Acquisitions and conversions of Landmark
Community Bank and Triumph Bancshares, Inc. completed shortly after
end of the quarter – approximately four months after
announcement
- Net income of $80.6 million for the third quarter of 2021, up
22 percent from the year ago quarter and up 8 percent compared to
the second quarter of 2021
- Diluted EPS of $0.74 for the quarter, up 23 percent from the
year ago quarter and up 7 percent compared to the second quarter of
2021
- Loan production tops $1.5 billion in the quarter while loan
yields rise 3 bps on a linked quarter basis
- Total deposits of $18.1 billion at the end of the third quarter
of 2021, up $1.1 billion since year-end 2020 while deposit costs
dropped 14 bps over the same period
- Nonperforming loans decline for 4th consecutive
quarter, down $21.5 million linked quarter; combined with continued
improvement in macroeconomic scenario models drives $19.9 million
provision expense recapture in the quarter. Nonperforming loan
coverage ratio rises to 341 percent
- Strong capital position as all regulatory risk-based capital
ratios significantly exceed “well-capitalized” guidelines.
Approximately 1.8 million shares of common stock repurchased during
the third quarter of 2021
PINE BLUFF, Ark., Oct. 26, 2021 (GLOBE NEWSWIRE)
-- Simmons First National Corporation (NASDAQ: SFNC) (the “Company”
or “Simmons”) today reported net income of $80.6 million for the
third quarter of 2021 compared to net income of $65.9 million for
the third quarter of 2020, an increase of $14.7 million, or 22
percent. Diluted earnings per share for the third quarter of 2021
were $0.74, an increase of $0.14, or 23 percent, compared to the
same period in the prior year. Included in third quarter 2021
results was a $1.2 million net after-tax credit related to merger
and integration expenses and net branch right-sizing activity.
Excluding the impact of these items, core earnings were $79.4
million for the third quarter of 2021 compared to $68.3 million for
the third quarter of 2020, an increase of $11.0 million, or 16
percent. Core diluted earnings per share were $0.73, an increase of
$0.10, or 16 percent, from the comparable period in 2020.
On a year-to-date basis, net income for the
first nine months of 2021 was $222.9 million, up 10 percent over
the $201.9 million earned for the first nine months of 2020.
Diluted earnings per share for the first nine months of 2021 were
$2.05, up 12 percent compared to the same period in the prior year.
Excluding $4.1 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 nine months of 2021 were $218.8 million, an increase of
$16.5 million compared to the first nine months of 2020. Core
diluted earnings per share for the first nine months of 2021 were
$2.01, an increase of $0.18, or 10 percent, from the comparable
period of 2020.
“Simmons once again delivered solid results in
the quarter reflecting our ability to execute basic blocking and
tackling fundamentals,” said George A. Makris, Jr., Simmons
chairman and CEO. “We also announced the completion of the
acquisitions of Tennessee-based Landmark Community Bank and Triumph
Bancshares, Inc. shortly after the end of the quarter. To be able
to obtain all the necessary approvals, close and simultaneously
complete the systems conversions of two banks in approximately four
months is a remarkable accomplishment and speaks to the outstanding
team we have built at Simmons. We’d like to welcome our new
customers, associates and shareholders to the Simmons family.”
“While overall loan growth has been challenging
given the high levels of liquidity throughout the system and
corresponding paydowns, during the quarter we generated $1.5
billion in loan originations and advances, and our commercial loan
pipeline rose for the fourth consecutive quarter to $1.5 billion,
up 15 percent on a linked quarter basis. Our ability to build upon
this positive momentum, coupled with our outstanding capital
position and steadfast attention to maintaining a strong credit
culture, give us reason to be cautiously optimistic as we enter the
final quarter of the year and look forward to 2022.”
Selected Highlights: |
3rd Qtr
2021 |
2nd Qtr
2021 |
3rd Qtr
2020 |
Net income |
$80.6 million |
|
|
$74.9 million |
|
|
$65.9 million |
|
|
Diluted earnings per share |
$0.74 |
|
|
$0.69 |
|
|
$0.60 |
|
|
Return on avg assets |
1.37% |
|
|
1.29% |
|
|
1.20% |
|
|
Return on avg common equity |
10.42% |
|
|
10.08% |
|
|
8.91% |
|
|
Return on tangible common equity (1) |
17.43% |
|
|
17.25% |
|
|
15.45% |
|
|
|
|
|
|
Core earnings (2) |
$79.4 million |
|
|
$75.4 million |
|
|
$68.3 million |
|
|
Core diluted earnings per share (2) |
$0.73 |
|
|
$0.69 |
|
|
$0.63 |
|
|
Core return on avg assets (2) |
1.35% |
|
|
1.30% |
|
|
1.25% |
|
|
Core return on avg common equity (2) |
10.26% |
|
|
10.15% |
|
|
9.24% |
|
|
Core return on tangible common equity (1)(2) |
17.18% |
|
|
17.36% |
|
|
16.00% |
|
|
Efficiency ratio (3) |
58.10% |
|
|
56.75% |
|
|
53.58% |
|
|
Adjusted pre-tax, pre-provision earnings (2) |
$72.6 million |
$74.6 million |
$87.5 million |
(1) |
Return on tangible common equity excludes goodwill and other
intangible assets and is a non-GAAP measurement. Please see
“Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP
Financial Measures” below. |
(2) |
Core figures exclude non-core items and are non-GAAP
measurements. Adjusted pre-tax, pre-provision earnings exclude
provision for income taxes, provisions for credit losses and
unfunded commitments, gains on sales of securities, and other
pre-tax, non-core items, and is also a non-GAAP measurement. Please
see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP
Financial Measures” below. |
(3) |
Efficiency ratio is core non-interest expense before foreclosed
property expense and amortization of intangibles, as a percent of
net interest income (fully taxable equivalent) and non-interest
revenues, excluding gains and losses from securities transactions
and non-core items, and is a non-GAAP measurement. Please see
“Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP
Financial Measures” below. |
|
|
Loans
($ in billions) |
3rd Qtr
2021 |
2nd Qtr
2021 |
3rd Qtr
2020 |
Total loans |
$10.8 |
$11.4 |
$14.0 |
|
|
|
|
Total loans at the end of the third quarter of
2021 were $10.8 billion compared to $11.4 billion at the end of the
second quarter of 2021 and $14.0 billion at the end of the third
quarter of 2020. Loan production increased to $1.5 billion in the
third quarter, but was offset by paydowns and payoffs, including
higher activity associated with Paycheck Protection Program (“PPP”)
loans. PPP loans at the end of the third quarter totaled $212
million, down $229 million from $441 million at the end of the
second quarter of 2021.
Despite these headwinds, anecdotal evidence
suggests that loan demand may be returning to more normalized
levels. For the fourth consecutive quarter, the Company experienced
an increase in its commercial loan pipeline. The Company’s total
commercial loan pipeline consisting of all loan opportunities was
$1.5 billion, up 15 percent on a linked quarter basis, and up
substantially from $674 million at December 31, 2020. Loans
approved and ready to close at the end of the quarter totaled $493
million.
PPP Loans
($ 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 |
|
(882.3) |
|
|
(129.2) |
|
|
(1,011.5) |
|
Ending balance, September 30, 2021 |
$22.4 |
|
$189.7 |
|
$212.1 |
|
|
|
|
|
|
|
|
Deposits
($ in billions) |
3rd Qtr
2021 |
2nd Qtr
2021 |
3rd Qtr
2020 |
Total deposits |
$18.1 |
$18.3 |
$16.2 |
Noninterest bearing deposits |
$4.9 |
$4.9 |
$4.5 |
Interest bearing deposits |
$10.7 |
$10.6 |
$9.0 |
Time deposits |
$2.5 |
$2.8 |
$2.8 |
|
|
|
|
Total deposits at the end of the third quarter
of 2021 were $18.1 billion, an increase of $1.8 billion or 11
percent from $16.2 billion at the end of the third quarter of 2020.
The increase in total deposits from a year ago was fueled by a $1.7
billion increase in interest bearing deposits (checking, savings
and money market account) which totaled $10.7 billion at the end of
the third quarter of 2021. Growth in noninterest bearing deposits
also contributed to the year-over-year increase in total deposits,
rising $467 million or 11 percent to $4.9 billion. Time deposits
totaled $2.5 billion at the end of the third quarter of 2021, down
$346 million from $2.8 billion at the end of the third quarter of
2020.
Net Interest Income
|
3rd
Qtr
2021 |
2nd
Qtr
2021 |
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
Loan yield (1) |
4.76 |
% |
4.73 |
% |
4.75 |
% |
4.74 |
% |
4.54 |
% |
Core loan yield (1) (2) |
4.61 |
% |
4.54 |
% |
4.53 |
% |
4.47 |
% |
4.29 |
% |
Security yield (1) |
1.77 |
% |
1.97 |
% |
2.36 |
% |
2.48 |
% |
2.60 |
% |
Cost of interest bearing deposits |
0.27 |
% |
0.32 |
% |
0.41 |
% |
0.47 |
% |
0.54 |
% |
Cost of deposits (3) |
0.20 |
% |
0.24 |
% |
0.30 |
% |
0.34 |
% |
0.39 |
% |
Cost of borrowed funds |
1.96 |
% |
1.97 |
% |
1.91 |
% |
1.88 |
% |
1.85 |
% |
Net interest margin (1) |
2.85 |
% |
2.89 |
% |
2.99 |
% |
3.22 |
% |
3.21 |
% |
Core net interest margin (1) (2) |
2.77 |
% |
2.78 |
% |
2.86 |
% |
3.04 |
% |
3.02 |
% |
(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 noninterest bearing deposits. |
|
|
Net interest income for the third quarter of
2021 totaled $145.2 million compared to $146.5 million in the
second quarter of 2021 and $153.6 million in the third quarter of
2020. Included in net interest income is accretion recognized on
loans acquired totaling $4.1 million in the third quarter of 2021,
$5.6 million in the second quarter of 2021 and $8.9 million in the
third quarter of 2020. Excluding the impact of accretion, core net
interest income for the third quarter of 2021 was up slightly on a
linked quarter basis.
The decrease in net interest income from a year
ago reflects lower average loan balance, offset in part by an
increase in loan yields. To further offset the expected pressure on
net interest income given the current low interest rate
environment, the Company has been successful in its efforts to
reduce deposit costs. Cost of deposits for the third quarter of
2021 were 20 basis points, down 4 basis points on a linked quarter
basis and down 19 basis points compared to the third quarter of
2020.
The yield on loans for the third quarter of 2021
was 4.76 percent, up 3 basis points on a linked quarter basis and
up 22 basis points compared to the third quarter of 2020. The core
loan yield, which excludes accretion, for the third quarter of 2021
was 4.61 percent, up 7 basis points compared to the second quarter
of 2021 and up 32 basis points compared to the third quarter of
2020. The yield on PPP loans (including accretion of net fees) was
approximately 10.60 percent during the third quarter of 2021,
reflecting a substantial increase in forgiveness and repayment
activity compared to prior quarters.
The net interest margin on a fully taxable
equivalent basis was 2.85 percent for the third quarter of 2021
compared to 2.89 percent for the second quarter of 2021 and 3.21
percent for the third quarter of 2020. Core net interest margin
(excluding accretion on acquired loans) was 2.77 percent compared
to 2.78 percent for the second quarter of 2021 and 3.02 percent for
the third quarter of 2020. During the third quarter of 2021, the
Company strategically redeployed excess liquidity through the
purchase of approximately $1.2 billion of investments securities,
including $226 million of short-term, variable rate investment
securities. The duration of the investment securities portfolio at
September 30, 2021 was 5.0 years compared to 4.9 years at June 30,
2021.
Noninterest Income
Noninterest income for the third quarter of 2021 was $48.6 million
compared to $47.1 million for the second quarter of 2021 and $69.5
million in the third quarter of 2020. The decrease in noninterest
income compared to the third quarter of 2020 is partially
attributable to mortgage lending income in the third quarter of
2020, which was aided by strong mortgage production during
favorable market conditions. Gains on sales of investment
securities totaled $5.2 million in the third quarter of 2021, $5.1
million in the second quarter of 2021 and $22.3 million in the
third quarter of 2020. Core noninterest income totaled $48.8
million in the third quarter of 2021 compared to $46.7 million in
the second quarter of 2021 and $69.1 million in the third quarter
of 2020. Core noninterest income excludes net gains on the sale of
branches which totaled $(239,000) in the third quarter of 2021,
$445,000 in the second quarter of 2021 and $370,000 in the third
quarter of 2020.
