Simmons First National Corp. (NASDAQ:SFNC) today announced net
income available to common shareholders of $28.9 million, or $0.89
per diluted share, for the quarter ended September 30, 2017,
compared to $23.4 million, or $0.76 per diluted share, for the same
period in 2016, a 17.1% increase. Included in third quarter
2017 results was $721,000 in net after-tax merger-related and
branch right-sizing costs as well as a $1.8 million gain on the
sale of insurance lines.
Excluding the impact of these items, core
earnings were $27.7 million, or $0.86 per diluted share, for the
quarter ended September 30, 2017, compared to $24.4 million, or
$0.79 per diluted share, for the quarter ended September 30,
2016, an 8.9% increase.
Year-to-date net income was $74.0 million, or
$2.31 diluted earnings per share. Excluding the net after-tax
merger-related and branch right-sizing costs and the insurance
gain, year-to-date core earnings were $77.0 million, or $2.41
diluted core earnings per share.
On October 19, 2017, Simmons First National
Corp. completed the acquisitions of Southwest Bancorp, Inc.
(NASDAQ:OKSB), headquartered in Stillwater, OK., including its
wholly-owned bank subsidiary, Bank SNB, and First Texas BHC, Inc.,
headquartered in Ft. Worth, TX, including its wholly-owned
subsidiary, Southwest Bank. With the completion of these
acquisitions, the proforma combined total assets of the company are
approximately $14.2 billion. The systems conversions are planned
during the first half of 2018, at which time the subsidiary banks
will be merged into Simmons Bank.
Simmons Bank was the successful bidder at a
public auction held to discharge certain indebtedness owed to the
Bank and became the sole shareholder of Heartland Bank in Little
Rock, AR, on August 28, 2017. Heartland Bank remains a separately
chartered state bank. Simmons is evaluating the next steps with
respect to the institution.
On September 1, 2017, the insurance affiliates
of the Company completed the sale of their property and casualty
insurance business lines and an after-tax gain of $1.8 million was
recognized on the transaction. Tangible common equity was
positively impacted by $7.2 million due to a reduction in
intangible assets related to the sold business.
Additionally, during the quarter, the Company
completed its conversion and integration of First South Bank with
and into its subsidiary, Simmons Bank.
“The third quarter was certainly an exciting and
eventful quarter for us,” said George A. Makris, Jr., chairman and
CEO. “We are pleased with the operating results from the
third quarter and I am extremely proud of our associates’ ability
to manage the significant transactions during the quarter while
producing outstanding results. We are also excited to welcome
the associates of Bank SNB and Southwest Bank to the Simmons
family. We look forward to a great partnership.”
Selected Highlights: |
3rd Qtr 2017 |
2nd Qtr 2017
|
3rd Qtr 2016 |
|
|
|
|
|
|
Net income |
$28.9 million |
$23.1 million |
$23.4 million |
|
Diluted earnings per
share |
$0.89 |
|
$0.72 |
|
$0.76 |
|
|
Return on avg
assets |
1.25% |
|
1.05% |
|
1.21% |
|
|
Return on avg common
equity |
9.12% |
|
7.65% |
|
8.36% |
|
|
Return on tangible
common equity |
14.47% |
|
12.13% |
|
13.26% |
|
|
Net interest
margin(1) |
3.91% |
|
4.04% |
|
4.08% |
|
|
|
|
|
|
|
Core earnings(2) |
$27.7 million |
$26.8 million |
$24.4 million |
|
Diluted core earnings
per share(2) |
$0.86 |
|
$0.84 |
|
$0.79 |
|
|
Core return on avg
assets(2) |
1.20% |
|
1.22% |
|
1.26% |
|
|
Core return on avg
common equity(2) |
8.77% |
|
8.87% |
|
8.71% |
|
|
Core return on tangible
common equity(2) |
13.93% |
|
13.99% |
|
13.78% |
|
|
Core net interest
margin(1)(2) |
3.77% |
|
3.79% |
|
3.79% |
|
|
|
|
|
|
|
Efficiency ratio |
55.06% |
|
56.04% |
|
53.94% |
|
|
(1) Fully tax equivalent. |
|
|
|
(2) Core earnings excludes non-core items, which is a
non-GAAP measurement. |
|
|
|
|
Loans
|
3rd Qtr 2017
|
2nd Qtr 2017
|
3rd Qtr 2016 |
|
|
Total loans |
$6.3
billion |
$6.2
billion |
$5.4
billion |
|
Legacy loans (all loans
excluding loans acquired)
|
$5.2
billion |
$5.0
billion |
$3.9
billion |
|
Loans acquired |
$1.1
billion |
$1.2
billion |
$1.5
billion |
|
|
Total loans, including those acquired, were $6.3
billion at September 30, 2017, an increase of $902.1 million, or
16.7% from September 30, 2016.
On a linked-quarter basis (September 30, 2017
compared to June 30, 2017), total loans increased $78.0 million, or
1.3%. The increase was due to:
- $30 million decrease in liquidating portfolio (indirect lending
and consumer finance)
- $13 million increase from participations purchased from
Southwest Bank
- $228 million in net legacy loan growth including $36 million of
migrated loans (acquired to legacy)
- $133 million decrease in the existing acquired loan portfolio
including migration
Deposits
|
3rd Qtr 2017
|
2nd Qtr 2017
|
3rd Qtr 2016 |
|
|
Total deposits |
$7.3
billion |
$7.1
billion |
$6.6
billion |
|
Non-time deposits
|
$6.0
billion |
$5.8
billion |
$5.3
billion |
|
Time deposits |
$1.3
billion |
$1.3
billion |
$1.3
billion |
|
At September 30, 2017, total deposits were $7.3
billion, an increase of 10.7%, compared to the same period in 2016.
The increase is from recent acquisitions and growth in core
deposits. Total non-time deposits increased 13.7% compared to
the same period in 2016, and comprised 82% of total deposits.
Net Interest Income
The Company’s net interest income for the third
quarter of 2017 was $78.8 million, an increase of
$10.8 million, or 15.8%, from the same period of 2016.
Included in interest income was the yield accretion recognized on
loans acquired of $2.9 million and $4.9 million for the third
quarter of 2017 and 2016, respectively. Net interest margin was
3.91% for the quarter ended September 30, 2017, a 17 basis point
decline from the same quarter of 2016. The Company’s core net
interest margin, excluding the accretion, was 3.77% for the third
quarter of 2017, a 2 basis point decline from September 30, 2016
and a 2 basis point decrease from June 30, 2017. Cost of
interest bearing deposits were 0.43% for the third quarter of 2017,
a 12 basis point increase from September 30, 2016 and a 7 basis
point increase from June 30, 2017.
Non-Interest Income
Non-interest income for the third quarter was
$36.3 million, a decrease of $544,000 compared with the third
quarter of 2016. Included in non-interest income were the following
items:
- $3.7 million gain on sale of property and casualty insurance
business lines
- $325,000 loss on the sale of fixed assets
- $1.2 million decrease in mortgage revenue due to decline in
demand in the industry
- $451,000 decrease in investment banking revenue, due to the
exit from the institutional division of the broker dealer line of
business in the third quarter of 2016
- $312,000 decrease in gain on sale of securities
- $2.0 million decrease in other income due to recovery of
charged off loans acquired in third quarter of 2016
Non-Interest Expense
Non-interest expense for the third quarter of
2017 was $66.2 million, an increase of $3.7 million compared to the
third quarter of 2016. Included in this quarter were $862,000 of
merger-related expenses and branch rightsizing costs.
Excluding these expenses, core non-interest expense was
$65.3 million.
The increases during the quarter were driven by
incremental increases in operating expenses related to the
additions of First South Bank which closed during 2017 and Citizens
Bank which closed in September 2016. These increases were partially
offset by a $716,000 decrease in other real estate and foreclosure
expense. The efficiency ratio for the third quarter was 55.06%.
Asset Quality
|
3rd Qtr 2017
|
2nd Qtr 2017
|
3rd Qtr 2016 |
|
Allowance for loan
losses on loans to total loans |
0.82% |
|
0.83% |
|
0.86% |
Allowance for loan
losses on loans to non-performing loans
|
78% |
|
72% |
91% |
Non-performing loans to
total loans |
1.05% |
|
1.15% |
|
0.95% |
Net charge-off ratio
(annualized) |
0.32% |
|
0.23% |
|
0.82% |
Net charge-off ratio
excluding credit cards |
0.27% |
|
0.19% |
|
0.81% |
|
|
All loans acquired are recorded at their
discounted net present value; therefore, they are excluded from the
computations of the asset quality ratios for the legacy loan
portfolio, except for their inclusion in total assets.
At September 30, 2017, the allowance for loan
losses for legacy loans was $42.7 million. The allowance for loan
losses for loans acquired was $391,000 and the acquired loan
discount credit mark was $25.0 million. The allowances for loan
losses and credit marks provide a total of $68.1 million of
coverage, which equates to a total coverage ratio of 1.1% of gross
loans. The ratio of credit mark and related allowance to loans
acquired was 2.3%.
Provision for loan losses for the third quarter
of 2017 was $5.5 million, a decrease of $2.8 million compared to
September 30, 2016.
Foreclosed Assets and Other Real Estate
Owned
At September 30, 2017, foreclosed assets and
other real estate owned were $31.5 million, an increase of $1.1
million, or 3.6%, compared to the same period in 2016. The
composition of these assets is divided in to three
types:
|
3rd Qtr 2017
|
2nd Qtr 2017
|
3rd Qtr 2016 |
|
Closed bank branches,
branch sites & associate relocation
|
$12.8
million |
$8.7
million |
$6.1 million |
Foreclosed assets -
acquired |
$11.1
million |
$12.0
million |
$15.2 million |
Foreclosed assets -
legacy |
$7.6
million |
$5.3
million |
$9.1 million |
|
|
Arkansas State banking laws require that former
bank branches and vacant land that was previously held for
potential bank branches be classified as foreclosed assets and
other real estate owned at the time they are no longer used for
bank operations. Due to this requirement, foreclosed assets and
other real estate owned increased during the quarter by $4.1
million as a result of branch closures during the conversion of
First South Bank in to Simmons Bank.
Capital
|
3rd Qtr 2017
|
2nd Qtr 2017
|
3rd Qtr 2016 |
|
Stockholders’ equity to
total assets |
13.2% |
|
13.6% |
|
13.9% |
Tangible common equity
to tangible assets
|
9.1% |
|
9.2% |
|
9.5% |
Regulatory tier 1
leverage ratio |
10.6% |
|
10.8% |
|
11.6% |
Regulatory total
risk-based capital ratio |
13.6% |
|
13.7% |
|
15.5% |
|
|
|
|
At September 30, 2017, common stockholders'
equity was $1.3 billion, book value per share was $39.03 and
tangible book value per share was $25.64.
Simmons First National
Corporation
Simmons First National Corp. is a financial
holding company, headquartered in Pine Bluff, Ark., with total
assets of $9.5 billion as of September 30, 2017 and proforma assets
of approximately $14.2 billion conducting financial operations
throughout Arkansas, Colorado, 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 Global Select Market under the symbol “SFNC.”
Conference Call
Management will conduct a live conference call
to review this information beginning at 9:30 a.m. CDT on Monday,
October 23, 2017. 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 Corp. conference
call, conference ID 84536260. 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 typically adjust GAAP
performance measures to include the tax benefit associated with
revenue items that are tax-exempt, as well as adjust income
available to common shareholders for certain significant non-core
activities or nonrecurring transactions. Since the presentation of
these GAAP performance measures and their impact differ between
companies, management believes presentations of these non-GAAP
financial measures provide useful supplemental information that is
essential to a proper understanding of the operating results of the
Company’s core businesses. These non-GAAP disclosures should not be
viewed as a substitute for operating results determined in
accordance with GAAP, nor are they necessarily comparable to
non-GAAP performance measures that may be presented by other
companies. 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
Statements in this news release that are not
historical facts should be considered forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Any forward-looking statement speaks only as of the date
of this news release, and we undertake 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 involve inherent risk and uncertainties.
