP
loan balance and additional liquidity |
|
(2,659,831 |
) |
|
|
(3,617,567 |
) |
|
|
(2,837,125 |
) |
|
$ |
(2,359,928 |
) |
|
$ |
(2,071,411 |
) |
Average
earning assets adjusted for PPP loans and liquidity |
$ |
18,299,811 |
|
|
$ |
16,867,341 |
|
|
$ |
16,736,526 |
|
|
$ |
17,055,386 |
|
|
$ |
17,446,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
2.89 |
% |
|
|
2.99 |
% |
|
|
3.22 |
% |
|
|
3.21 |
% |
|
|
3.42 |
% |
Core net
interest margin |
|
2.78 |
% |
|
|
2.86 |
% |
|
|
3.04 |
% |
|
|
3.02 |
% |
|
|
3.18 |
% |
Net interest
margin adjusted for PPP loans and liquidity |
|
3.10 |
% |
|
|
3.33 |
% |
|
|
3.60 |
% |
|
|
3.51 |
% |
|
|
3.70 |
% |
|
|
|
|
|
|
Calculation of Core Loan Yield |
|
|
|
|
|
|
|
|
|
|
|
Loan
interest income (FTE) |
$ |
138,987 |
|
|
$ |
146,601 |
|
|
$ |
160,306 |
|
|
$ |
163,379 |
|
|
$ |
177,168 |
|
Total
accretable yield |
|
(5,619 |
) |
|
|
(6,630 |
) |
|
|
(8,999 |
) |
|
|
(8,948 |
) |
|
|
(11,723 |
) |
Core loan
interest income |
$ |
133,368 |
|
|
$ |
139,971 |
|
|
$ |
151,307 |
|
|
$ |
154,431 |
|
|
$ |
165,445 |
|
PPP loan
interest income |
|
(8,958 |
) |
|
|
(11,652 |
) |
|
|
(6,457 |
) |
|
$ |
(5,782 |
) |
|
$ |
(3,733 |
) |
Core loan
interest income without PPP loans |
$ |
124,410 |
|
|
$ |
128,319 |
|
|
$ |
144,850 |
|
|
$ |
148,649 |
|
|
$ |
161,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loan
balance |
$ |
11,783,839 |
|
|
$ |
12,518,300 |
|
|
$ |
13,457,077 |
|
|
$ |
14,315,014 |
|
|
$ |
14,731,306 |
|
Average PPP
loan balance |
|
(707,296 |
) |
|
|
(891,070 |
) |
|
|
(937,544 |
) |
|
$ |
(967,152 |
) |
|
$ |
(645,172 |
) |
Average loan
balance without PPP loans |
$ |
11,076,543 |
|
|
$ |
11,627,230 |
|
|
$ |
12,519,533 |
|
|
$ |
13,347,862 |
|
|
$ |
14,086,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core loan
yield |
|
4.54 |
% |
|
|
4.53 |
% |
|
|
4.47 |
% |
|
|
4.29 |
% |
|
|
4.52 |
% |
Core loan
yield without PPP loans |
|
4.51 |
% |
|
|
4.48 |
% |
|
|
4.60 |
% |
|
|
4.43 |
% |
|
|
4.62 |
% |
|
|
|
|
|
|
Calculation of Adjusted Pre-Tax, Pre-Provision (PTPP)
Earnings |
|
|
|
|
|
|
|
|
|
|
Net income
available to common stockholders |
$ |
74,911 |
|
|
$ |
67,407 |
|
|
$ |
52,955 |
|
|
$ |
65,885 |
|
|
$ |
58,789 |
|
Provision
for income taxes |
|
17,018 |
|
|
|
14,363 |
|
|
|
10,970 |
|
|
|
17,633 |
|
|
|
15,593 |
|
Provision
for credit losses (including provision for unfunded
commitments) |
|
(12,951 |
) |
|
|
1,445 |
|
|
|
6,943 |
|
|
|
22,981 |
|
|
|
21,915 |
|
(Gain) loss
on sale of securities |
|
(5,127 |
) |
|
|
(5,471 |
) |
|
|
(16 |
) |
|
|
(22,305 |
) |
|
|
(390 |
) |
Net pre-tax
non-core items |
|
709 |
|