Select Noninterest Income Items
($ in millions) |
3rd
Qtr
2021 |
2nd Qtr
2021 |
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
Service charges on deposit accounts |
$11.6 |
$10.1 |
$9.7 |
$10.8 |
$10.4 |
Trust income |
$7.1 |
$7.2 |
$6.7 |
$6.6 |
$6.7 |
Mortgage lending income |
$5.8 |
$4.5 |
$6.4 |
$3.0 |
$14.0 |
SBA lending income |
$0.2 |
$0.3 |
$0.2 |
$0.5 |
$0.3 |
Debit and credit card fees (1) |
$7.1 |
$7.1 |
$6.6 |
$6.4 |
$6.5 |
Gain on sale of securities |
$5.2 |
$5.1 |
$5.5 |
- |
$22.3 |
Other income |
$6.2 |
$8.1 |
$10.3 |
$10.6 |
$5.4 |
|
|
|
|
|
|
Core other income (2) |
$6.5 |
$7.7 |
$4.8 |
$10.3 |
$5.0 |
(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 third quarter of
2021 totaled $114.3 million compared to $114.7 million for the
second quarter of 2021 and $116.6 million for the third quarter of
2020. Included in noninterest expense are pre-tax, non-core items
for merger-related expenses, early retirement and branch right
sizing costs. Excluding these items, core noninterest expense was
$116.2 million for the third quarter of 2021, $113.5 million for
the second quarter of 2021 and $112.9 million for the third quarter
of 2020. During the quarter, the Company recorded in other expense
a $3.3 million reversal of mark-to-market adjustment related to
branches held for sale. As previously announced, during the quarter
the Company closed 13 branches in connection with its branch right
sizing initiative.
Select Noninterest Expense Items
($ in millions) |
3rd
Qtr
2021 |
2nd
Qtr
2021 |
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
Salaries and employee benefits |
$61.9 |
$60.3 |
$60.3 |
$55.8 |
$61.1 |
Merger related costs |
$1.4 |
$0.7 |
$0.2 |
$0.7 |
$0.9 |
Other operating expenses (1) |
$34.6 |
$37.2 |
$36.1 |
$52.0 |
$35.8 |
|
|
|
|
|
|
Core salaries and employee benefits
(2) |
$61.8 |
$60.3 |
$60.3 |
$55.6 |
$58.7 |
Core merger related costs (2) |
- |
- |
- |
- |
- |
Core other operating expenses
(2) |
$38.3 |
$37.1 |
$35.9 |
$41.8 |
$35.8 |
(1) |
During the second quarter of 2021, certain debit and credit
card transaction fees were reclassified from noninterest expense to
noninterest income. Prior periods have been adjusted to reflect
this reclassification. |
(2) |
Core figures exclude non-core items and are non-GAAP
measurements. Please see “Non-GAAP Financial Measures” and
“Reconciliation of Non-GAAP Financial Measures” below. |
|
|
Asset Quality
($ in millions) |
3rd
Qtr
2021 |
2nd
Qtr
2021 |
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
Allowance for credit losses on loans to total loans |
|
1.87% |
|
|
2.00% |
|
|
1.93% |
|
|
1.85% |
|
|
1.77% |
|
Allowance for credit losses on loans to nonperforming loans |
|
341% |
|
|
281% |
|
|
204% |
|
|
193% |
|
|
148% |
|
Nonperforming loans to total loans |
|
0.55% |
|
|
0.71% |
|
|
0.95% |
|
|
0.96% |
|
|
1.20% |
|
Net charge-off ratio (annualized) |
|
0.17% |
|
|
(0.07%) |
|
|
0.10% |
|
|
0.52% |
|
|
0.16% |
|
Net charge-off ratio YTD (annualized) |
|
0.06% |
|
|
0.01% |
|
|
0.10% |
|
|
0.45% |
|
|
0.43% |
|
|
|
|
|
|
|
Total nonperforming loans |
$59.4 |
|
$80.9 |
|
$115.5 |
|
$123.5 |
|
$167.9 |
|
Total other nonperforming assets |
$13.5 |
|
$16.3 |
|
$12.4 |
|
$20.4 |
|
$14.6 |
|
|
|
|
|
|
|
|
|
|
|
|
For the fourth consecutive quarter, asset
quality metric continued to show marked improvement with
nonperforming loans now at their lowest level since the fourth
quarter of 2018. Total nonperforming loans at the end of the
quarter totaled $59.4 million, down $21.5 million compared to $80.9
million at the end of the second quarter of 2021 and down $108.5
million from the third quarter of 2020. Net charge-offs as a
percentage of average total loans for the quarter were 17 basis
points, relatively unchanged from the 16 basis points recorded in
the third quarter a year ago. The increase in net charge-offs on a
linked quarter basis was primarily associated with a single
previously identified commercial loan. Provision for credit losses
in the quarter was a credit of $19.9 million, reflecting continued
positive trends in asset quality metrics and improved economic
modeling scenarios. The allowance for credit losses at the end of
the third quarter of 2021 totaled $202.5 million compared to $227.2
million at the end of the second quarter of 2021 and $248.3 million
at the end of the third quarter of 2020. At the same time, all of
our coverage ratios remain strong. The allowance to loan ratio
ended the quarter at 1.87 percent compared to 2.00 percent at the
end of the second quarter of 2021 and 1.77 percent at the end of
the third quarter of 2020. The nonperforming loan coverage ratio
rose to 341 percent compared to 281 percent at the end of the
second quarter of 2021 and 148 percent at the end of the third
quarter of 2020.
Foreclosed Assets and Other Real Estate
Owned
At September 30, 2021, foreclosed assets and other real estate
owned (“OREO”) totaled $11.8 million compared to $15.2 million at
the June 30, 2021 and $12.6 million at September 30, 2020. A
breakdown of the composition of foreclosed assets and OREO is
provided in the table below:
($ in millions) |
3rd
Qtr
2021 |
2nd
Qtr
2021 |
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
Closed bank branches and branch sites |
$2.7 |
$4.4 |
$0.5 |
$0.6 |
$0.6 |
Foreclosed assets – acquired |
$6.0 |
$6.7 |
$7.7 |
$15.3 |
$9.3 |
Foreclosed assets – legacy |
$3.1 |
$4.1 |
$3.0 |
$2.5 |
$2.7 |
|
|
|
|
|
|
Capital
|
3rd
Qtr
2021 |
2nd
Qtr
2021 |
1st
Qtr
2021 |
4th
Qtr
2020 |
3rd
Qtr
2020 |
Stockholders’ equity to total assets |
13.1% |
|
13.0% |
|
12.6% |
|
13.3% |
|
13.7% |
|
Tangible common equity to tangible assets (1) |
8.4% |
|
8.4% |
|
7.9% |
|
8.5% |
|
8.7% |
|
Regulatory common equity tier 1 ratio |
14.3% |
|
14.2% |
|
14.1% |
|
13.4% |
|
12.6% |
|
Regulatory tier 1 leverage ratio |
9.1% |
|
9.0% |
|
9.0% |
|
9.1% |
|
9.1% |
|
Regulatory tier 1 risk-based capital ratio |
14.3% |
|
14.2% |
|
14.1% |
|
13.4% |
|
12.6% |
|
Regulatory total risk-based capital ratio |
17.4% |
|
17.5% |
|
17.5% |
|
16.8% |
|
15.8% |
|
(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 second and third quarters of 2021 totaled $3.0 billion compared
to $2.9 billion at the end of the third quarter of 2020. Book value
per share at the end of the quarter was $28.42 compared to $28.03
at the end of the second quarter of 2021 and $26.98 at the end of
the third quarter of 2020. Tangible book value per share was $17.39
compared to $17.16 at the end of the second quarter of 2021 and
$16.07 at the end of the third quarter of 2020. The ratio of
stockholders’ equity to total assets at September 30, 2021 was 13.1
percent while tangible common equity to tangible total assets was
8.4 percent. The Company continues to maintain an outstanding
capital positions with each of its regulatory capital ratios
significantly in excess of “well-capitalized” guidelines.
Share Repurchase Program
During the third quarter of 2021, the Company repurchased
approximately 1.8 million shares of its common stock at an average
price of $28.48 pursuant to the Company’s stock repurchase program
(the “Program”), with remaining capacity under the Program totaling
approximately $98.5 million. Market conditions and our capital
needs will drive the decisions regarding additional, future stock
repurchases.
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 a Mid-South
based financial holding company whose principal subsidiary, Simmons
Bank, operates more than 200 financial centers in Arkansas,
Missouri, Tennessee, Texas, Oklahoma and Kansas. Founded in 1903,
Simmons Bank offers comprehensive financial solutions delivered
with a client-centric approach. Simmons Bank was 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, October 26,
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 6606988. 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
Certain 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 “booster” 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; changes in accounting principles relating to
loan loss recognition (current expected credit losses, or CECL);
the Company’s ability to manage and successfully integrate its
mergers and acquisitions; cyber threats, attacks or events;
reliance on third parties for key services; government legislation;
and other factors, many of which are beyond the control of the
Company, could cause actual results to differ materially from those
contemplated by the forward-looking statements. Additional
information on factors that might affect the Company’s financial
results is included in the Company’s Form 10-K for the year ended
December 31, 2020, which has been filed with, and is available
from, the U.S. Securities and Exchange Commission.
