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) January 17, 2002
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 January 17, 2002.
FOR IMMEDIATE RELEASE: January 17, 2002
SIMMONS FIRST ANNOUNCES 2001 EARNINGS
-------------------------------------
Pine Bluff, Arkansas - Simmons First National Corporation today announced
earnings of $16,528,000, or $2.31 diluted earnings per share for the year ended
December 31, 2001. The diluted earnings per share reflect a decrease of $0.27
when compared to the 2000 year end diluted earnings of $2.58.
Earnings for the fourth quarter of 2001 were $3,951,000 or $0.55 diluted
earnings per share. The diluted earnings per share reflect a decrease of $0.14
when compared to the fourth quarter 2000 diluted earnings of $0.69.
According to J. Thomas May, Chairman, President 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 Arkansas' usury law, which was tied to the Federal
Reserve's discount rate. Since December 2000, the discount rate has dropped 475
basis points, thus we were forced to decrease the rates in our credit card
portfolio to a level that was significantly below the market."
May also commented, "The margin challenges, created by the Arkansas usury
law during periods of volatile interest rates, have been eliminated by the
confirmation of the Gramm-Leach-Bliley Act by the Eight Circuit Court of Appeals
in October 2001. This Federal legislation, in essence, overrides the Arkansas
usury law, and provides banks greater flexibility to deal with interest rate
movements like we have had the past two years. Since interest rates are no
longer tied to the federal discount rate, banks can control the pricing of their
loans based on market instead of an arbitrary formula. We expect the usury
relief to have a positive impact on earnings during 2002."
Because of the Corporation's cash acquisitions, cash 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 December 31,
2001 were $2.59. Cash return on average assets was 0.96% and cash return on
average stockholders' equity was 10.41% for the year ended December 31, 2001.
Diluted cash earnings for the fourth quarter of 2001 were $0.62 per share.
Total assets for the Corporation at December 31, 2001, were $2.0 billion,
an increase of $105 million, or 5.5%, over the same figure at December 31, 2000.
Stockholders' equity at December 31, 2001 was $182.4 million, a $9.0 million, or
5.2%, increase from December 31, 2000.
The December 31, 2001 allowance for loan losses as a percent of total loans
was 1.63%, which is unchanged from December 31, 2000. As of December 31, 2001,
non-performing loans were 1.19% of total loans and the allowance for loan losses
equaled 137% 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, January 17, 2002. Interested parties
can listen to this call by calling 1-800-854-4175 (United States and Canada
only) and ask for 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 2872820 and the recording will
be available through the end of business January 24, 2002. 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, Rogers, Russellville,
Searcy and El Dorado, Arkansas. The Company's seven 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 Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
(In thousands) 2001 2001 2001 2001 2000
----------- ----------- ----------- ----------- -----------
ASSETS
Cash and non-interest bearing balances due from banks $ 81,785 $ 66,429 $ 68,053 $ 66,375 $ 77,495
Interest bearing balances due from banks 55,356 84,153 62,035 29,838 12,990
Federal funds sold and securities purchased
under agreements to resell 57,700 77,650 52,650 85,000 20,650
----------- ----------- ----------- ----------- -----------
Cash and cash equivalents 194,841 228,232 182,738 181,213 111,135
Investment securities 447,305 391,617 382,244 372,775 398,483
Mortgage loans held for sale 24,971 22,340 21,457 16,494 8,934
Assets held in trading accounts 896 285 162 43 1,127
Loans 1,258,784 1,298,543 1,298,212 1,280,400 1,294,710
Allowance for loan losses (20,496) (21,361) (21,221) (21,368) (21,157)
----------- ----------- ----------- ----------- -----------
Net loans 1,238,288 1,277,182 1,276,991 1,259,032 1,273,553
Premises and equipment 45,537 45,874 45,831 46,288 46,597
