UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Exchange Act of 1934
Date of Report (Date of earliest event reported) October 18, 2001
SIMMONS FIRST NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
Arkansas 0-6253 71-0407808
(State or other jurisdiction of (Commission (I.R.S. employer
incorporation or organization) file number) identification No.)
501 Main Street, Pine Bluff, Arkansas 71601
(Address of principal executive offices) (Zip Code)
(870)541-1000
(Registrant's telephone number, including area code)
ITEM: 9 REGULATION FD DISCLOSURE
The following is the text of a press release issued by the registrant at
8:00 A.M. Central Standard Time on October 18, 2001.
FOR IMMEDIATE RELEASE: October 18, 2001
SIMMONS FIRST ANNOUNCES SEPTEMBER 2001 EARNINGS
-----------------------------------------------
Pine Bluff, Arkansas - Simmons First National Corporation today announced
earnings of $12,577,000, or $1.76 per diluted share for the nine-month period
ended September 30, 2001. The diluted earnings per share reflect a decrease of
6.9% when compared the September 30, 2000 diluted earnings per share of $1.89.
Earnings for the third quarter were $3,536,000, or $0.49 diluted earnings
per share. These earnings are down $1,429,000, or $0.18 per share when compared
to the same period of the previous year. The decrease in third quarter earnings
was primarily attributable to continued pressure on net interest margin and a
special $1.25 million provision to the loan loss reserve.
According to J. Thomas May, Chairman and Chief Executive Officer, "The
banking industry has had margin pressures most of the year due to the rapid
decrease in interest rates. Simmons First has been impacted to a greater degree
due to our usury law, which is tied to the Federal Reserve's discount rate.
Since December, the discount rate has dropped by 4.25%, thus we have been forced
to decrease the rates in our credit card portfolio to a level significantly
below the market".
May also commented "The third quarter earnings were impacted due to a
special provision to the loan loss reserve for some problem credits identified
at one of Simmons First's affiliates". May further stated, "The recent court
ruling on the Gramm-Leach-Bliley Act amendment to the Arkansas usury law will
give Arkansas banks greater flexibility to deal with interest rate movements
like we've had this past year. Since rates will no longer be tied to the Federal
Discount Rate, banks can control the pricing of their loans based on market
verses an arbitrary formula. We estimate this will have a positive impact on
earnings during 2002".
Because of the Corporation's cash acquisitions, cash operating earnings
(net income excluding amortization of intangibles) are an integral component of
earnings. Year-to-date diluted cash earnings, on a per share basis, as of
September 30, 2001 were $1.97. Cash return on average assets was 0.99% and cash
return on average stockholders' equity was 10.66% for the nine-month period
ended September 30, 2001. Diluted cash earnings for the third quarter of 2001
were $0.56 per share.
Total assets for the Corporation at September 30, 2001, were $2.0 billion,
an increase of $167 million, or 8.9%, over the same figure at September 30,
2000. Stockholders' equity at the end of the third quarter of 2001 was $181.2
million, an $11.6 million, or 6.8%, increase from September 30, 2000.
The allowance for loan losses as a percent of total loans equaled 1.64% as
of September 30, 2001, compared to 1.63% for December 31, 2000. As of September
30, 2001, non-performing loans equaled 1.22% of total loans and the allowance
for loan losses equaled 135% of non-performing loans.
CONFERENCE CALL
Management will conduct a conference call to review this information at
3:00 p.m. CST (4:00 p.m. EST) on Thursday, October 18, 2001. Interested parties
can listen to this call by calling 1-800-874-9030 (United States and Canada
only) and ask for the Simmons First National Corporation conference call. A
recorded playback of the call will be available the next morning by calling
1-800-642-1687. The passcode for this playback is 2017440 and the recording will
be available through the end of business October 25, 2001. In addition, the call
will be available live or in recorded version on the Company's website at
www.simmonsfirst.com under the "webcast" icon.
Simmons First National Corporation is a financial holding company, with
community banks in Pine Bluff, Jonesboro, Lake Village, Dumas, Rogers,
Russellville, Searcy and El Dorado, Arkansas. The Company's eight banks are
conducting financial operations from 65 offices in 33 communities.
