Simmons First National Corporation (NASDAQ: SFNC) (the “Company” or
“Simmons”) today announced net income of $77.2 million for the
quarter ended March 31, 2020, compared to $47.7 million for the
same period in 2019, an increase of $29.5 million, or 61.9%.
Diluted earnings per share were $0.68, an increase of $0.17, or
33.3%, compared to the same period in the prior year. Included in
first quarter 2020 results were $965,000 in net after-tax
merger-related and branch right-sizing costs as well as a $4.4
million after-tax gain associated with the sale of branches in
south Texas.
Excluding the impact of these items, core
earnings were $73.8 million for the quarter ended March 31, 2020,
compared to $49.1 million for the quarter ended March 31, 2019, an
increase of $24.8 million, or 50.5%. Core diluted earnings per
share were $0.65, an increase of $0.12, or 22.6%, from the same
period in 2019.
“I am very proud of our team and their
demonstration of our community banking values during these trying
times,” said George A. Makris, Jr., chairman and CEO of Simmons
First National Corporation. “Many of our associates could not work
from home because they were serving our customers who needed our
help.”
Makris continued, “On behalf of Simmons Bank,
our customers, and the communities we serve, I would like to thank
our healthcare professionals and other front-line workers, along
with our federal, state and local officials, who have all responded
quickly and with great care to the challenges presented by the
pandemic. We believe we are well positioned to help our customers
and communities as we come out of these unprecedented times. We
have very strong liquidity and capital that we believe should
assist Simmons once again in weathering critical economic times.
The diversification in our risk profile along with a conservative
risk appetite has helped to accommodate the needs of the
communities we serve while providing value to our
shareholders.”
|
Selected Highlights: |
1st Qtr 2020 |
4th Qtr 2019 |
1st Qtr 2019 |
|
Net income |
$77.2 million |
$52.7 million |
$47.7 million |
|
Diluted earnings per share |
$0.68 |
$0.49 |
$0.51 |
|
Return on avg assets |
1.48% |
1.04% |
1.19% |
|
Return on avg common equity |
10.83% |
8.01% |
8.60% |
|
Return on tangible common equity (1) |
19.00% |
14.62% |
15.34% |
|
|
|
|
|
|
Core earnings (2) |
$73.8 million |
$71.1 million |
$49.1 million |
|
Core diluted earnings per share (2) |
$0.65 |
$0.66 |
$0.53 |
|
Core return on avg assets (2) |
1.42% |
1.41% |
1.22% |
|
Core return on avg common equity (2) |
10.35% |
10.80% |
8.85% |
|
Core return on tangible common equity (1)(2) |
18.19% |
19.49% |
15.76% |
|
|
|
|
|
|
Efficiency ratio (3) |
56.38% |
52.63% |
56.76% |
- Return on tangible common equity
excludes goodwill and other intangible assets and is a non-GAAP
measurement. Please see “Non-GAAP Financial Measures” and
“Reconciliation of Non-GAAP Financial Measures” below.
- Core figures exclude non-core items
and are non-GAAP measurements. Please see “Non-GAAP Financial
Measures” and “Reconciliation of Non-GAAP Financial Measures”
below.
- Efficiency ratio is noninterest
expense before foreclosed property expense, amortization of
intangibles as a percent of net interest income (fully taxable
equivalent) and non-interest revenues, excluding gains and losses
from securities transactions and non-core items, and is a non-GAAP
measurement. Please see “Non-GAAP Financial Measures” and
“Reconciliation of Non-GAAP Financial Measures” below.
Loans
|
($ in billions) |
1st Qtr 2020 |
4th Qtr 2019 |
1st Qtr 2019 |
|
Total loans |
$14.37 |
$14.43 |
$11.74 |
Total loans were $14.4 billion at March 31,
2020, an increase of $2.6 billion, or 22.4%, compared to March 31,
2019, primarily due to the Reliance Bancshares, Inc. and The
Landrum Company mergers completed during 2019 (“2019 mergers”). On
a linked-quarter basis (March 31, 2020 compared to December 31,
2019), total loans decreased $51.4 million, or 0.4%. During the
first quarter 2020, $115 million in loan balances were reclassified
associated with the four branches held for sale in Colorado.
Deposits
|
($ in billions) |
1st Qtr 2020 |
4th Qtr 2019 |
1st Qtr 2019 |
|
Total deposits |
$15.6 |
$16.1 |
$12.0 |
|
Non-time deposits |
$12.4 |
$12.8 |
$9.3 |
|
Time deposits |
$3.2 |
$3.3 |
$2.7 |
Total deposits were $15.6 billion at March 31,
2020, an increase of $3.6 billion, or 29.8%, since March 31, 2019,
primarily due to the 2019 mergers, but partially offset by the
reclassification of $58.4 million of deposits associated with the
Colorado branches held for sale.
Net Interest Income
|
|
1st Qtr 2020 |
4th Qtr 2019 |
3rd Qtr 2019 |
2nd Qtr 2019 |
1st Qtr 2019 |
|
Loan yield (1) |
5.19% |
5.43% |
5.47% |
5.58% |
5.53% |
|
Core loan yield (1) (2) |
4.86% |
5.00% |
5.19% |
5.26% |
5.29% |
|
Security yield (1) |
2.63% |
2.73% |
2.87% |
3.06% |
3.11% |
|
Cost of interest bearing deposits |
1.03% |
1.22% |
1.40% |
1.37% |
1.31% |
|
Cost of deposits (3) |
0.80% |
0.94% |
1.09% |
1.07% |
1.02% |
|
Cost of borrowed funds |
2.06% |
2.30% |
2.52% |
2.50% |
2.73% |
|
Net interest margin (1) |
3.68% |
3.78% |
3.82% |
3.94% |
3.86% |
|
Core net interest margin (1) (2) |
3.42% |
3.44% |
3.59% |
3.67% |
3.68% |
- Fully tax equivalent using an
effective tax rate of 26.135%.
- 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.
- Includes non-interest bearing
deposits.
The Company’s net interest income for the first
quarter of 2020 was $167.5 million, an increase of
$31.5 million, or 23.2%, from the same period of 2019 as a
result of the 2019 mergers. Included in interest income was the
yield accretion recognized on loans acquired of $11.8 million and
$6.7 million for the first quarters of 2020 and 2019,
respectively.
Net interest margin (FTE) was 3.68% for the
quarter ended March 31, 2020, while core net interest margin, which
excludes the accretion, was 3.42% for the same period. The decrease
in the net interest margin during the first quarter of 2020 was due
to a timing difference between the Company’s ability to manage the
rate decrease in its variable rate loan portfolio and its repricing
of interest bearing deposits in response to the substantial
interest rate cuts by the Federal Open Market Committee of the
Federal Reserve in March.
Non-Interest Income
Non-interest income for the first quarter of
2020 was $82.4 million, an increase of $47.6 million compared to
the same period in the previous year. During the first quarter
2020, the Company sold approximately $1.0 billion in securities
resulting in a gain of $30.1 million. In addition, the Company
recognized a $5.9 million gain associated with the sale of the
branches in south Texas recorded in Other Income, which the Company
considers a non-core item.
|
Selected Non-Interest Income Items($ in
millions) |
1st Qtr 2020 |
4th Qtr 2019 |
3rd Qtr 2019 |
2nd Qtr 2019 |
1st Qtr 2019 |
|
Service charges on deposit accounts |
$13.3 |
$13.3 |
$10.8 |
$10.6 |
$10.1 |
|
Mortgage lending income |
$5.0 |
$4.0 |
$4.5 |
$3.7 |
$2.8 |
|
SBA lending income |
$0.3 |
$0.3 |
$1.0 |
$0.9 |
$0.5 |
|
Debit and credit card fees |
$7.9 |
$8.9 |
$7.1 |
$7.2 |
$6.1 |
|
Gain on sale of securities |
$32.1 |
$0.4 |
$7.4 |
$2.8 |
$2.7 |
|
Other income |
$12.8 |
$7.1 |
$44.7 |
$6.1 |
$4.2 |
|
|
|
|
|
|
|
|
Core other income(1) |
$6.9 |
$7.1 |
$44.7 |
$6.1 |
$4.2 |
- 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.
Non-Interest Expense
Non-interest expense for the first quarter of
2020 was $125.8 million, an increase of $24.4 million compared to
the first quarter of 2019. Included in this quarter were $1.3
million of pre-tax non-core items for merger-related expenses and
branch right-sizing costs. Excluding these expenses, core
non-interest expense was $124.5 million for the first quarter of
2020, an increase of $25.0 million compared to the same period in
2019, primarily the result of the 2019 mergers and additional
software and technology costs related to the Next Generation
Banking (“NGB”) initiative.
The efficiency ratio for the first quarter of
2020 was 56.38% compared to 56.76% for the same period in 2019.
|
Selected Non-Interest Expense Items($ in
millions) |
1st Qtr 2020 |
4th Qtr 2019 |
3rd Qtr 2019 |
2nd Qtr 2019 |
1st Qtr 2019 |
|
Salaries and employee benefits |
$67.9 |
$63.2 |
$52.1 |
$56.1 |
$56.4 |
|
Merger related costs |
$1.1 |
$24.8 |
$2.6 |
$7.5 |
$1.5 |
|
Other operating expenses |
$38.8 |
$38.0 |
$37.9 |
$32.9 |
$30.1 |
|
|
|
|
|
|
|
|
Core salaries and employee benefits(1) |
$67.9 |
$63.2 |
$51.9 |
$53.2 |
$56.0 |
|
Core merger related costs(1) |
- |
- |
- |
- |
- |
|
Core other operating expenses(1) |
$38.6 |
$38.0 |
$37.8 |
$30.0 |
$30.1 |
- Core figures exclude non-core items
and are non-GAAP measurements. Please see “Non-GAAP Financial
Measures” and “Reconciliation of Non-GAAP Financial Measures”
below.
Asset Quality
|
|
1st Qtr 2020 |
4th Qtr 2019 |
3rd Qtr 2019 |
2nd Qtr 2019 |
1st Qtr 2019 |
|
Allowance for credit losses to total loans |
1.69% |
0.47% |
0.51% |
0.49% |
0.52% |
|
Allowance for credit losses to non-performing loans |
154% |
74% |
78% |
60% |
63% |
|
Non-performing loans to total loans |
1.10% |
0.64% |
0.65% |
0.81% |
0.81% |
|
Net charge-off ratio (annualized) |
0.07% |
0.09% |
0.59% |
0.11% |
0.19% |
|
Net charge-off ratio YTD (annualized) |
0.07% |
0.24% |
0.30% |
0.15% |
0.19% |
At March 31, 2020, the allowance for credit
losses was $243.2 million. Provision for credit losses for the
first quarter of 2020 was $26.1 million.