FOR MORE INFORMATION CONTACT:
Ed Bilek
EVP, Director of Investor Relations
Simmons First National Corporation
ed.bilek@simmonsbank.com
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|
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Simmons First National Corporation |
|
|
|
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SFNC |
Consolidated End of Period Balance Sheets |
|
|
|
|
|
For the Quarters Ended |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
($ in thousands) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
Cash and non-interest bearing balances due from banks |
$ |
225,500 |
|
$ |
215,381 |
|
$ |
227,713 |
|
$ |
217,499 |
|
$ |
382,691 |
|
Interest bearing balances due from banks and federal funds
sold |
|
1,555,913 |
|
|
2,123,743 |
|
|
3,677,750 |
|
|
3,254,653 |
|
|
2,139,440 |
|
Cash and cash equivalents |
|
1,781,413 |
|
|
2,339,124 |
|
|
3,905,463 |
|
|
3,472,152 |
|
|
2,522,131 |
|
Interest bearing balances due from banks - time |
|
1,780 |
|
|
1,335 |
|
|
1,334 |
|
|
1,579 |
|
|
4,061 |
|
Investment securities - held-to-maturity |
|
1,516,797 |
|
|
931,352 |
|
|
609,500 |
|
|
333,031 |
|
|
47,102 |
|
Investment securities - available-for-sale |
|
6,822,203 |
|
|
6,556,581 |
|
|
4,528,348 |
|
|
3,473,598 |
|
|
2,607,288 |
|
Mortgage loans held for sale |
|
34,628 |
|
|
36,011 |
|
|
63,655 |
|
|
137,378 |
|
|
192,729 |
|
Other assets held for sale |
|
100 |
|
|
100 |
|
|
100 |
|
|
100 |
|
|
389 |
|
Loans: |
|
|
|
|
|
Loans |
|
10,825,227 |
|
|
11,386,352 |
|
|
12,195,873 |
|
|
12,900,897 |
|
|
14,017,442 |
|
Allowance for credit losses on loans |
|
(202,508 |
) |
|
(227,239 |
) |
|
(235,116 |
) |
|
(238,050 |
) |
|
(248,251 |
) |
Net loans |
|
10,622,719 |
|
|
11,159,113 |
|
|
11,960,757 |
|
|
12,662,847 |
|
|
13,769,191 |
|
Premises and equipment |
|
463,924 |
|
|
429,587 |
|
|
427,540 |
|
|
441,692 |
|
|
470,491 |
|
Premises held for sale |
|
- |
|
|
6,090 |
|
|
13,613 |
|
|
15,008 |
|
|
4,486 |
|
Foreclosed assets and other real estate owned |
|
11,759 |
|
|
15,239 |
|
|
11,168 |
|
|
18,393 |
|
|
12,590 |
|
Interest receivable |
|
68,405 |
|
|
67,916 |
|
|
71,359 |
|
|
72,597 |
|
|
77,352 |
|
Bank owned life insurance |
|
421,762 |
|
|
419,198 |
|
|
257,152 |
|
|
255,630 |
|
|
257,718 |
|
Goodwill |
|
1,075,305 |
|
|
1,075,305 |
|
|
1,075,305 |
|
|
1,075,305 |
|
|
1,075,305 |
|
Other intangible assets |
|
100,428 |
|
|
103,759 |
|
|
107,091 |
|
|
111,110 |
|
|
114,460 |
|
Other assets |
|
304,707 |
|
|
282,449 |
|
|
315,732 |
|
|
289,332 |
|
|
282,102 |
|
Total assets |
$ |
23,225,930 |
|
$ |
23,423,159 |
|
$ |
23,348,117 |
|
$ |
22,359,752 |
|
$ |
21,437,395 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Non-interest bearing transaction accounts |
$ |
4,918,845 |
|
$ |
4,893,959 |
|
$ |
4,884,667 |
|
$ |
4,482,091 |
|
$ |
4,451,385 |
|
Interest bearing transaction accounts and savings deposits |
|
10,697,451 |
|
|
10,569,602 |
|
|
10,279,997 |
|
|
9,672,608 |
|
|
8,993,255 |
|
Time deposits |
|
2,455,774 |
|
|
2,841,052 |
|
|
3,024,724 |
|
|
2,832,327 |
|
|
2,802,007 |
|
Total deposits |
|
18,072,070 |
|
|
18,304,613 |
|
|
18,189,388 |
|
|
16,987,026 |
|
|
16,246,647 |
|
Federal funds purchased and securities sold |
|
|
|
|
|
under agreements to
repurchase |
|
217,276 |
|
|
187,215 |
|
|
323,053 |
|
|
299,111 |
|
|
313,694 |
|
Other borrowings |
|
1,338,585 |
|
|
1,339,193 |
|
|
1,340,467 |
|
|
1,342,067 |
|
|
1,342,769 |
|
Subordinated notes and debentures |
|
383,278 |
|
|
383,143 |
|
|
383,008 |
|
|
382,874 |
|
|
382,739 |
|
Other liabilities held for sale |
|
- |
|
|
- |
|
|
- |
|
|
154,620 |
|
|
- |
|
Accrued interest and other liabilities |
|
184,190 |
|
|
169,629 |
|
|
181,426 |
|
|
217,398 |
|
|
209,305 |
|
Total liabilities |
|
20,195,399 |
|
|
20,383,793 |
|
|
20,417,342 |
|
|
19,383,096 |
|
|
18,495,154 |
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
Preferred stock |
|
767 |
|
|
767 |
|
|
767 |
|
|
767 |
|
|
767 |
|
Common stock |
|
1,066 |
|
|
1,084 |
|
|
1,083 |
|
|
1,081 |
|
|
1,090 |
|
Surplus |
|
1,974,561 |
|
|
2,021,128 |
|
|
2,017,188 |
|
|
2,014,076 |
|
|
2,032,372 |
|
Undivided profits |
|
1,065,566 |
|
|
1,004,314 |
|
|
948,913 |
|
|
901,006 |
|
|
866,503 |
|
Accumulated other comprehensive (loss) income: |
|
|
|
|
|
Unrealized (depreciation) accretion on AFS securities |
|
(11,429 |
) |
|
12,073 |
|
|
(37,176 |
) |
|
59,726 |
|
|
41,509 |
|
Total stockholders' equity |
|
3,030,531 |
|
|
3,039,366 |
|
|
2,930,775 |
|
|
2,976,656 |
|
|
2,942,241 |
|
Total liabilities and stockholders' equity |
$ |
23,225,930 |
|
$ |
23,423,159 |
|
$ |
23,348,117 |
|
$ |
22,359,752 |
|
$ |
21,437,395 |
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
SFNC |
|
Consolidated Statements of Income -
Quarter-to-Date |
|
|
|
|
|
For the Quarters Ended |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
|
(Unaudited) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
($ in thousands, except per share data) |
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
|
Loans (including fees) |
$ |
132,216 |
|
$ |
138,804 |
|
$ |
146,424 |
|
$ |
160,115 |
|
$ |
163,180 |
|
Interest bearing balances due from banks and federal funds
sold |
|
763 |
|
|
651 |
|
|
798 |
|
|
716 |
|
|
623 |
|
Investment securities |
|
30,717 |
|
|
27,128 |
|
|
21,573 |
|
|
17,207 |
|
|
14,910 |
|
Mortgage loans held for sale |
|
230 |
|
|
386 |
|
|
639 |
|
|
1,070 |
|
|
1,012 |
|
TOTAL INTEREST INCOME |
|
163,926 |
|
|
166,969 |
|
|
169,434 |
|
|
179,108 |
|
|
179,725 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
Time deposits |
|
4,747 |
|
|
6,061 |
|
|
7,091 |
|
|
7,835 |
|
|
9,437 |
|
Other deposits |
|
4,369 |
|
|
4,721 |
|
|
6,088 |
|
|
6,536 |
|
|
6,769 |
|
Federal funds purchased and securities |
|
|
|
|
|
|
sold under agreements to repurchase |
|
70 |
|
|
192 |
|
|
245 |
|
|
284 |
|
|
335 |
|
Other borrowings |
|
4,893 |
|
|
4,897 |
|
|
4,802 |
|
|
4,869 |
|
|
4,943 |
|
Subordinated notes and debentures |
|
4,610 |
|
|
4,565 |
|
|
4,527 |
|
|
4,624 |
|
|
4,631 |
|
TOTAL INTEREST EXPENSE |
|
18,689 |
|
|
20,436 |
|
|
22,753 |
|
|
24,148 |
|
|
26,115 |
|
NET INTEREST INCOME |
|
145,237 |
|
|
146,533 |
|
|
146,681 |
|
|
154,960 |
|
|
153,610 |
|
Provision for credit losses |
|
(19,890 |
) |
|
(12,951 |
) |
|
1,445 |
|
|
6,943 |
|
|
22,981 |
|
NET INTEREST INCOME AFTER PROVISION |
|
|
|
|
|
|
FOR CREDIT LOSSES |
|
165,127 |
|
|
159,484 |
|
|
145,236 |
|
|
148,017 |
|
|
130,629 |
|
NON-INTEREST INCOME |
|
|
|
|
|
|
Trust income |
|
7,145 |
|
|
7,238 |
|
|
6,666 |
|
|
6,557 |
|
|
6,744 |
|
Service charges on deposit accounts |
|
11,557 |
|
|
10,050 |
|
|
9,715 |
|
|
10,799 |
|
|
10,385 |
|
Other service charges and fees |
|
1,964 |
|
|
2,048 |
|
|
1,922 |
|
|
1,783 |
|
|
1,764 |
|
Mortgage lending income |
|
5,818 |
|
|
4,490 |
|
|
6,447 |
|
|
2,993 |
|
|
13,971 |
|
SBA lending income |
|
191 |
|
|
287 |
|
|
240 |
|
|
484 |
|
|
304 |
|
Investment banking income |
|
732 |
|
|
654 |
|
|
695 |
|
|
676 |
|
|
557 |
|
Debit and credit card fees |
|
7,102 |
|
|
7,073 |
|
|
6,610 |
|
|
6,415 |
|
|
6,478 |
|
Bank owned life insurance income |
|
2,573 |
|
|
2,038 |
|
|
1,523 |
|
|
1,481 |
|
|
1,591 |
|
Gain on sale of securities, net |
|
5,248 |
|
|
5,127 |
|
|
5,471 |
|
|
16 |
|
|
22,305 |
|
Other income |
|
6,220 |
|
|
8,110 |
|
|
10,260 |
|
|
10,557 |
|
|
5,380 |
|
TOTAL NON-INTEREST INCOME |
|
48,550 |
|
|
47,115 |
|
|
49,549 |
|
|
41,761 |
|
|
69,479 |
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
Salaries and employee benefits |
|
61,902 |
|
|
60,261 |
|
|
60,340 |
|
|
55,762 |
|
|
61,144 |
|
Occupancy expense, net |
|
9,361 |
|
|
9,103 |
|
|
9,300 |
|
|
9,182 |
|
|
9,647 |
|
Furniture and equipment expense |
|
4,895 |
|
|
4,859 |
|
|
5,415 |
|
|
5,940 |
|
|
6,231 |
|
Other real estate and foreclosure expense |
|
339 |
|
|
863 |
|
|
343 |
|
|
551 |
|
|
602 |
|
Deposit insurance |
|
1,870 |
|
|
1,687 |
|
|
1,308 |
|
|
1,627 |
|
|
2,244 |
|
Merger-related costs |
|
1,401 |
|
|
686 |
|
|
233 |
|
|
731 |
|
|
902 |
|
Other operating expenses |
|
34,565 |
|
|
37,198 |
|
|
36,063 |
|
|
52,047 |
|
|
35,807 |
|
TOTAL NON-INTEREST EXPENSE |
|
114,333 |
|
|
114,657 |
|
|
113,002 |
|
|
125,840 |
|
|
116,577 |
|
NET INCOME BEFORE INCOME TAXES |
|
99,344 |
|
|
91,942 |
|
|
81,783 |
|
|
63,938 |
|
|
83,531 |
|
Provision for income taxes |
|
18,770 |
|
|
17,018 |
|
|
14,363 |
|
|
10,970 |
|
|
17,633 |
|
NET INCOME |
|
80,574 |
|
|
74,924 |
|
|
67,420 |
|
|
52,968 |
|
|
65,898 |
|
Preferred stock dividends |
|
13 |
|
|
13 |
|
|
13 |
|
|
13 |
|
|
13 |
|
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS |
$ |
80,561 |
|
$ |
74,911 |
|
$ |
67,407 |
|
$ |
52,955 |
|
$ |
65,885 |
|
BASIC EARNINGS PER SHARE |
$ |
0.75 |
|
$ |