####
FOR MORE INFORMATION CONTACT:
BARRY L. CROW
Executive Vice President and Chief Financial Officer
Simmons First National Corporation
(870) 541-1350
Ticker symbol: SFNCA
--------------------------------------------------------------------------------
Statements in this press release that are not historical facts should be
considered forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements of this
type speak only as of 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 and changes in the assumptions used in making the forward-looking
statements, 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 Corporation's financial results
is included in its Form 10-K filing with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Simmons First National Corporation SFNCA
Consolidated End of Period Balance Sheets
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands) 2001 2001 2001 2000 2000
----------- ----------- ----------- ----------- -----------
ASSETS
Cash and non-interest bearing balances due from banks $ 66,429 $ 68,053 $ 66,375 $ 77,495 $ 56,705
Interest bearing balances due from banks 84,153 62,035 29,838 12,990 19,218
Federal funds sold and securities purchased
under agreements to resell 77,650 52,650 85,000 20,650 5,650
----------- ----------- ----------- ----------- -----------
Cash and cash equivalents 228,232 182,738 181,213 111,135 81,573
Investment securities 391,617 382,244 372,775 398,483 401,735
Mortgage loans held for sale 22,340 21,457 16,494 8,934 12,177
Assets held in trading accounts 285 162 43 1,127 734
Loans 1,298,543 1,298,212 1,280,400 1,294,710 1,268,931
Allowance for loan losses (21,361) (21,221) (21,368) (21,157) (20,691)
----------- ----------- ----------- ----------- -----------
Net loans 1,277,182 1,276,991 1,259,032 1,273,553 1,248,240
Premises and equipment 45,874 45,831 46,288 46,597 46,370
Foreclosed assets held for sale, net 1,081 1,252 1,211 1,104 1,226
Interest receivable 16,968 17,248 17,476 18,878 18,961
Intangible assets tax deductible, net 30,925 31,592 32,284 32,944 33,231
Intangible assets non tax deductible, net 2,014 2,106 2,172 2,297 2,433
Other assets 15,394 16,924 16,609 17,441 18,528
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 2,031,912 $ 1,978,545 $ 1,945,597 $ 1,912,493 $ 1,865,208
=========== =========== =========== =========== ===========
LIABILITIES
Non-interest bearing transaction accounts $ 219,602 $ 228,233 $ 214,632 $ 213,312 $ 195,678
Interest bearing transaction accounts and savings deposits 471,093 465,872 465,490 471,609 445,513
Time deposits less than $100,000 599,196 585,430 596,686 595,696 605,828
Time deposits greater than $100,000 385,913 351,523 348,167 324,969 291,399
----------- ----------- ----------- ----------- -----------
Total deposits 1,675,804 1,631,058 1,624,975 1,605,586 1,538,418
----------- ----------- ----------- ----------- -----------
Federal funds purchased and securities
sold under agreements to repurchase 101,332 94,990 76,531 67,250 87,767
Short-term debt 12,865 10,204 6,298 4,070 9,524
Long-term debt - parent company 12,000 14,000 14,841 14,857 14,873
Long-term FHLB debt - affiliate banks 13,028 13,241 9,366 9,574 9,784
Trust preferred securities 17,250 17,250 17,250 17,250 17,250
Accrued interest and other liabilities 18,481 19,239 21,335 20,563 18,046
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 1,850,760 1,799,982 1,770,596 1,739,150 1,695,662
----------- ----------- ----------- ----------- -----------
STOCKHOLDERS' EQUITY
Capital stock 7,090 7,101 7,072 7,181 7,272
Surplus 45,497 45,918 45,355 47,964 49,713
Undivided profits 126,198 124,224 121,301 118,232 114,772
Accumulated other comprehensive income
Unrealized appreciation (depreciation) on AFS securities 2,367 1,320 1,273 (34) (2,211)