Foreclosed Assets and Other Real Estate
Owned
At March 31, 2020, foreclosed assets and other
real estate owned were $20.8 million, an increase of $1.9 million,
or 9.8%, compared to the same period in 2019 and an increase of
$1.7 million, or 8.8% from December 31, 2019. The increase from
year end was primarily due the closure of six branches in
conjunction with the February 2020 system conversion of Landmark
Bank into Simmons Bank. The composition of these assets is divided
into three
types:
|
($ in millions) |
1st Qtr 2020 |
4th Qtr 2019 |
3rd Qtr 2019 |
2nd Qtr 2019 |
1st Qtr 2019 |
|
Closed bank branches, branch sites & associate relocation |
$8.8 |
$5.7 |
$5.9 |
$6.5 |
$7.6 |
|
Foreclosed assets – acquired |
$9.2 |
$10.3 |
$10.1 |
$13.3 |
$6.2 |
|
Foreclosed assets – legacy |
$2.8 |
$3.1 |
$3.6 |
$5.0 |
$5.2 |
Capital
|
|
1st Qtr 2020 |
4th Qtr 2019 |
3rd Qtr 2019 |
2nd Qtr 2019 |
1st Qtr 2019 |
|
Stockholders’ equity to total assets |
13.7% |
14.1% |
14.3% |
13.8% |
14.3% |
|
Tangible common equity to tangible assets |
8.4% |
9.0% |
9.1% |
8.5% |
9.0% |
|
Regulatory tier 1 leverage ratio |
9.0% |
9.6% |
9.1% |
8.9% |
9.1% |
|
Regulatory total risk-based capital ratio |
14.1% |
13.7% |
13.2% |
12.7% |
13.6% |
At March 31, 2020, common stockholders' equity
was $2.8 billion. Book value per share was $26.11 and tangible book
value per share was $15.22 at March 31, 2020, compared to $26.30
and $15.89, respectively, at December 31, 2019. The ratio of
stockholders’ equity to total assets was 13.7% at March 31, 2020,
compared to 14.1% at December 31, 2019 while the tangible common
equity to tangible assets was 8.4% at March 31, 2020, compared to
9.0% from the previous year-end.
Effective March 4, 2020, the Company’s board of
directors approved an amendment to the Company’s stock repurchase
program originally approved on October 17, 2019 to increase the
amount of common stock that may be repurchased under the program
from a maximum of $60 million to $180 million. During the
first quarter of 2020, the Company repurchased approximately
4,900,000 shares of its commons stock at an average price of
$18.94. No shares have been repurchased since March 31, 2020.
Market conditions and our capital needs will drive the decisions
regarding additional, future stock repurchases.
Current Expected Credit Losses
(“CECL”)
In 2016, new accounting guidance was issued that
introduced a new credit loss methodology, the CECL methodology,
which requires earlier recognition of credit losses, while also
providing additional transparency about credit risk.
The CECL methodology replaces the current
incurred loss methodology with a lifetime “expected credit loss”
measurement objective for loans, held-to-maturity debt securities
and other receivables measured at amortized cost at the time the
financial asset is originated or acquired. This standard requires
the consideration of historical loss experience and current
conditions adjusted for reasonable and supportable economic
forecasts. The Company has elected to utilize a blended
macroeconomic scenario using a one-year forecast horizon with a
subsequent reversion to historical loss experience. Within the life
cycle of a loan or other financial asset, this new guidance will
generally result in the earlier recognition of the provision for
credit losses and the related allowance for credit losses than
previous practice. The CECL guidance was effective for the Company
as of January 1, 2020. Upon adoption, the Company recorded an
additional allowance for credit losses of approximately $151
million and an adjustment to the reserve for unfunded commitments
of $24 million with a related $128 million as an adjustment to
retained earnings, net of income taxes. The adjustment was based
upon the Company’s analysis of current conditions, assumptions and
economic forecasts.
COVID-19 Impact
In March 2020, Congress passed the Coronavirus
Aid, Relief and Economic Security (“CARES”) Act, which is designed
to provide comprehensive relief to individuals and businesses
following the unprecedented impact of the COVID-19 pandemic. The
CARES Act includes approximately $2 trillion in assistance and a
key component is the Paycheck Protection Program (“PPP”), which
provides 100% federally guaranteed loans for small businesses to
cover up to eight weeks of payroll costs to retain their workforce
and assist with mortgage interest, rent and utilities. Notably,
these small business loans may be forgiven if borrowers maintain
their payrolls and satisfy certain other conditions during the
crisis.
In response to the economic hardships associated
with the COVID-19 pandemic, as of April 16th, the Company has
obtained approval from the SBA for over 3,100 PPP loans totaling
over $745 million for existing and new customers. The Company is
continually monitoring the PPP and making the necessary adjustments
to its own operations.
In addition, the Company has completed or is in
the process of modifying more than 3,600 loans totaling over $2.8
billion. The Company is dedicated to supporting its customers and
communities throughout this period of uncertainty.
In March and in response to the pandemic, the
Company announced temporary closure of 52 branches and has been
focusing on the enhanced digital banking experience.
The Company has implemented business continuity
plans to help ensure that customers have adequate access to banking
services while at the same time working to protect associates
through heightened safety procedures. As of March 31, 2020, the
Company has approximately $4.7 billion in liquidity sources
available and is well capitalized, which management believes should
allow the Company to approach the crisis from a position of
strength.
Simmons First National
Corporation
Simmons First National Corporation is a
financial holding company headquartered in Pine Bluff, Arkansas,
with total consolidated assets of approximately $20.8 billion as of
March 31, 2020, conducting financial operations in Arkansas,
Colorado, Illinois, Kansas, Missouri, Oklahoma, Tennessee and
Texas. The Company, through its subsidiaries, offers comprehensive
financial solutions delivered with a client-centric approach. The
Company’s common stock trades on the NASDAQ Market under the symbol
“SFNC.”
Conference Call
Management will conduct a live conference call
to review this information beginning at 9:00 a.m. CDT today,
Tuesday, April 21, 2020. 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 5979394. In addition, the call
will be available live or in recorded version on the Company’s
website at www.simmonsbank.com.
Non-GAAP Financial Measures
This press release contains financial
information determined by methods other than in accordance with
generally accepted accounting principles (GAAP). The Company’s
management uses these non-GAAP financial measures in their analysis
of the Company’s performance. These measures 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 certain
expenses related to significant non-core activities, including
merger-related expenses, gain on sale of branches and branch
right-sizing expenses. In addition, the Company also presents
certain figures based on tangible common stockholders’ equity and
tangible book value, which exclude goodwill and other intangible
assets. The Company’s management believes that these non-GAAP
financial measures are useful to investors because they 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 normalizing 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. 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 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, revenue,
assets, asset quality, profitability, net interest margin,
non-interest revenue, share repurchase program, acquisition
strategy, NGB initiative, the Company’s ability to recruit and
retain key employees, the adequacy of the allowance for credit
losses, and the ability of the Company to manage the impact of the