Foreclosed assets held for sale, net 1,084 1,081 1,252 1,211 1,104
Interest receivable 15,764 16,968 17,248 17,476 18,878
Intangible assets tax deductible, net 30,257 30,925 31,592 32,284 32,944
Intangible assets non tax deductible, net 1,929 2,014 2,106 2,172 2,297
Other assets 16,046 15,394 16,924 16,609 17,441
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 2,016,918 $ 2,031,912 $ 1,978,545 $ 1,945,597 $ 1,912,493
=========== =========== =========== =========== ===========
LIABILITIES
Non-interest bearing transaction accounts $ 247,235 $ 219,602 $ 228,233 $ 214,632 $ 213,312
Interest bearing transaction accounts and savings deposits 517,856 471,093 465,872 465,490 471,609
Time deposits less than $100,000 580,228 599,196 585,430 596,686 595,696
Time deposits greater than $100,000 341,085 385,913 351,523 348,167 324,969
----------- ----------- ----------- ----------- -----------
Total deposits 1,686,404 1,675,804 1,631,058 1,624,975 1,605,586
----------- ----------- ----------- ----------- -----------
Federal funds purchased and securities
sold under agreements to repurchase 86,635 101,332 94,990 76,531 67,250
Short-term debt 3,801 12,865 10,204 6,298 4,070
Long-term debt - parent company 12,000 12,000 14,000 14,841 14,857
Long-term FHLB debt - affiliate banks 12,900 13,028 13,241 9,366 9,574
Trust preferred securities 17,250 17,250 17,250 17,250 17,250
Accrued interest and other liabilities 15,565 18,481 19,239 21,335 20,563
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 1,834,555 1,850,760 1,799,982 1,770,596 1,739,150
----------- ----------- ----------- ----------- -----------
STOCKHOLDERS' EQUITY
Capital stock 7,087 7,090 7,101 7,072 7,181
Surplus 45,278 45,497 45,918 45,355 47,964
Undivided profits 128,519 126,198 124,224 121,301 118,232
Accumulated other comprehensive income
Unrealized appreciation (depreciation) on AFS securities 1,479 2,367 1,320 1,273 (34)
----------- ----------- ----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 182,363 181,152 178,563 175,001 173,343
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,016,918 $ 2,031,912 $ 1,978,545 $ 1,945,597 $ 1,912,493
=========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
(In thousands) 2001 2001 2001 2001 2000
----------- ----------- ----------- ----------- ------------
ASSETS
Cash and non-interest bearing balances due from banks $ 68,699 $ 64,940 $ 63,036 $ 62,928 $ 58,503
Interest bearing balances due from banks 67,989 49,291 33,943 25,202 17,775
Federal funds sold and securities purchased
under agreements to resell 76,413 42,577 47,674 46,205 14,364
----------- ----------- ----------- ----------- -----------
Cash and cash equivalents 213,101 156,808 144,653 134,335 90,642
Investment securities - held-to-maturity 193,522 205,844 207,739 191,369 184,184
Investment securities - available-for-sale 220,949 182,367 172,145 197,562 217,234
Mortgage loans held for sale 25,046 19,557 17,913 11,263 8,919
Assets held in trading accounts 1,939 260 246 693 823
Loans 1,282,715 1,307,639 1,289,129 1,287,630 1,273,298
Allowance for loan losses (21,289) (21,431) (21,720) (21,580) (21,118)
----------- ----------- ----------- ----------- -----------
Net loans 1,261,426 1,286,208 1,267,409 1,266,050 1,252,180
Premises and equipment 45,759 45,918 46,134 46,499 46,311
Foreclosed assets held for sale, net 1,068 1,239 1,295 1,130 1,148
Interest receivable 16,771 17,701 17,748 18,325 19,286
Intangible assets, net 32,554 33,310 34,084 34,840 35,383
Other assets 17,315 17,127 16,187 17,231 17,210
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 2,029,450 $ 1,966,339 $ 1,925,553 $ 1,919,297 $ 1,873,320
=========== =========== =========== =========== ===========
LIABILITIES
Non-interest bearing transaction accounts $ 222,254 $ 210,246 $ 208,812 $ 202,688 $ 195,590
Interest bearing transaction accounts 148,547 147,361 149,449 146,592 148,975
Savings deposits 340,623 321,576 312,982 315,424 305,894
Time deposits less than $100,000 591,893 597,655 582,075 596,990 599,025
Time deposits greater than $100,000 370,158 362,972 356,517 333,952 308,136
----------- ----------- ----------- ----------- -----------
Total deposits 1,673,475 1,639,810 1,609,835 1,595,646 1,557,620
----------- ----------- ----------- ----------- -----------