----------- ----------- ----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 181,152 178,563 175,001 173,343 169,546
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,031,912 $ 1,978,545 $ 1,945,597 $ 1,912,493 $ 1,865,208
=========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands) 2001 2001 2001 2000 2000
----------- ----------- ----------- ----------- -----------
ASSETS
Cash and non-interest bearing balances due from banks $ 64,940 $ 63,036 $ 62,928 $ 58,503 $ 53,892
Interest bearing balances due from banks 49,291 33,943 25,202 17,775 15,246
Federal funds sold and securities purchased
under agreements to resell 42,577 47,674 46,205 14,364 13,522
----------- ----------- ----------- ----------- -----------
Cash and cash equivalents 156,808 144,653 134,335 90,642 82,660
Investment securities - held-to-maturity 205,844 207,739 191,369 184,184 176,167
Investment securities - available-for-sale 182,367 172,145 197,562 217,234 221,907
Mortgage loans held for sale 19,557 17,913 11,263 8,919 7,563
Assets held in trading accounts 260 246 693 823 528
Loans 1,307,639 1,289,129 1,287,630 1,273,298 1,249,524
Allowance for loan losses (21,431) (21,720) (21,580) (21,118) (20,281)
----------- ----------- ----------- ----------- -----------
Net loans 1,286,208 1,267,409 1,266,050 1,252,180 1,229,243
Premises and equipment 45,918 46,134 46,499 46,311 45,811
Foreclosed assets held for sale, net 1,239 1,295 1,130 1,148 1,240
Interest receivable 17,701 17,748 18,325 19,286 18,172
Intangible assets, net 33,310 34,084 34,840 35,383 34,568
Other assets 17,127 16,187 17,231 17,210 18,039
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 1,966,339 $ 1,925,553 $ 1,919,297 $ 1,873,320 $ 1,835,898
=========== =========== =========== =========== ===========
LIABILITIES
Non-interest bearing transaction accounts $ 210,246 $ 208,812 $ 202,688 $ 195,590 $ 189,827
Interest bearing transaction accounts 147,361 149,449 146,592 148,975 143,620
Savings deposits 321,576 312,982 315,424 305,894 301,473
Time deposits less than $100,000 597,655 582,075 596,990 599,025 596,273
Time deposits greater than $100,000 362,972 356,517 333,952 308,136 288,765
----------- ----------- ----------- ----------- -----------
Total deposits 1,639,810 1,609,835 1,595,646 1,557,620 1,519,958
----------- ----------- ----------- ----------- -----------
Federal funds purchased and securities
sold under agreements to repurchase 72,759 69,294 81,472 77,054 77,505
Short-term debt 10,519 6,885 6,156 6,832 10,305
Long-term debt 43,007 42,323 41,538 41,762 42,647
Accrued interest and other liabilities 19,199 20,058 19,595 18,520 17,632
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 1,785,294 1,748,395 1,744,407 1,701,788 1,668,047
----------- ----------- ----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 181,045 177,158 174,890 171,532 167,851
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,966,339 $ 1,925,553 $ 1,919,297 $ 1,873,320 $ 1,835,898
=========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA
Consolidated Average Year-to-Date Balance Sheets
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands) 2001 2001 2001 2000 2000
----------- ----------- ----------- ----------- -----------
ASSETS
Cash and non-interest bearing balances due from banks $ 63,642 $ 62,982 $ 62,928 $ 54,011 $ 52,503
Interest bearing balances due from banks 36,234 29,597 25,202 14,495 13,393
Federal funds sold and securities purchased
under agreements to resell 44,765 46,943 46,205 22,170 24,791
----------- ----------- ----------- ----------- -----------
Cash and cash equivalents 144,641 139,522 134,335 90,676 90,687
Investment securities - held-to-maturity 201,704 199,599 191,369 176,351 173,838