COVID-19 pandemic. 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 effects of the COVID-19
pandemic on, among other things, the Company’s operations,
liquidity, and credit quality; general economic and market
conditions; unemployment; potential 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 CARES Act); changes in
accounting principles relating to loan loss recognition (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; 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 its Form 10-K for the
year ended December 31, 2019, which has been filed with, and is
available from, the U.S. Securities and Exchange Commission.
FOR MORE INFORMATION CONTACT:Stephen C. MassanelliEVP, Chief
Administrative Officer and Investor Relations OfficerSimmons First
National Corporationsteve.massanelli@simmonsbank.com
| |
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
SFNC |
|
Consolidated End of Period Balance Sheets |
|
|
|
|
|
| For
the Quarters Ended |
Mar
31 |
Dec
31 |
Sep
30 |
Jun
30 |
Mar
31 |
|
(Unaudited) |
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
| ($
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and
non-interest bearing balances due from banks |
$ |
244,123 |
|
$ |
277,208 |
|
$ |
161,440 |
|
$ |
145,491 |
|
$ |
151,112 |
|
| Interest
bearing balances due from banks and federal funds sold |
|
1,493,076 |
|
|
719,415 |
|
|
368,530 |
|
|
509,765 |
|
|
340,049 |
|
|
Cash and cash equivalents |
|
1,737,199 |
|
|
996,623 |
|
|
529,970 |
|
|
655,256 |
|
|
491,161 |
|
| Interest
bearing balances due from banks - time |
|
4,309 |
|
|
4,554 |
|
|
5,041 |
|
|
5,041 |
|
|
4,684 |
|
| Investment
securities - held-to-maturity |
|
53,968 |
|
|
40,927 |
|
|
42,237 |
|
|
47,455 |
|
|
61,435 |
|
| Investment
securities - available-for-sale |
|
2,466,640 |
|
|
3,288,343 |
|
|
2,210,931 |
|
|
2,191,573 |
|
|
2,092,637 |
|
| Mortgage
loans held for sale |
|
49,984 |
|
|
58,102 |
|
|
50,099 |
|
|
34,999 |
|
|
18,480 |
|
| Other assets
held for sale |
|
115,315 |
|
|
260,332 |
|
|
383 |
|
|
397 |
|
|
397 |
|
| Loans: |
|
|
|
|
|
|
Loans |
|
14,374,277 |
|
|
14,425,704 |
|
|
13,003,549 |
|
|
13,128,125 |
|
|
11,742,049 |
|
|
Allowance for credit losses on loans |
|
(243,195 |
) |
|
(68,244 |
) |
|
(66,590 |
) |
|
(64,179 |
) |
|
(60,555 |
) |
|
Net loans |
|
14,131,082 |
|
|
14,357,460 |
|
|
12,936,959 |
|
|
13,063,946 |
|
|
11,681,494 |
|
| Premises and
equipment |
|
484,990 |
|
|
492,384 |
|
|
378,678 |
|
|
370,551 |
|
|
333,740 |
|
| Foreclosed
assets and other real estate owned |
|
20,805 |
|
|
19,121 |
|
|
19,576 |
|
|
24,761 |
|
|
18,952 |
|
| Interest
receivable |
|
57,039 |
|
|
62,707 |
|
|
53,966 |
|
|
54,781 |
|
|
51,796 |
|
| Bank owned
life insurance |
|
255,197 |
|
|
254,152 |
|
|
234,655 |
|
|
233,345 |
|
|
192,736 |
|
|
Goodwill |
|
1,064,978 |
|
|
1,055,520 |
|
|
926,648 |
|
|
926,450 |
|
|
845,687 |
|
| Other
intangible assets |
|
121,673 |
|
|
127,340 |
|
|
101,149 |
|
|
104,096 |
|
|
88,694 |
|
| Other
assets |
|
278,173 |
|
|
241,578 |
|
|
268,219 |
|
|
224,784 |
|
|
209,746 |
|
|
Total assets |
$ |
20,841,352 |
|
$ |
21,259,143 |
|
$ |
17,758,511 |
|
$ |
17,937,435 |
|
$ |
16,091,639 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing transaction accounts |
$ |
3,572,244 |
|
$ |
3,741,093 |
|
$ |
3,044,330 |
|
$ |
2,954,032 |
|
$ |
2,674,034 |
|
|
Interest bearing transaction accounts and savings deposits |
|
8,840,678 |
|
|
9,090,878 |
|
|
7,337,571 |
|
|
7,258,005 |
|
|
6,666,823 |
|
|
Time deposits |
|
3,146,811 |
|
|
3,276,969 |
|
|
3,086,108 |
|
|
3,304,176 |
|
|
2,648,674 |
|
|
Total deposits |
|
15,559,733 |
|
|
16,108,940 |
|
|
13,468,009 |
|
|
13,516,213 |
|
|
11,989,531 |
|
| Federal
funds purchased and securities sold |
|
|
|
|
|
|
under agreements to repurchase |
|
377,859 |
|
|
150,145 |
|
|
116,536 |
|
|
130,470 |
|
|
120,213 |
|
| Other
borrowings |
|
1,396,829 |
|
|
1,297,599 |
|
|
1,098,395 |
|
|
1,324,094 |
|
|
1,169,989 |
|
| Subordinated
notes and debentures |
|
388,396 |
|
|
388,260 |
|
|
354,223 |
|
|
354,132 |
|
|
354,041 |
|
| Other
liabilities held for sale |
|
58,405 |
|
|
159,853 |
|
|
- |
|
|
162 |
|
|
162 |
|
| Accrued
interest and other liabilities |
|
214,730 |
|
|
165,422 |
|
|
174,277 |
|
|
142,851 |
|
|
155,382 |
|
|
Total liabilities |
|
17,995,952 |
|
|
18,270,219 |
|
|
15,211,440 |
|
|
15,467,922 |
|
|
13,789,318 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock |
|
767 |
|
|
767 |
|
|
- |
|
|
- |
|
|
- |
|
|
Common stock |
|
1,090 |
|
|
1,136 |
|
|
966 |
|
|
966 |
|
|
926 |
|
|
Surplus |
|
2,026,420 |
|
|
2,117,282 |
|
|
1,708,058 |
|
|
1,705,262 |
|
|
1,599,566 |
|
|
Undivided profits |
|
778,893 |
|
|
848,848 |
|
|
814,338 |
|
|
747,969 |
|
|
707,829 |
|
|
Accumulated other comprehensive income (loss): |
|
|
|
|
|
|
Unrealized accretion (depreciation) on AFS securities |
|
38,230 |
|
|
20,891 |
|
|
23,709 |
|
|
15,316 |
|
|
(6,000 |
) |
|
Total stockholders' equity |
|
2,845,400 |
|
|
2,988,924 |
|
|
2,547,071 |
|
|
2,469,513 |
|
|
2,302,321 |
|
|
Total liabilities and stockholders' equity |
$ |
20,841,352 |
|
$ |
21,259,143 |
|
$ |
17,758,511 |
|
$ |
17,937,435 |
|
$ |
16,091,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
SFNC |
|
|
Consolidated Statements of Income -
Quarter-to-Date |
|
|
|
|
|
| For
the Quarters Ended |
Mar
31 |
Dec
31 |
Sep
30 |
Jun
30 |
Mar
31 |
|
(Unaudited) |
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
| ($
in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
187,566 |
|
$ |
193,402 |
|
$ |
179,971 |
|
$ |
178,122 |
|
$ |
159,440 |
|
|
Interest bearing balances due from banks and federal funds
sold |
|
2,441 |
|
|
2,625 |
|
|
1,586 |
|
|
1,121 |
|
|
2,154 |
|
|
Investment securities |
|
18,943 |
|
|
16,962 |
|
|
14,467 |
|
|
15,666 |
|
|
16,281 |
|
|
Mortgage loans held for sale |
|
281 |
|
|
402 |
|
|
382 |
|
|
332 |
|
|
210 |
|
|
TOTAL INTEREST INCOME |
|
209,231 |
|
|
213,391 |
|
|
196,406 |
|
|
195,241 |
|
|
178,085 |
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits |
|
13,323 |
|
|
16,198 |
|
|
15,573 |
|
|
14,606 |
|
|
12,320 |
|
|
Other deposits |
|
17,954 |
|
|
20,331 |
|
|
21,363 |
|
|
20,190 |
|
|
18,430 |
|
|
Federal funds purchased and securities |
|
|
|
|
|
|
|
sold under agreements to repurchase |
|
759 |
|
|
368 |
|
|
249 |
|
|
257 |
|
|
136 |
|
|
Other borrowings |
|
4,877 |
|
|
4,615 |
|
|
5,381 |
|
|
6,219 |
|
|
6,793 |
|
|
Subordinated notes and debentures |
|
4,835 |
|
|
4,813 |
|
|
4,576 |
|
|
4,541 |
|
|
4,411 |
|
|
TOTAL INTEREST EXPENSE |
|
41,748 |
|
|
46,325 |
|
|
47,142 |
|
|
45,813 |
|
|
42,090 |
|
| NET
INTEREST INCOME |
|
167,483 |
|
|
167,066 |
|
|
149,264 |
|
|
149,428 |
|
|
135,995 |
|
|
Provision for credit losses |
|
26,134 |
|
|
4,903 |
|
|
21,973 |
|
|
7,079 |
|
|
9,285 |
|
| NET
INTEREST INCOME AFTER PROVISION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR CREDIT LOSSES |
|
141,349 |
|
|
162,163 |
|
|
127,291 |
|
|
142,349 |
|
|
126,710 |
|
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust income |
|
7,151 |
|
|
7,430 |
|
|
6,108 |
|
|
5,794 |
|
|
5,708 |
|
|
Service charges on deposit accounts |
|
13,328 |
|
|
13,332 |
|
|
10,825 |
|
|
10,557 |
|
|
10,068 |
|
|
Other service charges and fees |
|
1,588 |
|
|
1,915 |
|
|
1,308 |
|
|
1,312 |
|
|
1,289 |
|
|
Mortgage lending income |
|
5,046 |
|
|
4,029 |
|
|
4,509 |
|
|
3,656 |
|
|
2,823 |
|
|
SBA lending income |
|
296 |
|
|
321 |
|
|
956 |
|
|
895 |
|
|
497 |
|
|
Investment banking income |
|
877 |
|
|
822 |
|
|
513 |
|
|
360 |
|
|
618 |
|
|
Debit and credit card fees |
|
7,914 |
|
|
8,920 |
|
|
7,059 |
|
|
7,212 |
|
|
6,098 |
|
|
Bank owned life insurance income |
|
1,298 |
|
|
1,411 |
|
|
1,302 |
|
|
1,260 |
|
|
795 |
|
|
Gain on sale of securities, net |
|
32,095 |
|
|
377 |
|
|
7,374 |
|
|
2,823 |
|
|
2,740 |
|
|
Other income |
|
12,801 |
|
|
7,073 |
|
|
44,721 |
|
|
6,065 |
|
|
4,156 |
|
|
TOTAL NON-INTEREST INCOME |
|
82,394 |
|
|
45,630 |
|
|
84,675 |
|
|
39,934 |
|
|