|
|
(4,619 |
) |
|
|
12,214 |
|
|
|
3,320 |
|
|
|
1,840 |
|
Adjusted
Pre-tax, pre-provision (PTPP) earnings |
$ |
74,560 |
|
|
$ |
73,125 |
|
|
$ |
83,066 |
|
|
$ |
87,514 |
|
|
$ |
97,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
SFNC |
Reconciliation Of Non-GAAP Financial Measures -
Year-to-Date |
|
|
|
For
the Quarters Ended |
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
Jun
30 |
(Unaudited) |
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Core Return on Average Assets |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
142,318 |
|
|
$ |
67,407 |
|
|
$ |
254,852 |
|
|
$ |
201,897 |
|
|
$ |
136,012 |
|
Net non-core
items, net of taxes, adjustment |
|
(2,888 |
) |
|
|
(3,412 |
) |
|
|
9,448 |
|
|
|
426 |
|
|
|
(2,027 |
) |
Core
earnings |
$ |
139,430 |
|
|
$ |
63,995 |
|
|
$ |
264,300 |
|
|
$ |
202,323 |
|
|
$ |
133,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
total assets |
$ |
22,999,805 |
|
|
$ |
22,738,821 |
|
|
$ |
21,590,745 |
|
|
$ |
21,503,564 |
|
|
$ |
21,371,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
1.25 |
% |
|
|
1.20 |
% |
|
|
1.18 |
% |
|
|
1.25 |
% |
|
|
1.28 |
% |
Core return
on average assets |
|
1.22 |
% |
|
|
1.14 |
% |
|
|
1.22 |
% |
|
|
1.26 |
% |
|
|
1.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Return on Tangible Common
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
142,318 |
|
|
$ |
67,407 |
|
|
$ |
254,852 |
|
|
$ |
201,897 |
|
|
$ |
136,012 |
|
Amortization
of intangibles, net of taxes |
|
4,932 |
|
|
|
2,470 |
|
|
|
9,968 |
|
|
|
7,493 |
|
|
|
5,010 |
|
Total income
available to common stockholders |
$ |
147,250 |
|
|
$ |
69,877 |
|
|
$ |
264,820 |
|
|
$ |
209,390 |
|
|
$ |
141,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non-core
items, net of taxes |
|
(2,888 |
) |
|
|
(3,412 |
) |
|
|
9,448 |
|
|
|
426 |
|
|
|
(2,027 |
) |
Core
earnings |
|
139,430 |
|
|
|
63,995 |
|
|
|
264,300 |
|
|
|
202,323 |
|
|
|
133,985 |
|
Amortization
of intangibles, net of taxes |
|
4,932 |
|
|
|
2,470 |
|
|
|
9,968 |
|
|
|
7,493 |
|
|
|
5,010 |
|
Total core
income available to common stockholders |
$ |
144,362 |
|
|
$ |
66,465 |
|
|
$ |
274,268 |
|
|
$ |
209,816 |
|
|
$ |
138,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
common stockholders' equity |
$ |
2,976,671 |
|
|
$ |
2,972,689 |
|
|
$ |
2,921,039 |
|
|
$ |
2,910,366 |
|
|
$ |
2,894,351 |
|
Average
intangible assets: |
|
|
|
|
|
Goodwill |
|
(1,075,305 |
) |
|
|
(1,075,305 |
) |
|
|
(1,065,190 |
) |
|
|
(1,061,793 |
) |
|
|
(1,060,226 |
) |
Other intangibles |
|
(107,806 |
) |
|
|
(109,850 |
) |
|
|
(118,812 |
) |
|
|
(120,731 |
) |
|
|
(122,928 |