Investment securities - available-for-sale 183,969 184,784 197,562 227,638 231,131
Mortgage loans held for sale 16,275 14,607 11,263 7,285 6,737
Assets held in trading accounts 398 468 693 1,507 1,738
Loans 1,294,873 1,288,384 1,287,630 1,199,288 1,174,437
Allowance for loan losses (21,576) (21,650) (21,580) (19,284) (18,668)
----------- ----------- ----------- ----------- -----------
Net loans 1,273,297 1,266,734 1,266,050 1,180,004 1,155,769
Premises and equipment 46,182 46,316 46,499 43,362 42,425
Foreclosed assets held for sale, net 1,222 1,213 1,130 1,226 1,252
Interest receivable 17,923 18,035 18,325 17,387 16,750
Intangible assets, net 34,073 34,461 34,840 30,813 29,278
Other assets 16,845 16,704 17,231 17,765 17,951
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 1,936,529 $ 1,922,443 $ 1,919,297 $ 1,794,014 $ 1,767,556
=========== =========== =========== =========== ===========
LIABILITIES
Non-interest bearing transaction accounts $ 207,277 $ 205,767 $ 202,688 $ 188,220 $ 185,746
Interest bearing transaction accounts 147,804 148,028 146,592 145,582 144,443
Savings deposits 316,683 314,196 315,424 299,297 297,082
Time deposits less than $100,000 592,242 589,491 596,990 587,140 583,147
Time deposits greater than $100,000 351,253 345,298 333,952 273,129 261,376
----------- ----------- ----------- ----------- -----------
Total deposits 1,615,259 1,602,780 1,595,646 1,493,368 1,471,794
----------- ----------- ----------- ----------- -----------
Federal funds purchased and securities
sold under agreements to repurchase 73,770 75,349 81,472 64,304 60,022
Short-term debt 7,869 6,523 6,156 9,371 9,863
Long-term debt 42,296 41,932 41,538 43,255 44,118
Accrued interest and other liabilities 19,615 19,829 19,595 17,199 16,740
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 1,758,809 1,746,413 1,744,407 1,627,497 1,602,537
----------- ----------- ----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 177,720 176,030 174,890 166,517 165,019
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,936,529 $ 1,922,443 $ 1,919,297 $ 1,794,014 $ 1,767,556
=========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands, except per share data) 2001 2001 2001 2000 2000
---------- ---------- ---------- ---------- ----------
INTEREST INCOME
Loans $ 27,298 $ 28,368 $ 29,161 $ 30,415 $ 28,952
Federal funds sold and securities purchased
under agreements to resell 347 504 639 237 212
Investment securities 5,042 5,261 5,700 5,848 5,864
Mortgage loans held for sale, net of unrealized gains (losses) 303 267 172 160 143
Assets held in trading accounts 1 2 7 7 5
Interest bearing balances due from banks 400 354 335 276 234
---------- ---------- ---------- ---------- ----------
TOTAL INTEREST INCOME 33,391 34,756 36,014 36,943 35,410
---------- ---------- ---------- ---------- ----------
INTEREST EXPENSE
Time deposits 12,972 13,601 13,897 13,818 12,979
Other deposits 2,350 2,683 3,181 3,471 3,271
Federal funds purchased and securities
sold under agreements to repurchase 592 690 1,057 1,179 1,156
Short-term debt 100 76 104 105 163
Long-term debt 830 840 819 843 855
---------- ---------- ---------- ---------- ----------
TOTAL INTEREST EXPENSE 16,844 17,890 19,058 19,416 18,424
---------- ---------- ---------- ---------- ----------
NET INTEREST INCOME 16,547 16,866 16,956 17,527 16,986
Provision for loan losses 3,429 1,967 1,853 1,994 1,892
---------- ---------- ---------- ---------- ----------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 13,118 14,899 15,103 15,533 15,094
---------- ---------- ---------- ---------- ----------
NON-INTEREST INCOME
Trust income 1,443 1,249 1,407 1,282 1,496
Service charges on deposit accounts 2,226 2,307 2,101 2,190 2,176