34,792 |
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
67,924 |
|
|
63,235 |
|
|
52,065 |
|
|
56,128 |
|
|
56,367 |
|
|
Occupancy expense, net |
|
9,510 |
|
|
9,272 |
|
|
8,342 |
|
|
6,919 |
|
|
7,475 |
|
|
Furniture and equipment expense |
|
5,723 |
|
|
5,758 |
|
|
4,898 |
|
|
4,206 |
|
|
3,358 |
|
|
Other real estate and foreclosure expense |
|
325 |
|
|
1,089 |
|
|
1,125 |
|
|
591 |
|
|
637 |
|
|
Deposit insurance |
|
2,475 |
|
|
(134 |
) |
|
- |
|
|
2,510 |
|
|
2,040 |
|
|
Merger-related costs |
|
1,068 |
|
|
24,831 |
|
|
2,556 |
|
|
7,522 |
|
|
1,470 |
|
|
Other operating expenses |
|
38,788 |
|
|
38,044 |
|
|
37,879 |
|
|
32,867 |
|
|
30,062 |
|
|
TOTAL NON-INTEREST EXPENSE |
|
125,813 |
|
|
142,095 |
|
|
106,865 |
|
|
110,743 |
|
|
101,409 |
|
| NET
INCOME BEFORE INCOME TAXES |
|
97,930 |
|
|
65,698 |
|
|
105,101 |
|
|
71,540 |
|
|
60,093 |
|
|
Provision for income taxes |
|
20,694 |
|
|
12,976 |
|
|
23,275 |
|
|
15,616 |
|
|
12,398 |
|
| NET
INCOME |
|
77,236 |
|
|
52,722 |
|
|
81,826 |
|
|
55,924 |
|
|
47,695 |
|
|
Preferred stock dividends |
|
13 |
|
|
13 |
|
|
- |
|
|
326 |
|
|
- |
|
| NET
INCOME AVAILABLE TO COMMON STOCKHOLDERS |
$ |
77,223 |
|
$ |
52,709 |
|
$ |
81,826 |
|
$ |
55,598 |
|
$ |
47,695 |
|
|
BASIC EARNINGS PER SHARE |
$ |
0.68 |
|
$ |
0.49 |
|
$ |
0.85 |
|
$ |
0.58 |
|
$ |
0.52 |
|
|
DILUTED EARNINGS PER SHARE |
$ |
0.68 |
|
$ |
0.49 |
|
$ |
0.84 |
|
$ |
0.58 |
|
$ |
0.51 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
SFNC |
|
Consolidated Risk-Based Capital |
|
|
|
|
|
| For
the Quarters Ended |
Mar
31 |
Dec
31 |
Sep
30 |
Jun
30 |
Mar
31 |
|
(Unaudited) |
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
| ($
in thousands) |
|
|
|
|
|
| Tier
1 capital |
|
|
|
|
|
|
Stockholders' equity |
$ |
2,845,400 |
|
$ |
2,988,924 |
|
$ |
2,547,071 |
|
$ |
2,469,513 |
|
$ |
2,302,321 |
|
|
CECL transition provision (1) |
|
134,558 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Disallowed intangible assets, net of deferred tax |
|
(1,164,038 |
) |
|
(1,160,079 |
) |
|
(1,013,309 |
) |
|
(1,001,676 |
) |
|
(910,122 |
) |
|
Unrealized (gain) loss on AFS securities |
|
(38,230 |
) |
|
(20,891 |
) |
|
(23,709 |
) |
|
(15,316 |
) |
|
6,000 |
|
|
Total Tier 1 capital |
|
1,777,690 |
|
|
1,807,954 |
|
|
1,510,053 |
|
|
1,452,521 |
|
|
1,398,199 |
|
| |
|
|
|
|
|
| Tier
2 capital |
|
|
|
|
|
|
Trust preferred securities and subordinated debt |
|
388,396 |
|
|
388,260 |
|
|
354,223 |
|
|
354,132 |
|
|
354,041 |
|
|
Qualifying allowance for loan losses and |
|
|
|
|
|
|
reserve for unfunded commitments |
|
96,015 |
|
|
76,644 |
|
|
74,455 |
|
|
72,044 |
|
|
67,771 |
|
|
Total Tier 2 capital |
|
484,411 |
|
|
464,904 |
|
|
428,678 |
|
|
426,176 |
|
|
421,812 |
|
|
Total risk-based capital |
$ |
2,262,101 |
|
$ |
2,272,858 |
|
$ |
1,938,731 |
|
$ |
1,878,697 |
|
$ |
1,820,011 |
|
| |
|
|
|
|
|
| Risk
weighted assets |
$ |
16,012,233 |
|
$ |
16,554,081 |
|
$ |
14,725,571 |
|
$ |
14,825,253 |
|
$ |
13,364,636 |
|
| |
|
|
|
|
|
| Adjusted
average assets for leverage ratio |
$ |
19,832,219 |
|
$ |
18,852,798 |
|
$ |
16,681,527 |
|
$ |
16,382,520 |
|
$ |
15,423,961 |
|
| |
|
|
|
|
|
|
Ratios at end of quarter |
|
|
|
|
|
|
Equity to assets |
|
13.65 |
% |
|
14.06 |
% |
|
14.34 |
% |
|
13.77 |
% |
|
14.31 |
% |
|
Tangible common equity to tangible assets (2) |
|
8.44 |
% |
|
8.99 |
% |
|
9.08 |
% |
|
8.51 |
% |
|
9.02 |
% |
|
Common equity Tier 1 ratio (CET1) |
|
11.10 |
% |
|
10.92 |
% |
|
10.25 |
% |
|
9.80 |
% |
|
10.46 |
% |
|
Tier 1 leverage ratio |
|
8.96 |
% |
|
9.59 |
% |
|
9.05 |
% |
|
8.87 |
% |
|
9.07 |
% |
|
Tier 1 risk-based capital ratio |
|
11.10 |
% |
|
10.92 |
% |
|
10.25 |
% |
|
9.80 |
% |
|
10.46 |
% |
|
Total risk-based capital ratio |
|
14.13 |
% |
|
13.73 |
% |
|
13.17 |
% |
|
12.67 |
% |
|
13.62 |
% |
| |
|
|
|
|
|
| (1) The Company has
elected to use the CECL transition provision allowed for in the
year of adopting ASC 326. |
| (2) Calculations of
tangible common equity to tangible assets and the reconciliations
to GAAP are included in the schedules accompanying this
release. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
SFNC |
|
|
Consolidated Investment Securities |
|
|
|
|
|
|
| For
the Quarters Ended |
Mar
31 |
Dec
31 |
Sep
30 |
Jun
30 |
Mar
31 |
|
(Unaudited) |
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
| ($
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities - End of Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
999 |
|
$ |
12,996 |
|
|
Mortgage-backed securities |
|
27,121 |
|
|
10,796 |
|
|
11,549 |
|
|
12,225 |
|
|
12,847 |
|
|
State and political subdivisions |
|
26,082 |
|
|
27,082 |
|
|
28,692 |
|
|
32,236 |
|
|
33,597 |
|
|
Other securities |
|
765 |
|
|
3,049 |
|
|
1,996 |
|
|
1,995 |
|
|
1,995 |
|
|
Total held-to-maturity (net of credit losses) |
|
53,968 |
|
|
40,927 |
|
|
42,237 |
|
|
47,455 |
|
|
61,435 |
|
|
Available-for-Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies |
$ |
161,289 |
|
$ |
194,249 |
|
$ |
178,139 |
|
$ |
197,656 |
|
$ |
161,577 |
|
|
Mortgage-backed securities |
|
1,179,837 |
|
|
1,742,945 |
|
|
1,337,794 |
|
|
1,345,760 |
|
|
1,345,677 |
|
|
State and political subdivisions |
|
678,338 |
|
|
880,524 |
|
|
681,202 |
|
|
636,558 |
|
|
580,790 |
|
|
Other securities |
|
22,187 |
|
|
20,896 |
|
|
13,796 |
|
|
11,599 |
|
|
4,593 |
|
|
Total available-for-sale (net of credit losses) |
|
2,466,640 |
|
|
3,288,343 |
|
|
2,210,931 |
|
|
2,191,573 |
|
|
2,092,637 |
|
|
Total investment securities (net of credit losses) |
$ |
2,520,608 |
|
$ |
3,329,270 |
|
$ |
2,253,168 |
|
$ |
2,239,028 |
|
$ |
2,154,072 |
|
|
Fair value - HTM investment securities |
$ |
56,123 |
|
$ |
41,855 |
|
$ |
43,302 |
|
$ |
48,640 |
|
$ |
61,956 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities - QTD Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
$ |
2,324,188 |
|
$ |
1,940,755 |
|
$ |
1,561,308 |
|
$ |
1,641,986 |
|
$ |
1,725,568 |
|
|
Tax exempt securities |
|
900,223 |
|
|
825,000 |
|
|
681,505 |
|
|
624,898 |
|
|
590,941 |
|
|
Total investment securities - QTD average |
$ |
3,224,411 |
|
$ |
2,765,755 |
|
$ |
2,242,813 |
|
$ |
2,266,884 |
|
$ |
2,316,509 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
SFNC |
|
Consolidated Allowance and Asset Quality |
|
|
|
|
|
| For
the Quarters Ended |
Mar
31 |
Dec
31 |
Sep
30 |
Jun
30 |
Mar
31 |
|
(Unaudited) |
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
| ($
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Credit Losses on Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance, prior to adoption of ASC 326 |
$ |
68,244 |
|
$ |
66,590 |
|
$ |
64,179 |
|
$ |
60,555 |
|
$ |
56,694 |
|
|
Impact of adopting ASC 326 (1) |
$ |
151,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance, after adoption of ASC 326 |
$ |
219,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans charged off |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
|
1,441 |
|
|
1,287 |
|
|
1,117 |
|
|
1,039 |
|
|
1,142 |
|
|
Other consumer |
|
1,379 |
|
|
1,425 |
|
|
1,065 |
|
|
964 |
|
|
1,553 |
|
|
Real estate |
|
396 |
|
|
892 |
|
|
1,367 |
|
|
1,216 |
|
|
417 |
|
|
Commercial |
|
523 |
|
|
459 |
|
|
17,778 |
|
|
1,963 |
|
|
3,152 |
|
|
Total loans charged off |
|
3,739 |
|
|
4,063 |
|
|
21,327 |
|
|
5,182 |
|
|
6,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries of loans previously charged off |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
|
225 |
|
|
287 |
|
|
223 |
|
|
271 |
|
|
240 |
|
|
Other consumer |
|
443 |
|
|
304 |
|
|
1,422 |
|
|
331 |
|
|
300 |
|
|
Real estate |
|
101 |
|
|
146 |
|
|
55 |
|
|
158 |
|
|
142 |
|
|
Commercial |
|
347 |
|
|
77 |
|
|
65 |
|
|
967 |
|
|
158 |
|
|
Total recoveries |
|
1,116 |
|
|
814 |
|
|
1,765 |
|
|
1,727 |
|
|
840 |
|
|
Net loans charged off |
|
2,623 |
|
|
3,249 |
|
|
19,562 |
|
|
3,455 |
|
|
5,424 |
|
|
Provision for credit losses on loans |
|
26,197 |
|
|
4,903 |
|
|
21,973 |
|
|
7,079 |
|
|
9,285 |
|