0.69 |
|
$ |
0.62 |
|
$ |
0.49 |
|
$ |
0.60 |
|
DILUTED EARNINGS PER SHARE |
$ |
0.74 |
|
$ |
0.69 |
|
$ |
0.62 |
|
$ |
0.49 |
|
$ |
0.60 |
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
SFNC |
Consolidated Risk-Based Capital |
|
|
|
|
|
For the Quarters Ended |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
($ in thousands) |
|
|
|
|
|
Tier 1 capital |
|
|
|
|
|
Stockholders' equity |
$ |
3,030,531 |
|
$ |
3,039,366 |
|
$ |
2,930,775 |
|
$ |
2,976,656 |
|
$ |
2,942,241 |
|
CECL transition provision (1) |
|
122,787 |
|
|
128,933 |
|
|
131,637 |
|
|
131,430 |
|
|
134,798 |
|
Disallowed intangible assets, net of deferred tax |
|
(1,152,688 |
) |
|
(1,156,203 |
) |
|
(1,159,720 |
) |
|
(1,163,797 |
) |
|
(1,167,357 |
) |
Unrealized loss (gain) on AFS securities |
|
11,429 |
|
|
(12,073 |
) |
|
37,176 |
|
|
(59,726 |
) |
|
(41,509 |
) |
Total Tier 1 capital |
|
2,012,059 |
|
|
2,000,023 |
|
|
1,939,868 |
|
|
1,884,563 |
|
|
1,868,173 |
|
|
|
|
|
|
|
Tier 2 capital |
|
|
|
|
|
Trust preferred securities and subordinated debt |
|
383,278 |
|
|
383,143 |
|
|
383,008 |
|
|
382,874 |
|
|
382,739 |
|
Qualifying allowance for loan losses and |
|
|
|
|
|
reserve for unfunded commitments |
|
60,700 |
|
|
79,138 |
|
|
87,251 |
|
|
89,546 |
|
|
96,734 |
|
Total Tier 2 capital |
|
443,978 |
|
|
462,281 |
|
|
470,259 |
|
|
472,420 |
|
|
479,473 |
|
Total risk-based capital |
$ |
2,456,037 |
|
$ |
2,462,304 |
|
$ |
2,410,127 |
|
$ |
2,356,983 |
|
$ |
2,347,646 |
|
|
|
|
|
|
|
Risk weighted assets |
$ |
14,098,320 |
|
$ |
14,076,975 |
|
$ |
13,771,244 |
|
$ |
14,048,608 |
|
$ |
14,878,932 |
|
|
|
|
|
|
|
Adjusted average assets for leverage ratio |
$ |
22,189,921 |
|
$ |
22,244,118 |
|
$ |
21,668,406 |
|
$ |
20,765,127 |
|
$ |
20,652,454 |
|
|
|
|
|
|
|
Ratios at end of quarter |
|
|
|
|
|
Equity to assets |
|
13.05 |
% |
|
12.98 |
% |
|
12.55 |
% |
|
13.31 |
% |
|
13.72 |
% |
Tangible common equity to tangible assets (2) |
|
8.41 |
% |
|
8.36 |
% |
|
7.88 |
% |
|
8.45 |
% |
|
8.65 |
% |
Common equity Tier 1 ratio (CET1) |
|
14.27 |
% |
|
14.20 |
% |
|
14.08 |
% |
|
13.41 |
% |
|
12.55 |
% |
Tier 1 leverage ratio |
|
9.07 |
% |
|
8.99 |
% |
|
8.95 |
% |
|
9.08 |
% |
|
9.05 |
% |
Tier 1 risk-based capital ratio |
|
14.27 |
% |
|
14.21 |
% |
|
14.09 |
% |
|
13.41 |
% |
|
12.56 |
% |
Total risk-based capital ratio |
|
17.42 |
% |
|
17.49 |
% |
|
17.50 |
% |
|
16.78 |
% |
|
15.78 |
% |
|
|
|
|
|
|
(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 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
|
(Unaudited) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
($ in thousands) |
|
|
|
|
|
|
Investment Securities - End of Period |
|
|
|
|
|
|
Held-to-Maturity |
|
|
|
|
|
|
U.S. Government agencies |
$ |
232,549 |
|
$ |
77,396 |
|
$ |
77,396 |
|
$ |
- |
|
$ |
- |
|
Mortgage-backed securities |
|
57,930 |
|
|
60,649 |
|
|
47,988 |
|
|
22,354 |
|
|
24,297 |
|
State and political subdivisions |
|
1,209,091 |
|
|
793,307 |
|
|
484,116 |
|
|
310,109 |
|
|
21,930 |
|
Other securities |
|
17,227 |
|
|
- |
|
|
- |
|
|
568 |
|
|
875 |
|
Total held-to-maturity (net of credit losses) |
|
1,516,797 |
|
|
931,352 |
|
|
609,500 |
|
|
333,031 |
|
|
47,102 |
|
Available-for-Sale |
|
|
|
|
|
|
U.S. Treasury |
$ |
300 |
|
$ |
600 |
|
$ |
600 |
|
$ |
- |
|
$ |
- |
|
U.S. Government agencies |
|
354,382 |
|
|
554,937 |
|
|
487,679 |
|
|
477,237 |
|
|
471,973 |
|
Mortgage-backed securities |
|
4,421,620 |
|
|
3,987,209 |
|
|
2,133,086 |
|
|
1,394,936 |
|
|
903,687 |
|
State and political subdivisions |
|
1,575,208 |
|
|
1,557,497 |
|
|
1,571,910 |
|
|
1,470,723 |
|
|
1,133,006 |
|
Other securities |
|
470,693 |
|
|
456,338 |
|
|
335,073 |
|
|
130,702 |
|
|
98,622 |
|
Total available-for-sale (net of credit losses) |
|
6,822,203 |
|
|
6,556,581 |
|
|
4,528,348 |
|
|
3,473,598 |
|
|
2,607,288 |
|
Total investment securities (net of credit losses) |
$ |
8,339,000 |
|
$ |
7,487,933 |
|
$ |
5,137,848 |
|
$ |
3,806,629 |
|
$ |
2,654,390 |
|
Fair value - HTM investment securities |
$ |
1,487,916 |
|
$ |
935,596 |
|
$ |
597,694 |
|
$ |
341,925 |
|
$ |
49,064 |
|
|
|
|
|
|
|
|
Investment Securities - QTD Average |
|
|
|
|
|
|
Taxable securities |
$ |
5,475,932 |
|
$ |
4,265,545 |
|
$ |
2,471,291 |
|
$ |
1,757,234 |
|
$ |
1,534,742 |
|
Tax exempt securities |
|
2,496,958 |
|
|
2,157,076 |
|
|
1,919,919 |
|
|
1,528,127 |
|
|
1,155,099 |
|
Total investment securities - QTD average |
$ |
7,972,890 |
|
$ |
6,422,621 |
|
$ |
4,391,210 |
|
$ |
3,285,361 |
|
$ |
2,689,841 |
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
SFNC |
|
Consolidated Loans |
|
|
|
|
|
|
For the Quarters Ended |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
|
(Unaudited) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
($ in thousands) |
|
|
|
|
|
|
Loan Portfolio - End of Period |
|
|
|
|
|
|
Consumer |
|
|
|
|
|
|
Credit cards |
$ |
175,884 |
|
$ |
177,634 |
|
$ |
175,458 |
|
$ |
188,845 |
|
$ |
180,848 |
|
Other consumer |
|
182,492 |
|
|
181,712 |
|
|
172,965 |
|
|
202,379 |
|
|
182,768 |
|
Total consumer |
|
358,376 |
|
|
359,346 |
|
|
348,423 |
|
|
391,224 |
|
|
363,616 |
|
Real Estate |
|
|
|
|
|
|
Construction |
|
1,229,740 |
|
|
1,428,165 |
|
|
1,451,841 |
|
|
1,596,255 |
|
|
1,853,360 |
|
Single-family residential |
|
1,540,701 |
|
|
1,608,028 |
|
|
1,730,056 |
|
|
1,880,673 |
|
|
1,997,070 |
|
Other commercial real estate |
|
5,308,902 |
|
|
5,332,655 |
|
|
5,638,010 |
|
|
5,746,863 |
|
|
6,132,823 |
|
Total real estate |
|
8,079,343 |
|
|
8,368,848 |
|
|
8,819,907 |
|
|
9,223,791 |
|
|
9,983,253 |
|
Commercial |
|
|
|
|
|
|
Commercial |
|
1,821,905 |
|
|
2,074,729 |
|
|
2,444,700 |
|
|
2,574,386 |
|
|
2,907,798 |
|
Agricultural |
|
216,735 |
|
|
193,462 |
|
|
155,921 |
|
|
175,905 |
|
|
241,687 |
|
Total commercial |
|
2,038,640 |
|
|
2,268,191 |
|
|
2,600,621 |
|
|
2,750,291 |
|
|
3,149,485 |
|
Other |
|
348,868 |
|
|
389,967 |
|
|
426,922 |
|
|
535,591 |
|
|
521,088 |
|
Total loans |
$ |
10,825,227 |
|
$ |
11,386,352 |
|
$ |
12,195,873 |
|
$ |
12,900,897 |
|
$ |
14,017,442 |
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
SFNC |
Consolidated Allowance and Asset Quality |
|
|
|
|
|
For the Quarters Ended |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
($ in thousands) |
|
|
|
|
|
Allowance for Credit Losses on Loans |
|
|
|
|
|
Beginning balance, after adoption of ASC 326 |
$ |
227,239 |
|
$ |
235,116 |
|
$ |
238,050 |
|
$ |
248,251 |
|
$ |
231,641 |
|
|
|
|
|
|
|
Loans charged off |
|
|
|
|
|
Credit cards |
|
711 |
|
|
1,046 |
|
|
1,003 |
|
|
787 |
|
|
832 |
|
Other consumer |
|
463 |
|
|
411 |
|
|
702 |
|
|
960 |
|
|
1,091 |
|
Real estate |
|
5,941 |
|
|
439 |
|
|
1,687 |
|
|
10,415 |
|
|
1,153 |
|
Commercial |
|
932 |
|
|
309 |
|
|
859 |
|
|
8,199 |
|
|
4,327 |
|
Total loans charged off |
|
8,047 |
|
|
2,205 |
|
|
4,251 |
|
|
20,361 |
|
|
7,403 |
|
|
|
|
|
|
|
Recoveries of loans previously charged off |
|
|
|
|
|
Credit cards |
|
267 |
|
|
244 |
|
|
290 |
|
|
241 |
|
|
276 |
|
Other consumer |
|
408 |
|
|
425 |
|
|
304 |
|
|
355 |
|
|
366 |
|
Real estate |
|
2,068 |
|
|
1,523 |
|
|
403 |
|
|
431 |
|
|
120 |
|
Commercial |
|
463 |
|
|
2,147 |
|
|
320 |
|
|
1,835 |
|
|
936 |
|
Total recoveries |
|
3,206 |
|
|
4,339 |
|
|
1,317 |
|
|
2,862 |
|
|
1,698 |
|
Net loans charged off |
|
4,841 |
|
|
(2,134 |
) |
|
2,934 |
|
|
17,499 |
|
|
5,705 |
|
Provision for credit losses on loans |
|
(19,890 |
) |
|
(10,011 |
) |
|
- |
|
|
7,298 |
|
|
22,315 |
|
Balance, end of quarter |
$ |
202,508 |
|
$ |
227,239 |
|
$ |
235,116 |
|
$ |
238,050 |
|
$ |
248,251 |
|
|
|
|
|
|
|
Non-performing assets |
|
|
|
|
|
Non-performing loans |
|
|
|
|
|
Nonaccrual loans |
$ |
59,054 |
|
$ |
80,282 |
|
$ |
114,856 |
|
$ |
122,879 |
|
$ |
167,713 |
|
Loans past due 90 days or more |
|
334 |
|
|
653 |
|
|
635 |
|
|
578 |
|
|
174 |
|
Total non-performing loans |
|
59,388 |
|
|
80,935 |
|
|
115,491 |
|
|
123,457 |
|
|
167,887 |
|
Other non-performing assets |
|
|
|
|
|
Foreclosed assets and other real estate owned |
|
11,759 |
|
|
15,239 |
|
|
11,168 |
|
|
18,393 |
|
|
12,590 |
|
Other non-performing assets |
|
1,724 |
|
|
1,062 |
|
|
1,229 |
|
|
2,016 |
|
|
1,983 |
|
Total other non-performing assets |
|
13,483 |
|
|
16,301 |
|
|
12,397 |
|
|
20,409 |
|
|
14,573 |
|
Total non-performing assets |
$ |
72,871 |
|
$ |
97,236 |
|
$ |
127,888 |
|
$ |
143,866 |
|
$ |
182,460 |
|
Performing TDRs (troubled debt restructurings) |
$ |
4,251 |
|
$ |
4,436 |
|
$ |
3,805 |
|
$ |
3,138 |
|
$ |
3,379 |
|
|
|
|
|
|
|
Ratios |
|
|
|
|
|
Allowance for credit losses on loans to total loans |
|
1.87 |
% |
|
2.00 |
% |
|
1.93 |
% |
|
1.85 |
% |
|
1.77 |
% |
Allowance for credit losses to non-performing loans |
|
341 |
% |
|
281 |