Various factors, including, but not limited to, economic
conditions, credit quality, interest rates, loan demand, changes in
the assumptions used in making the forward-looking statements, and
the Company’s ability to obtain regulatory approvals and meet other
closing conditions associated with the above-described mergers and
acquisitions could cause actual results to differ materially from
those contemplated by the forward-looking statements. Additional
information on factors that might affect Simmons First National
Corp.’s financial results is included in its Form 10-K filing with
the Securities and Exchange Commission.
FOR MORE INFORMATION CONTACT:DAVID W. GARNEREVP and Investor
Relations OfficerSimmons First National Corporation(870)
541-1000
Simmons First National
Corporation |
|
|
|
|
|
|
|
|
SFNC |
Consolidated End of Period Balance
Sheets |
|
|
|
|
|
|
|
|
|
For the Quarters
Ended |
Sep
30 |
|
Jun
30 |
|
Mar
31 |
|
Dec
31 |
|
Sep
30 |
(Unaudited) |
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and
non-interest bearing balances due from banks |
$ |
108,675 |
|
|
$ |
112,567 |
|
|
$ |
103,875 |
|
|
$ |
117,007 |
|
|
$ |
112,572 |
|
Interest
bearing balances due from banks and federal funds sold
|
|
323,615 |
|
|
|
217,047 |
|
|
|
201,406 |
|
|
|
168,652 |
|
|
|
341,951 |
|
Cash and
cash equivalents |
|
432,290 |
|
|
|
329,614 |
|
|
|
305,281 |
|
|
|
285,659 |
|
|
|
454,523 |
|
Interest
bearing balances due from banks - time |
|
4,059 |
|
|
|
6,057 |
|
|
|
4,563 |
|
|
|
4,563 |
|
|
|
4,393 |
|
Investment securities - held-to-maturity |
|
406,033 |
|
|
|
419,003 |
|
|
|
431,176 |
|
|
|
462,096 |
|
|
|
496,594 |
|
Investment securities - available-for-sale |
|
1,317,420 |
|
|
|
1,190,600 |
|
|
|
1,257,813 |
|
|
|
1,157,354 |
|
|
|
1,024,206 |
|
Mortgage
loans held for sale |
|
12,614 |
|
|
|
16,266 |
|
|
|
9,754 |
|
|
|
27,788 |
|
|
|
28,069 |
|
Assets
held in trading accounts |
|
49 |
|
|
|
50 |
|
|
|
55 |
|
|
|
41 |
|
|
|
2,969 |
|
Other
assets held for sale |
|
182,378 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Loans: |
|
|
|
|
|
|
|
|
|
Legacy
loans |
|
5,211,312 |
|
|
|
5,000,572 |
|
|
|
4,632,905 |
|
|
|
4,327,207 |
|
|
|
3,943,089 |
|
Allowance
for loan losses |
|
(42,717 |
) |
|
|
(41,379 |
) |
|
|
(37,865 |
) |
|
|
(36,286 |
) |
|
|
(34,094 |
) |
Loans
acquired, net of discount and allowance |
|
1,092,039 |
|
|
|
1,224,739 |
|
|
|
1,144,291 |
|
|
|
1,305,683 |
|
|
|
1,458,198 |
|
Net
loans |
|
6,260,634 |
|
|
|
6,183,932 |
|
|
|
5,739,331 |
|
|
|
5,596,604 |
|
|
|
5,367,193 |
|
Premises
and equipment |
|
224,376 |
|
|
|
230,641 |
|
|
|
221,880 |
|
|
|
199,359 |
|
|
|
192,523 |
|
Premises
held for sale |
|
- |
|
|
|
- |
|
|
|
4,611 |
|
|
|
6,052 |
|
|
|
6,732 |
|
Foreclosed assets and other real estate owned |
|
31,477 |
|
|
|
26,012 |
|
|
|
26,421 |
|
|
|
26,895 |
|
|
|
30,396 |
|
Interest
receivable |
|
30,749 |
|
|
|
27,337 |
|
|
|
26,089 |
|
|
|
27,788 |
|
|
|
27,390 |
|
Bank
owned life insurance |
|
148,984 |
|
|
|
148,134 |
|
|
|
139,439 |
|
|
|
138,620 |
|
|
|
138,298 |
|
Goodwill |
|
375,731 |
|
|
|
379,437 |
|
|
|
350,035 |
|
|
|
348,505 |
|
|
|
348,769 |
|
Other
intangible assets |
|
55,501 |
|
|
|
58,528 |
|
|
|
51,408 |
|
|
|
52,959 |
|
|
|
54,268 |
|
Other
assets |
|
53,075 |
|
|
|
52,697 |
|
|
|
58,782 |
|
|
|
65,773 |
|
|
|
50,669 |
|
Total assets |
$ |
9,535,370 |
|
|
$ |
9,068,308 |
|
|
$ |
8,626,638 |
|
|
$ |
8,400,056 |
|
|
$ |
8,226,992 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Non-interest bearing transaction accounts |
$ |
1,669,860 |
|
|
$ |
1,650,986 |
|
|
$ |
1,554,675 |
|
|
$ |
1,491,676 |
|
|
$ |
1,473,420 |
|
Interest
bearing transaction accounts and savings deposits |
|
4,344,779 |
|
|
|
4,141,426 |
|
|
|
3,987,730 |
|
|
|
3,956,483 |
|
|
|
3,815,939 |
|
Time
deposits less than $100,000 |
|
675,186 |
|
|
|
645,855 |
|
|
|
653,538 |
|
|
|
686,780 |
|
|
|
653,105 |
|
Time
deposits greater than $100,000 |
|
635,765 |
|
|
|
665,268 |
|
|
|
592,345 |
|
|
|
600,280 |
|
|
|
674,917 |
|
Total
deposits |
|
7,325,590 |
|
|
|
7,103,535 |
|
|
|
6,788,288 |
|
|
|
6,735,219 |
|
|
|
6,617,381 |
|
Federal
funds purchased and securities sold |
|
|
|
|
|
|
|
|
|
under
agreements to repurchase |
|
121,687 |
|
|
|
121,419 |
|
|
|
110,007 |
|
|
|
115,029 |
|
|
|
124,289 |
|
Other
borrowings |
|
522,541 |
|
|
|
474,962 |
|
|
|
441,074 |
|
|
|
273,159 |
|
|
|
215,276 |
|
Subordinated debentures |
|
67,418 |
|
|
|
67,312 |
|
|
|
60,503 |
|
|
|
60,397 |
|
|
|
60,290 |
|
Other
liabilities held for sale |
|
176,964 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Accrued
interest and other liabilities |
|
63,971 |
|
|
|
67,004 |
|
|
|
55,877 |
|
|
|
65,141 |
|
|
|
62,615 |
|
Total
liabilities |
|
8,278,171 |
|
|
|
7,834,232 |
|
|
|
7,455,749 |
|
|
|
7,248,945 |
|
|
|
7,079,851 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
Common stock |
|
322 |
|
|
|
322 |
|
|
|
314 |
|
|
|
313 |
|
|
|
313 |
|
Surplus |
|
763,443 |
|
|
|
761,754 |
|
|
|
716,564 |
|
|
|
711,976 |
|
|
|
710,132 |
|
Undivided profits |
|
504,085 |
|
|
|
483,322 |
|
|
|
468,309 |
|
|
|
454,034 |
|
|
|
434,579 |
|
Accumulated other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Unrealized appreciation (depreciation) on AFS
securities |
|
(10,651 |
) |
|
|
(11,322 |
) |
|
|
(14,298 |
) |
|
|
(15,212 |
) |
|
|
2,117 |
|
Total stockholders' equity |
|
1,257,199 |
|
|
|
1,234,076 |
|
|
|
1,170,889 |
|
|
|
1,151,111 |
|
|
|
1,147,141 |
|
Total liabilities and stockholders' equity |
$ |
9,535,370 |
|
|
$ |
9,068,308 |
|
|
$ |
8,626,638 |
|
|
$ |
8,400,056 |
|
|
$ |
8,226,992 |
|
|
|
|
|
|
|
|
|
|
|
Page
1 |
|
|
|
|
|
|
|
|
|
|
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) |
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
($ in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
77,457 |
|
$ |
73,549 |
|
$ |
68,728 |
|
$ |
70,887 |
|
$ |
65,078 |
|
Interest
bearing balances due from banks and federal funds sold
|
|
650 |
|
|
214 |
|
|
122 |
|
|
245 |
|
|
263 |
|
Investment securities |
|
9,218 |
|
|
9,990 |
|
|
9,451 |
|
|
8,700 |
|
|
7,774 |
|
Mortgage
loans held for sale |
|
159 |
|
|
145 |
|
|
126 |
|
|
230 |
|
|
299 |
|
Assets
held in trading accounts |
|
- |
|
|
- |
|
|
- |
|
|
3 |
|
|
4 |
|
TOTAL
INTEREST INCOME |
|
87,484 |
|
|
83,898 |
|
|
78,427 |
|
|
80,065 |
|
|
73,418 |
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
Time
deposits |
|
2,110 |
|
|
1,832 |
|
|
1,758 |
|
|
2,023 |
|
|
1,767 |
|
Other
deposits |
|
3,920 |
|
|
2,984 |
|
|
2,446 |
|
|
2,032 |
|
|
1,965 |
|
Federal
funds purchased and securities |
|
|
|
|
|
|
|
|
|
|
sold
under agreements to repurchase |
|
83 |
|
|
92 |
|
|
75 |
|
|
90 |
|
|
59 |
|
Other
borrowings |
|
1,875 |
|
|
1,559 |
|
|
1,194 |
|
|
1,034 |
|
|
1,048 |
|
Subordinated debentures |
|
677 |
|
|
619 |
|
|
574 |
|
|
558 |
|
|
516 |
|
TOTAL
INTEREST EXPENSE |
|
8,665 |
|
|
7,086 |
|
|
6,047 |
|
|
5,737 |
|
|
5,355 |
|
NET INTEREST
INCOME |
|
78,819 |
|
|
76,812 |
|
|
72,380 |
|
|
74,328 |
|
|
68,063 |
|
Provision for loan losses |
|
5,462 |
|
|
7,023 |
|
|
4,307 |
|
|
4,332 |
|
|
8,294 |
|
NET INTEREST INCOME AFTER
PROVISION |
|
|
|
|
|
|
|
|
|
|
FOR LOAN
LOSSES |
|
73,357 |
|
|
69,789 |
|
|
68,073 |
|
|
69,996 |
|
|
59,769 |
|
NON-INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Trust
income |
|
4,225 |
|
|
4,113 |
|
|
4,212 |
|
|
4,282 |
|
|
3,873 |
|
Service
charges on deposit accounts |
|
8,907 |
|
|
8,483 |
|
|
8,102 |
|
|
8,666 |
|
|
8,771 |
|
Other
service charges and fees |
|
2,433 |
|
|
2,515 |
|
|
2,197 |