|
Balance, end of quarter |
$ |
243,195 |
|
$ |
68,244 |
|
$ |
66,590 |
|
$ |
64,179 |
|
$ |
60,555 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
156,746 |
|
$ |
91,723 |
|
$ |
84,660 |
|
$ |
106,670 |
|
$ |
95,286 |
|
|
Loans past due 90 days or more |
|
1,305 |
|
|
855 |
|
|
177 |
|
|
277 |
|
|
305 |
|
|
Total non-performing loans |
|
158,051 |
|
|
92,578 |
|
|
84,837 |
|
|
106,947 |
|
|
95,591 |
|
|
Other non-performing assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosed assets and other real estate owned |
|
20,805 |
|
|
19,121 |
|
|
19,576 |
|
|
24,761 |
|
|
18,952 |
|
|
Other non-performing assets |
|
2,169 |
|
|
1,964 |
|
|
540 |
|
|
613 |
|
|
505 |
|
|
Total other non-performing assets |
|
22,974 |
|
|
21,085 |
|
|
20,116 |
|
|
25,374 |
|
|
19,457 |
|
|
Total non-performing assets |
$ |
181,025 |
|
$ |
113,663 |
|
$ |
104,953 |
|
$ |
132,321 |
|
$ |
115,048 |
|
|
Performing TDRs (troubled debt restructurings) |
$ |
4,110 |
|
$ |
4,411 |
|
$ |
6,519 |
|
$ |
6,246 |
|
$ |
6,297 |
|
| |
|
|
|
|
|
|
Ratios |
|
|
|
|
|
|
Allowance for credit losses to total loans |
|
1.69 |
% |
|
0.47 |
% |
|
0.51 |
% |
|
0.49 |
% |
|
0.52 |
% |
|
Allowance for credit losses to non-performing loans |
|
154 |
% |
|
74 |
% |
|
78 |
% |
|
60 |
% |
|
63 |
% |
|
Non-performing loans to total loans |
|
1.10 |
% |
|
0.64 |
% |
|
0.65 |
% |
|
0.81 |
% |
|
0.81 |
% |
|
Non-performing assets (including performing TDRs) |
|
|
|
|
|
|
to total assets |
|
0.89 |
% |
|
0.56 |
% |
|
0.63 |
% |
|
0.77 |
% |
|
0.75 |
% |
|
Non-performing assets to total assets |
|
0.87 |
% |
|
0.53 |
% |
|
0.59 |
% |
|
0.74 |
% |
|
0.71 |
% |
|
Annualized net charge offs to total loans |
|
0.07 |
% |
|
0.09 |
% |
|
0.59 |
% |
|
0.11 |
% |
|
0.19 |
% |
|
Annualized net credit card charge offs to |
|
|
|
|
|
|
total credit card loans |
|
2.26 |
% |
|
1.99 |
% |
|
1.82 |
% |
|
1.63 |
% |
|
1.92 |
% |
| |
|
|
|
|
|
| (1) The Company
adopted ASC 326.effective January 1, 2020. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
|
|
|
|
|
SFNC |
| Consolidated -
Average Balance Sheet and Net Interest Income
Analysis |
|
|
|
|
|
|
| For
the Quarters Ended |
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months EndedMar 2020 |
|
|
Three Months EndedDec 2019 |
|
|
Three Months EndedMar 2019 |
| ($
in thousands) |
|
AverageBalance |
|
|
Income/Expense |
|
Yield/Rate |
|
|
AverageBalance |
|
|
Income/Expense |
|
Yield/Rate |
|
|
AverageBalance |
|
|
Income/Expense |
|
Yield/Rate |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing balances due from banks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and federal funds sold |
$ |
764,639 |
|
$ |
2,441 |
|
1.28 |
% |
|
$ |
789,035 |
|
$ |
2,625 |
|
1.32 |
% |
|
$ |
394,462 |
|
$ |
2,154 |
|
2.21 |
% |
|
Investment securities - taxable |
|
2,324,188 |
|
|
12,752 |
|
2.21 |
% |
|
|
1,940,755 |
|
|
11,080 |
|
2.27 |
% |
|
|
1,725,568 |
|
|
11,958 |
|
2.81 |
% |
|
Investment securities - non-taxable (FTE) |
|
900,223 |
|
|
8,315 |
|
3.71 |
% |
|
|
825,000 |
|
|
7,945 |
|
3.82 |
% |
|
|
590,941 |
|
|
5,834 |
|
4.00 |
% |
|
Mortgage loans held for sale |
|
43,588 |
|
|
281 |
|
2.59 |
% |
|
|
53,511 |
|
|
402 |
|
2.98 |
% |
|
|
17,733 |
|
|
210 |
|
4.80 |
% |
|
Loans (FTE) |
|
14,548,853 |
|
|
187,747 |
|
5.19 |
% |
|
|
14,144,259 |
|
|
193,511 |
|
5.43 |
% |
|
|
11,710,075 |
|
|
159,530 |
|
5.53 |
% |
|
Total interest earning assets (FTE) |
|
18,581,491 |
|
|
211,536 |
|
4.58 |
% |
|
|
17,752,560 |
|
|
215,563 |
|
4.82 |
% |
|
|
14,438,779 |
|
|
179,686 |
|
5.05 |
% |
|
Non-earning assets |
|
2,338,732 |
|
|
|
|
|
|
|
|
2,289,330 |
|
|
|
|
|
|
|
|
1,863,418 |
|
|
|
|
|
|
|
Total assets |
$ |
20,920,223 |
|
|
|
|
|
|
|
$ |
20,041,890 |
|
|
|
|
|
|
|
$ |
16,302,197 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
| Interest
bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing transaction and |
|
|
|
|
|
|
|
|
|
|
|
|
savings accounts |
$ |
9,005,701 |
|
$ |
17,954 |
|
0.80 |
% |
|
$ |
8,440,090 |
|
$ |
20,331 |
|
0.96 |
% |
|
$ |
6,749,032 |
|
$ |
18,430 |
|
1.11 |
% |
|
Time deposits |
|
3,150,909 |
|
|
13,323 |
|
1.70 |
% |
|
|
3,393,089 |
|
|
16,198 |
|
1.89 |
% |
|
|
2,781,592 |
|
|
12,320 |
|
1.80 |
% |
|
Total interest bearing deposits |
|
12,156,610 |
|
|
31,277 |
|
1.03 |
% |
|
|
11,833,179 |
|
|
36,529 |
|
1.22 |
% |
|
|
9,530,624 |
|
|
30,750 |
|
1.31 |
% |
|
Federal funds purchased and securities |
|
|
|
|
|
|
|
|
|
|
|
|
sold under agreement to repurchase |
|
330,902 |
|
|
759 |
|
0.92 |
% |
|
|
147,395 |
|
|
368 |
|
0.99 |
% |
|
|
109,302 |
|
|
136 |
|
0.50 |
% |
|
Other borrowings |
|
1,320,245 |
|
|
4,877 |
|
1.49 |
% |
|
|
1,168,897 |
|
|
4,615 |
|
1.57 |
% |
|
|
1,224,255 |
|
|
6,793 |
|
2.25 |
% |
|
Subordinated notes and debentures |
|
388,330 |
|
|
4,835 |
|
5.01 |
% |
|
|
376,766 |
|
|
4,813 |
|
5.07 |
% |
|
|
353,996 |
|
|
4,411 |
|
5.05 |
% |
|
Total interest bearing liabilities |
|
14,196,087 |
|
|
41,748 |
|
1.18 |
% |
|
|
13,526,237 |
|
|
46,325 |
|
1.36 |
% |
|
|
11,218,177 |
|
|
42,090 |
|
1.52 |
% |
| Non-interest
bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
3,602,678 |
|
|
|
|
|
3,524,092 |
|
|
|
|
|
2,707,715 |
|
|
|
|
Other liabilities |
|
251,514 |
|
|
|
|
|
379,909 |
|
|
|
|
|
127,407 |
|
|
|
|
Total liabilities |
|
18,050,279 |
|
|
|
|
|
17,430,238 |
|
|
|
|
|
14,053,299 |
|
|
|
|
Stockholders' equity |
|
2,869,944 |
|
|
|
|
|
2,611,652 |
|
|
|
|
|
2,248,898 |
|
|
|
|
Total liabilities and stockholders' equity |
$ |
20,920,223 |
|
|
|
|
|
|
$ |
20,041,890 |
|
|
|
|
|
|
$ |
16,302,197 |
|
|
|
|
|
| Net interest
income (FTE) |
|
|
|
$ |
169,788 |
|
|
|
|
|
|
$ |
169,238 |
|
|
|
|
|
|
$ |
137,596 |
|
|
| Net interest
spread (FTE) |
|
|
|
|
3.40 |
% |
|
|
|
|
|
3.46 |
% |
|
|
|
|
|
3.53 |
% |
| Net interest
margin (FTE) - quarter-to-date |
|
|
3.68 |
% |
|
|
|
3.78 |
% |
|
|
|
3.86 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net interest
margin (FTE) - year-to-date |
|
|
3.68 |
% |
|
|
|
3.85 |
% |
|
|
|
3.86 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Core net interest margin (FTE) - quarter-to-date (1) |
|
3.42 |
% |
|
|
|
3.44 |
% |
|
|
|
3.68 |
% |
| Core loan
yield (FTE) - quarter-to-date (1) |
|
|
4.86 |
% |
|
|
|
5.00 |
% |
|
|
|
5.29 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Core net
interest margin (FTE) - year-to-date (1) |
|
|
3.42 |
% |
|
|
|
3.59 |
% |
|
|
|
3.68 |
% |
| Core loan
yield (FTE) - year-to-date (1) |
|
|
4.86 |
% |
|
|
|
5.18 |
% |
|
|
|
5.29 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| (1) Calculations of
core net interest margin and core loan yield and the
reconciliations to GAAP are included in the schedules accompanying
this release. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
SFNC |
|
Consolidated - Selected Financial Data |
|
|
|
|
|
| For
the Quarters Ended |
Mar
31 |
Dec
31 |
Sep
30 |
Jun
30 |
Mar
31 |
|
(Unaudited) |
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
| ($
in thousands, except share data) |
|
|
|
|
|
|
QUARTER-TO-DATE |
|
|
|
|
|
|
Financial Highlights - GAAP |
|
|
|
|
|
|
Net Income |
$ |
77,223 |
|
$ |
52,709 |
|
$ |
81,826 |
|
$ |
55,598 |
|
$ |
47,695 |
|
|
Diluted earnings per share |
|
0.68 |
|
|
0.49 |
|
|
0.84 |
|
|
0.58 |
|
|
0.51 |
|
|
Return on average assets |
|
1.48 |
% |
|
1.04 |
% |
|
1.83 |
% |
|
1.28 |
% |
|
1.19 |
% |
|
Return on average common equity |
|
10.83 |
% |
|
8.01 |
% |
|
13.70 |
% |
|
9.48 |
% |
|
8.60 |
% |
|
Return on tangible common equity |
|
19.00 |
% |
|
14.62 |
% |
|
24.89 |
% |
|
17.40 |
% |
|
15.34 |
% |
|
Net interest margin (FTE) |
|
3.68 |
% |
|
3.78 |
% |
|
3.82 |
% |
|
3.94 |
% |
|
3.86 |
% |
|
FTE adjustment |
|
2,305 |
|
|
2,172 |
|
|
1,843 |
|
|
1,706 |
|
|
1,601 |
|
|
Amortization of intangibles |
|
3,413 |
|
|
3,270 |
|
|
2,947 |
|
|
2,947 |
|
|
2,641 |
|
|
Amortization of intangibles, net of taxes |
|
2,521 |
|
|
2,416 |
|
|
2,176 |
|
|
2,177 |
|
|
1,951 |
|
|
Average diluted shares outstanding |