Other service charges and fees 408 438 528 398 392
Income on sale of mortgage loans, net of commissions 781 813 624 450 521
Income on investment banking, net of commissions 298 178 162 71 13
Credit card fees 2,669 2,666 2,456 2,851 2,712
Other income 901 660 815 513 817
Gain on sale of securities, net -- -- -- -- --
---------- ---------- ---------- ---------- ----------
TOTAL NON-INTEREST INCOME 8,726 8,311 8,093 7,755 8,127
---------- ---------- ---------- ---------- ----------
NON-INTEREST EXPENSE
Salaries and employee benefits 9,058 8,902 9,003 8,262 8,591
Occupancy expense, net 1,183 1,094 1,166 1,043 1,035
Furniture & equipment expense 1,250 1,338 1,336 1,355 1,336
Loss on foreclosed assets 165 87 75 60 66
Deposit insurance 76 77 76 43 87
Other operating expenses 5,422 5,348 5,161 5,288 4,860
---------- ---------- ---------- ---------- ----------
TOTAL NON-INTEREST EXPENSE 17,154 16,846 16,817 16,051 15,975
---------- ---------- ---------- ---------- ----------
NET INCOME BEFORE INCOME TAXES 4,690 6,364 6,379 7,237 7,246
Provision for income taxes 1,154 1,877 1,825 2,270 2,281
---------- ---------- ---------- ---------- ----------
NET INCOME $ 3,536 $ 4,487 $ 4,554 $ 4,967 $ 4,965
========== ========== ========== ========== ==========
BASIC EARNINGS PER SHARE $ 0.50 $ 0.63 $ 0.64 $ 0.69 $ 0.68
========== ========== ========== ========== ==========
DILUTED EARNINGS PER SHARE $ 0.49 $ 0.63 $ 0.64 $ 0.69 $ 0.67
========== ========== ========== ========== ==========
Simmons First National Corporation SFNCA
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands, except per share data) 2001 2001 2001 2000 2000
-------- -------- -------- -------- --------
INTEREST INCOME
Loans $ 84,827 $ 57,529 $ 29,161 $110,112 $ 79,697
Federal funds sold and securities purchased
under agreements to resell 1,490 1,143 639 1,366 1,129
Investment securities 16,003 10,961 5,700 23,585 17,737
Mortgage loans held for sale, net of unrealized gains (losses) 742 439 172 542 382
Assets held in trading accounts 10 9 7 95 88
Interest bearing balances due from banks 1,089 689 335 890 614
-------- -------- -------- -------- --------
TOTAL INTEREST INCOME 104,161 70,770 36,014 136,590 99,647
-------- -------- -------- -------- --------
INTEREST EXPENSE
Time deposits 40,470 27,498 13,897 49,055 35,237
Other deposits 8,214 5,864 3,181 12,816 9,345
Federal funds purchased and securities
sold under agreements to repurchase 2,339 1,747 1,057 3,669 2,490
Short-term debt 280 180 104 516 411
Long-term debt 2,489 1,659 819 3,473 2,630
-------- -------- -------- -------- --------
TOTAL INTEREST EXPENSE 53,792 36,948 19,058 69,529 50,113
-------- -------- -------- -------- --------
NET INTEREST INCOME 50,369 33,822 16,956 67,061 49,534
Provision for loan losses 7,249 3,820 1,853 7,531 5,537
-------- -------- -------- -------- --------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 43,120 30,002 15,103 59,530 43,997
-------- -------- -------- -------- --------
NON-INTEREST INCOME
Trust income 4,099 2,656 1,407 5,282 4,000
Service charges on deposit accounts 6,634 4,408 2,101 7,998 5,808
Other service charges and fees 1,374 966 528 1,804 1,406
Income on sale of mortgage loans, net of commissions 2,218 1,437 624 1,727 1,277
Income on investment banking, net of commissions 638 340 162 259 188
Credit card fees 7,791 5,122 2,456 10,522 7,671
Other income 2,376 1,475 815 2,763 2,250
Gain on sale of securities, net -- -- -- -- --
-------- -------- -------- -------- --------
TOTAL NON-INTEREST INCOME 25,130 16,404 8,093 30,355 22,600
-------- -------- -------- -------- --------
NON-INTEREST EXPENSE
Salaries and employee benefits 26,963 17,905 9,003 33,544 25,282
Occupancy expense, net 3,443 2,260 1,166 3,873 2,830