|
|
4,026 |
|
|
3,261 |
|
Mortgage
and SBA lending income |
|
3,219 |
|
|
3,961 |
|
|
2,423 |
|
|
4,580 |
|
|
4,339 |
|
Investment banking income |
|
680 |
|
|
637 |
|
|
690 |
|
|
472 |
|
|
1,131 |
|
Debit and
credit card fees |
|
8,864 |
|
|
8,659 |
|
|
7,934 |
|
|
8,027 |
|
|
7,825 |
|
Bank
owned life insurance income |
|
725 |
|
|
859 |
|
|
818 |
|
|
895 |
|
|
606 |
|
Gain on
sale of securities, net |
|
3 |
|
|
2,236 |
|
|
63 |
|
|
1,445 |
|
|
315 |
|
Other
income |
|
7,276 |
|
|
4,281 |
|
|
3,621 |
|
|
3,722 |
|
|
6,755 |
|
TOTAL
NON-INTEREST INCOME |
|
36,332 |
|
|
35,744 |
|
|
30,060 |
|
|
36,115 |
|
|
36,876 |
|
NON-INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
35,285 |
|
|
34,205 |
|
|
35,536 |
|
|
33,797 |
|
|
31,784 |
|
Occupancy
expense, net |
|
4,928 |
|
|
4,868 |
|
|
4,663 |
|
|
4,516 |
|
|
4,690 |
|
Furniture
and equipment expense |
|
4,840 |
|
|
4,550 |
|
|
4,443 |
|
|
4,387 |
|
|
4,272 |
|
Other
real estate and foreclosure expense |
|
1,071 |
|
|
517 |
|
|
589 |
|
|
679 |
|
|
1,849 |
|
Deposit
insurance |
|
1,020 |
|
|
780 |
|
|
680 |
|
|
89 |
|
|
1,136 |
|
Merger-related costs |
|
752 |
|
|
6,603 |
|
|
524 |
|
|
2,846 |
|
|
1,524 |
|
Other
operating expenses |
|
18,263 |
|
|
19,885 |
|
|
19,887 |
|
|
20,411 |
|
|
17,179 |
|
TOTAL
NON-INTEREST EXPENSE |
|
66,159 |
|
|
71,408 |
|
|
66,322 |
|
|
66,725 |
|
|
62,434 |
|
NET INCOME BEFORE INCOME
TAXES |
|
43,530 |
|
|
34,125 |
|
|
31,811 |
|
|
39,386 |
|
|
34,211 |
|
Provision
for income taxes |
|
14,678 |
|
|
11,060 |
|
|
9,691 |
|
|
12,415 |
|
|
10,782 |
|
NET
INCOME |
$ |
28,852 |
|
$ |
23,065 |
|
$ |
22,120 |
|
$ |
26,971 |
|
$ |
23,429 |
|
BASIC EARNINGS PER
SHARE |
$ |
0.90 |
|
$ |
0.72 |
|
$ |
0.71 |
|
$ |
0.86 |
|
$ |
0.77 |
|
DILUTED EARNINGS PER
SHARE |
$ |
0.89 |
|
$ |
0.72 |
|
$ |
0.70 |
|
$ |
0.85 |
|
$ |
0.76 |
|
|
|
|
|
|
|
|
|
|
|
|
Page
2 |
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National
Corporation |
|
|
|
|
|
|
|
|
SFNC |
Consolidated Risk-Based
Capital |
|
|
|
|
|
|
|
|
|
For the Quarters
Ended |
Sep
30 |
|
Jun
30 |
|
Mar
31 |
|
Dec
31 |
|
Sep
30 |
(Unaudited) |
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
Tier 1
capital |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
$ |
1,257,199 |
|
|
$ |
1,234,076 |
|
|
$ |
1,170,889 |
|
|
$ |
1,151,111 |
|
|
$ |
1,147,141 |
|
Trust
preferred securities, net allowable |
|
67,418 |
|
|
|
67,312 |
|
|
|
60,503 |
|
|
|
60,397 |
|
|
|
60,290 |
|
Disallowed intangible assets, net of deferred tax |
|
(401,419 |
) |
|
|
(406,990 |
) |
|
|
(361,944 |
) |
|
|
(354,028 |
) |
|
|
(354,582 |
) |
Unrealized loss (gain) on AFS securities |
|
10,651 |
|
|
|
11,322 |
|
|
|
14,298 |
|
|
|
15,212 |
|
|
|
(2,117 |
) |
Other |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
15 |
|
|
|
- |
|
Total
Tier 1 capital |
|
933,849 |
|
|
|
905,720 |
|
|
|
883,746 |
|
|
|
872,707 |
|
|
|
850,732 |
|
|
|
|
|
|
|
|
|
|
|
Tier 2
capital |
|
|
|
|
|
|
|
|
|
Qualifying unrealized gain on AFS equity securities |
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
- |
|
|
|
- |
|
Qualifying allowance for loan losses and |
|
|
|
|
|
|
|
|
|
reserve
for unfunded commitments |
|
46,709 |
|
|
|
45,369 |
|
|
|
41,303 |
|
|
|
40,241 |
|
|
|
38,050 |
|
Total
Tier 2 capital |
|
46,710 |
|
|
|
45,370 |
|
|
|
41,305 |
|
|
|
40,241 |
|
|
|
38,050 |
|
Total
risk-based capital |
$ |
980,559 |
|
|
$ |
951,090 |
|
|
$ |
925,051 |
|
|
$ |
912,948 |
|
|
$ |
888,782 |
|
|
|
|
|
|
|
|
|
|
|
Common
equity |
|
|
|
|
|
|
|
|
|
Tier 1
capital |
$ |
933,849 |
|
|
$ |
905,720 |
|
|
$ |
883,746 |
|
|
$ |
872,707 |
|
|
$ |
850,732 |
|
Less:
Trust preferred securities |
|
(67,418 |
) |
|
|
(67,312 |
) |
|
|
(60,503 |
) |
|
|
(60,397 |
) |
|
|
(60,290 |
) |
Total
common equity |
$ |
866,431 |
|
|
$ |
838,408 |
|
|
$ |
823,243 |
|
|
$ |
812,310 |
|
|
$ |
790,442 |
|
|
|
|
|
|
|
|
|
|
|
Risk weighted
assets |
$ |
7,225,846 |
|
|
$ |
6,925,727 |
|
|
$ |
6,425,150 |
|
|
$ |
6,039,034 |
|
|
$ |
5,724,052 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted average assets
for leverage ratio |
$ |
8,794,433 |
|
|
$ |
8,424,763 |
|
|
$ |
8,076,525 |
|
|
$ |
7,966,681 |
|
|
$ |
7,355,702 |
|
|
|
|
|
|
|
|
|
|
|
Ratios at end
of quarter |
|
|
|
|
|
|
|
|
|
Equity to
assets |
|
13.18 |
% |
|
|
13.61 |
% |
|
|
13.57 |
% |
|
|
13.70 |
% |
|
|
13.94 |
% |
Tangible
common equity to tangible assets (1) |
|
9.07 |
% |
|
|
9.22 |
% |
|
|
9.35 |
% |
|
|
9.37 |
% |
|
|
9.51 |
% |
Common
equity Tier 1 ratio (CET1) |
|
11.99 |
% |
|
|
12.11 |
% |
|
|
12.81 |
% |
|
|
13.45 |
% |
|
|
13.81 |
% |
Tier 1
leverage ratio |
|
10.62 |
% |
|
|
10.75 |
% |
|
|
10.94 |
% |
|
|
10.95 |
% |
|
|
11.57 |
% |
Tier 1
risk-based capital ratio |
|
12.92 |
% |
|
|
13.08 |
% |
|
|
13.75 |
% |
|
|
14.45 |
% |
|
|
14.86 |
% |
Total
risk-based capital ratio |
|
13.57 |
% |
|
|
13.73 |
% |
|
|
14.40 |
% |
|
|
15.12 |
% |
|
|
15.53 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Calculations of tangible common equity to tangible assets and the
reconciliations to GAAP are included in the |
|
|
|
|
schedules accompanying
this release. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page
3 |
|
|
|
|
|
|
|
|
|
|
Simmons First National
Corporation |
|
|
|
|
|
|
|
SFNC |
|
Consolidated Loans and
Investments |
|
|
|
|
|
|
|
|
|
|
For the Quarters
Ended |
Sep
30 |
|
Jun
30 |
|
Mar
31 |
|
Dec
31 |
|
Sep
30 |
|
(Unaudited) |
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
Legacy Loan
Portfolio - End of Period (1)
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
|
|
|
|
|
|
|
|
|
Credit
cards |
$ |
176,316 |
|
$ |
176,953 |
|
$ |
171,947 |
|
$ |
184,591 |
|
$ |
175,032 |
|
Other
consumer |
|
317,946 |
|
|
366,136 |
|
|
349,200 |
|
|
303,972 |
|
|
275,947 |
|
Total
consumer |
|
494,262 |
|
|
543,089 |
|
|
521,147 |
|
|
488,563 |
|
|
450,979 |
|
Real Estate |
|
|
|
|
|
|
|
|
|
|
Construction |
|
515,274 |
|
|
457,896 |
|
|
365,051 |
|
|
336,759 |
|
|
304,082 |
|
Single-family residential |
|
1,048,403 |
|
|
1,014,412 |
|
|
957,717 |
|
|
904,245 |
|
|
841,958 |
|
Other
commercial |
|
2,231,223 |
|
|
2,089,707 |
|
|
1,959,677 |
|
|
1,787,075 |
|
|
1,521,132 |
|
Total
real estate |
|
3,794,900 |
|
|
3,562,015 |
|
|
3,282,445 |
|
|
3,028,079 |
|
|
2,667,172 |
|
Commercial |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
688,960 |
|
|
678,932 |
|
|
657,606 |
|
|
639,525 |
|
|
607,738 |
|
Agricultural |
|
207,849 |
|
|
191,345 |
|
|
141,125 |
|
|
150,378 |
|
|
203,529 |
|
Total
commercial |
|
896,809 |
|
|
870,277 |
|
|
798,731 |
|
|
789,903 |
|
|
811,267 |
|
Other |
|
25,341 |
|
|
25,191 |
|
|
30,582 |
|
|
20,662 |
|
|
13,671 |
|
Total
Loans |
$ |
5,211,312 |
|
$ |
5,000,572 |
|
$ |
4,632,905 |
|
$ |
4,327,207 |
|
$ |
3,943,089 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes all acquired loans. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Securities - End of Period |
|
|
|
|
|
|
|
|
|
|
Held-to-Maturity |
|
|
|
|
|
|
|
|
|
|
U.S.
Government agencies |
$ |
66,928 |
|
$ |
67,912 |
|
$ |
68,895 |
|
$ |
76,875 |
|
$ |
80,849 |
|
Mortgage-backed securities |
|
16,972 |
|
|
17,882 |
|
|
18,743 |
|
|
19,773 |
|
|
21,454 |
|
State and
political subdivisions |
|
320,116 |
|
|
331,249 |
|
|
341,854 |
|
|
362,532 |
|
|
391,495 |
|
Other
securities |
|
2,017 |
|
|
1,960 |
|
|
1,684 |
|
|
2,916 |
|
|
2,796 |
|
Total
held-to-maturity |
|
406,033 |
|
|
419,003 |
|
|
431,176 |
|
|
462,096 |
|
|
496,594 |
|
Available-for-Sale |
|
|
|
|
|
|
|
|
|
|
U.S.
Treasury |
$ |
- |
|
$ |
19,997 |
|
$ |
- |
|
$ |
300 |
|
$ |
63,985 |
|
U.S.