|
113,136,995 |
|
|
108,472,559 |
|
|
96,968,775 |
|
|
96,367,857 |
|
|
92,870,813 |
|
|
Shares repurchased under plan |
|
4,922,336 |
|
|
390,000 |
|
|
- |
|
|
- |
|
|
- |
|
|
Average price of shares repurchased |
|
18.95 |
|
|
25.95 |
|
|
- |
|
|
- |
|
|
- |
|
|
Cash dividends declared per common share |
|
0.17 |
|
|
0.16 |
|
|
0.16 |
|
|
0.16 |
|
|
0.16 |
|
|
Financial Highlights - Core (non-GAAP) |
|
|
|
|
|
|
Core earnings (excludes non-core items) (1) |
$ |
73,838 |
|
$ |
71,074 |
|
$ |
83,963 |
|
$ |
65,453 |
|
$ |
49,076 |
|
|
Core diluted earnings per share (1) |
|
0.65 |
|
|
0.66 |
|
|
0.87 |
|
|
0.68 |
|
|
0.53 |
|
|
Core net interest margin (FTE) (2) |
|
3.42 |
% |
|
3.44 |
% |
|
3.59 |
% |
|
3.67 |
% |
|
3.68 |
% |
|
Accretable yield on acquired loans |
|
11,837 |
|
|
15,100 |
|
|
9,322 |
|
|
10,162 |
|
|
6,660 |
|
|
Efficiency ratio (1) |
|
56.38 |
% |
|
52.63 |
% |
|
43.77 |
% |
|
49.88 |
% |
|
56.76 |
% |
|
Core return on average assets (1) |
|
1.42 |
% |
|
1.41 |
% |
|
1.88 |
% |
|
1.51 |
% |
|
1.22 |
% |
|
Core return on average common equity (1) |
|
10.35 |
% |
|
10.80 |
% |
|
14.06 |
% |
|
11.16 |
% |
|
8.85 |
% |
|
Core return on tangible common equity (1) |
|
18.19 |
% |
|
19.49 |
% |
|
25.52 |
% |
|
20.36 |
% |
|
15.76 |
% |
|
YEAR-TO-DATE |
|
|
|
|
|
|
Financial Highlights - GAAP |
|
|
|
|
|
|
Net Income |
$ |
77,223 |
|
$ |
237,828 |
|
$ |
185,119 |
|
$ |
103,293 |
|
$ |
47,695 |
|
|
Diluted earnings per share |
|
0.68 |
|
|
2.41 |
|
|
1.94 |
|
|
1.09 |
|
|
0.51 |
|
|
Return on average assets |
|
1.48 |
% |
|
1.33 |
% |
|
1.44 |
% |
|
1.24 |
% |
|
1.19 |
% |
|
Return on average common equity |
|
10.83 |
% |
|
9.93 |
% |
|
10.65 |
% |
|
9.05 |
% |
|
8.60 |
% |
|
Return on tangible common equity |
|
19.00 |
% |
|
17.99 |
% |
|
19.27 |
% |
|
16.38 |
% |
|
15.34 |
% |
|
Net interest margin (FTE) |
|
3.68 |
% |
|
3.85 |
% |
|
3.88 |
% |
|
3.90 |
% |
|
3.86 |
% |
|
FTE adjustment |
|
2,305 |
|
|
7,322 |
|
|
5,150 |
|
|
3,307 |
|
|
1,601 |
|
|
Amortization of intangibles |
|
3,413 |
|
|
11,805 |
|
|
8,535 |
|
|
5,588 |
|
|
2,641 |
|
|
Amortization of intangibles, net of taxes |
|
2,521 |
|
|
8,720 |
|
|
6,304 |
|
|
4,128 |
|
|
1,951 |
|
|
Average diluted shares outstanding |
|
113,136,995 |
|
|
98,796,628 |
|
|
95,450,732 |
|
|
94,588,739 |
|
|
92,870,813 |
|
|
Cash dividends declared per common share |
|
0.17 |
|
|
0.64 |
|
|
0.48 |
|
|
0.32 |
|
|
0.16 |
|
|
Financial Highlights - Core (non-GAAP) |
|
|
|
|
|
|
Core earnings (excludes non-core items) (1) |
$ |
73,838 |
|
$ |
269,566 |
|
$ |
198,492 |
|
$ |
114,529 |
|
$ |
49,076 |
|
|
Core diluted earnings per share (1) |
|
0.65 |
|
|
2.73 |
|
|
2.08 |
|
|
1.21 |
|
|
0.53 |
|
|
Core net interest margin (FTE) (2) |
|
3.42 |
% |
|
3.59 |
% |
|
3.64 |
% |
|
3.68 |
% |
|
3.68 |
% |
|
Accretable yield on acquired loans |
|
11,837 |
|
|
41,244 |
|
|
26,144 |
|
|
16,822 |
|
|
6,660 |
|
|
Efficiency ratio (1) |
|
56.38 |
% |
|
50.33 |
% |
|
49.49 |
% |
|
53.14 |
% |
|
56.76 |
% |
|
Core return on average assets (1) |
|
1.42 |
% |
|
1.51 |
% |
|
1.55 |
% |
|
1.37 |
% |
|
1.22 |
% |
|
Core return on average common equity (1) |
|
10.35 |
% |
|
11.25 |
% |
|
11.42 |
% |
|
10.04 |
% |
|
8.85 |
% |
|
Core return on tangible common equity (1) |
|
18.19 |
% |
|
20.31 |
% |
|
20.62 |
% |
|
18.09 |
% |
|
15.76 |
% |
| END
OF PERIOD |
|
|
|
|
|
|
Book value per share |
$ |
26.11 |
|
$ |
26.30 |
|
$ |
26.36 |
|
$ |
25.57 |
|
$ |
24.87 |
|
|
Tangible book value per share |
|
15.22 |
|
|
15.89 |
|
|
15.73 |
|
|
14.90 |
|
|
14.78 |
|
|
Shares outstanding |
|
108,947,520 |
|
|
113,628,601 |
|
|
96,613,855 |
|
|
96,590,656 |
|
|
92,568,361 |
|
|
Full-time equivalent employees |
|
3,079 |
|
|
3,270 |
|
|
2,701 |
|
|
2,700 |
|
|
2,602 |
|
|
Total number of financial centers |
|
240 |
|
|
251 |
|
|
212 |
|
|
212 |
|
|
191 |
|
| |
|
|
|
|
|
| (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 |
|
Consolidated - Reconciliation of Core Earnings
(non-GAAP) |
|
|
|
| For
the Quarters Ended |
Mar
31 |
Dec
31 |
Sep
30 |
Jun
30 |
Mar
31 |
|
(Unaudited) |
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
| ($
in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTER-TO-DATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
Income |
$ |
77,223 |
|
$ |
52,709 |
|
$ |
81,826 |
|
$ |
55,598 |
|
$ |
47,695 |
|
|
Non-core items |
|
|
|
|
|
|
Gain on sale of branches |
|
(5,889 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Merger-related costs |
|
1,068 |
|
|
24,831 |
|
|
2,556 |
|
|
7,522 |
|
|
1,470 |
|
|
Early retirement program |
|
- |
|
|
- |
|
|
177 |
|
|
2,932 |
|
|
355 |
|
|
Branch right-sizing |
|
238 |
|
|
37 |
|
|
160 |
|
|
2,887 |
|
|
45 |
|
|
Tax effect (1) |
|
1,198 |
|
|
(6,503 |
) |
|
(756 |
) |
|
(3,486 |
) |
|
(489 |
) |
|
Net non-core items |
|
(3,385 |
) |
|
18,365 |
|
|
2,137 |
|
|
9,855 |
|
|
1,381 |
|
| Core
earnings (non-GAAP) |
$ |
73,838 |
|
$ |
71,074 |
|
$ |
83,963 |
|
$ |
65,453 |
|
$ |
49,076 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted
earnings per share |
$ |
0.68 |
|
$ |
0.49 |
|
$ |
0.84 |
|
$ |
0.58 |
|
$ |
0.51 |
|
|
Non-core items |
|
|
|
|
|
|
Gain on sale of branches |
|
(0.05 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Merger-related costs |
|
0.01 |
|
|
0.23 |
|
|
0.04 |
|
|
0.08 |
|
|
0.02 |
|
|
Early retirement program |
|
- |
|
|
- |
|
|
- |
|
|
0.03 |
|
|
0.01 |
|
|
Branch right-sizing |
|
- |
|
|
- |
|
|
- |
|
|
0.03 |
|
|
- |
|
|
Tax effect (1) |
|
0.01 |
|
|
(0.06 |
) |
|
(0.01 |
) |
|
(0.04 |
) |
|
(0.01 |
) |
|
Net non-core items |
|
(0.03 |
) |
|
0.17 |
|
|
0.03 |
|
|
0.10 |
|
|
0.02 |
|
| Core diluted
earnings per share (non-GAAP) |
$ |
0.65 |
|
$ |
0.66 |
|
$ |
0.87 |
|
$ |
0.68 |
|
$ |
0.53 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
Income |
$ |
77,223 |
|
$ |
237,828 |
|
$ |
185,119 |
|
$ |
103,293 |
|
$ |
47,695 |
|
|
Non-core items |
|
|
|
|
|
|
Gain on sale of branches |
|
(5,889 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Merger-related costs |
|
1,068 |
|
|
36,379 |
|
|
11,548 |
|
|
8,992 |
|
|
1,470 |
|
|
Early retirement program |
|
- |
|
|
3,464 |
|
|
3,464 |
|
|
3,287 |
|
|
355 |
|
|
Branch right-sizing |
|
238 |
|
|
3,129 |
|
|
3,092 |
|
|
2,932 |
|
|
45 |
|
|
Tax effect (1) |
|
1,198 |
|
|
(11,234 |
) |
|
(4,731 |
) |
|
(3,975 |
) |
|
(489 |
) |
|
Net non-core items |
|
(3,385 |
) |
|
31,738 |
|
|
13,373 |
|
|
11,236 |
|
|
1,381 |
|
| Core
earnings (non-GAAP) |
$ |
73,838 |
|
$ |
269,566 |
|
$ |
198,492 |
|
$ |
114,529 |
|
$ |
49,076 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted
earnings per share |
$ |
0.68 |
|
$ |
2.41 |
|
$ |
1.94 |
|
$ |
1.09 |
|
$ |
0.51 |
|
|
Non-core items |
|
|
|
|
|
|
Gain on sale of branches |
|
(0.05 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Merger-related costs |
|
0.01 |
|
|
0.37 |
|
|
0.12 |
|
|
0.10 |
|
|
0.02 |
|
|
Early retirement program |
|
- |
|
|
0.03 |
|
|
0.04 |
|
|
0.03 |
|
|
0.01 |
|
|
Branch right-sizing |
|
- |
|
|
0.03 |
|
|
0.03 |
|
|
0.03 |
|
|
- |
|
|
Tax effect (1) |
|
0.01 |
|
|
(0.11 |
) |
|
(0.05 |
) |
|
(0.04 |
) |
|
(0.01 |
) |
|
Net non-core items |
|
(0.03 |
) |
|
0.32 |
|
|
0.14 |
|
|
0.12 |
|
|
0.02 |
|
| Core diluted
earnings per share (non-GAAP) |
$ |
0.65 |
|
$ |
2.73 |
|
$ |
2.08 |
|
$ |
1.21 |
|
$ |
0.53 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1)
Effective tax rate of 26.135%. |
|
|
|
|
|
| |
|
|
|
|
|
| Reconciliation
of Selected Non-Core Non-Interest Expense Items
(non-GAAP) |
|
|
| |
|
|
|
|
|
|
QUARTER-TO-DATE |
|
|
|
|
|
|
Salaries and employee benefits |
$ |
67,924 |
|
$ |
63,235 |
|
$ |
52,065 |
|
$ |
56,128 |
|
$ |
56,367 |
|
|
Non-core items (1) |
|
- |
|
|
- |
|
|
(176 |
) |
|
(2,937 |
) |
|
(351 |
) |
|
Core salaries and employee benefits (non-GAAP) |
$ |
67,924 |
|
$ |
63,235 |
|
$ |
51,889 |
|
$ |
53,191 |
|
$ |
56,016 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger related costs |
$ |
1,068 |
|
$ |
24,831 |
|
$ |
2,556 |
|
$ |
7,522 |