Federal funds purchased and securities
sold under agreements to repurchase 107,891 72,759 69,294 81,472 77,054
Short-term debt 6,059 10,519 6,885 6,156 6,832
Long-term debt 42,215 43,007 42,323 41,538 41,762
Accrued interest and other liabilities 16,572 19,199 20,058 19,595 18,520
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 1,846,212 1,785,294 1,748,395 1,744,407 1,701,788
----------- ----------- ----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 183,238 181,045 177,158 174,890 171,532
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,029,450 $ 1,966,339 $ 1,925,553 $ 1,919,297 $ 1,873,320
=========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA
Consolidated Average Year-to-Date Balance Sheets
For the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
(In thousands) 2001 2001 2001 2001 2000
----------- ----------- ----------- ----------- -----------
ASSETS
Cash and non-interest bearing balances due from banks $ 64,916 $ 63,642 $ 62,982 $ 62,928 $ 54,011
Interest bearing balances due from banks 44,238 36,234 29,597 25,202 14,495
Federal funds sold and securities purchased
under agreements to resell 52,742 44,765 46,943 46,205 22,170
----------- ----------- ----------- ----------- -----------
Cash and cash equivalents 161,896 144,641 139,522 134,335 90,676
Investment securities - held-to-maturity 199,642 201,704 199,599 191,369 176,351
Investment securities - available-for-sale 193,290 183,969 184,784 197,562 227,638
Mortgage loans held for sale 18,486 16,275 14,607 11,263 7,285
Assets held in trading accounts 786 398 468 693 1,507
Loans 1,291,808 1,294,873 1,288,384 1,287,630 1,199,288
Allowance for loan losses (21,507) (21,576) (21,650) (21,580) (19,284)
----------- ----------- ----------- ----------- -----------
Net loans 1,270,301 1,273,297 1,266,734 1,266,050 1,180,004
Premises and equipment 46,075 46,182 46,316 46,499 43,362
Foreclosed assets held for sale, net 1,183 1,222 1,213 1,130 1,226
Interest receivable 17,632 17,923 18,035 18,325 17,387
Intangible assets, net 33,691 34,073 34,461 34,840 30,813
Other assets 16,966 16,845 16,704 17,231 17,765
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 1,959,948 $ 1,936,529 $ 1,922,443 $ 1,919,297 $ 1,794,014
=========== =========== =========== =========== ===========
LIABILITIES
Non-interest bearing transaction accounts $ 211,052 $ 207,277 $ 205,767 $ 202,688 $ 188,220
Interest bearing transaction accounts 147,991 147,804 148,028 146,592 145,582
Savings deposits 322,717 316,683 314,196 315,424 299,297
Time deposits less than $100,000 592,155 592,242 589,491 596,990 587,140
Time deposits greater than $100,000 356,017 351,253 345,298 333,952 273,129
----------- ----------- ----------- ----------- -----------
Total deposits 1,629,932 1,615,259 1,602,780 1,595,646 1,493,368
----------- ----------- ----------- ----------- -----------
Federal funds purchased and securities
sold under agreements to repurchase 82,371 73,770 75,349 81,472 64,304
Short-term debt 7,413 7,869 6,523 6,156 9,371
Long-term debt 42,275 42,296 41,932 41,538 43,255
Accrued interest and other liabilities 18,848 19,615 19,829 19,595 17,199
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 1,780,839 1,758,809 1,746,413 1,744,407 1,627,497
----------- ----------- ----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 179,109 177,720 176,030 174,890 166,517
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,959,948 $ 1,936,529 $ 1,922,443 $ 1,919,297 $ 1,794,014
=========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
(In thousands, except per share data) 2001 2001 2001 2001 2000
-------- -------- -------- -------- --------
INTEREST INCOME
Loans $ 25,725 $ 27,298 $ 28,368 $ 29,161 $ 30,415
Federal funds sold and securities purchased
under agreements to resell 387 347 504 639 237
Investment securities 4,783 5,042 5,261 5,700 5,848
Mortgage loans held for sale, net of unrealized gains (losses) 401 303 267 172 160
Assets held in trading accounts 28 1 2 7 7
Interest bearing balances due from banks 383 400 354 335 276
-------- -------- -------- -------- --------
TOTAL INTEREST INCOME 31,707 33,391 34,756 36,014 36,943
-------- -------- -------- -------- --------
INTEREST EXPENSE
Time deposits 11,478 12,972 13,601 13,897 13,818
Other deposits 1,794 2,350 2,683 3,181 3,471