Government agencies |
|
208,220 |
|
|
147,619 |
|
|
142,356 |
|
|
137,771 |
|
|
148,781 |
|
Mortgage-backed securities |
|
959,698 |
|
|
878,205 |
|
|
927,277 |
|
|
868,324 |
|
|
699,748 |
|
State and
political subdivisions |
|
84,822 |
|
|
83,672 |
|
|
130,747 |
|
|
102,943 |
|
|
67,019 |
|
FHLB
stock |
|
24,415 |
|
|
21,772 |
|
|
19,149 |
|
|
12,235 |
|
|
11,235 |
|
Other
securities |
|
40,265 |
|
|
39,335 |
|
|
38,285 |
|
|
35,781 |
|
|
33,438 |
|
Total
available-for-sale |
|
1,317,420 |
|
|
1,190,600 |
|
|
1,257,814 |
|
|
1,157,354 |
|
|
1,024,206 |
|
Total
investment securities |
$ |
1,723,453 |
|
$ |
1,609,603 |
|
$ |
1,688,990 |
|
$ |
1,619,450 |
|
$ |
1,520,800 |
|
Fair
value - HTM investment securities |
$ |
412,140 |
|
$ |
425,263 |
|
$ |
435,701 |
|
$ |
465,960 |
|
$ |
508,910 |
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Securities - QTD Average |
|
|
|
|
|
|
|
|
|
|
Taxable
securities |
$ |
1,229,172 |
|
$ |
1,244,071 |
|
$ |
1,185,794 |
|
$ |
1,146,703 |
|
$ |
963,150 |
|
Tax exempt
securities |
|
409,062 |
|
|
467,420 |
|
|
455,481 |
|
|
467,757 |
|
|
466,782 |
|
Total
investment securities - QTD average |
$ |
1,638,234 |
|
$ |
1,711,491 |
|
$ |
1,641,275 |
|
$ |
1,614,460 |
|
$ |
1,429,932 |
|
|
|
|
|
|
|
|
|
|
|
|
Page
4 |
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National
Corporation |
|
|
|
|
|
|
|
|
SFNC |
|
Consolidated Loans and Credit
Coverage |
|
|
|
|
|
|
|
|
|
|
For the Quarters
Ended |
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
(Unaudited) |
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2016 |
|
($ in
thousands) |
|
|
|
|
|
|
|
|
|
|
LOANS |
|
|
|
|
|
|
|
|
|
|
Legacy
loans |
$ |
5,211,312 |
|
|
$ |
5,000,572 |
|
|
$ |
4,632,905 |
|
|
$ |
4,327,207 |
|
|
$ |
3,943,089 |
|
|
Allowance
for loan losses (legacy loans) |
|
(42,717 |
) |
|
|
(41,379 |
) |
|
|
(37,865 |
) |
|
|
(36,286 |
) |
|
|
(34,094 |
) |
|
Legacy
loans (net of allowance) |
|
5,168,595 |
|
|
|
4,959,193 |
|
|
|
4,595,040 |
|
|
|
4,290,921 |
|
|
|
3,908,995 |
|
|
Loans
acquired |
|
1,117,424 |
|
|
|
1,253,539 |
|
|
|
1,173,667 |
|
|
|
1,342,099 |
|
|
|
1,502,051 |
|
|
Credit
discount |
|
(24,994 |
) |
|
|
(28,409 |
) |
|
|
(28,941 |
) |
|
|
(35,462 |
) |
|
|
(42,899 |
) |
|
Allowance
for loan losses (loans acquired) |
|
(391 |
) |
|
|
(391 |
) |
|
|
(435 |
) |
|
|
(954 |
) |
|
|
(954 |
) |
|
Loans
acquired (net of discount and allowance) |
|
1,092,039 |
|
|
|
1,224,739 |
|
|
|
1,144,291 |
|
|
|
1,305,683 |
|
|
|
1,458,198 |
|
|
Net
loans |
$ |
6,260,634 |
|
|
$ |
6,183,932 |
|
|
$ |
5,739,331 |
|
|
$ |
5,596,604 |
|
|
$ |
5,367,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Coverage
Ratios |
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses to legacy loans |
|
0.82 |
% |
|
|
0.83 |
% |
|
|
0.82 |
% |
|
|
0.84 |
% |
|
|
0.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Discount
for credit losses and allowance on loans acquired |
|
|
|
|
|
|
|
|
|
|
to total
loans acquired plus discount for credit losses |
|
|
|
|
|
|
|
|
|
|
and
allowance on loans acquired (non-GAAP) (1) |
|
2.27 |
% |
|
|
2.30 |
% |
|
|
2.50 |
% |
|
|
2.71 |
% |
|
|
2.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Total
allowance and credit coverage (non-GAAP) (1) |
|
1.08 |
% |
|
|
1.12 |
% |
|
|
1.16 |
% |
|
|
1.28 |
% |
|
|
1.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Calculations of the non-GAAP loan coverage ratios and the
reconciliations to GAAP are included in the schedules
accompanying |
|
|
|
this release. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page
5 |
|
|
|
|
|
|
|
|
|
|
|
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) |
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
Allowance for
Loan Losses (Legacy Loans) |
|
|
|
|
|
|
|
|
|
Balance,
beginning of quarter |
$ |
41,379 |
|
|
$ |
37,865 |
|
|
$ |
36,286 |
|
|
$ |
34,094 |
|
|
$ |
33,523 |
|
Loans charged
off |
|
|
|
|
|
|
|
|
|
Credit
cards |
|
1,017 |
|
|
|
901 |
|
|
|
1,044 |
|
|
|
935 |
|
|
|
699 |
|
Other
consumer |
|
819 |
|
|
|
993 |
|
|
|
1,174 |
|
|
|
493 |
|
|
|
600 |
|
Real
estate |
|
896 |
|
|
|
1,712 |
|
|
|
656 |
|
|
|
167 |
|
|
|
6,297 |
|
Commercial |
|
2,442 |
|
|
|
349 |
|
|
|
292 |
|
|
|
913 |
|
|
|
284 |
|
Total
loans charged off |
|
5,174 |
|
|
|
3,955 |
|
|
|
3,166 |
|
|
|
2,508 |
|
|
|
7,880 |
|
|
|
|
|
|
|
|
|
|
|
Recoveries of loans
previously charged off |
|
|
|
|
|
|
|
|
|
Credit
cards |
|
275 |
|
|
|
277 |
|
|
|
236 |
|
|
|
213 |
|
|
|
199 |
|
Other
consumer |
|
445 |
|
|
|
636 |
|
|
|
690 |
|
|
|
158 |
|
|
|
106 |
|
Real
estate |
|
309 |
|
|
|
216 |
|
|
|
232 |
|
|
|
73 |
|
|
|
55 |
|
Commercial |
|
21 |
|
|
|
32 |
|
|
|
30 |
|
|
|
28 |
|
|
|
12 |
|
Total
recoveries |
|
1,050 |
|
|
|
1,161 |
|
|
|
1,188 |
|
|
|
472 |
|
|
|
372 |
|
Net loans
charged off |
|
4,124 |
|
|
|
2,794 |
|
|
|
1,978 |
|
|
|
2,036 |
|
|
|
7,508 |
|
Provision for loan
losses |
|
5,462 |
|
|
|
6,308 |
|
|
|
3,557 |
|
|
|
4,228 |
|
|
|
8,079 |
|
Balance, end of
quarter |
$ |
42,717 |
|
|
$ |
41,379 |
|
|
$ |
37,865 |
|
|
$ |
36,286 |
|
|
$ |
34,094 |
|
|
|
|
|
|
|
|
|
|
|
Non-performing
assets (1) (2) |
|
|
|
|
|
|
|
|
|
Non-performing
loans |
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
54,439 |
|
|
|
57,127 |
|
|
|
52,913 |
|
|
|
39,104 |
|
|
|
37,392 |
|
Loans
past due 90 days or more |
|
232 |
|
|
|
281 |
|
|
|
231 |
|
|
|
299 |
|
|
|
144 |
|
Total
non-performing loans |
|
54,671 |
|
|
|
57,408 |
|
|
|
53,144 |
|
|
|
39,403 |
|
|
|
37,536 |
|
Other
non-performing assets |
|
|
|
|
|
|
|
|
|
Foreclosed assets and other real estate owned (2) |
|
31,477 |
|
|
|
26,012 |
|
|
|
26,421 |
|
|
|
26,895 |
|
|
|
30,396 |
|
Other non-performing assets |
|
639 |
|
|
|
485 |
|
|
|
352 |
|
|
|
471 |
|
|
|
621 |
|
Total
other non-performing assets |
|
32,116 |
|
|
|
26,497 |
|
|
|
26,773 |
|
|
|
27,366 |
|
|
|
31,017 |
|
Total
non-performing assets |
$ |
86,787 |
|
|
$ |
83,905 |
|
|
$ |
79,917 |
|
|
$ |
66,769 |
|
|
$ |
68,553 |
|
Performing TDRs
(troubled debt restructurings) |
$ |
9,212 |
|
|
$ |
8,794 |
|
|
$ |
10,833 |
|
|
$ |
10,998 |
|
|
$ |
13,604 |
|
|
|
|
|
|
|
|
|
|
|
Ratios
(1) (2) |
|
|
|
|
|
|
|
|
|
Allowance for
loan losses to total loans |
|
0.82 |
% |
|
|
0.83 |
% |
|
|
0.82 |
% |
|
|
0.84 |
% |
|
|
0.86 |
% |
Allowance for
loan losses to non-performing loans |
|
78 |
% |
|
|
72 |
% |
|
|
71 |
% |
|
|
92 |
% |
|
|
91 |
% |
Non-performing
loans to total loans |
|
1.05 |
% |
|
|
1.15 |
% |
|
|
1.15 |
% |
|
|
0.91 |
% |
|
|
0.95 |
% |
Non-performing
assets (including performing TDRs) |
|
|
|
|
|
|
|
|
|
to total
assets |
|
1.01 |
% |
|
|
1.02 |
% |
|
|
1.05 |
% |
|
|
0.93 |
% |
|
|
1.00 |
% |
Non-performing
assets to total assets |
|
0.91 |
% |
|
|
0.93 |
% |
|
|
0.93 |
% |
|
|
0.79 |
% |
|
|
0.83 |
% |
Annualized net
charge offs to total loans |
|
0.32 |
% |
|
|
0.23 |
% |
|
|
0.18 |
% |
|
|
0.20 |
% |
|
|
0.82 |
% |
Annualized net
credit card charge offs to |
|
|
|
|
|
|
|
|
|
total credit card loans |
|
1.63 |
% |
|
|
1.42 |
% |
|
|
1.84 |
% |
|
|
1.66 |
% |
|
|
1.14 |
% |
Annualized net
charge offs to total loans |
|
|
|
|
|
|
|
|
|
(excluding credit cards) |
|
0.27 |
% |
|
|
0.19 |
% |
|
|
0.11 |
% |
|
|
0.14 |
% |
|
|
0.81 |
% |
|
|
|
|
|
|
|
|
|
|
(1) Excludes all acquired loans, except for their inclusion
in total assets. |
|
|
|
|
|
|
|
|
|
(2) Includes acquired foreclosed assets and acquired
other real estate owned. |
|
|
|
|
|
|
|
|
|
Page
6 |
|
|
|
|
|
|
|
|
|
|
Simmons First National
Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SFNC |
Consolidated - Average Balance
Sheet and Net Interest Income
Analysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarters
Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended Sep
2017 |
|
Three Months
Ended Jun
2017 |
|
Three Months
Ended Sep
2016 |
($ 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
funds sold |
|
269,111 |
|
|
650 |
|
0.96 |
% |
|
|
163,396 |
|
|
214 |
|
0.53 |
% |
|
|
253,249 |
|
|
263 |
|