|
$ |
1,470 |
|
|
Non-core items (1) |
|
(1,068 |
) |
|
(24,831 |
) |
|
(2,556 |
) |
|
(7,522 |
) |
|
(1,470 |
) |
|
Core merger related costs (non-GAAP) |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating expenses |
$ |
38,788 |
|
$ |
38,044 |
|
$ |
37,881 |
|
$ |
32,867 |
|
$ |
30,062 |
|
|
Non-core items (1) |
|
(212 |
) |
|
(4 |
) |
|
(90 |
) |
|
(2,834 |
) |
|
(10 |
) |
|
Core other operating expenses (non-GAAP) |
$ |
38,576 |
|
$ |
38,040 |
|
$ |
37,791 |
|
$ |
30,033 |
|
$ |
30,052 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Non-core expense
items include 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 |
|
|
|
|
|
|
(Unaudited) |
Mar
31 |
Dec
31 |
Sept
30 |
Jun
30 |
Mar
31 |
|
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
| ($
in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
| Calculation of
Tangible Common Equity and the Ratio of Tangible Common Equity to
Tangible Assets |
|
| |
|
|
|
|
|
| Total common
stockholders' equity |
$ |
2,844,633 |
|
$ |
2,988,157 |
|
$ |
2,547,071 |
|
$ |
2,469,513 |
|
$ |
2,302,321 |
|
| Intangible
assets: |
|
|
|
|
|
|
Goodwill |
|
(1,064,978 |
) |
|
(1,055,520 |
) |
|
(926,648 |
) |
|
(926,450 |
) |
|
(845,687 |
) |
|
Other intangible assets |
|
(121,673 |
) |
|
(127,340 |
) |
|
(101,149 |
) |
|
(104,096 |
) |
|
(88,694 |
) |
| Total
intangibles |
|
(1,186,651 |
) |
|
(1,182,860 |
) |
|
(1,027,797 |
) |
|
(1,030,546 |
) |
|
(934,381 |
) |
| Tangible
common stockholders' equity |
$ |
1,657,982 |
|
$ |
1,805,297 |
|
$ |
1,519,274 |
|
$ |
1,438,967 |
|
$ |
1,367,940 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
assets |
$ |
20,841,352 |
|
$ |
21,259,143 |
|
$ |
17,758,511 |
|
$ |
17,937,435 |
|
$ |
16,091,639 |
|
| Intangible
assets: |
|
|
|
|
|
|
Goodwill |
|
(1,064,978 |
) |
|
(1,055,520 |
) |
|
(926,648 |
) |
|
(926,450 |
) |
|
(845,687 |
) |
|
Other intangible assets |
|
(121,673 |
) |
|
(127,340 |
) |
|
(101,149 |
) |
|
(104,096 |
) |
|
(88,694 |
) |
| Total
intangibles |
|
(1,186,651 |
) |
|
(1,182,860 |
) |
|
(1,027,797 |
) |
|
(1,030,546 |
) |
|
(934,381 |
) |
| Tangible
assets |
$ |
19,654,701 |
|
$ |
20,076,283 |
|
$ |
16,730,714 |
|
$ |
16,906,889 |
|
$ |
15,157,258 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratio of
equity to assets |
|
13.65 |
% |
|
14.06 |
% |
|
14.34 |
% |
|
13.77 |
% |
|
14.31 |
% |
| Ratio of
tangible common equity to tangible assets |
|
8.44 |
% |
|
8.99 |
% |
|
9.08 |
% |
|
8.51 |
% |
|
9.02 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Tangible Book Value per Share |
|
|
|
|
|
| |
|
|
|
|
|
| Total common
stockholders' equity |
$ |
2,844,633 |
|
$ |
2,988,157 |
|
$ |
2,547,071 |
|
$ |
2,469,513 |
|
$ |
2,302,321 |
|
| Intangible
assets: |
|
|
|
|
|
|
Goodwill |
|
(1,064,978 |
) |
|
(1,055,520 |
) |
|
(926,648 |
) |
|
(926,450 |
) |
|
(845,687 |
) |
|
Other intangible assets |
|
(121,673 |
) |
|
(127,340 |
) |
|
(101,149 |
) |
|
(104,096 |
) |
|
(88,694 |
) |
| Total
intangibles |
|
(1,186,651 |
) |
|
(1,182,860 |
) |
|
(1,027,797 |
) |
|
(1,030,546 |
) |
|
(934,381 |
) |
| Tangible
common stockholders' equity |
$ |
1,657,982 |
|
$ |
1,805,297 |
|
$ |
1,519,274 |
|
$ |
1,438,967 |
|
$ |
1,367,940 |
|
| Shares of
common stock outstanding |
|
108,947,520 |
|
|
113,628,601 |
|
|
96,613,855 |
|
|
96,590,656 |
|
|
92,568,361 |
|
| Book value
per common share |
$ |
26.11 |
|
$ |
26.30 |
|
$ |
26.36 |
|
$ |
25.57 |
|
$ |
24.87 |
|
| Tangible
book value per common share |
$ |
15.22 |
|
$ |
15.89 |
|
$ |
15.73 |
|
$ |
14.90 |
|
$ |
14.78 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
Simmons First National Corporation |
|
|
|
|
SFNC |
|
Reconciliation Of Non-GAAP Financial Measures -
Quarter-to-Date |
|
|
|
| For
the Quarters Ended |
|
|
|
|
|
|
(Unaudited) |
Mar
31 |
Dec
31 |
Sept
30 |
Jun
30 |
Mar
31 |
|
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
| ($
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Core Return on Average Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
income |
$ |
77,223 |
|
$ |
52,709 |
|
$ |
81,826 |
|
$ |
55,598 |
|
$ |
47,695 |
|
| Net non-core
items, net of taxes, adjustment |
|
(3,385 |
) |
|
18,365 |
|
|
2,137 |
|
|
9,855 |
|
|
1,381 |
|
| Core
earnings |
$ |
73,838 |
|
$ |
71,074 |
|
$ |
83,963 |
|
$ |
65,453 |
|
$ |
49,076 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average
total assets |
$ |
20,920,223 |
|
$ |
20,041,890 |
|
$ |
17,720,598 |
|
$ |
17,382,872 |
|
$ |
16,302,197 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on
average assets |
|
1.48 |
% |
|
1.04 |
% |
|
1.83 |
% |
|
1.28 |
% |
|
1.19 |
% |
| Core return
on average assets |
|
1.42 |
% |
|
1.41 |
% |
|
1.88 |
% |
|
1.51 |
% |
|
1.22 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Return on Tangible Common
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
income |
$ |
77,223 |
|
$ |
52,709 |
|
$ |
81,826 |
|
$ |
55,598 |
|
$ |
47,695 |
|
| Amortization
of intangibles, net of taxes |
|
2,521 |
|
|
2,416 |
|
|
2,176 |
|
|
2,177 |
|
|
1,951 |
|
| Total income
available to common stockholders |
$ |
79,744 |
|
$ |
55,125 |
|
$ |
84,002 |
|
$ |
57,775 |
|
$ |
49,646 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net non-core
items, net of taxes |
|
(3,385 |
) |
|
18,365 |
|
|
2,137 |
|
|
9,855 |
|
|
1,381 |
|
| Core
earnings |
|
73,838 |
|
|
71,074 |
|
|
83,963 |
|
|
65,453 |
|
|
49,076 |
|
| Amortization
of intangibles, net of taxes |
|
2,521 |
|
|
2,416 |
|
|
2,176 |
|
|
2,177 |
|
|
1,951 |
|
| Total core
income available to common stockholders |
$ |
76,359 |
|
$ |
73,490 |
|
$ |
86,139 |
|
$ |
67,630 |
|
$ |
51,027 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average
common stockholders' equity |
$ |
2,869,177 |
|
$ |
2,611,143 |
|
$ |
2,368,773 |
|
$ |
2,351,603 |
|
$ |
2,248,898 |
|
| Average
intangible assets: |
|
|
|
|
|
|
Goodwill |
|
(1,055,498 |
) |
|
(997,004 |
) |
|
(926,687 |
) |
|
(915,445 |
) |
|
(845,687 |
) |
|
Other intangibles |
|
(125,746 |
) |
|
(118,311 |
) |
|
(103,028 |
) |
|
(104,050 |
) |
|
(90,317 |
) |
| Total
average intangibles |
|
(1,181,244 |
) |
|
(1,115,315 |
) |
|
(1,029,715 |
) |
|
(1,019,495 |
) |
|
(936,004 |
) |
| Average
tangible common stockholders' equity |
$ |
1,687,933 |
|
$ |
1,495,828 |
|
$ |
1,339,058 |
|
$ |
1,332,108 |
|
$ |
1,312,894 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on
average common equity |
|
10.83 |
% |
|
8.01 |
% |
|
13.70 |
% |
|
9.48 |
% |
|
8.60 |
% |
| Return on
tangible common equity |
|
19.00 |
% |
|
14.62 |
% |
|
24.89 |
% |
|
17.40 |
% |
|
15.34 |
% |
| Core return
on average common equity |
|
10.35 |
% |
|
10.80 |
% |
|
14.06 |
% |
|
11.16 |
% |
|
8.85 |
% |
| Core return
on tangible common equity |
|
18.19 |
% |
|
19.49 |
% |
|
25.52 |
% |
|
20.36 |
% |
|
15.76 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Efficiency Ratio
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest
expense |
$ |
125,813 |
|
$ |
142,095 |
|
$ |
106,865 |
|
$ |
110,743 |
|
$ |
101,409 |
|
| Non-core
non-interest expense adjustment |
|
(1,306 |
) |
|
(24,868 |
) |
|
(2,893 |
) |
|
(13,341 |
) |
|
(1,870 |
) |
| Other real
estate and foreclosure expense adjustment |
|
(319 |
) |
|
(1,063 |
) |
|
(1,057 |
) |
|
(563 |
) |
|
(599 |
) |
| Amortization
of intangibles adjustment |
|
(3,413 |
) |
|
(3,270 |
) |
|
(2,947 |
) |
|
(2,947 |
) |
|
(2,641 |
) |
| Efficiency
ratio numerator |
$ |
120,775 |
|
$ |
112,894 |
|
$ |
99,968 |
|
$ |
93,892 |
|
$ |
96,299 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net-interest
income |
$ |
167,483 |
|
$ |
167,066 |
|
$ |
149,264 |
|
$ |
149,428 |
|
$ |
135,995 |
|
| Non-interest
income |
|
82,394 |
|
|
45,630 |
|
|
84,675 |
|
|
39,934 |
|
|
34,792 |
|
| Fully
tax-equivalent adjustment |
|
2,305 |
|
|
2,172 |
|
|
1,843 |
|
|
1,706 |
|
|
1,601 |
|
| Gain on sale
of securities |
|
(32,095 |
) |
|
(377 |
) |
|
(7,374 |
) |
|
(2,823 |
) |
|
(2,740 |
) |
| Efficiency
ratio denominator |
$ |
214,198 |
|
$ |
214,491 |
|
$ |
228,408 |