Furniture & equipment expense 3,924 2,674 1,336 5,246 3,891
Loss on foreclosed assets 327 162 75 254 194
Deposit insurance 229 153 76 299 256
Other operating expenses 15,931 10,509 5,161 19,340 14,052
-------- -------- -------- -------- --------
TOTAL NON-INTEREST EXPENSE 50,817 33,663 16,817 62,556 46,505
-------- -------- -------- -------- --------
NET INCOME BEFORE INCOME TAXES 17,433 12,743 6,379 27,329 20,092
Provision for income taxes 4,856 3,702 1,825 8,460 6,190
-------- -------- -------- -------- --------
NET INCOME $ 12,577 $ 9,041 $ 4,554 $ 18,869 $ 13,902
======== ======== ======== ======== ========
BASIC EARNINGS PER SHARE $ 1.77 $ 1.27 $ 0.64 $ 2.59 $ 1.90
======== ======== ======== ======== ========
DILUTED EARNINGS PER SHARE $ 1.76 $ 1.27 $ 0.64 $ 2.58 $ 1.89
======== ======== ======== ======== ========
Simmons First National Corporation SFNCA
Consolidated Risk-Based Capital
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands) 2001 2001 2001 2000 2000
------------ ------------ ------------ ------------ ------------
Tier 1 capital
Stockholders' equity $ 181,152 $ 178,563 $ 175,001 $ 173,343 $ 169,546
Trust preferred securities 17,250 17,250 17,250 17,250 17,250
Intangible assets (32,939) (33,698) (34,456) (35,241) (35,664)
Unrealized (gain) loss on AFS securities (2,367) (1,320) (1,273) 34 2,211
Debt issuance costs (889) (898) (907) (916) (924)
------------ ------------ ------------ ------------ ------------
Total Tier 1 capital 162,207 159,897 155,615 154,470 152,419
------------ ------------ ------------ ------------ ------------
Tier 2 capital
Qualifying unrealized gain on AFS securities 406 366 367 475 287
Qualifying allowance for loan losses 16,570 16,376 16,059 16,193 15,862
------------ ------------ ------------ ------------ ------------
Total Tier 2 capital 16,976 16,742 16,426 16,668 16,149
------------ ------------ ------------ ------------ ------------
Total risk-based capital $ 179,183 $ 176,639 $ 172,041 $ 171,138 $ 168,568
============ ============ ============ ============ ============
Risk weighted assets $ 1,322,196 $ 1,305,274 $ 1,279,382 $ 1,290,494 $ 1,264,212
============ ============ ============ ============ ============
Assets for leverage ratio $ 1,932,511 $ 1,890,957 $ 1,883,934 $ 1,837,163 $ 1,799,310
============ ============ ============ ============ ============
Ratios at end of quarter
Leverage ratio 8.39% 8.46% 8.26% 8.41% 8.47%
Tier 1 capital 12.27% 12.25% 12.16% 11.97% 12.06%
Total risk-based capital 13.55% 13.53% 13.45% 13.26% 13.33%
Simmons First National Corporation SFNCA
Consolidated Loans and Investments
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands) 2001 2001 2001 2000 2000
------------ ------------ ------------ ------------ --------------
Loan Portfolio - End of Period
------------------------------
Consumer
Credit cards $ 187,738 $ 187,880 $ 185,411 $ 197,567 $ 186,342
Student loans 73,467 71,619 74,562 67,145 66,071
Other consumer 187,199 186,246 187,408 192,595 194,421
Real Estate
Construction 80,070 73,348 70,123 69,169 71,383
Single-family residential 232,192 236,856 240,049 244,479 243,904
Other commercial 279,464 284,521 284,488 287,170 275,091
Unearned income (70) (80) (91) (102) (113)
Commercial
Commercial 161,245 166,892 173,040 161,134 146,156
Agricultural 76,066 70,538 49,274 57,164 70,064
Financial institutions 7,099 6,146 4,741 2,339 2,379
Other 14,073 14,246 11,395 16,050 13,233
------------ ------------ ------------ ------------ ------------
Total Loans $ 1,298,543 $ 1,298,212 $ 1,280,400 $ 1,294,710 $ 1,268,931
============ ============ ============ ============ ============
Investment Securities - End of Period
-------------------------------------
Held-to-Maturity