% |
|
204 |
% |
|
193 |
% |
|
148 |
% |
Non-performing loans to total loans |
|
0.55 |
% |
|
0.71 |
% |
|
0.95 |
% |
|
0.96 |
% |
|
1.20 |
% |
Non-performing assets (including performing TDRs) |
|
|
|
|
|
to total assets |
|
0.33 |
% |
|
0.43 |
% |
|
0.56 |
% |
|
0.66 |
% |
|
0.87 |
% |
Non-performing assets to total assets |
|
0.31 |
% |
|
0.42 |
% |
|
0.55 |
% |
|
0.64 |
% |
|
0.85 |
% |
Annualized net charge offs to total loans |
|
0.17 |
% |
|
-0.07 |
% |
|
0.10 |
% |
|
0.52 |
% |
|
0.16 |
% |
Annualized net credit card charge offs to |
|
|
|
|
|
total credit card loans |
|
0.96 |
% |
|
1.78 |
% |
|
1.39 |
% |
|
1.15 |
% |
|
1.20 |
% |
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
|
|
|
|
|
|
|
SFNC |
Consolidated - Average Balance Sheet and Net Interest
Income Analysis |
|
|
|
|
|
|
|
For the Quarters Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Sep 2021 |
|
Three Months Ended Jun 2021 |
|
Three Months Ended Sep 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 |
$ |
1,866,530 |
|
$ |
763 |
0.16% |
|
$ |
2,703,920 |
|
$ |
651 |
0.10% |
|
$ |
2,265,233 |
|
$ |
623 |
|
0.11% |
|
Investment securities - taxable |
|
5,475,932 |
|
|
17,076 |
1.24% |
|
|
4,265,545 |
|
|
14,594 |
1.37% |
|
|
1,534,742 |
|
|
7,193 |
|
1.86% |
|
Investment securities - non-taxable (FTE) |
|
2,496,958 |
|
|
18,399 |
2.92% |
|
|
2,157,076 |
|
|
16,899 |
3.14% |
|
|
1,155,099 |
|
|
10,382 |
|
3.58% |
|
Mortgage loans held for sale |
|
32,134 |
|
|
230 |
2.84% |
|
|
49,262 |
|
|
386 |
3.14% |
|
|
145,226 |
|
|
1,012 |
|
2.77% |
|
Loans - including fees (FTE) |
|
11,030,438 |
|
|
132,399 |
|
4.76% |
|
|
11,783,839 |
|
|
138,987 |
4.73% |
|
|
14,315,014 |
|
|
163,379 |
|
4.54% |
|
Total interest earning assets
(FTE) |
|
20,901,992 |
|
|
168,867 |
|
3.21% |
|
|
20,959,642 |
|
|
171,517 |
3.28% |
|
|
19,415,314 |
|
|
182,589 |
|
3.74% |
|
Non-earning assets |
|
2,353,549 |
|
|
|
|
|
2,298,279 |
|
|
|
|
|
2,350,007 |
|
|
Total assets |
$ |
23,255,541 |
|
|
|
|
$ |
23,257,921 |
|
|
|
|
$ |
21,765,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing transaction and |
|
|
|
|
|
|
|
|
|
|
|
|
|
savings accounts |
$ |
10,629,142 |
|
$ |
4,369 |
0.16% |
|
$ |
10,403,932 |
|
$ |
4,721 |
0.18% |
|
$ |
8,977,886 |
|
$ |
6,769 |
|
0.30% |
|
Time deposits |
|
2,645,896 |
|
|
4,747 |
|
0.71% |
|
|
|
2,930,025 |
|
|
6,061 |
|
0.83% |
|
|
|
2,998,091 |
|
|
9,437 |
|
1.25% |
|
Total interest bearing
deposits |
|
13,275,038 |
|
|
9,116 |
0.27% |
|
|
13,333,957 |
|
|
10,782 |
0.32% |
|
|
11,975,977 |
|
|
16,206 |
|
0.54% |
|
Federal funds purchased and securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
sold under agreement to
repurchase |
|
219,604 |
|
|
70 |
0.13% |
|
|
240,876 |
|
|
192 |
0.32% |
|
|
386,631 |
|
|
335 |
|
0.34% |
|
Other borrowings |
|
1,338,866 |
|
|
4,893 |
1.45% |
|
|
1,340,008 |
|
|
4,897 |
1.47% |
|
|
1,357,278 |
|
|
4,943 |
|
1.45% |
|
Subordinated notes and debentures |
|
383,213 |
|
|
4,610 |
|
4.77% |
|
|
|
383,078 |
|
|
4,565 |
|
4.78% |
|
|
|
382,672 |
|
|
4,631 |
|
4.81% |
|
Total interest bearing
liabilities |
|
15,216,721 |
|
|
18,689 |
|
0.49% |
|
|
|
15,297,919 |
|
|
20,436 |
|
0.54% |
|
|
|
14,102,558 |
|
|
26,115 |
|
0.74% |
|
Non-interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
4,803,171 |
|
|
|
|
|
4,826,927 |
|
|
|
|
|
4,529,782 |
|
|
Other liabilities |
|
167,677 |
|
|
|
|
|
151,699 |
|
|
|
|
|
190,169 |
|
|
Total liabilities |
|
20,187,569 |
|
|
|
|
|
20,276,545 |
|
|
|
|
|
18,822,509 |
|
|
Stockholders' equity |
|
3,067,972 |
|
|
|
|
|
2,981,376 |
|
|
|
|
|
2,942,812 |
|
|
Total liabilities and
stockholders' equity |
$ |
23,255,541 |
|
|
|
|
$ |
23,257,921 |
|
|
|
|
$ |
21,765,321 |
|
|
Net interest income (FTE) |
|
|
$ |
150,178 |
|
|
|
|
|
$ |
151,081 |
|
|
|
|
|
$ |
156,474 |
|
Net interest spread (FTE) |
|
|
2.72% |
|
|
|
2.74% |
|
|
|
|
3.00% |
|
Net interest margin (FTE) - quarter-to-date |
|
|
2.85% |
|
|
|
2.89% |
|
|
|
|
3.21% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (FTE) - year-to-date |
|
|
2.91% |
|
|
|
2.94% |
|
|
|
|
3.43% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net interest margin (FTE) - quarter-to-date
(1) |
|
2.77% |
|
|
|
2.78% |
|
|
|
|
3.02% |
|
Core loan yield (FTE) - quarter-to-date (1) |
|
|
4.61% |
|
|
|
4.54% |
|
|
|
|
4.29% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net interest margin (FTE) - year-to-date (1) |
|
|
2.80% |
|
|
|
2.82% |
|
|
|
|
3.20% |
|
Core loan yield (FTE) - year-to-date (1) |
|
|
4.56% |
|
|
|
4.54% |
|
|
|
|
4.56% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
($ in thousands, except share data) |
|
|
|
|
|
QUARTER-TO-DATE |
|
|
|
|
|
Financial Highlights - GAAP |
|
|
|
|
|
Net Income |
$ |
80,561 |
|
$ |
74,911 |
|
$ |
67,407 |
|
$ |
52,955 |
|
$ |
65,885 |
|
Diluted earnings per share |
|
0.74 |
|
|
0.69 |
|
|
0.62 |
|
|
0.49 |
|
|
0.60 |
|
Return on average assets |
|
1.37 |
% |
|
1.29 |
% |
|
1.20 |
% |
|
0.96 |
% |
|
1.20 |
% |
Return on average common equity |
|
10.42 |
% |
|
10.08 |
% |
|
9.20 |
% |
|
7.13 |
% |
|
8.91 |
% |
Return on tangible common equity |
|
17.43 |
% |
|
17.25 |
% |
|
15.85 |
% |
|
12.48 |
% |
|
15.45 |
% |
Net interest margin (FTE) |
|
2.85 |
% |
|
2.89 |
% |
|
2.99 |
% |
|
3.22 |
% |
|
3.21 |
% |
FTE adjustment |
|
4,941 |
|
|
4,548 |
|
|
4,163 |
|
|
3,482 |
|
|
2,864 |
|
Amortization of intangibles |
|
3,331 |
|
|
3,333 |
|
|
3,344 |
|
|
3,351 |
|
|
3,362 |
|
Amortization of intangibles, net of taxes |
|
2,460 |
|
|
2,462 |
|
|
2,470 |
|
|
2,475 |
|
|
2,483 |
|
Average diluted shares outstanding |
|
108,359,890 |
|
|
108,822,175 |
|
|
108,655,293 |
|
|
108,888,264 |
|
|
109,207,294 |
|
Shares repurchased under plan |
|
1,806,205 |
|
|
- |
|
|
130,916 |
|
|
1,034,364 |
|
|
- |
|
Average price of shares repurchased |
|
28.48 |
|
|
- |
|
|
23.53 |
|
|
19.36 |
|
|
- |
|
Cash dividends declared per common share |
|
0.18 |
|
|
0.18 |
|
|
0.18 |
|
|
0.17 |
|
|
0.17 |
|
Financial Highlights - Core (non-GAAP) |
|
|
|
|
|
Core earnings (excludes non-core items) (1) |
$ |
79,350 |
|
$ |
75,435 |
|
$ |
63,995 |
|
$ |
61,977 |
|
$ |
68,338 |
|
Core diluted earnings per share (1) |
|
0.73 |
|
|
0.69 |
|
|
0.59 |
|
|
0.57 |
|
|
0.63 |
|
Core net interest margin (FTE) (2) |
|
2.77 |
% |
|
2.78 |
% |
|
2.86 |
% |
|
3.04 |
% |
|
3.02 |
% |
Accretable yield on acquired loans |
|
4,122 |
|
|
5,619 |
|
|
6,630 |
|
|
8,999 |
|
|
8,948 |
|
Efficiency ratio (1) |
|
58.10 |
% |
|
56.75 |
% |
|
57.25 |
% |
|
54.75 |
% |
|
53.58 |
% |
Core return on average assets (1) |
|
1.35 |
% |
|
1.30 |
% |
|
1.14 |
% |
|
1.13 |
% |
|
1.25 |
% |
Core return on average common equity (1) |
|
10.26 |
% |
|
10.15 |
% |
|
8.73 |
% |
|
8.34 |
% |
|
9.24 |
% |
Core return on tangible common equity (1) |
|
17.18 |
% |
|
17.36 |
% |
|
15.08 |
% |
|
14.51 |
% |
|
16.00 |
% |
YEAR-TO-DATE |
|
|
|
|
|
Financial Highlights - GAAP |
|
|
|
|
|
Net Income |
$ |
222,879 |
|
$ |
142,318 |
|
$ |
67,407 |
|
$ |
254,852 |
|
$ |
201,897 |
|
Diluted earnings per share |
|
2.05 |
|
|
1.31 |
|
|
0.62 |
|
|
2.31 |
|
|
1.83 |
|
Return on average assets |
|
1.29 |
% |
|
1.25 |
% |
|
1.20 |
% |
|
1.18 |
% |
|
1.25 |
% |
Return on average common equity |
|
9.91 |
% |
|
9.64 |
% |
|
9.20 |
% |
|
8.72 |
% |
|
9.27 |
% |
Return on tangible common equity |
|
16.86 |
% |
|
16.56 |
% |
|
15.85 |
% |
|
15.25 |
% |
|
16.19 |
% |
Net interest margin (FTE) |
|
2.91 |
% |
|
2.94 |
% |
|
2.99 |
% |
|
3.38 |
% |
|
3.43 |
% |
FTE adjustment |
|
13,652 |
|
|
8,711 |
|
|
4,163 |
|
|
11,001 |
|
|
7,519 |
|
Amortization of intangibles |
|
10,008 |
|
|
6,677 |
|
|
3,344 |
|
|
13,495 |
|
|
10,144 |
|
Amortization of intangibles, net of taxes |
|
7,392 |
|
|
4,932 |
|
|
2,470 |
|
|
9,968 |
|
|
7,493 |
|
Average diluted shares outstanding |
|
108,667,928 |
|
|
108,746,439 |
|
|
108,655,293 |
|
|
110,173,661 |
|
|
110,480,508 |
|
Cash dividends declared per common share |
|
0.54 |
|
|
0.36 |
|
|
0.18 |
|
|
0.68 |
|
|
0.51 |
|
Financial Highlights - Core (non-GAAP) |
|
|
|
|
|
Core earnings (excludes non-core items) (1) |
$ |
218,780 |
|
$ |
139,430 |
|
$ |
63,995 |
|
$ |
264,300 |
|
$ |
202,323 |
|
Core diluted earnings per share (1) |
|
2.01 |
|
|
1.28 |
|
|
0.59 |
|
|
2.40 |
|
|
1.83 |
|
Core net interest margin (FTE) (2) |
|
2.80 |
% |
|
2.82 |
% |
|
2.86 |
% |
|
3.16 |
% |
|
3.20 |
% |
Accretable yield on acquired loans |
|
16,371 |
|
|
12,249 |
|
|
6,630 |
|
|
41,507 |
|
|
32,508 |
|
Efficiency ratio (1) |
|
57.37 |
% |
|
57.00 |
% |
|
57.25 |
% |
|
54.18 |
% |
|
53.99 |
% |
Core return on average assets (1) |
|
1.27 |
% |
|
1.22 |
% |
|
1.14 |
% |
|
1.22 |
% |
|
1.26 |
% |
Core return on average common equity (1) |
|
9.73 |
% |
|
9.45 |
% |
|
8.73 |
% |
|
9.05 |
% |
|
9.29 |
% |