|
$ |
188,245 |
|
$ |
169,648 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Efficiency
ratio (1) |
|
56.38 |
% |
|
52.63 |
% |
|
43.77 |
% |
|
49.88 |
% |
|
56.76 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Core Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest
income |
$ |
167,483 |
|
$ |
167,066 |
|
$ |
149,264 |
|
$ |
149,428 |
|
$ |
135,995 |
|
| Fully
tax-equivalent adjustment |
|
2,305 |
|
|
2,172 |
|
|
1,843 |
|
|
1,706 |
|
|
1,601 |
|
| Fully
tax-equivalent net interest income |
|
169,788 |
|
|
169,238 |
|
|
151,107 |
|
|
151,134 |
|
|
137,596 |
|
| |
|
|
|
|
|
| Total
accretable yield |
|
(11,837 |
) |
|
(15,100 |
) |
|
(9,322 |
) |
|
(10,162 |
) |
|
(6,660 |
) |
| Core net
interest income |
$ |
157,951 |
|
$ |
154,138 |
|
$ |
141,785 |
|
$ |
140,972 |
|
$ |
130,936 |
|
| Average
earning assets |
$ |
18,581,491 |
|
$ |
17,753,004 |
|
$ |
15,680,665 |
|
$ |
15,389,670 |
|
$ |
14,440,091 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest
margin |
|
3.68 |
% |
|
3.78 |
% |
|
3.82 |
% |
|
3.94 |
% |
|
3.86 |
% |
| Core net
interest margin |
|
3.42 |
% |
|
3.44 |
% |
|
3.59 |
% |
|
3.67 |
% |
|
3.68 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Core Loan Yield |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan
interest income |
$ |
187,566 |
|
$ |
193,402 |
|
$ |
179,971 |
|
$ |
178,122 |
|
$ |
159,440 |
|
| Total
accretable yield |
|
(11,837 |
) |
|
(15,100 |
) |
|
(9,322 |
) |
|
(10,162 |
) |
|
(6,660 |
) |
| Core loan
interest income |
$ |
175,729 |
|
$ |
178,302 |
|
$ |
170,649 |
|
$ |
167,960 |
|
$ |
152,780 |
|
| Average loan
balance |
$ |
14,548,853 |
|
$ |
14,144,703 |
|
$ |
13,053,540 |
|
$ |
12,814,386 |
|
$ |
11,711,387 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core loan
yield |
|
4.86 |
% |
|
5.00 |
% |
|
5.19 |
% |
|
5.26 |
% |
|
5.29 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Efficiency ratio
is 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 |
|
|
|
| For
the Quarters Ended |
|
|
|
|
|
|
(Unaudited) |
Mar
31 |
Dec
31 |
Sept
30 |
Jun
30 |
Mar
31 |
|
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
| ($
in thousands) |
|
|
|
|
|
|
Calculation of Core Return on Average Assets |
|
|
|
|
|
| |
|
|
|
|
|
| Net
income |
$ |
77,223 |
|
$ |
237,828 |
|
$ |
185,119 |
|
$ |
103,293 |
|
$ |
47,695 |
|
| Net non-core
items, net of taxes, adjustment |
|
(3,385 |
) |
|
31,738 |
|
|
13,373 |
|
|
11,236 |
|
|
1,381 |
|
| Core
earnings |
$ |
73,838 |
|
$ |
269,566 |
|
$ |
198,492 |
|
$ |
114,529 |
|
$ |
49,076 |
|
| |
|
|
|
|
|
| Average
total assets |
$ |
20,920,223 |
|
$ |
17,871,748 |
|
$ |
17,140,419 |
|
$ |
16,845,528 |
|
$ |
16,302,197 |
|
| |
|
|
|
|
|
| Return on
average assets |
|
1.48 |
% |
|
1.33 |
% |
|
1.44 |
% |
|
1.24 |
% |
|
1.19 |
% |
| Core return
on average assets |
|
1.42 |
% |
|
1.51 |
% |
|
1.55 |
% |
|
1.37 |
% |
|
1.22 |
% |
| |
|
|
|
|
|
|
Calculation of Return on Tangible Common
Equity |
|
|
|
|
|
| |
|
|
|
|
|
| Net
income |
$ |
77,223 |
|
$ |
237,828 |
|
$ |
185,119 |
|
$ |
103,293 |
|
$ |
47,695 |
|
| Amortization
of intangibles, net of taxes |
|
2,521 |
|
|
8,720 |
|
|
6,304 |
|
|
4,128 |
|
|
1,951 |
|
| Total income
available to common stockholders |
$ |
79,744 |
|
$ |
246,548 |
|
$ |
191,423 |
|
$ |
107,421 |
|
$ |
49,646 |
|
| |
|
|
|
|
|
| Net non-core
items, net of taxes |
|
(3,385 |
) |
|
31,738 |
|
|
13,373 |
|
|
11,236 |
|
|
1,381 |
|
| Core
earnings |
|
73,838 |
|
|
269,566 |
|
|
198,492 |
|
|
114,529 |
|
|
49,076 |
|
| Amortization
of intangibles, net of taxes |
|
2,521 |
|
|
8,720 |
|
|
6,304 |
|
|
4,128 |
|
|
1,951 |
|
| Total core
income available to common stockholders |
$ |
76,359 |
|
$ |
278,286 |
|
$ |
204,796 |
|
$ |
118,657 |
|
$ |
51,027 |
|
| |
|
|
|
|
|
| Average
common stockholders' equity |
$ |
2,869,177 |
|
$ |
2,396,024 |
|
$ |
2,323,530 |
|
$ |
2,300,535 |
|
$ |
2,248,898 |
|
| Average
intangible assets: |
|
|
|
|
|
|
Goodwill |
|
(1,055,498 |
) |
|
(921,635 |
) |
|
(896,236 |
) |
|
(880,759 |
) |
|
(845,688 |
) |
|
Other intangibles |
|
(125,746 |
) |
|
(104,000 |
) |
|
(99,178 |
) |
|
(97,221 |
) |
|
(90,316 |
) |
| Total
average intangibles |
|
(1,181,244 |
) |
|
(1,025,635 |
) |
|
(995,414 |
) |
|
(977,980 |
) |
|
(936,004 |
) |
| Average
tangible common stockholders' equity |
$ |
1,687,933 |
|
$ |
1,370,389 |
|
$ |
1,328,116 |
|
$ |
1,322,555 |
|
$ |
1,312,894 |
|
| |
|
|
|
|
|
| Return on
average common equity |
|
10.83 |
% |
|
9.93 |
% |
|
10.65 |
% |
|
9.05 |
% |
|
8.60 |
% |
| Return on
tangible common equity |
|
19.00 |
% |
|
17.99 |
% |
|
19.27 |
% |
|
16.38 |
% |
|
15.34 |
% |
| Core return
on average common equity |
|
10.35 |
% |
|
11.25 |
% |
|
11.42 |
% |
|
10.04 |
% |
|
8.85 |
% |
| Core return
on tangible common equity |
|
18.19 |
% |
|
20.31 |
% |
|
20.62 |
% |
|
18.09 |
% |
|
15.76 |
% |
| |
|
|
|
|
|
|
Calculation of Efficiency Ratio
(1) |
|
|
|
|
|
| |
|
|
|
|
|
| Non-interest
expense |
$ |
125,813 |
|
$ |
461,112 |
|
$ |
319,017 |
|
$ |
212,152 |
|
$ |
101,409 |
|
| Non-core
non-interest expense adjustment |
|
(1,306 |
) |
|
(42,972 |
) |
|
(18,104 |
) |
|
(15,211 |
) |
|
(1,870 |
) |
| Other real
estate and foreclosure expense adjustment |
|
(319 |
) |
|
(3,282 |
) |
|
(2,219 |
) |
|
(1,162 |
) |
|
(599 |
) |
| Amortization
of intangibles adjustment |
|
(3,413 |
) |
|
(11,805 |
) |
|
(8,535 |
) |
|
(5,588 |
) |
|
(2,641 |
) |
| Efficiency
ratio numerator |
$ |
120,775 |
|
$ |
403,053 |
|
$ |
290,159 |
|
$ |
190,191 |
|
$ |
96,299 |
|
| |
|
|
|
|
|
| Net-interest
income |
$ |
167,483 |
|
$ |
601,753 |
|
$ |
434,687 |
|
$ |
285,423 |
|
$ |
135,995 |
|
| Non-interest
income |
|
82,394 |
|
|
205,031 |
|
|
159,401 |
|
|
74,726 |
|
|
34,792 |
|
| Fully
tax-equivalent adjustment |
|
2,305 |
|
|
7,322 |
|
|
5,150 |
|
|
3,307 |
|
|
1,601 |
|
| Gain on sale
of securities |
|
(32,095 |
) |
|
(13,314 |
) |
|
(12,937 |
) |
|
(5,563 |
) |
|
(2,740 |
) |
| Efficiency
ratio denominator |
$ |
214,198 |
|
$ |
800,792 |
|
$ |
586,301 |
|
$ |
357,893 |
|
$ |
169,648 |
|
| |
|
|
|
|
|
| Efficiency
ratio (1) |
|
56.38 |
% |
|
50.33 |
% |
|
49.49 |
% |
|
53.14 |
% |
|
56.76 |
% |
| |
|
|
|
|
|
|
Calculation of Core Net Interest Margin |
|
|
|
|
|
| |
|
|
|
|
|
| Net interest
income |
$ |
167,483 |
|
$ |
601,753 |
|
$ |
434,687 |
|
$ |
285,423 |
|
$ |
135,995 |
|
| Fully
tax-equivalent adjustment |
|
2,305 |
|
|
7,322 |
|
|
5,150 |
|
|
3,307 |
|
|
1,601 |
|
| Fully
tax-equivalent net interest income |
|
169,788 |
|
|
609,075 |
|
|
439,837 |
|
|
288,730 |
|
|
137,596 |
|
| |
|
|
|
|
|
| Total
accretable yield |
|
(11,837 |
) |
|
(41,244 |
) |
|
(26,144 |
) |
|
(16,822 |
) |
|
(6,660 |
) |
| Core net
interest income |
$ |
157,951 |
|
$ |
567,831 |
|
$ |
413,693 |
|
$ |
271,908 |
|
$ |
130,936 |
|
| Average
earning assets |
$ |
18,581,491 |
|
$ |
15,824,571 |
|
$ |
15,174,671 |
|
$ |
14,917,493 |
|
$ |
14,440,091 |
|
| |
|
|
|
|
|
| Net interest
margin |
|
3.68 |
% |
|
3.85 |
% |
|
3.88 |
% |
|
3.90 |
% |
|
3.86 |
% |
| Core net
interest margin |
|
3.42 |
% |
|
3.59 |
% |
|
3.64 |
% |
|
3.68 |
% |
|
3.68 |
% |
| |
|
|
|
|
|
|
Calculation of Core Loan Yield |
|
|
|
|
|
| |
|
|
|
|
|
| Loan
interest income |
$ |
187,566 |
|
$ |
710,935 |
|
$ |
517,533 |
|
$ |
337,562 |
|
$ |
159,440 |
|
| Total
accretable yield |
|
(11,837 |
) |
|
(41,244 |
) |
|
(26,144 |
) |
|
(16,822 |
) |
|
(6,660 |
) |
| Core loan
interest income |
$ |
175,729 |
|
$ |
669,691 |
|
$ |
491,389 |
|
$ |
320,740 |
|
$ |
152,780 |
|
| Average loan
balance |
$ |
14,548,853 |
|
$ |
12,938,013 |
|
$ |
12,531,355 |
|
$ |
12,265,936 |
|
$ |
11,711,387 |
|
| |
|
|
|
|
|
| Core loan
yield |
|
4.86 |
% |
|
5.18 |
% |
|
5.24 |
% |
|
5.27 |
% |
|
5.29 |
% |
| |
|
|
|
|
|
| (1) Efficiency ratio
is 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 (NASDAQ:SFNC)
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From Mar 2024 to Apr 2024
Simmons First National (NASDAQ:SFNC)
Historical Stock Chart
From Apr 2023 to Apr 2024