U.S. Treasury $ 31,310 $ 31,072 $ 24,702 $ 21,923 $ 19,516
U.S. Government agencies 40,024 54,406 60,997 40,965 40,950
Mortgage-backed securities 8,094 9,005 10,153 11,065 14,296
State and political subdivisions 118,504 117,747 109,076 110,380 107,147
Other securities 100 129 178 80 82
------------ ------------ ------------ ------------ ------------
Total held-to-maturity 198,032 212,359 205,106 184,413 181,991
------------ ------------ ------------ ------------ ------------
Available-for-Sale
U.S. Treasury 20,531 20,146 21,655 24,037 27,146
U.S. Government agencies 145,068 120,146 113,219 156,436 161,031
Mortgage-backed securities 12,367 13,410 14,501 15,181 13,910
State and political subdivisions 5,720 6,710 6,912 6,821 6,720
FHLB stock 4,331 4,276 6,267 6,165 6,068
Other securities 5,568 5,197 5,115 5,430 4,869
------------ ------------ ------------ ------------ ------------
Total available-for-sale 193,585 169,885 167,669 214,070 219,744
------------ ------------ ------------ ------------ ------------
Total investment securities $ 391,617 $ 382,244 $ 372,775 $ 398,483 $ 401,735
============ ============ ============ ============ ============
Fair Value - HTM investment securities $ 202,965 $ 215,894 $ 208,641 $ 185,663 $ 181,357
============ ============ ============ ============ ============
Investment Securities - QTD Average
-----------------------------------
Taxable securities $ 262,928 $ 260,941 $ 273,507 $ 286,447 $ 284,901
Tax exempt securities 125,283 118,943 115,424 114,971 113,173
------------- ------------ ------------ ------------ ------------
Total investment securities - QTD average $ 388,211 $ 379,884 $ 388,931 $ 401,418 $ 398,074
============= ============ ============ ============ ============
Simmons First National Corporation SFNCA
Consolidated Allowance and Asset Quality
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands) 2001 2001 2001 2000 2000
-------- -------- -------- -------- --------
Allowance for Loan Losses
-------------------------
Balance, beginning of quarter $ 21,221 $ 21,368 $ 21,157 $ 20,691 $ 18,002
-------- -------- -------- -------- --------
Loans charged off
Credit card 1,101 1,192 965 962 834
Other consumer 958 581 617 630 660
Real estate 454 425 209 211 46
Commercial 1,160 362 271 474 286
-------- -------- -------- -------- --------
Total loans charged off 3,673 2,560 2,062 2,277 1,826
-------- -------- -------- -------- --------
Recoveries of loans previously charged off
Credit card 127 129 131 121 116
Other consumer 195 196 192 149 294
Real estate 24 44 63 2 15
Commercial 38 77 34 27 43
-------- -------- -------- -------- --------
Total recoveries 384 446 420 299 468
-------- -------- -------- -------- --------
Net loans charged off 3,289 2,114 1,642 1,978 1,358
Allowance for loan losses of acquired branches -- -- -- 450 2,155
Provision for loan losses 3,429 1,967 1,853 1,994 1,892
-------- -------- -------- -------- --------
Balance, end of year $ 21,361 $ 21,221 $ 21,368 $ 21,157 $ 20,691
======== ======== ======== ======== ========
Non-performing assets
---------------------
Non-performing loans
Nonaccrual loans
Real estate $ 5,940 $ 6,366 $ 4,862 $ 4,739 $ 4,393
Commercial 3,671 3,144 2,872 791 2,929
Consumer 3,154 2,975 2,083 2,682 2,300
-------- -------- -------- -------- --------
Total nonaccrual loans 12,765 12,485 9,817 8,212 9,622
Loans past due 90 days or more 3,035 2,656 2,121 2,752 2,643
-------- -------- -------- -------- --------
Total non-performing loans 15,800 15,141 11,938 10,964 12,265
-------- -------- -------- -------- --------
Other non-performing assets
Foreclosed assets held for sale 1,081 1,252 1,211 1,104 1,226
Other non-performing assets 187 247 147 196 100
-------- -------- -------- -------- --------