Core return on tangible common equity (1) |
|
16.56 |
% |
|
16.23 |
% |
|
15.08 |
% |
|
15.79 |
% |
|
16.22 |
% |
END OF PERIOD |
|
|
|
|
|
Book value per share |
$ |
28.42 |
|
$ |
28.03 |
|
$ |
27.04 |
|
$ |
27.53 |
|
$ |
26.98 |
|
Tangible book value per share |
|
17.39 |
|
|
17.16 |
|
|
16.13 |
|
|
16.56 |
|
|
16.07 |
|
Shares outstanding |
|
106,603,231 |
|
|
108,386,669 |
|
|
108,345,732 |
|
|
108,077,662 |
|
|
109,023,781 |
|
Full-time equivalent employees |
|
2,740 |
|
|
2,783 |
|
|
2,817 |
|
|
2,827 |
|
|
2,840 |
|
Total number of financial centers |
|
185 |
|
|
198 |
|
|
198 |
|
|
204 |
|
|
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 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
($ in thousands, except per share data) |
|
|
|
|
|
QUARTER-TO-DATE |
|
|
|
|
|
Net Income |
$ |
80,561 |
|
$ |
74,911 |
|
$ |
67,407 |
|
$ |
52,955 |
|
$ |
65,885 |
|
Non-core items |
|
|
|
|
|
Gain on sale of branches |
|
- |
|
|
(16 |
) |
|
(5,300 |
) |
|
(275 |
) |
|
- |
|
Merger-related costs |
|
1,401 |
|
|
686 |
|
|
233 |
|
|
731 |
|
|
902 |
|
Early retirement program |
|
- |
|
|
- |
|
|
- |
|
|
62 |
|
|
2,346 |
|
Branch right-sizing (net) |
|
(3,041 |
) |
|
39 |
|
|
448 |
|
|
11,696 |
|
|
72 |
|
Tax effect (1) |
|
429 |
|
|
(185 |
) |
|
1,207 |
|
|
(3,192 |
) |
|
(867 |
) |
Net non-core items |
|
(1,211 |
) |
|
524 |
|
|
(3,412 |
) |
|
9,022 |
|
|
2,453 |
|
Core earnings (non-GAAP) |
$ |
79,350 |
|
$ |
75,435 |
|
$ |
63,995 |
|
$ |
61,977 |
|
$ |
68,338 |
|
|
|
|
|
|
|
Diluted earnings per share |
$ |
0.74 |
|
$ |
0.69 |
|
$ |
0.62 |
|
$ |
0.49 |
|
$ |
0.60 |
|
Non-core items |
|
|
|
|
|
Gain on sale of branches |
|
- |
|
|
- |
|
|
(0.05 |
) |
|
- |
|
|
- |
|
Merger-related costs |
|
0.01 |
|
|
0.01 |
|
|
- |
|
|
- |
|
|
0.01 |
|
Early retirement program |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
0.02 |
|
Branch right-sizing (net) |
|
(0.03 |
) |
|
- |
|
|
0.01 |
|
|
0.11 |
|
|
- |
|
Tax effect (1) |
|
0.01 |
|
|
(0.01 |
) |
|
0.01 |
|
|
(0.03 |
) |
|
- |
|
Net non-core items |
|
(0.01 |
) |
|
- |
|
|
(0.03 |
) |
|
0.08 |
|
|
0.03 |
|
Core diluted earnings per share (non-GAAP) |
$ |
0.73 |
|
$ |
0.69 |
|
$ |
0.59 |
|
$ |
0.57 |
|
$ |
0.63 |
|
|
|
|
|
|
|
(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 |
$ |
6,220 |
|
$ |
8,110 |
|
$ |
10,260 |
|
$ |
10,557 |
|
$ |
5,380 |
|
Non-core items (1) |
|
239 |
|
|
(445 |
) |
|
(5,477 |
) |
|
(275 |
) |
|
(370 |
) |
Core other income (non-GAAP) |
$ |
6,459 |
|
$ |
7,665 |
|
$ |
4,783 |
|
$ |
10,282 |
|
$ |
5,010 |
|
|
|
|
|
|
|
Non-interest expense |
$ |
114,333 |
|
$ |
114,657 |
|
$ |
113,002 |
|
$ |
125,840 |
|
$ |
116,577 |
|
Non-core items (1) |
|
1,879 |
|
|
(1,154 |
) |
|
(858 |
) |
|
(12,489 |
) |
|
(3,690 |
) |
Core non-interest expense (non-GAAP) |
$ |
116,212 |
|
$ |
113,503 |
|
$ |
112,144 |
|
$ |
113,351 |
|
$ |
112,887 |
|
|
|
|
|
|
|
Salaries and employee benefits |
$ |
61,902 |
|
$ |
60,261 |
|
$ |
60,340 |
|
$ |
55,762 |
|
$ |
61,144 |
|
Non-core items (1) |
|
(66 |
) |
|
- |
|
|
- |
|
|
(144 |
) |
|
(2,448 |
) |
Core salaries and employee benefits
(non-GAAP) |
$ |
61,836 |
|
$ |
60,261 |
|
$ |
60,340 |
|
$ |
55,618 |
|
$ |
58,696 |
|
|
|
|
|
|
|
Merger related costs |
$ |
1,401 |
|
$ |
686 |
|
$ |
233 |
|
$ |
731 |
|
$ |
902 |
|
Non-core items (1) |
|
(1,401 |
) |
|
(686 |
) |
|
(233 |
) |
|
(731 |
) |
|
(902 |
) |
Core merger related costs (non-GAAP) |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
|
|
|
|
|
Other operating expenses |
$ |
34,565 |
|
$ |
37,198 |
|
$ |
36,063 |
|
$ |
52,047 |
|
$ |
35,807 |
|
Non-core items (1) |
|
3,759 |
|
|
(89 |
) |
|
(208 |
) |
|
(10,270 |
) |
|
(11 |
) |
Core other operating expenses (non-GAAP) |
$ |
38,324 |
|
$ |
37,109 |
|
$ |
35,855 |
|
$ |
41,777 |
|
$ |
35,796 |
|
|
|
|
|
|
|
(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 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
($ in thousands, except per share data) |
|
|
|
|
|
YEAR-TO-DATE |
|
|
|
|
|
Net Income |
$ |
222,879 |
|
$ |
142,318 |
|
$ |
67,407 |
|
$ |
254,852 |
|
$ |
201,897 |
|
Non-core items |
|
|
|
|
|
Gain on sale of branches |
|
(5,316 |
) |
|
(5,316 |
) |
|
(5,300 |
) |
|
(8,368 |
) |
|
(8,093 |
) |
Merger-related costs |
|
2,320 |
|
|
919 |
|
|
233 |
|
|
4,531 |
|
|
3,800 |
|
Early retirement program |
|
- |
|
|
- |
|
|
- |
|
|
2,901 |
|
|
2,839 |
|
Branch right-sizing (net) |
|
(2,554 |
) |
|
487 |
|
|
448 |
|
|
13,727 |
|
|
2,031 |
|
Tax effect (1) |
|
1,451 |
|
|
1,022 |
|
|
1,207 |
|
|
(3,343 |
) |
|
(151 |
) |
Net non-core items |
|
(4,099 |
) |
|
(2,888 |
) |
|
(3,412 |
) |
|
9,448 |
|
|
426 |
|
Core earnings (non-GAAP) |
$ |
218,780 |
|
$ |
139,430 |
|
$ |
63,995 |
|
$ |
264,300 |
|
$ |
202,323 |
|
|
|
|
|
|
|
Diluted earnings per share |
$ |
2.05 |
|
$ |
1.31 |
|
$ |
0.62 |
|
$ |
2.31 |
|
$ |
1.83 |
|
Non-core items |
|
|
|
|
|
Gain on sale of branches |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.07 |
) |
|
(0.07 |
) |
Merger-related costs |
|
0.02 |
|
|
0.01 |
|
|
- |
|
|
0.04 |
|
|
0.03 |
|
Early retirement program |
|
- |
|
|
- |
|
|
- |
|
|
0.03 |
|
|
0.02 |
|
Branch right-sizing (net) |
|
(0.02 |
) |
|
- |
|
|
0.01 |
|
|
0.12 |
|
|
0.02 |
|
Tax effect (1) |
|
0.01 |
|
|
0.01 |
|
|
0.01 |
|
|
(0.03 |
) |
|
- |
|
Net non-core items |
|
(0.04 |
) |
|
(0.03 |
) |
|
(0.03 |
) |
|
0.09 |
|
|
- |
|
Core diluted earnings per share (non-GAAP) |
$ |
2.01 |
|
$ |
1.28 |
|
$ |
0.59 |
|
$ |
2.40 |
|
$ |
1.83 |
|
|
|
|
|
|
|
(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 |
$ |
24,590 |
|
$ |
18,370 |
|
$ |
10,260 |
|
$ |
38,547 |
|
$ |
27,990 |
|
Non-core items (1) |
|
(5,683 |
) |
|
(5,922 |
) |
|
(5,477 |
) |
|
(8,738 |
) |
|
(8,463 |
) |
Core other income (non-GAAP) |
$ |
18,907 |
|
$ |
12,448 |
|
$ |
4,783 |
|
$ |
29,809 |
|
$ |
19,527 |
|
|
|
|
|
|
|
Non-interest expense |
$ |
341,992 |
|
$ |
227,659 |
|
$ |
113,002 |
|
$ |
484,736 |
|
$ |
358,896 |
|
Non-core items (1) |
|
(133 |
) |
|
(2,012 |
) |
|
(858 |
) |
|
(21,529 |
) |
|
(9,040 |
) |
Core non-interest expense (non-GAAP) |
$ |
341,859 |
|
$ |
225,647 |
|
$ |
112,144 |
|
$ |
463,207 |
|
$ |
349,856 |
|
|
|
|
|
|
|
Salaries and employee benefits |
$ |
182,503 |
|
$ |
120,601 |
|
$ |
60,340 |
|
$ |
242,474 |
|
$ |
186,712 |
|
Non-core items (1) |
|
(66 |
) |
|
- |
|
|
- |
|
|
(3,085 |
) |
|
(2,941 |
) |
Core salaries and employee benefits
(non-GAAP) |
$ |
182,437 |
|
$ |
120,601 |
|
$ |
60,340 |
|
$ |
239,389 |
|
$ |
183,771 |
|
|
|
|
|
|
|
Merger related costs |
$ |
2,320 |
|
$ |
919 |
|
$ |
233 |
|
$ |
4,531 |
|
$ |
3,800 |
|
Non-core items (1) |
|
(2,320 |
) |
|
(919 |
) |
|
(233 |
) |
|
(4,531 |
) |
|
(3,800 |
) |
Core merger related costs (non-GAAP) |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
|
|
|
|
|
Other operating expenses |
$ |
107,826 |
|
$ |
73,261 |
|
$ |
36,063 |
|
$ |
165,201 |
|
$ |
113,154 |
|
Non-core items (1) |
|
3,462 |
|
|
(297 |
) |
|
(208 |
) |
|
(12,155 |
) |
|
(1,885 |
) |
Core other operating expenses (non-GAAP) |
$ |
111,288 |
|
$ |
72,964 |
|
$ |
35,855 |
|
$ |
153,046 |
|
$ |
111,269 |
|
|
|
|
|
|
|
(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 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
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 |
$ |
3,029,764 |
|
$ |
3,038,599 |
|
$ |
2,930,008 |
|
$ |
2,975,889 |
|
$ |
2,941,474 |
|
Intangible assets: |
|
|
|
|
|
Goodwill |
|
(1,075,305 |
) |
|
(1,075,305 |
) |
|
(1,075,305 |
) |
|
(1,075,305 |
) |
|
(1,075,305 |
) |
Other intangible assets |
|
(100,428 |
) |
|
(103,759 |
) |
|
(107,091 |
) |
|
(111,110 |
) |
|
(114,460 |
) |
Total intangibles |
|
(1,175,733 |
) |
|
(1,179,064 |
) |
|
(1,182,396 |
) |
|
(1,186,415 |
) |
|
(1,189,765 |
) |
Tangible common stockholders' equity |
$ |
1,854,031 |
|
$ |
1,859,535 |
|
$ |
1,747,612 |
|
$ |
1,789,474 |
|
$ |
1,751,709 |
|
|
|
|
|
|
|
Total assets |
$ |
23,225,930 |
|
$ |
23,423,159 |
|
$ |
23,348,117 |
|
$ |
22,359,752 |
|
$ |
21,437,395 |
|
Intangible assets: |
|
|
|
|
|
Goodwill |
|
(1,075,305 |
) |
|
(1,075,305 |
) |
|
(1,075,305 |
) |
|
(1,075,305 |
) |
|
(1,075,305 |
) |
Other intangible assets |
|
(100,428 |
) |
|
(103,759 |
) |
|
(107,091 |
) |
|
(111,110 |
) |
|
(114,460 |
) |
Total intangibles |
|
(1,175,733 |
) |
|
(1,179,064 |
) |
|
(1,182,396 |
) |
|
(1,186,415 |
) |
|
(1,189,765 |
) |
Tangible assets |
$ |
22,050,197 |
|
$ |
22,244,095 |
|
$ |
22,165,721 |
|
$ |
21,173,337 |
|
$ |
20,247,630 |
|
|
|
|
|
|
|
Paycheck protection program ("PPP") loans |
|
(212,087 |
) |
|
(441,353 |
) |
|
(797,629 |
) |
|
(904,673 |
) |
|
(970,488 |
) |
Total assets excluding PPP loans |
$ |
23,013,843 |
|
$ |
22,981,806 |
|
$ |
22,550,488 |
|
$ |
21,455,079 |
|
$ |
20,466,907 |
|
Tangible assets excluding PPP loans |
$ |
21,838,110 |