) |
Total
average intangibles |
|
(1,183,111 |
) |
|
|
(1,185,155 |
) |
|
|
(1,184,002 |
) |
|
|
(1,182,524 |
) |
|
|
(1,183,154 |
) |
Average
tangible common stockholders' equity |
$ |
1,793,560 |
|
|
$ |
1,787,534 |
|
|
$ |
1,737,037 |
|
|
$ |
1,727,842 |
|
|
$ |
1,711,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average common equity |
|
9.64 |
% |
|
|
9.20 |
% |
|
|
8.72 |
% |
|
|
9.27 |
% |
|
|
9.45 |
% |
Return on
tangible common equity |
|
16.56 |
% |
|
|
15.85 |
% |
|
|
15.25 |
% |
|
|
16.19 |
% |
|
|
16.57 |
% |
Core return
on average common equity |
|
9.45 |
% |
|
|
8.73 |
% |
|
|
9.05 |
% |
|
|
9.29 |
% |
|
|
9.31 |
% |
Core return
on tangible common equity |
|
16.23 |
% |
|
|
15.08 |
% |
|
|
15.79 |
% |
|
|
16.22 |
% |
|
|
16.33 |
% |
|
|
|
|
|
|
Calculation of Efficiency Ratio
(1) |
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense |
$ |
229,259 |
|
|
$ |
113,793 |
|
|
$ |
487,585 |
|
|
$ |
360,957 |
|
|
$ |
243,641 |
|
Non-core
non-interest expense adjustment |
|
(2,012 |
) |
|
|
(858 |
) |
|
|
(21,529 |
) |
|
|
(9,040 |
) |
|
|
(5,350 |
) |
Other real
estate and foreclosure expense adjustment |
|
(1,206 |
) |
|
|
(343 |
) |
|
|
(1,706 |
) |
|
|
(1,161 |
) |
|
|
(561 |
) |
Amortization
of intangibles adjustment |
|
(6,677 |
) |
|
|
(3,344 |
) |
|
|
(13,495 |
) |
|
|
(10,144 |
) |
|
|
(6,782 |
) |
Efficiency
ratio numerator |
$ |
219,364 |
|
|
$ |
109,248 |
|
|
$ |
450,855 |
|
|
$ |
340,612 |
|
|
$ |
230,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net-interest
income |
$ |
293,214 |
|
|
$ |
146,681 |
|
|
$ |
639,734 |
|
|
$ |
484,774 |
|
|
$ |
331,164 |
|
Non-interest
income |
|
98,264 |
|
|
|
50,340 |
|
|
|
242,618 |
|
|
|
200,069 |
|
|
|
129,851 |
|
Non-core
non-interest income adjustment |
|
(5,922 |
) |
|
|
(5,477 |
) |
|
|
(8,738 |
) |
|
|
(8,463 |
) |
|
|
(8,093 |
) |
Fully
tax-equivalent adjustment (effective tax rate of 26.135%) |
|
8,711 |
|
|
|
4,163 |
|
|
|
11,001 |
|
|
|
7,519 |
|
|
|
4,655 |
|
Gain on sale
of securities |
|
(10,598 |
) |
|
|
(5,471 |
) |
|
|
(54,806 |
) |
|
|
(54,790 |
) |
|
|
(32,485 |
) |
Efficiency
ratio denominator |
$ |
383,669 |
|
|
$ |
190,236 |
|
|
$ |
829,809 |
|
|
$ |
629,109 |
|
|
$ |
425,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio (1) |
|
57.18 |
% |
|
|
57.43 |
% |
|
|
54.33 |
% |
|
|
54.14 |
% |
|
|
54.33 |
% |
|
|
|
|
|
|
(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 |
Jun
30
|
|
Mar
31
|
|
Dec
31
|
|
Sep
30
|
|
Jun
30 |
(Unaudited) |
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2020 |
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Core Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