Total other non-performing assets 1,268 1,499 1,358 1,300 1,326
-------- -------- -------- -------- --------
Total non-performing assets $ 17,068 $ 16,640 $ 13,296 $ 12,264 $ 13,591
======== ======== ======== ======== ========
Ratios
------
Allowance for loan losses to total loans 1.64% 1.63% 1.67% 1.63% 1.63%
Allowance for loan losses to
non-performing loans 135.20% 140.16% 178.99% 192.97% 168.70%
Allowance for loan losses to
non-performing assets 125.15% 127.53% 160.71% 172.51% 152.24%
Non-performing loans to total loans 1.22% 1.17% 0.93% 0.85% 0.97%
Non-performing assets to total assets 0.84% 0.84% 0.68% 0.64% 0.73%
Simmons First National Corporation SFNCA
Consolidated - Selected Financial Data
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands, except share data) 2001 2001 2001 2000 2000
---------- ---------- ---------- ---------- ----------
QUARTER-TO-DATE
---------------
Diluted earnings per share $ 0.49 $ 0.63 $ 0.64 $ 0.69 $ 0.67
Diluted cash earnings per share 0.56 0.70 0.71 0.75 0.75
Cash dividends declared - per common share 0.22 0.22 0.21 0.21 0.20
Cash dividends declared - amount 1,562 1,564 1,485 1,507 1,456
Cash earnings 4,036 4,963 5,072 5,501 5,473
Return on average stockholders' equity 7.75% 10.16% 10.56% 11.52% 11.77%
Cash return on average stockholders' equity 8.91% 11.32% 11.85% 12.86% 13.08%
Return on average assets 0.71% 0.93% 0.96% 1.05% 1.08%
Cash return on average assets 0.83% 1.05% 1.09% 1.19% 1.21%
Net interest margin (FTE) 3.81% 4.00% 4.08% 4.23% 4.18%
FTE Adjustment 814 787 750 743 729
Amortization of intangibles 760 728 785 808 767
Amortization of intangibles, net of taxes 500 476 518 534 508
Average shares outstanding 7,100,229 7,086,745 7,121,100 7,236,853 7,304,226
Diluted shares outstanding 56,298 28,823 20,157 20,033 21,173
Shares repurchased 13,000 2,000 118,955 93,200 63,627
Average price of repurchased shares 33.82 23.64 23.77 20.06 21.35
Average earning assets 1,807,535 1,768,789 1,759,924 1,716,597 1,684,457
Interest bearing liabilities 1,555,849 1,519,525 1,522,124 1,487,678 1,460,588
YEAR-TO-DATE
------------
Diluted earnings per share $ 1.76 $ 1.27 $ 0.64 $ 2.58 $ 1.89
Diluted cash earnings per share 1.97 1.41 0.71 2.83 2.08
Cash dividends declared - per common share 0.65 0.43 0.21 0.80 0.59
Cash earnings 14,071 10,035 5,072 20,741 15,240
Return on average stockholders' equity 9.46% 10.36% 10.56% 11.33% 11.25%
Cash return on average stockholders' equity 10.66% 11.58% 11.85% 12.56% 12.44%
Return on average assets 0.87% 0.95% 0.96% 1.05% 1.05%
Cash return on average assets 0.99% 1.07% 1.09% 1.18% 1.17%
Net interest margin (FTE) 3.96% 4.04% 4.08% 4.24% 4.25%
FTE Adjustment 2,351 1,537 750 2,910 2,167
Amortization of intangibles 2,273 1,513 785 2,811 2,003
Amortization of intangibles, net of taxes 1,494 994 518 1,872 1,338
Average shares outstanding 7,102,615 7,103,827 7,121,100 7,298,842 7,319,655
Average earning assets 1,778,218 1,764,382 1,759,924 1,648,734 1,626,065
Interest bearing liabilities 1,531,917 1,520,817 1,522,124 1,422,078 1,400,051
END OF PERIOD
-------------
Book value $ 25.55 $ 25.15 $ 24.75 $ 24.14 $ 23.31
Shares outstanding 7,090,075 7,101,045 7,072,216 7,180,966 7,271,692
Full-time equivalent employees 945 937 928 927 934
Total number of ATM's 62 59 59 59 58
Total number of branches 63 62 61 61 61
Parent company only - investment in subsidiaries 196,987 194,700 192,997 190,159 184,133
Parent company only - intangible assets 50 72 94 116 144
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SIMMONS FIRST NATIONAL CORPORATION
Date: October 18, 2001 /s/Barry L. Crow
-------------------------- ----------------------------------------
Barry L. Crow, Executive Vice President
and Chief Financial Officer