|
$ |
21,802,742 |
|
$ |
21,368,092 |
|
$ |
20,268,664 |
|
$ |
19,277,142 |
|
|
|
|
|
|
|
Ratio of common equity to assets |
|
13.04 |
% |
|
12.97 |
% |
|
12.55 |
% |
|
13.31 |
% |
|
13.72 |
% |
Ratio of common equity to assets excluding PPP loans |
|
13.16 |
% |
|
13.22 |
% |
|
12.99 |
% |
|
13.87 |
% |
|
14.37 |
% |
Ratio of tangible common equity to tangible assets |
|
8.41 |
% |
|
8.36 |
% |
|
7.88 |
% |
|
8.45 |
% |
|
8.65 |
% |
Ratio of tangible common equity to tangible assets excluding PPP
loans |
|
8.49 |
% |
|
8.53 |
% |
|
8.18 |
% |
|
8.83 |
% |
|
9.09 |
% |
|
|
|
|
|
|
Calculation of Tangible Book Value per Share |
|
|
|
|
|
|
|
|
|
|
|
Total common stockholders' equity |
$ |
3,029,764 |
|
$ |
3,038,599 |
|
$ |
2,930,008 |
|
$ |
2,975,889 |
|
$ |
2,941,474 |
|
Intangible assets: |
|
|
|
|
|
Goodwill |
|
(1,075,305 |
) |
|
(1,075,305 |
) |
|
(1,075,305 |
) |
|
(1,075,305 |
) |
|
(1,075,305 |
) |
Other intangible assets |
|
(100,428 |
) |
|
(103,759 |
) |
|
(107,091 |
) |
|
(111,110 |
) |
|
(114,460 |
) |
Total intangibles |
|
(1,175,733 |
) |
|
(1,179,064 |
) |
|
(1,182,396 |
) |
|
(1,186,415 |
) |
|
(1,189,765 |
) |
Tangible common stockholders' equity |
$ |
1,854,031 |
|
$ |
1,859,535 |
|
$ |
1,747,612 |
|
$ |
1,789,474 |
|
$ |
1,751,709 |
|
Shares of common stock outstanding |
|
106,603,231 |
|
|
108,386,669 |
|
|
108,345,732 |
|
|
108,077,662 |
|
|
109,023,781 |
|
Book value per common share |
$ |
28.42 |
|
$ |
28.03 |
|
$ |
27.04 |
|
$ |
27.53 |
|
$ |
26.98 |
|
Tangible book value per common share |
$ |
17.39 |
|
$ |
17.16 |
|
$ |
16.13 |
|
$ |
16.56 |
|
$ |
16.07 |
|
|
|
|
|
|
|
Calculation of Regulatory Tier 1 Leverage Ratio Excluding
Average PPP Loans |
|
|
|
|
|
|
|
|
|
Total Tier 1 capital |
$ |
2,012,059 |
|
$ |
2,000,023 |
|
$ |
1,939,868 |
|
$ |
1,884,563 |
|
$ |
1,868,173 |
|
|
|
|
|
|
|
Adjusted average assets for leverage ratio |
$ |
22,199,822 |
|
$ |
22,244,118 |
|
$ |
21,668,406 |
|
$ |
20,765,127 |
|
$ |
20,652,454 |
|
Average PPP loans |
|
(359,828 |
) |
|
(707,296 |
) |
|
(891,070 |
) |
|
(937,544 |
) |
|
(967,152 |
) |
Adjusted average assets excluding average PPP loans |
$ |
21,839,994 |
|
$ |
21,536,822 |
|
$ |
20,777,336 |
|
$ |
19,827,583 |
|
$ |
19,685,302 |
|
|
|
|
|
|
|
Tier 1 leverage ratio |
|
9.06 |
% |
|
8.99 |
% |
|
8.95 |
% |
|
9.08 |
% |
|
9.05 |
% |
Tier 1 leverage ratio excluding average PPP loans |
|
9.21 |
% |
|
9.29 |
% |
|
9.34 |
% |
|
9.50 |
% |
|
9.49 |
% |
|
Simmons First National Corporation |
|
|
|
|
SFNC |
Reconciliation Of Non-GAAP Financial Measures -
Quarter-to-Date |
|
|
|
For the Quarters Ended |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
($ in thousands) |
|
|
|
|
|
Calculation of Core Return on Average Assets |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
80,561 |
|
$ |
74,911 |
|
$ |
67,407 |
|
$ |
52,955 |
|
$ |
65,885 |
|
Net non-core items, net of taxes, adjustment |
|
(1,211 |
) |
|
524 |
|
|
(3,412 |
) |
|
9,022 |
|
|
2,453 |
|
Core earnings |
$ |
79,350 |
|
$ |
75,435 |
|
$ |
63,995 |
|
$ |
61,977 |
|
$ |
68,338 |
|
|
|
|
|
|
|
Average total assets |
$ |
23,255,541 |
|
$ |
23,257,921 |
|
$ |
22,738,821 |
|
$ |
21,852,094 |
|
$ |
21,765,321 |
|
|
|
|
|
|
|
Return on average assets |
|
1.37 |
% |
|
1.29 |
% |
|
1.20 |
% |
|
0.96 |
% |
|
1.20 |
% |
Core return on average assets |
|
1.35 |
% |
|
1.30 |
% |
|
1.14 |
% |
|
1.13 |
% |
|
1.25 |
% |
|
|
|
|
|
|
Calculation of Return on Tangible Common
Equity |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
80,561 |
|
$ |
74,911 |
|
$ |
67,407 |
|
$ |
52,955 |
|
$ |
65,885 |
|
Amortization of intangibles, net of taxes |
|
2,460 |
|
|
2,462 |
|
|
2,470 |
|
|
2,475 |
|
|
2,483 |
|
Total income available to common stockholders |
$ |
83,021 |
|
$ |
77,373 |
|
$ |
69,877 |
|
$ |
55,430 |
|
$ |
68,368 |
|
|
|
|
|
|
|
Net non-core items, net of taxes |
|
(1,211 |
) |
|
524 |
|
|
(3,412 |
) |
|
9,022 |
|
|
2,453 |
|
Core earnings |
|
79,350 |
|
|
75,435 |
|
|
63,995 |
|
|
61,977 |
|
|
68,338 |
|
Amortization of intangibles, net of taxes |
|
2,460 |
|
|
2,462 |
|
|
2,470 |
|
|
2,475 |
|
|
2,483 |
|
Total core income available to common stockholders |
$ |
81,810 |
|
$ |
77,897 |
|
$ |
66,465 |
|
$ |
64,452 |
|
$ |
70,821 |
|
|
|
|
|
|
|
Average common stockholders' equity |
$ |
3,067,205 |
|
$ |
2,980,609 |
|
$ |
2,972,689 |
|
$ |
2,955,865 |
|
$ |
2,942,045 |
|
Average intangible assets: |
|
|
|
|
|
Goodwill |
|
(1,075,305 |
) |
|
(1,075,305 |
) |
|
(1,075,305 |
) |
|
(1,075,305 |
) |
|
(1,064,893 |
) |
Other intangibles |
|
(102,576 |
) |
|
(105,785 |
) |
|
(109,850 |
) |
|
(113,098 |
) |
|
(116,385 |
) |
Total average intangibles |
|
(1,177,881 |
) |
|
(1,181,090 |
) |
|
(1,185,155 |
) |
|
(1,188,403 |
) |
|
(1,181,278 |
) |
Average tangible common stockholders' equity |
$ |
1,889,324 |
|
$ |
1,799,519 |
|
$ |
1,787,534 |
|
$ |
1,767,462 |
|
$ |
1,760,767 |
|
|
|
|
|
|
|
Return on average common equity |
|
10.42 |
% |
|
10.08 |
% |
|
9.20 |
% |
|
7.13 |
% |
|
8.91 |
% |
Return on tangible common equity |
|
17.43 |
% |
|
17.25 |
% |
|
15.85 |
% |
|
12.48 |
% |
|
15.45 |
% |
Core return on average common equity |
|
10.26 |
% |
|
10.15 |
% |
|
8.73 |
% |
|
8.34 |
% |
|
9.24 |
% |
Core return on tangible common equity |
|
17.18 |
% |
|
17.36 |
% |
|
15.08 |
% |
|
14.51 |
% |
|
16.00 |
% |
|
|
|
|
|
|
Calculation of Efficiency Ratio
(1) |
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
$ |
114,333 |
|
$ |
114,657 |
|
$ |
113,002 |
|
$ |
125,840 |
|
$ |
116,577 |
|
Non-core non-interest expense adjustment |
|
1,879 |
|
|
(1,154 |
) |
|
(858 |
) |
|
(12,489 |
) |
|
(3,690 |
) |
Other real estate and foreclosure expense adjustment |
|
(339 |
) |
|
(863 |
) |
|
(343 |
) |
|
(545 |
) |
|
(600 |
) |
Amortization of intangibles adjustment |
|
(3,331 |
) |
|
(3,333 |
) |
|
(3,344 |
) |
|
(3,351 |
) |
|
(3,362 |
) |
Efficiency ratio numerator |
$ |
112,542 |
|
$ |
109,307 |
|
$ |
108,457 |
|
$ |
109,455 |
|
$ |
108,925 |
|
|
|
|
|
|
|
Net-interest income |
$ |
145,237 |
|
$ |
146,533 |
|
$ |
146,681 |
|
$ |
154,960 |
|
$ |
153,610 |
|
Non-interest income |
|
48,550 |
|
|
47,115 |
|
|
49,549 |
|
|
41,761 |
|
|
69,479 |
|
Non-core non-interest income adjustment |
|
239 |
|
|
(445 |
) |
|
(5,477 |
) |
|
(275 |
) |
|
(370 |
) |
Fully tax-equivalent adjustment (effective tax rate of
26.135%) |
|
4,941 |
|
|
4,548 |
|
|
4,163 |
|
|
3,482 |
|
|
2,864 |
|
Gain on sale of securities |
|
(5,248 |
) |
|
(5,127 |
) |
|
(5,471 |
) |
|
(16 |
) |
|
(22,305 |
) |
Efficiency ratio denominator |
$ |
193,719 |
|
$ |
192,624 |
|
$ |
189,445 |
|
$ |
199,912 |
|
$ |
203,278 |
|
|
|
|
|
|
|
Efficiency ratio (1) |
|
58.10 |
% |
|
56.75 |
% |
|
57.25 |
% |
|
54.75 |
% |
|
53.58 |
% |
|
|
|
|
|
|
(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 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
($ in thousands) |
|
|
|
|
|
Calculation of Core Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
145,237 |
|
$ |
146,533 |
|
$ |
146,681 |
|
$ |
154,960 |
|
$ |
153,610 |
|
Fully tax-equivalent adjustment (effective tax rate of
26.135%) |
|
4,941 |
|
|
4,548 |
|
|
4,163 |
|
|
3,482 |
|
|
2,864 |
|
Fully tax-equivalent net interest income |
|
150,178 |
|
|
151,081 |
|
|
150,844 |
|
|
158,442 |
|
|
156,474 |
|
|
|
|
|
|
|
Total accretable yield |
|
(4,122 |
) |
|
(5,619 |
) |
|
(6,630 |
) |
|
(8,999 |
) |
|
(8,948 |
) |
Core net interest income |
$ |
146,056 |
|
$ |
145,462 |
|
$ |
144,214 |
|
$ |
149,443 |
|
$ |
147,526 |
|
|
|
|
|
|
|
PPP loan and additional liquidity interest income |
|
(10,064 |
) |
|
(9,445 |
) |
|
(12,257 |
) |
$ |
(6,983 |
) |
$ |
(6,131 |
) |
Net interest income adjusted for PPP loans and liquidity |
$ |
140,114 |
|
$ |
141,636 |
|
$ |
138,587 |
|
$ |
151,459 |
|
$ |
150,343 |
|
|
|
|
|
|
|
Average earning assets |
$ |
20,901,992 |
|
$ |
20,959,642 |
|
$ |
20,484,908 |
|
$ |
19,573,651 |
|
$ |
19,415,314 |
|
Average PPP loan balance and additional liquidity |
|
(1,475,098 |
) |
|
(2,659,831 |
) |
|
(3,617,567 |
) |
$ |
(2,837,125 |
) |
$ |
(2,359,928 |
) |
Average earning assets adjusted for PPP loans and liquidity |
$ |
19,426,894 |
|
$ |
18,299,811 |
|
$ |
16,867,341 |
|
$ |
16,736,526 |
|
$ |
17,055,386 |
|
|
|
|
|
|
|
Net interest margin |
|
2.85 |
% |
|
2.89 |
% |
|
2.99 |
% |
|
3.22 |
% |
|
3.21 |
% |
Core net interest margin |
|
2.77 |
% |
|
2.78 |
% |
|
2.86 |
% |
|
3.04 |
% |
|
3.02 |
% |
Net interest margin adjusted for PPP loans and liquidity |
|
2.86 |
% |
|
3.10 |
% |
|
3.33 |
% |
|
3.60 |
% |
|
3.51 |
% |
|
|
|
|
|
|
Calculation of Core Loan Yield |
|
|
|
|
|
|
|
|
|
|
|
Loan interest income (FTE) |
$ |
132,399 |
|
$ |
138,987 |
|
$ |
146,601 |
|
$ |
160,306 |
|
$ |
163,379 |
|
Total accretable yield |
|
(4,122 |
) |
|