Federal funds purchased and securities
sold under agreements to repurchase 535 592 690 1,057 1,179
Short-term debt 53 100 76 104 105
Long-term debt 811 830 840 819 843
-------- -------- -------- -------- --------
TOTAL INTEREST EXPENSE 14,671 16,844 17,890 19,058 19,416
-------- -------- -------- -------- --------
NET INTEREST INCOME 17,036 16,547 16,866 16,956 17,527
Provision for loan losses 2,709 3,429 1,967 1,853 1,994
-------- -------- -------- -------- --------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 14,327 13,118 14,899 15,103 15,533
-------- -------- -------- -------- --------
NON-INTEREST INCOME
Trust income 1,310 1,443 1,249 1,407 1,282
Service charges on deposit accounts 2,317 2,226 2,307 2,101 2,190
Other service charges and fees 379 408 438 528 398
Income on sale of mortgage loans, net of commissions 930 781 813 624 450
Income on investment banking, net of commissions 154 298 178 162 71
Credit card fees 2,694 2,669 2,666 2,456 2,851
Other income 644 901 660 815 513
Gain on sale of securities, net 11 - - - -
-------- -------- -------- -------- --------
TOTAL NON-INTEREST INCOME 8,439 8,726 8,311 8,093 7,755
-------- -------- -------- -------- --------
NON-INTEREST EXPENSE
Salaries and employee benefits 9,255 9,058 8,902 9,003 8,262
Occupancy expense, net 1,167 1,183 1,094 1,166 1,043
Furniture & equipment expense 1,327 1,250 1,338 1,336 1,355
Loss on foreclosed assets 39 165 87 75 60
Deposit insurance 77 76 77 76 43
Other operating expenses 5,448 5,422 5,348 5,161 5,288
-------- -------- -------- -------- --------
TOTAL NON-INTEREST EXPENSE 17,313 17,154 16,846 16,817 16,051
-------- -------- -------- -------- --------
NET INCOME BEFORE INCOME TAXES 5,453 4,690 6,364 6,379 7,237
Provision for income taxes 1,502 1,154 1,877 1,825 2,270
-------- -------- -------- -------- --------
NET INCOME $ 3,951 $ 3,536 $ 4,487 $ 4,554 $ 4,967
======== ======== ======== ======== ========
BASIC EARNINGS PER SHARE $ 0.56 $ 0.50 $ 0.63 $ 0.64 $ 0.69
======== ======== ======== ======== ========
DILUTED EARNINGS PER SHARE $ 0.55 $ 0.49 $ 0.63 $ 0.64 $ 0.69
======== ======== ======== ======== ========
Simmons First National Corporation SFNCA
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
(In thousands, except per share data) 2001 2001 2001 2001 2000
--------- --------- --------- --------- ---------
INTEREST INCOME
Loans $ 110,552 $ 84,827 $ 57,529 $ 29,161 $ 110,112
Federal funds sold and securities purchased
under agreements to resell 1,877 1,490 1,143 639 1,366
Investment securities 20,786 16,003 10,961 5,700 23,585
Mortgage loans held for sale, net of unrealized gains (losses) 1,143 742 439 172 542
Assets held in trading accounts 38 10 9 7 95
Interest bearing balances due from banks 1,472 1,089 689 335 890
--------- --------- --------- --------- ---------
TOTAL INTEREST INCOME 135,868 104,161 70,770 36,014 136,590
--------- --------- --------- --------- ---------
INTEREST EXPENSE
Time deposits 51,948 40,470 27,498 13,897 49,055
Other deposits 10,008 8,214 5,864 3,181 12,816
Federal funds purchased and securities
sold under agreements to repurchase 2,874 2,339 1,747 1,057 3,669
Short-term debt 333 280 180 104 516
Long-term debt 3,300 2,489 1,659 819 3,473
--------- --------- --------- --------- ---------
TOTAL INTEREST EXPENSE 68,463 53,792 36,948 19,058 69,529
--------- --------- --------- --------- ---------
NET INTEREST INCOME 67,405 50,369 33,822 16,956 67,061
Provision for loan losses 9,958 7,249 3,820 1,853 7,531
--------- --------- --------- --------- ---------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 57,447 43,120 30,002 15,103 59,530
--------- --------- --------- --------- ---------
NON-INTEREST INCOME
Trust income 5,409 4,099 2,656 1,407 5,282
Service charges on deposit accounts 8,951 6,634 4,408 2,101 7,998
Other service charges and fees 1,753 1,374 966 528 1,804
Income on sale of mortgage loans, net of commissions 3,148 2,218 1,437 624 1,727
Income on investment banking, net of commissions 792 638 340 162 259
Credit card fees 10,485 7,791 5,122 2,456 10,522
Other income 3,020 2,376 1,475 815 2,763
Gain on sale of securities, net 11 - - - -
--------- --------- --------- --------- ---------
TOTAL NON-INTEREST INCOME 33,569 25,130 16,404 8,093 30,355