0.41 |
% |
Investment securities - taxable |
|
1,313,333 |
|
|
6,574 |
|
1.99 |
% |
|
|
1,374,261 |
|
|
6,874 |
|
2.01 |
% |
|
|
1,038,437 |
|
|
4,775 |
|
1.83 |
% |
Investment securities - non-taxable (FTE) |
|
324,901 |
|
|
4,341 |
|
5.30 |
% |
|
|
337,230 |
|
|
5,118 |
|
6.09 |
% |
|
|
391,495 |
|
|
4,926 |
|
5.01 |
% |
Mortgage
loans held for sale |
|
13,388 |
|
|
159 |
|
4.71 |
% |
|
|
12,250 |
|
|
145 |
|
4.75 |
% |
|
|
31,256 |
|
|
299 |
|
3.81 |
% |
Assets
held in trading accounts |
|
52 |
|
|
- |
|
0.00 |
% |
|
|
52 |
|
|
- |
|
0.00 |
% |
|
|
5,108 |
|
|
4 |
|
0.31 |
% |
Loans,
including acquired loans |
|
6,261,507 |
|
|
77,511 |
|
4.91 |
% |
|
|
5,954,019 |
|
|
73,629 |
|
4.96 |
% |
|
|
5,105,474 |
|
|
65,120 |
|
5.07 |
% |
Total
interest earning assets (FTE) |
|
8,182,292 |
|
|
89,235 |
|
4.33 |
% |
|
|
7,841,208 |
|
|
85,980 |
|
4.40 |
% |
|
|
6,825,019 |
|
|
75,387 |
|
4.39 |
% |
Non-earning assets |
|
993,315 |
|
|
|
|
|
|
971,252 |
|
|
|
|
|
|
878,818 |
|
|
|
|
Total
assets |
$ |
9,175,607 |
|
|
|
|
|
$ |
8,812,460 |
|
|
|
|
|
$ |
7,703,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing transaction and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
savings accounts |
$ |
4,227,567 |
|
$ |
3,920 |
|
0.37 |
% |
|
$ |
4,069,179 |
|
$ |
2,984 |
|
0.29 |
% |
|
$ |
3,645,414 |
|
$ |
1,965 |
|
0.21 |
% |
Time
deposits |
|
1,330,889 |
|
|
2,110 |
|
0.63 |
% |
|
|
1,277,336 |
|
|
1,832 |
|
0.58 |
% |
|
|
1,213,895 |
|
|
1,767 |
|
0.58 |
% |
Total
interest bearing deposits |
|
5,558,456 |
|
|
6,030 |
|
0.43 |
% |
|
|
5,346,515 |
|
|
4,816 |
|
0.36 |
% |
|
|
4,859,309 |
|
|
3,732 |
|
0.31 |
% |
Federal
funds purchased and securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sold under agreement to repurchase |
|
115,583 |
|
|
83 |
|
0.28 |
% |
|
|
115,101 |
|
|
92 |
|
0.32 |
% |
|
|
105,576 |
|
|
59 |
|
0.22 |
% |
Other
borrowings |
|
502,972 |
|
|
1,875 |
|
1.48 |
% |
|
|
434,584 |
|
|
1,559 |
|
1.44 |
% |
|
|
192,453 |
|
|
1,048 |
|
2.17 |
% |
Subordinated debentures |
|
67,367 |
|
|
677 |
|
3.99 |
% |
|
|
64,019 |
|
|
619 |
|
3.88 |
% |
|
|
60,238 |
|
|
516 |
|
3.41 |
% |
Total
interest bearing liabilities |
|
6,244,378 |
|
|
8,665 |
|
0.55 |
% |
|
|
5,960,219 |
|
|
7,086 |
|
0.48 |
% |
|
|
5,217,576 |
|
|
5,355 |
|
0.41 |
% |
Non-interest bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
1,613,248 |
|
|
|
|
|
|
1,597,550 |
|
|
|
|
|
|
1,322,818 |
|
|
|
|
Other
liabilities |
|
62,287 |
|
|
|
|
|
|
45,348 |
|
|
|
|
|
|
49,191 |
|
|
|
|
Total
liabilities |
|
7,919,913 |
|
|
|
|
|
|
7,603,117 |
|
|
|
|
|
|
6,589,585 |
|
|
|
|
Stockholders'
equity |
|
1,255,694 |
|
|
|
|
|
|
1,209,343 |
|
|
|
|
|
|
1,114,252 |
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
9,175,607 |
|
|
|
|
|
$ |
8,812,460 |
|
|
|
|
|
$ |
7,703,837 |
|
|
|
|
Net interest income
(FTE) |
|
|
$ |
80,570 |
|
|
|
|
|
$ |
78,894 |
|
|
|
|
|
$ |
70,032 |
|
|
Net interest spread
(FTE) |
|
|
|
|
3.78 |
% |
|
|
|
|
|
3.92 |
% |
|
|
|
|
|
3.98 |
% |
Net
interest margin (FTE) - quarter-to-date |
|
|
|
|
3.91 |
% |
|
|
|
|
|
4.04 |
% |
|
|
|
|
|
4.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin (FTE) - year-to-date |
|
|
|
|
3.99 |
% |
|
|
|
|
|
4.04 |
% |
|
|
|
|
|
4.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net
interest margin (FTE) - quarter-to-date (1) |
|
|
|
|
3.77 |
% |
|
|
|
|
|
3.79 |
% |
|
|
|
|
|
3.79 |
% |
Core
loan yield (FTE) - quarter-to-date (1) |
|
|
|
|
4.72 |
% |
|
|
|
|
|
4.63 |
% |
|
|
|
|
|
4.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net
interest margin (FTE) - year-to-date (1) |
|
|
|
|
3.79 |
% |
|
|
|
|
|
3.79 |
% |
|
|
|
|
|
3.86 |
% |
Core
loan yield (FTE) - year-to-date (1) |
|
|
|
|
4.65 |
% |
|
|
|
|
|
4.61 |
% |
|
|
|
|
|
4.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Calculations of core net interest margin and core loan yield and
the reconciliations to GAAP are included in the schedules
accompanying this release. |
|
|
|
|
|
|
|
|
Page 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National
Corporation |
|
|
|
|
|
|
|
|
SFNC |
|
Consolidated - Selected Financial
Data |
|
|
|
|
|
|
|
|
|
|
For the Quarters
Ended |
Sep 30 |
|
Jun 30 |
|
Mar 31 |
|
Dec 31 |
|
Sep 30 |
|
(Unaudited) |
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
($ in thousands, except share data) |
|
|
|
|
|
|
|
|
|
|
QUARTER-TO-DATE |
|
|
|
|
|
|
|
|
|
|
Financial
Highlights - GAAP |
|
|
|
|
|
|
|
|
|
|
Net
Income |
$ |
28,852 |
|
|
$ |
23,065 |
|
|
$ |
22,120 |
|
|
$ |
26,971 |
|
|
$ |
23,429 |
|
|
Diluted earnings per share |
|
0.89 |
|
|
|
0.72 |
|
|
|
0.70 |
|
|
|
0.85 |
|
|
|
0.76 |
|
|
Return on average assets |
|
1.25 |
% |
|
|
1.05 |
% |
|
|
1.07 |
% |
|
|
1.29 |
% |
|
|
1.21 |
% |
|
Return on average common equity |
|
9.12 |
% |
|
|
7.65 |
% |
|
|
7.69 |
% |
|
|
9.27 |
% |
|
|
8.36 |
% |
|
Return on tangible common equity |
|
14.47 |
% |
|
|
12.13 |
% |
|
|
12.22 |
% |
|
|
14.71 |
% |
|
|
13.26 |
% |
|
Net
interest margin (FTE) |
|
3.91 |
% |
|
|
4.04 |
% |
|
|
4.04 |
% |
|
|
4.12 |
% |
|
|
4.08 |
% |
|
FTE
adjustment |
|
1,751 |
|
|
|
2,082 |
|
|
|
1,965 |
|
|
|
1,994 |
|
|
|
1,969 |
|
|
Amortization of intangibles |
|
1,724 |
|
|
|
1,553 |
|
|
|
1,550 |
|
|
|
1,533 |
|
|
|
1,503 |
|
|
Amortization of intangibles, net of taxes |
|
1,048 |
|
|
|
944 |
|
|
|
942 |
|
|
|
932 |
|
|
|
913 |
|
|
Average diluted shares outstanding |
|
32,423,796 |
|
|
|
32,025,780 |
|
|
|
31,612,900 |
|
|
|
31,592,713 |
|
|
|
30,843,714 |
|
|
Cash dividends declared per common share |
|
0.25 |
|
|
|
0.25 |
|
|
|
0.25 |
|
|
|
0.24 |
|
|
|
0.24 |
|
|
Financial
Highlights - Core (non-GAAP) |
|
|
|
|
|
|
|
|
|
|
Core earnings (excludes non-core items) (1) |
$ |
27,746 |
|
|
$ |
26,753 |
|
|
$ |
22,532 |
|
|
$ |
28,751 |
|
|
$ |
24,382 |
|
|
Diluted core earnings per share (1) |
|
0.86 |
|
|
|
0.84 |
|
|
|
0.71 |
|
|
|
0.91 |
|
|
|
0.79 |
|
|
Core net interest margin (FTE) (2) |
|
3.77 |
% |
|
|
3.79 |
% |
|
|
3.80 |
% |
|
|
3.76 |
% |
|
|
3.79 |
% |
|
Accretable yield on acquired loans |
|
2,890 |
|
|
|
4,792 |
|
|
|
4,427 |
|
|
|
6,552 |
|
|
|
4,928 |
|
|
Efficiency ratio (1) |
|
55.06 |
% |
|
|
56.04 |
% |
|
|
60.92 |
% |
|
|
55.47 |
% |
|
|
53.94 |
% |
|
Core return on average assets (1) |
|
1.20 |
% |
|
|
1.22 |
% |
|
|
1.09 |
% |
|
|
1.38 |
% |
|
|
1.26 |
% |
|
Core return on average common equity (1) |
|
8.77 |
% |
|
|
8.87 |
% |
|
|
7.83 |
% |
|
|
9.89 |
% |
|
|
8.71 |
% |
|
Core return on tangible common equity (1) |
|
13.93 |
% |
|
|
13.99 |
% |
|
|
12.44 |
% |
|
|
15.65 |
% |
|
|
13.78 |
% |
|
YEAR-TO-DATE |
|
|
|
|
|
|
|
|
|
|
Financial
Highlights - GAAP |
|
|
|
|
|
|
|
|
|
|
Net
Income |
$ |
74,037 |
|
|
$ |
45,185 |
|
|
$ |
22,120 |
|
|
$ |
96,790 |
|
|
$ |
69,819 |
|
|
Diluted earnings per share |
|
2.31 |
|
|
|
1.42 |
|
|
|
0.70 |
|
|
|
3.13 |
|
|
|
2.28 |
|
|
Return on average assets |
|
1.12 |
% |
|
|
1.06 |
% |
|
|
1.07 |
% |
|
|
1.25 |
% |
|
|
1.23 |
% |
|
Return on average common equity |
|
8.18 |
% |
|
|
7.67 |
% |
|
|
7.69 |
% |
|
|
8.75 |
% |
|
|
8.57 |
% |
|
Return on tangible common equity |
|
12.97 |
% |
|
|
12.17 |
% |
|
|
12.22 |
% |
|
|
13.92 |
% |
|
|
13.68 |
% |
|
Net
interest margin (FTE) |
|
3.99 |
% |
|
|
4.04 |
% |
|
|
4.04 |
% |
|
|
4.19 |
% |
|
|
4.21 |
% |
|
FTE
adjustment |
|
5,798 |
|
|
|
4,047 |
|
|
|
1,965 |
|
|
|
7,722 |
|
|
|
5,728 |
|
|
Amortization of intangibles |
|
4,827 |
|
|
|
3,103 |
|
|
|
1,550 |
|
|
|
5,942 |
|
|
|
4,409 |
|
|
Amortization of intangibles, net of taxes |
|
2,934 |
|
|
|
1,886 |
|
|
|
942 |
|
|
|
3,611 |
|
|
|
2,679 |
|
|
Average diluted shares outstanding |
|
32,007,135 |
|
|
|
31,794,363 |
|
|
|
31,612,900 |
|
|
|
30,963,546 |
|
|
|
30,656,882 |
|
|
Cash dividends declared per common share |
|
0.75 |
|
|
|
0.50 |
|
|
|
0.25 |
|
|
|
0.96 |
|
|
|
0.72 |
|
|
Financial
Highlights - Core (non-GAAP) |
|
|
|
|
|
|
|
|
|
|
Core earnings (excludes non-core items) (1) |
$ |
77,031 |
|
|
$ |
49,285 |
|
|
$ |
22,532 |
|
|