(5,619 |
) |
|
(6,630 |
) |
|
(8,999 |
) |
|
(8,948 |
) |
Core loan interest income |
$ |
128,277 |
|
$ |
133,368 |
|
$ |
139,971 |
|
$ |
151,307 |
|
$ |
154,431 |
|
PPP loan interest income |
|
(9,614 |
) |
|
(8,958 |
) |
|
(11,652 |
) |
$ |
(6,457 |
) |
$ |
(5,782 |
) |
Core loan interest income without PPP loans |
$ |
118,663 |
|
$ |
124,410 |
|
$ |
128,319 |
|
$ |
144,850 |
|
$ |
148,649 |
|
|
|
|
|
|
|
Average loan balance |
$ |
11,030,438 |
|
$ |
11,783,839 |
|
$ |
12,518,300 |
|
$ |
13,457,077 |
|
$ |
14,315,014 |
|
Average PPP loan balance |
|
(359,828 |
) |
|
(707,296 |
) |
|
(891,070 |
) |
$ |
(937,544 |
) |
$ |
(967,152 |
) |
Average loan balance without PPP loans |
$ |
10,670,610 |
|
$ |
11,076,543 |
|
$ |
11,627,230 |
|
$ |
12,519,533 |
|
$ |
13,347,862 |
|
|
|
|
|
|
|
Core loan yield |
|
4.61 |
% |
|
4.54 |
% |
|
4.53 |
% |
|
4.47 |
% |
|
4.29 |
% |
Core loan yield without PPP loans |
|
4.41 |
% |
|
4.51 |
% |
|
4.48 |
% |
|
4.60 |
% |
|
4.43 |
% |
|
|
|
|
|
|
Calculation of Adjusted Pre-Tax, Pre-Provision (PTPP)
Earnings |
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders |
$ |
80,561 |
|
$ |
74,911 |
|
$ |
67,407 |
|
$ |
52,955 |
|
$ |
65,885 |
|
Provision for income taxes |
|
18,770 |
|
|
17,018 |
|
|
14,363 |
|
|
10,970 |
|
|
17,633 |
|
Provision for credit losses (including provision for unfunded
commitments) |
|
(19,890 |
) |
|
(12,951 |
) |
|
1,445 |
|
|
6,943 |
|
|
22,981 |
|
(Gain) loss on sale of securities |
|
(5,248 |
) |
|
(5,127 |
) |
|
(5,471 |
) |
|
(16 |
) |
|
(22,305 |
) |
Net pre-tax non-core items |
|
(1,640 |
) |
|
709 |
|
|
(4,619 |
) |
|
12,214 |
|
|
3,320 |
|
Adjusted Pre-tax, pre-provision (PTPP) earnings |
$ |
72,553 |
|
$ |
74,560 |
|
$ |
73,125 |
|
$ |
83,066 |
|
$ |
87,514 |
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
SFNC |
Reconciliation Of Non-GAAP Financial Measures -
Year-to-Date |
|
|
|
For the Quarters Ended |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
($ in thousands) |
|
|
|
|
|
Calculation of Core Return on Average Assets |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
222,879 |
|
$ |
142,318 |
|
$ |
67,407 |
|
$ |
254,852 |
|
$ |
201,897 |
|
Net non-core items, net of taxes, adjustment |
|
(4,099 |
) |
|
(2,888 |
) |
|
(3,412 |
) |
|
9,448 |
|
|
426 |
|
Core earnings |
$ |
218,780 |
|
$ |
139,430 |
|
$ |
63,995 |
|
$ |
264,300 |
|
$ |
202,323 |
|
|
|
|
|
|
|
Average total assets |
$ |
23,085,987 |
|
$ |
22,999,805 |
|
$ |
22,738,821 |
|
$ |
21,590,745 |
|
$ |
21,503,564 |
|
|
|
|
|
|
|
Return on average assets |
|
1.29 |
% |
|
1.25 |
% |
|
1.20 |
% |
|
1.18 |
% |
|
1.25 |
% |
Core return on average assets |
|
1.27 |
% |
|
1.22 |
% |
|
1.14 |
% |
|
1.22 |
% |
|
1.26 |
% |
|
|
|
|
|
|
Calculation of Return on Tangible Common
Equity |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
222,879 |
|
$ |
142,318 |
|
$ |
67,407 |
|
$ |
254,852 |
|
$ |
201,897 |
|
Amortization of intangibles, net of taxes |
|
7,392 |
|
|
4,932 |
|
|
2,470 |
|
|
9,968 |
|
|
7,493 |
|
Total income available to common stockholders |
$ |
230,271 |
|
$ |
147,250 |
|
$ |
69,877 |
|
$ |
264,820 |
|
$ |
209,390 |
|
|
|
|
|
|
|
Net non-core items, net of taxes |
|
(4,099 |
) |
|
(2,888 |
) |
|
(3,412 |
) |
|
9,448 |
|
|
426 |
|
Core earnings |
|
218,780 |
|
|
139,430 |
|
|
63,995 |
|
|
264,300 |
|
|
202,323 |
|
Amortization of intangibles, net of taxes |
|
7,392 |
|
|
4,932 |
|
|
2,470 |
|
|
9,968 |
|
|
7,493 |
|
Total core income available to common stockholders |
$ |
226,172 |
|
$ |
144,362 |
|
$ |
66,465 |
|
$ |
274,268 |
|
$ |
209,816 |
|
|
|
|
|
|
|
Average common stockholders' equity |
$ |
3,007,181 |
|
$ |
2,976,671 |
|
$ |
2,972,689 |
|
$ |
2,921,039 |
|
$ |
2,910,366 |
|
Average intangible assets: |
|
|
|
|
|
Goodwill |
|
(1,075,305 |
) |
|
(1,075,305 |
) |
|
(1,075,305 |
) |
|
(1,065,190 |
) |
|
(1,061,793 |
) |
Other intangibles |
|
(106,043 |
) |
|
(107,806 |
) |
|
(109,850 |
) |
|
(118,812 |
) |
|
(120,731 |
) |
Total average intangibles |
|
(1,181,348 |
) |
|
(1,183,111 |
) |
|
(1,185,155 |
) |
|
(1,184,002 |
) |
|
(1,182,524 |
) |
Average tangible common stockholders' equity |
$ |
1,825,833 |
|
$ |
1,793,560 |
|
$ |
1,787,534 |
|
$ |
1,737,037 |
|
$ |
1,727,842 |
|
|
|
|
|
|
|
Return on average common equity |
|
9.91 |
% |
|
9.64 |
% |
|
9.20 |
% |
|
8.72 |
% |
|
9.27 |
% |
Return on tangible common equity |
|
16.86 |
% |
|
16.56 |
% |
|
15.85 |
% |
|
15.25 |
% |
|
16.19 |
% |
Core return on average common equity |
|
9.73 |
% |
|
9.45 |
% |
|
8.73 |
% |
|
9.05 |
% |
|
9.29 |
% |
Core return on tangible common equity |
|
16.56 |
% |
|
16.23 |
% |
|
15.08 |
% |
|
15.79 |
% |
|
16.22 |
% |
|
|
|
|
|
|
Calculation of Efficiency Ratio
(1) |
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
$ |
341,992 |
|
$ |
227,659 |
|
$ |
113,002 |
|
$ |
484,736 |
|
$ |
358,896 |
|
Non-core non-interest expense adjustment |
|
(133 |
) |
|
(2,012 |
) |
|
(858 |
) |
|
(21,529 |
) |
|
(9,040 |
) |
Other real estate and foreclosure expense adjustment |
|
(1,545 |
) |
|
(1,206 |
) |
|
(343 |
) |
|
(1,706 |
) |
|
(1,161 |
) |
Amortization of intangibles adjustment |
|
(10,008 |
) |
|
(6,677 |
) |
|
(3,344 |
) |
|
(13,495 |
) |
|
(10,144 |
) |
Efficiency ratio numerator |
$ |
330,306 |
|
$ |
217,764 |
|
$ |
108,457 |
|
$ |
448,006 |
|
$ |
338,551 |
|
|
|
|
|
|
|
Net-interest income |
$ |
438,451 |
|
$ |
293,214 |
|
$ |
146,681 |
|
$ |
639,734 |
|
$ |
484,774 |
|
Non-interest income |
|
145,214 |
|
|
96,664 |
|
|
49,549 |
|
|
239,769 |
|
|
198,008 |
|
Non-core non-interest income adjustment |
|
(5,683 |
) |
|
(5,922 |
) |
|
(5,477 |
) |
|
(8,738 |
) |
|
(8,463 |
) |
Fully tax-equivalent adjustment (effective tax rate of
26.135%) |
|
13,652 |
|
|
8,711 |
|
|
4,163 |
|
|
11,001 |
|
|
7,519 |
|
Gain on sale of securities |
|
(15,846 |
) |
|
(10,598 |
) |
|
(5,471 |
) |
|
(54,806 |
) |
|
(54,790 |
) |
Efficiency ratio denominator |
$ |
575,788 |
|
$ |
382,069 |
|
$ |
189,445 |
|
$ |
826,960 |
|
$ |
627,048 |
|
|
|
|
|
|
|
Efficiency ratio (1) |
|
57.37 |
% |
|
57.00 |
% |
|
57.25 |
% |
|
54.18 |
% |
|
53.99 |
% |
|
|
|
|
|
|
(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 |
Sep 30 |
Jun 30 |
Mar 31 |
Dec 31 |
Sep 30 |
(Unaudited) |
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
($ in thousands) |
|
|
|
|
|
Calculation of Core Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
438,451 |
|
$ |
293,214 |
|
$ |
146,681 |
|
$ |
639,734 |
|
$ |
484,774 |
|
Fully tax-equivalent adjustment (effective tax rate of
26.135%) |
|
13,652 |
|
|
8,711 |
|
|
4,163 |
|
|
11,001 |
|
|
7,519 |
|
Fully tax-equivalent net interest income |
|
452,103 |
|
|
301,925 |
|
|
150,844 |
|
|
650,735 |
|
|
492,293 |
|
|
|
|
|
|
|
Total accretable yield |
|
(16,371 |
) |
|
(12,249 |
) |
|
(6,630 |
) |
|
(41,507 |
) |
|
(32,508 |
) |
Core net interest income |
$ |
435,732 |
|
$ |
289,676 |
|
$ |
144,214 |
|
$ |
609,228 |
|
$ |
459,785 |
|
Average earning assets |
$ |
20,783,708 |
|
$ |
20,723,587 |
|
$ |
20,484,908 |
|
$ |
19,272,886 |
|
$ |
19,172,318 |
|
|
|
|
|
|
|
Net interest margin |
|
2.91 |
% |
|
2.94 |
% |
|
2.99 |
% |
|
3.38 |
% |
|
3.43 |
% |
Core net interest margin |
|
2.80 |
% |
|
2.82 |
% |
|
2.86 |
% |
|
3.16 |
% |
|
3.20 |
% |
|
|
|
|
|
|
Calculation of Core Loan Yield |
|
|
|
|
|
|
|
|
|
|
|
Loan interest income (FTE) |
$ |
417,987 |
|
$ |
285,588 |
|
$ |
146,601 |
|
$ |
688,600 |
|
$ |
528,294 |
|
Total accretable yield |
|
(16,371 |
) |
|
(12,249 |
) |
|
(6,630 |
) |
|
(41,507 |
) |
|
(32,508 |
) |
Core loan interest income |
$ |
401,616 |
|
$ |
273,339 |
|
$ |
139,971 |
|
$ |
647,093 |
|
$ |
495,786 |
|
Average loan balance |
$ |
11,772,077 |
|
$ |
12,149,041 |
|
$ |
12,518,300 |
|
$ |
14,260,689 |
|
$ |
14,530,938 |
|
|
|
|
|
|
|
Core loan yield |
|
4.56 |
% |
|
4.54 |
% |
|
4.53 |
% |
|
4.54 |
% |
|
4.56 |
% |
|
|
|
|
|
|
Calculation of Adjusted Pre-Tax, Pre-Provision (PTPP)
Earnings |
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders |
$ |
222,879 |
|
$ |
142,318 |
|
$ |
67,407 |
|
$ |
254,852 |
|
$ |
201,897 |
|
Provision for income taxes |
|
50,151 |
|
|
31,381 |
|
|
14,363 |
|
|
64,890 |
|
|
53,920 |
|
Provision for credit losses (including provision for unfunded
commitments) |
|
(31,396 |
) |
|
(11,506 |
) |
|
1,445 |
|
|
74,973 |
|
|
68,030 |
|
(Gain) loss on sale of securities |
|
(15,846 |
) |
|
(10,598 |
) |
|
(5,471 |
) |
|
(54,806 |
) |
|
(54,790 |
) |
Net pre-tax non-core items |
|
(5,550 |
) |
|
(3,910 |
) |
|
(4,619 |
) |
|
12,791 |
|
|
577 |
|
Adjusted Pre-tax, pre-provision (PTPP) earnings |
$ |
220,238 |
|
$ |
147,685 |
|
$ |
73,125 |
|
$ |
352,700 |
|
$ |
269,634 |
|
|
|
|
|
|
|
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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