$ |
293,214 |
|
|
$ |
146,681 |
|
|
$ |
639,734 |
|
|
$ |
484,774 |
|
|
$ |
331,164 |
|
Fully
tax-equivalent adjustment (effective tax rate of 26.135%) |
|
8,711 |
|
|
|
4,163 |
|
|
|
11,001 |
|
|
|
7,519 |
|
|
|
4,655 |
|
Fully
tax-equivalent net interest income |
|
301,925 |
|
|
|
150,844 |
|
|
|
650,735 |
|
|
|
492,293 |
|
|
|
335,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
accretable yield |
|
(12,249 |
) |
|
|
(6,630 |
) |
|
|
(41,507 |
) |
|
|
(32,508 |
) |
|
|
(23,560 |
) |
Core net
interest income |
$ |
289,676 |
|
|
$ |
144,214 |
|
|
$ |
609,228 |
|
|
$ |
459,785 |
|
|
$ |
312,259 |
|
Average
earning assets |
$ |
20,723,587 |
|
|
$ |
20,484,908 |
|
|
$ |
19,272,886 |
|
|
$ |
19,172,318 |
|
|
$ |
19,049,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
2.94 |
% |
|
|
2.99 |
% |
|
|
3.38 |
% |
|
|
3.43 |
% |
|
|
3.55 |
% |
Core net
interest margin |
|
2.82 |
% |
|
|
2.86 |
% |
|
|
3.16 |
% |
|
|
3.20 |
% |
|
|
3.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Core Loan Yield |
|
|
|
|
|
|
|
|
|
|
|
Loan
interest income (FTE) |
$ |
285,588 |
|
|
$ |
146,601 |
|
|
$ |
688,600 |
|
|
$ |
528,294 |
|
|
$ |
364,915 |
|
Total
accretable yield |
|
(12,249 |
) |
|
|
(6,630 |
) |
|
|
(41,507 |
) |
|
|
(32,508 |
) |
|
|
(23,560 |
) |
Core loan
interest income |
$ |
273,339 |
|
|
$ |
139,971 |
|
|
$ |
647,093 |
|
|
$ |
495,786 |
|
|
$ |
341,355 |
|
Average loan
balance |
$ |
12,149,041 |
|
|
$ |
12,518,300 |
|
|
$ |
14,260,689 |
|
|
$ |
14,530,938 |
|
|
$ |
14,640,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core loan
yield |
|
4.54 |
% |
|
|
4.53 |
% |
|
|
4.54 |
% |
|
|
4.56 |
% |
|
|
4.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted Pre-Tax, Pre-Provision (PTPP)
Earnings |
|
|
|
|
|
|
|
|
|
|
Net income
available to common stockholders |
$ |
142,318 |
|
|
$ |
67,407 |
|
|
$ |
254,852 |
|
|
$ |
201,897 |
|
|
$ |
136,012 |
|
Provision
for income taxes |
|
31,381 |
|
|
|
14,363 |
|
|
|
64,890 |
|
|
|
53,920 |
|
|
|
36,287 |
|
Provision
for credit losses (including provision for unfunded
commitments) |
|
(11,506 |
) |
|
|
1,445 |
|
|
|
74,973 |
|
|
|
68,030 |
|
|
|
45,049 |
|
(Gain) loss
on sale of securities |
|
(10,598 |
) |
|
|
(5,471 |
) |
|
|
(54,806 |
) |
|
|
(54,790 |
) |
|
|
(32,485 |
) |
Net pre-tax
non-core items |
|
(3,910 |
) |
|
|
(4,619 |
) |
|
|
12,791 |
|
|
|
577 |
|
|
|
(2,743 |
) |
Adjusted
Pre-tax, pre-provision (PTPP) earnings |
$ |
147,685 |
|
|
$ |
73,125 |
|
|
$ |
352,700 |
|
|
$ |
269,634 |
|
|
$ |
182,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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