$ |
101,409 |
|
|
$ |
72,658 |
|
|
Diluted core earnings per share (1) |
|
2.41 |
|
|
|
1.55 |
|
|
|
0.71 |
|
|
|
3.28 |
|
|
|
2.37 |
|
|
Core net interest margin (FTE) (2) |
|
3.79 |
% |
|
|
3.79 |
% |
|
|
3.80 |
% |
|
|
3.83 |
% |
|
|
3.86 |
% |
|
Accretable yield on acquired loans |
|
12,109 |
|
|
|
9,219 |
|
|
|
4,427 |
|
|
|
24,257 |
|
|
|
17,705 |
|
|
Efficiency ratio (1) |
|
57.25 |
% |
|
|
58.40 |
% |
|
|
60.92 |
% |
|
|
56.32 |
% |
|
|
56.62 |
% |
|
Core return on average assets (1) |
|
1.17 |
% |
|
|
1.15 |
% |
|
|
1.09 |
% |
|
|
1.31 |
% |
|
|
1.28 |
% |
|
Core return on average common equity (1) |
|
8.51 |
% |
|
|
8.37 |
% |
|
|
7.83 |
% |
|
|
9.17 |
% |
|
|
8.91 |
% |
|
Core return on tangible common equity (1) |
|
13.48 |
% |
|
|
13.23 |
% |
|
|
12.44 |
% |
|
|
14.56 |
% |
|
|
14.22 |
% |
|
END OF
PERIOD |
|
|
|
|
|
|
|
|
|
|
Book value per share |
$ |
39.03 |
|
|
$ |
38.31 |
|
|
$ |
37.30 |
|
|
$ |
36.80 |
|
|
$ |
36.69 |
|
|
Tangible book value per share |
|
25.64 |
|
|
|
24.71 |
|
|
|
24.51 |
|
|
|
23.97 |
|
|
|
23.80 |
|
|
Shares outstanding |
|
32,212,242 |
|
|
|
32,212,832 |
|
|
|
31,388,357 |
|
|
|
31,277,723 |
|
|
|
31,267,614 |
|
|
Full-time equivalent employees |
|
1,942 |
|
|
|
1,919 |
|
|
|
1,876 |
|
|
|
1,875 |
|
|
|
1,985 |
|
|
Total number of ATM's |
|
192 |
|
|
|
197 |
|
|
|
187 |
|
|
|
186 |
|
|
|
186 |
|
|
Total number of financial centers |
|
156 |
|
|
|
161 |
|
|
|
151 |
|
|
|
150 |
|
|
|
150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page
8 |
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First National
Corporation |
|
|
|
|
|
|
|
|
SFNC |
|
Consolidated - Reconciliation of
Core Earnings (non-GAAP) |
|
|
|
|
|
|
|
|
|
|
For the Quarters
Ended |
Sep
30 |
|
Jun
30 |
|
Mar
31 |
|
Dec
31 |
|
Sep
30 |
|
(Unaudited) |
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
($ in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
QUARTER-TO-DATE |
|
|
|
|
|
|
|
|
|
|
Net
Income |
$ |
28,852 |
|
|
$ |
23,065 |
|
|
$ |
22,120 |
|
|
$ |
26,971 |
|
|
$ |
23,429 |
|
|
Non-core items |
|
|
|
|
|
|
|
|
|
|
Gain on
sale of P&C insurance business |
|
(3,708 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Merger-related costs |
|
752 |
|
|
|
6,603 |
|
|
|
524 |
|
|
|
2,846 |
|
|
|
1,524 |
|
|
Branch
right-sizing |
|
435 |
|
|
|
(536 |
) |
|
|
154 |
|
|
|
83 |
|
|
|
43 |
|
|
Tax
effect (1) |
|
1,415 |
|
|
|
(2,379 |
) |
|
|
(266 |
) |
|
|
(1,149 |
) |
|
|
(614 |
) |
|
Net
non-core items |
|
(1,106 |
) |
|
|
3,688 |
|
|
|
412 |
|
|
|
1,780 |
|
|
|
953 |
|
|
Core earnings
(non-GAAP) |
$ |
27,746 |
|
|
$ |
26,753 |
|
|
$ |
22,532 |
|
|
$ |
28,751 |
|
|
$ |
24,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per share |
$ |
0.89 |
|
|
$ |
0.72 |
|
|
$ |
0.70 |
|
|
$ |
0.85 |
|
|
$ |
0.76 |
|
|
Non-core items |
|
|
|
|
|
|
|
|
|
|
Gain on
sale of P&C insurance business |
|
(0.11 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Merger-related costs |
|
0.02 |
|
|
|
0.21 |
|
|
|
0.02 |
|
|
|
0.09 |
|
|
|
0.05 |
|
|
Branch
right-sizing |
|
0.01 |
|
|
|
(0.02 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Tax
effect (1) |
|
0.05 |
|
|
|
(0.07 |
) |
|
|
(0.01 |
) |
|
|
(0.03 |
) |
|
|
(0.02 |
) |
|
Net
non-core items |
|
(0.03 |
) |
|
|
0.12 |
|
|
|
0.01 |
|
|
|
0.06 |
|
|
|
0.03 |
|
|
Core earnings
(non-GAAP) |
$ |
0.86 |
|
|
$ |
0.84 |
|
|
$ |
0.71 |
|
|
$ |
0.91 |
|
|
$ |
0.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE |
|
|
|
|
|
|
|
|
|
|
Net
Income |
$ |
74,037 |
|
|
$ |
45,185 |
|
|
$ |
22,120 |
|
|
$ |
96,790 |
|
|
$ |
69,819 |
|
|
Non-core items |
|
|
|
|
|
|
|
|
|
|
Gain from
early retirement of trust preferred securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(594 |
) |
|
|
(594 |
) |
|
Gain on
sale of P&C insurance business |
|
(3,708 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Merger-related costs |
|
7,879 |
|
|
|
7,127 |
|
|
|
524 |
|
|
|
4,835 |
|
|
|
1,989 |
|
|
Branch
right-sizing |
|
53 |
|
|
|
(382 |
) |
|
|
154 |
|
|
|
3,359 |
|
|
|
3,276 |
|
|
Tax
effect (1) |
|
(1,230 |
) |
|
|
(2,645 |
) |
|
|
(266 |
) |
|
|
(2,981 |
) |
|
|
(1,832 |
) |
|
Net
non-core items |
|
2,994 |
|
|
|
4,100 |
|
|
|
412 |
|
|
|
4,619 |
|
|
|
2,839 |
|
|
Core earnings
(non-GAAP) |
$ |
77,031 |
|
|
$ |
49,285 |
|
|
$ |
22,532 |
|
|
$ |
101,409 |
|
|
$ |
72,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per share |
$ |
2.31 |
|
|
$ |
1.42 |
|
|
$ |
0.70 |
|
|
$ |
3.13 |
|
|
$ |
2.28 |
|
|
Non-core items |
|
|
|
|
|
|
|
|
|
|
Gain from
early retirement of trust preferred securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.02 |
) |
|
|
(0.02 |
) |
|
Gain on
sale of P&C insurance business |
|
(0.11 |
) |
|
|
|
|
|
|
|
|
|
Merger-related costs |
|
0.25 |
|
|
|
0.22 |
|
|
|
0.02 |
|
|
|
0.16 |
|
|
|
0.06 |
|
|
Branch
right-sizing |
|
- |
|
|
|
(0.01 |
) |
|
|
- |
|
|
|
0.11 |
|
|
|
0.11 |
|
|
Tax
effect (1) |
|
(0.04 |
) |
|
|
(0.08 |
) |
|
|
(0.01 |
) |
|
|
(0.10 |
) |
|
|
(0.06 |
) |
|
Net
non-core items |
|
0.10 |
|
|
|
0.13 |
|
|
|
0.01 |
|
|
|
0.15 |
|
|
|
0.09 |
|
|
Core earnings
(non-GAAP) |
$ |
2.41 |
|
|
$ |
1.55 |
|
|
$ |
0.71 |
|
|
$ |
3.28 |
|
|
$ |
2.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Effective tax rate of 39.225%, adjusted for
non-deductible merger-related costs and deferred tax items on
P&C insurance sale. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page
9 |
|
|
|
|
|
|
|
|
|
|
|
|
Simmons First
National Corporation |
|
|
|
|
|
|
|
|
SFNC |
|
Reconciliation Of Non-GAAP Financial
Measures - End of Period |
|
|
|
|
|
|
|
|
|
|
For the Quarters
Ended |
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
Sept
30 |
|
Jun
30 |
|
Mar
31 |
|
Dec
31 |
|
Sept
30 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
($ 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 |
$ |
1,257,199 |
|
|
$ |
1,234,076 |
|
|
$ |
1,170,889 |
|
|
$ |
1,151,111 |
|
|
$ |
1,147,141 |
|
|
Intangible assets: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
(375,731 |
) |
|
|
(379,437 |
) |
|
|
(350,035 |
) |
|
|
(348,505 |
) |
|
|
(348,769 |
) |
|
Other
intangible assets |
|
(55,501 |
) |
|
|
(58,528 |
) |
|
|
(51,408 |
) |
|
|
(52,959 |
) |
|
|
(54,268 |
) |
|
Total intangibles |
|
(431,232 |
) |
|
|
(437,965 |
) |
|
|
(401,443 |
) |
|
|
(401,464 |
) |
|
|
(403,037 |
) |
|
Tangible common
stockholders' equity |
$ |
825,967 |
|
|
$ |
796,111 |
|
|
$ |
769,446 |
|
|
$ |
749,647 |
|
|
$ |
744,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
9,535,370 |
|
|
$ |
9,068,308 |
|
|
$ |
8,626,638 |
|
|
$ |
8,400,056 |
|
|
$ |
8,226,992 |
|
|
Intangible assets: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
(375,731 |
) |
|
|
(379,437 |
) |
|
|
(350,035 |
) |
|
|
(348,505 |
) |
|
|
(348,769 |
) |
|
Other
intangible assets |
|
(55,501 |
) |
|
|
(58,528 |
) |
|
|
(51,408 |
) |
|
|
(52,959 |
) |
|
|
(54,268 |
) |
|
Total intangibles |
|
(431,232 |
) |
|
|
(437,965 |
) |
|
|
(401,443 |
) |
|
|
(401,464 |
) |
|
|
(403,037 |
) |
|
Tangible assets |
$ |
9,104,138 |
|
|
$ |
8,630,343 |
|
|
$ |
8,225,195 |
|
|
$ |
7,998,592 |
|
|
$ |
7,823,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of equity to
assets |
|
13.18 |
% |
|
|
13.61 |
% |
|
|
13.57 |
% |
|
|
13.70 |
% |
|
|
13.94 |
% |
|
Ratio of tangible
common equity to tangible assets |
|
9.07 |
% |
|
|
9.22 |
% |
|
|
9.35 |
% |
|
|
9.37 |
% |
|
|
9.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Discount for credit losses and allowance on
loans acquired to total loans acquired
plus |
|
|
|
discount for credit losses and allowance on loans
acquired |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit discount on
acquired loans |
$ |
24,994 |
|
|
$ |
28,409 |
|
|
$ |
28,941 |
|
|
$ |
35,462 |
|
|
$ |
42,899 |
|
|
Allowance for loan
losses on acquired loans |
|
391 |
|
|
|
391 |
|
|
|
435 |
|
|
|
954 |
|
|
|
954 |
|
|
Total credit discount
and ALLL on acquired loans |
$ |
25,385 |
|
|
$ |
28,800 |
|
|
$ |
29,376 |
|
|
$ |
36,416 |
|
|
$ |
43,853 |
|
|
Total loans
acquired |
$ |
1,117,424 |
|
|
$ |
1,253,539 |
|
|
$ |
1,173,667 |
|
|
$ |
1,342,099 |
|
|
$ |
1,502,051 |
|
|
Discount and ALLL on
acquired loans to acquired loans |
|
2.27 |
% |
|
|
2.30 |
% |
|
|
2.50 |
% |
|
|
2.71 |
% |
|
|
2.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Total Allowance and Credit Coverage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses |
$ |
42,717 |
|
|
$ |
41,379 |
|
|
$ |
37,865 |
|
|
$ |
36,286 |
|
|
$ |
34,094 |
|
|
Total credit discount
and ALLL on acquired loans |
|
25,385 |
|
|
|
28,800 |
|
|
|
29,376 |
|
|
|
36,416 |
|
|
|
43,853 |
|
|
Total allowance and
credit discount |
$ |
68,102 |
|
|
$ |
70,179 |
|
|
$ |
67,241 |
|
|
$ |
72,702 |
|
|
$ |
77,947 |
|
|
Total loans |
$ |
6,328,736 |
|
|
$ |
6,254,155 |
|
|
$ |
5,806,572 |
|
|
$ |
5,669,306 |
|
|
$ |
5,445,140 |
|
|
Total allowance and
credit coverage |
|
1.08 |
% |
|
|
1.12 |
% |
|
|
1.16 |
% |
|
|
1.28 |
% |
|
|
1.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Tangible Book Value per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total common
stockholders' equity |
$ |
1,257,199 |
|
|
$ |
1,234,076 |
|
|
$ |
1,170,889 |
|
|
$ |
1,151,111 |
|
|
$ |
1,147,141 |
|
|
Intangible assets: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
(375,731 |
) |
|
|
(379,437 |
) |
|
|
(350,035 |
) |
|
|
(348,505 |
) |
|
|
(348,769 |
) |
|
Other
intangible assets |
|
(55,501 |
) |
|
|
(58,528 |
) |
|
|
(51,408 |
) |
|
|
(52,959 |
) |
|
|
(54,268 |
) |
|
Total intangibles |
|
(431,232 |
) |
|
|
(437,965 |
) |
|
|
(401,443 |
) |
|
|
(401,464 |
) |
|
|
(403,037 |
) |
|
Tangible common
stockholders' equity |
$ |
825,967 |
|
|
$ |
796,111 |
|
|
$ |
769,446 |
|
|
$ |
749,647 |
|
|
$ |
744,104 |
|
|
Shares of common stock
outstanding |
|
32,212,242 |
|
|
|
32,212,832 |
|
|
|
31,388,357 |
|
|
|
31,277,723 |
|
|
|
31,267,614 |
|
|
Book value per common
share |
$ |
39.03 |
|
|
$ |
38.31 |
|
|
$ |
37.30 |
|
|
$ |
36.80 |
|
|
$ |
36.69 |
|
|
Tangible book value per
common share |
$ |
25.64 |
|
|
$ |
24.71 |
|
|
$ |
24.51 |
|
|
$ |
23.97 |
|
|
$ |
23.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Page
10 |
|
|
|
Simmons First
National Corporation |
|
|
|
|
|
|
|
|
SFNC |
|
Reconciliation Of Non-GAAP Financial
Measures - Quarter-to-Date |
|
|
|
|
|
|
|
|
|
|
For the Quarters
Ended |
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
Sept
30 |
|
Jun
30 |
|
Mar
31 |
|
Dec
31 |
|
Sept
30 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
Calculation of
Core Return on Average Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
28,852 |
|
|
$ |
23,065 |
|
|
$ |
22,120 |
|
|
$ |
26,971 |
|
|
$ |
23,429 |
|
|
Net non-core items, net
of taxes, adjustment |
|
(1,106 |
) |
|
|
3,688 |
|
|
|
412 |
|
|
|
1,780 |
|
|
|
953 |
|
|
Core earnings |
$ |
27,746 |
|
|
$ |
26,753 |
|
|
$ |
22,532 |
|
|
$ |
28,751 |
|
|
$ |
24,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets |
$ |
9,175,607 |
|
|
$ |
8,812,460 |
|
|
$ |
8,414,470 |
|
|
$ |
8,308,458 |
|
|
$ |
7,703,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
1.25 |
% |
|
|
1.05 |
% |
|
|
1.07 |
% |
|
|
1.29 |
% |
|
|
1.21 |
% |
|
Core return on average
assets |
|
1.20 |
% |
|
|
1.22 |
% |
|
|
1.09 |
% |
|
|
1.38 |
% |
|
|
1.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Return on Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
28,852 |
|
|
$ |
23,065 |
|
|
$ |
22,120 |
|
|
$ |
26,971 |
|
|
$ |
23,429 |
|
|
Amortization of
intangibles, net of taxes |
|
1,048 |
|
|
|
944 |
|
|
|
942 |
|
|
|
932 |
|
|
|
913 |
|
|
Total income available
to common stockholders |
$ |
29,900 |
|
|
$ |
24,009 |
|
|
$ |
23,062 |
|
|
$ |
27,903 |
|
|
$ |
24,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non-core items, net
of taxes |
|
(1,106 |
) |
|
|
3,688 |
|
|
|
412 |
|
|
|
1,780 |
|
|
|
953 |
|
|
Core earnings |
|
27,746 |
|
|
|
26,753 |
|
|
|
22,532 |
|
|
|
28,751 |
|
|
|
24,382 |
|
|
Amortization of
intangibles, net of taxes |
|
1,048 |
|
|
|
944 |
|
|
|
942 |
|
|
|
932 |
|
|
|
913 |
|
|
Total core income
available to common stockholders |
$ |
28,794 |
|
|
$ |
27,697 |
|
|
$ |
23,474 |
|
|
$ |
29,683 |
|
|
$ |
25,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
stockholders' equity |
$ |
1,255,694 |
|
|
$ |
1,209,343 |
|
|
$ |
1,166,473 |
|
|
$ |
1,156,933 |
|
|
$ |
1,114,252 |
|
|
Average intangible
assets: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
(378,387 |
) |
|
|
(362,925 |
) |
|
|
(348,837 |
) |
|
|
(348,597 |
) |
|
|
(332,893 |
) |
|
Other
intangibles |
|
(57,232 |
) |
|
|
(52,419 |
) |
|
|
(52,169 |
) |
|
|
(53,646 |
) |
|
|
(50,893 |
) |
|
Total average
intangibles |
|
(435,619 |
) |
|
|
(415,344 |
) |
|
|
(401,006 |
) |
|
|
(402,243 |
) |
|
|
(383,786 |
) |
|
Average tangible common
stockholders' equity |
$ |
820,075 |
|
|
$ |
793,999 |
|
|
$ |
765,467 |
|
|
$ |
754,690 |
|
|
$ |
730,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity |
|
9.12 |
% |
|
|
7.65 |
% |
|
|
7.69 |
% |
|
|
9.27 |
% |
|
|
8.36 |
% |
|
Return on tangible
common equity |
|
14.47 |
% |
|
|
12.13 |
% |
|
|
12.22 |
% |
|
|
14.71 |
% |
|
|
13.26 |
% |
|
Core return on average
common equity |
|
8.77 |
% |
|
|
8.87 |
% |
|
|
7.83 |
% |
|
|
9.89 |
% |
|
|
8.71 |
% |
|
Core return on tangible
common equity |
|
13.93 |
% |
|
|
13.99 |
% |
|
|
12.44 |
% |
|
|
15.65 |
% |
|
|
13.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Efficiency Ratio (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense |
$ |
66,159 |
|
|
$ |
71,408 |
|
|
$ |
66,322 |
|
|
$ |
66,725 |
|
|
$ |
62,434 |
|
|
Non-core non-interest
expense adjustment |
|
(862 |
) |
|
|
(6,700 |
) |
|
|
(635 |
) |
|
|
(2,995 |
) |
|
|
(1,742 |
) |
|
Other real estate and
foreclosure expense adjustment |
|
(1,071 |
) |
|
|
(517 |
) |
|
|
(550 |
) |
|
|
(669 |
) |
|
|
(1,787 |
) |
|
Amortization of
intangibles adjustment |
|
(1,724 |
) |
|
|
(1,553 |
) |
|
|
(1,550 |
) |
|
|
(1,533 |
) |
|
|
(1,503 |
) |
|
Efficiency ratio
numerator |
$ |
62,502 |
|
|
$ |
62,638 |
|
|
$ |
63,587 |
|
|
$ |
61,528 |
|
|
$ |
57,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net-interest
income |
$ |
78,819 |
|
|
$ |
76,812 |
|
|
$ |
72,380 |
|
|
$ |
74,328 |
|
|
$ |
68,063 |
|
|
Non-interest
income |
|
36,332 |
|
|
|
35,744 |
|
|
|
30,060 |
|
|
|
36,115 |
|
|
|
36,876 |
|
|
Non-core non-interest
income adjustment |
|
(3,383 |
) |
|
|
(632 |
) |
|
|
43 |
|
|
|
(66 |
) |
|
|
(175 |
) |
|
Fully tax-equivalent
adjustment |
|
1,751 |
|
|
|
2,082 |
|
|
|
1,965 |
|
|
|
1,994 |
|
|
|
1,969 |
|
|
(Gain) loss on sale of
securities |
|
(3 |
) |
|
|
(2,236 |
) |
|
|
(63 |
) |
|
|
(1,445 |
) |
|
|
(315 |
) |
|
Efficiency ratio
denominator |
$ |
113,516 |
|
|
$ |
111,770 |
|
|
$ |
104,385 |
|
|
$ |
110,926 |
|
|
$ |
106,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(1) |
|
55.06 |
% |
|
|
56.04 |
% |
|
|
60.92 |
% |
|
|
55.47 |
% |
|
|
53.94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Core Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
$ |
78,819 |
|
|
$ |
76,812 |
|
|
$ |
72,380 |
|
|
$ |
74,328 |
|
|
$ |
68,063 |
|
|
Fully tax-equivalent
adjustment |
|
1,751 |
|
|
|
2,082 |
|
|
|
1,965 |
|
|
|
1,994 |
|
|
|
1,969 |
|
|
Fully tax-equivalent
net interest income |
|
80,570 |
|
|
|
78,894 |
|
|
|
74,345 |
|
|
|
76,322 |
|
|
|
70,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total accretable
yield |
|
(2,890 |
) |
|
|
(4,792 |
) |
|
|
(4,427 |
) |
|
|
(6,552 |
) |
|
|
(4,928 |
) |
|
Core net interest
income |
$ |
77,680 |
|
|
$ |
74,102 |
|
|
$ |
69,918 |
|
|
$ |
69,770 |
|
|
$ |
65,104 |
|
|
Average earning
assets |
$ |
8,182,292 |
|
|
$ |
7,841,208 |
|
|
$ |
7,469,709 |
|
|
$ |
7,373,236 |
|
|
$ |
6,825,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
3.95 |
% |
|
|
4.04 |
% |
|
|
4.04 |
% |
|
|
4.12 |
% |
|
|
4.08 |
% |
|
Core net interest
margin |
|
3.81 |
% |
|
|
3.79 |
% |
|
|
3.80 |
% |
|
|
3.76 |
% |
|
|
3.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Core Loan Yield |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan interest
income |
$ |
77,457 |
|
|
$ |
73,549 |
|
|
$ |
68,728 |
|
|
$ |
70,887 |
|
|
$ |
65,078 |
|
|
Total accretable
yield |
|
(2,890 |
) |
|
|
(4,792 |
) |
|
|
(4,427 |
) |
|
|
(6,552 |
) |
|
|
(4,928 |
) |
|
Core loan interest
income |
$ |
74,567 |
|
|
$ |
68,757 |
|
|
$ |
64,301 |
|
|
$ |
64,335 |
|
|
$ |
60,150 |
|
|
Average loan
balance |
$ |
6,261,507 |
|
|
$ |
5,954,019 |
|
|
$ |
5,685,585 |
|
|
$ |
5,484,918 |
|
|
$ |
5,105,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Core loan yield |
|
4.78 |
% |
|
|
4.63 |
% |
|
|
4.59 |
% |
|
|
4.67 |
% |
|
|
4.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Efficiency ratio is noninterest expense before foreclosed property
expense and amortization of intangibles as a percent of net
interest income (fully |
|
|
|
|
taxable
equivalent) and noninterest revenues, excluding gains and losses
from securities transactions and non-core items. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page
11 |
|
|
|
Simmons First
National Corporation |
|
|
|
|
|
|
|
|
SFNC |
|
Reconciliation Of Non-GAAP Financial
Measures - Year-to-Date |
|
|
|
|
|
|
|
|
|
|
For the Quarters
Ended |
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
Sept
30 |
|
Jun
30 |
|
Mar
31 |
|
Dec
31 |
|
Sept
30 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
Calculation of
Core Return on Average Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
74,037 |
|
|
$ |
45,185 |
|
|
$ |
22,120 |
|
|
$ |
96,790 |
|
|
$ |
69,819 |
|
|
Net non-core items, net
of taxes, adjustment |
|
2,994 |
|
|
|
4,100 |
|
|
|
412 |
|
|
|
4,619 |
|
|
|
2,839 |
|
|
Core earnings |
$ |
77,031 |
|
|
$ |
49,285 |
|
|
$ |
22,532 |
|
|
$ |
101,409 |
|
|
$ |
72,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets |
$ |
8,800,675 |
|
|
$ |
8,613,240 |
|
|
$ |
8,414,470 |
|
|
$ |
7,760,233 |
|
|
$ |
7,575,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
1.12 |
% |
|
|
1.06 |
% |
|
|
1.07 |
% |
|
|
1.25 |
% |
|
|
1.23 |
% |
|
Core return on average
assets |
|
1.17 |
% |
|
|
1.15 |
% |
|
|
1.09 |
% |
|
|
1.31 |
% |
|
|
1.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Return on Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
74,037 |
|
|
$ |
45,185 |
|
|
$ |
22,120 |
|
|
$ |
96,790 |
|
|
$ |
69,819 |
|
|
Amortization of
intangibles, net of taxes |
|
2,934 |
|
|
|
1,886 |
|
|
|
942 |
|
|
|
3,611 |
|
|
|
2,679 |
|
|
Total income available
to common stockholders |
$ |
76,971 |
|
|
$ |
47,071 |
|
|
$ |
23,062 |
|
|
$ |
100,401 |
|
|
$ |
72,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non-core items, net
of taxes |
|
2,994 |
|
|
|
4,100 |
|
|
|
412 |
|
|
|
4,619 |
|
|
|
2,839 |
|
|
Core earnings |
|
77,031 |
|
|
|
49,285 |
|
|
|
22,532 |
|
|
|
101,409 |
|
|
|
72,658 |
|
|
Amortization of
intangibles, net of taxes |
|
2,934 |
|
|
|
1,886 |
|
|
|
942 |
|
|
|
3,611 |
|
|
|
2,679 |
|
|
Total core income
available to common stockholders |
$ |
79,965 |
|
|
$ |
51,171 |
|
|
$ |
23,474 |
|
|
$ |
105,020 |
|
|
$ |
75,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
stockholders' equity |
$ |
1,210,487 |
|
|
$ |
1,187,906 |
|
|
$ |
1,166,473 |
|
|
$ |
1,105,775 |
|
|
$ |
1,088,723 |
|
|
Average intangible
assets: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
(363,383 |
) |
|
|
(355,881 |
) |
|
|
(348,837 |
) |
|
|
(332,974 |
) |
|
|
(329,422 |
) |
|
Other
intangibles |
|
(53,941 |
) |
|
|
(52,294 |
) |
|
|
(52,169 |
) |
|
|
(51,710 |
) |
|
|
(51,478 |
) |
|
Total average
intangibles |
|
(417,324 |
) |
|
|
(408,175 |
) |
|
|
(401,006 |
) |
|
|
(384,684 |
) |
|
|
(380,900 |
) |
|
Average tangible common
stockholders' equity |
$ |
793,163 |
|
|
$ |
779,731 |
|
|
$ |
765,467 |
|
|
$ |
721,091 |
|
|
$ |
707,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity |
|
8.18 |
% |
|
|
7.67 |
% |
|
|
7.69 |
% |
|
|
8.75 |
% |
|
|
8.57 |
% |
|
Return on tangible
common equity |
|
12.97 |
% |
|
|
12.17 |
% |
|
|
12.22 |
% |
|
|
13.92 |
% |
|
|
13.68 |
% |
|
Core return on average
common equity |
|
8.51 |
% |
|
|
8.37 |
% |
|
|
7.83 |
% |
|
|
9.17 |
% |
|
|
8.91 |
% |
|
Core return on tangible
common equity |
|
13.48 |
% |
|
|
13.23 |
% |
|
|
12.44 |
% |
|
|
14.56 |
% |
|
|
14.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Efficiency Ratio (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense |
$ |
203,889 |
|
|
$ |
137,730 |
|
|
$ |
66,322 |
|
|
$ |
255,085 |
|
|
$ |
188,360 |
|
|
Non-core non-interest
expense adjustment |
|
(8,197 |
) |
|
|
(7,335 |
) |
|
|
(635 |
) |
|
|
(8,435 |
) |
|
|
(5,440 |
) |
|
Other real estate and
foreclosure expense adjustment |
|
(2,177 |
) |
|
|
(1,067 |
) |
|
|
(550 |
) |
|
|
(4,389 |
) |
|
|
(3,720 |
) |
|
Amortization of
intangibles adjustment |
|
(4,827 |
) |
|
|
(3,103 |
) |
|
|
(1,550 |
) |
|
|
(5,942 |
) |
|
|
(4,409 |
) |
|
Efficiency ratio
numerator |
$ |
188,688 |
|
|
$ |
126,225 |
|
|
$ |
63,587 |
|
|
$ |
236,319 |
|
|
$ |
174,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net-interest
income |
$ |
228,011 |
|
|
$ |
149,192 |
|
|
$ |
72,380 |
|
|
$ |
279,206 |
|
|
$ |
204,878 |
|
|
Non-interest
income |
|
102,136 |
|
|
|
65,804 |
|
|
|
30,060 |
|
|
|
139,382 |
|
|
|
103,267 |
|
|
Non-core non-interest
income adjustment |
|
(3,972 |
) |
|
|
(589 |
) |
|
|
43 |
|
|
|
(835 |
) |
|
|
(769 |
) |
|
Fully tax-equivalent
adjustment |
|
5,798 |
|
|
|
4,047 |
|
|
|
1,965 |
|
|
|
7,722 |
|
|
|
5,728 |
|
|
(Gain) loss on sale of
securities |
|
(2,302 |
) |
|
|
(2,299 |
) |
|
|
(63 |
) |
|
|
(5,848 |
) |
|
|
(4,403 |
) |
|
Efficiency ratio
denominator |
$ |
329,671 |
|
|
$ |
216,155 |
|
|
$ |
104,385 |
|
|
$ |
419,627 |
|
|
$ |
308,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(1) |
|
57.25 |
% |
|
|
58.40 |
% |
|
|
60.92 |
% |
|
|
56.32 |
% |
|
|
56.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Core Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
$ |
228,011 |
|
|
$ |
149,192 |
|
|
$ |
72,380 |
|
|
$ |
279,206 |
|
|
$ |
204,878 |
|
|
Fully tax-equivalent
adjustment |
|
5,798 |
|
|
|
4,047 |
|
|
|
1,965 |
|
|
|
7,722 |
|
|
|
5,728 |
|
|
Fully tax-equivalent
net interest income |
|
233,809 |
|
|
|
153,239 |
|
|
|
74,345 |
|
|
|
286,928 |
|
|
|
210,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total accretable
yield |
|
(12,109 |
) |
|
|
(9,219 |
) |
|
|
(4,427 |
) |
|
|
(24,257 |
) |
|
|
(17,705 |
) |
|
Core net interest
income |
$ |
221,700 |
|
|
$ |
144,020 |
|
|
$ |
69,918 |
|
|
$ |
262,671 |
|
|
$ |
192,901 |
|
|
Average earning
assets |
$ |
7,829,548 |
|
|
$ |
7,653,177 |
|
|
$ |
7,469,709 |
|
|
$ |
6,855,322 |
|
|
$ |
6,682,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
3.99 |
% |
|
|
4.04 |
% |
|
|
4.04 |
% |
|
|
4.19 |
% |
|
|
4.21 |
% |
|
Core net interest
margin |
|
3.79 |
% |
|
|
3.79 |
% |
|
|
3.80 |
% |
|
|
3.83 |
% |
|
|
3.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Core Loan Yield |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan interest
income |
$ |
219,734 |
|
|
$ |
142,277 |
|
|
$ |
68,728 |
|
|
$ |
265,652 |
|
|
$ |
194,765 |
|
|
Total accretable
yield |
|
(12,109 |
) |
|
|
(9,219 |
) |
|
|
(4,427 |
) |
|
|
(24,257 |
) |
|
|
(17,705 |
) |
|
Core loan interest
income |
$ |
207,625 |
|
|
$ |
133,058 |
|
|
$ |
64,301 |
|
|
$ |
241,395 |
|
|
$ |
177,060 |
|
|
Average loan
balance |
$ |
5,967,036 |
|
|
$ |
5,819,803 |
|
|
$ |
5,685,585 |
|
|
$ |
5,109,492 |
|
|
$ |
4,984,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Core loan yield |
|
4.65 |
% |
|
|
4.61 |
% |
|
|
4.59 |
% |
|
|
4.72 |
% |
|
|
4.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Efficiency ratio is noninterest expense before foreclosed property
expense and amortization of intangibles as a percent of net
interest income (fully |
|
|
|
|
taxable
equivalent) and noninterest revenues, excluding gains and losses
from securities transactions and non-core items. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Page
12 |
|
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