--------- --------- --------- --------- ---------
NON-INTEREST EXPENSE
Salaries and employee benefits 36,218 26,963 17,905 9,003 33,544
Occupancy expense, net 4,610 3,443 2,260 1,166 3,873
Furniture & equipment expense 5,251 3,924 2,674 1,336 5,246
Loss on foreclosed assets 366 327 162 75 254
Deposit insurance 306 229 153 76 299
Other operating expenses 21,379 15,931 10,509 5,161 19,340
--------- --------- --------- --------- ---------
TOTAL NON-INTEREST EXPENSE 68,130 50,817 33,663 16,817 62,556
--------- --------- --------- --------- ---------
NET INCOME BEFORE INCOME TAXES 22,886 17,433 12,743 6,379 27,329
Provision for income taxes 6,358 4,856 3,702 1,825 8,460
--------- --------- --------- --------- ---------
NET INCOME $ 16,528 $ 12,577 $ 9,041 $ 4,554 $ 18,869
========= ========= ========= ========= =========
BASIC EARNINGS PER SHARE $ 2.33 $ 1.77 $ 1.27 $ 0.64 $ 2.59
========= ========= ========= ========= =========
DILUTED EARNINGS PER SHARE $ 2.31 $ 1.76 $ 1.27 $ 0.64 $ 2.58
========= ========= ========= ========= =========
Simmons First National Corporation SFNCA
Consolidated Risk-Based Capital
For the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
(In thousands) 2001 2001 2001 2001 2000
----------- ----------- ----------- ----------- ------------
Tier 1 capital
Stockholders' equity $ 182,363 $ 181,152 $ 178,563 $ 175,001 $ 173,343
Trust preferred securities 17,250 17,250 17,250 17,250 17,250
Intangible assets (32,186) (32,939) (33,698) (34,456) (35,241)
Unrealized (gain) loss on AFS securities (1,479) (2,367) (1,320) (1,273) 34
Debt issuance costs (881) (889) (898) (907) (916)
----------- ----------- ----------- ----------- -----------
Total Tier 1 capital 165,067 162,207 159,897 155,615 154,470
----------- ----------- ----------- ----------- -----------
Tier 2 capital
Qualifying unrealized gain on AFS securities 370 406 366 367 475
Qualifying allowance for loan losses 16,209 16,570 16,376 16,059 16,193
----------- ----------- ----------- ----------- -----------
Total Tier 2 capital 16,579 16,976 16,742 16,426 16,668
----------- ----------- ----------- ----------- -----------
Total risk-based capital $ 181,646 $ 179,183 $ 176,639 $ 172,041 $ 171,138
=========== =========== =========== =========== ===========
Risk weighted assets $ 1,292,798 $ 1,322,196 $ 1,305,274 $ 1,279,382 $ 1,290,494
=========== =========== =========== =========== ===========
Assets for leverage ratio $ 1,996,383 $ 1,932,511 $ 1,890,957 $ 1,883,934 $ 1,837,163
=========== =========== =========== =========== ===========
Ratios at end of quarter
Leverage ratio 8.27% 8.39% 8.46% 8.26% 8.41%
Tier 1 capital 12.77% 12.27% 12.25% 12.16% 11.97%
Total risk-based capital 14.05% 13.55% 13.53% 13.45% 13.26%
Simmons First National Corporation SFNCA
Consolidated Loans and Investments
For the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
(In thousands) 2001 2001 2001 2001 2000
----------- ----------- ----------- ----------- -----------
Loan Portfolio - End of Period
------------------------------
Consumer
Credit cards $ 196,710 $ 187,738 $ 187,880 $ 185,411 $ 197,567
Student loans 74,860 73,467 71,619 74,562 67,145
Other consumer 179,138 187,199 186,246 187,408 192,595
Real Estate
Construction 83,628 80,070 73,348 70,123 69,169
Single-family residential 224,181 232,192 236,856 240,049 244,479
Other commercial 263,539 279,464 284,521 284,488 287,170
Unearned income (59) (70) (80) (91) (102)
Commercial
Commercial 153,617 161,245 166,892 173,040 161,134
Agricultural 60,794 76,066 70,538 49,274 57,164
Financial institutions 5,861 7,099 6,146 4,741 2,339
Other 16,515 14,073 14,246 11,395 16,050
----------- ----------- ----------- ----------- -----------
Total Loans $ 1,258,784 $ 1,298,543 $ 1,298,212 $ 1,280,400 $ 1,294,710
=========== =========== =========== =========== ===========
Investment Securities - End of Period
-------------------------------------
Held-to-Maturity
U.S. Treasury $ 27,528 $ 31,310 $ 31,072 $ 24,702 $ 21,923
U.S. Government agencies 36,992 40,024 54,406 60,997 40,965
Mortgage-backed securities 6,681 8,094 9,005 10,153 11,065
State and political subdivisions 119,824 118,504 117,747 109,076 110,380
Other securities 100 100 129 178 80
----------- ----------- ----------- ----------- -----------
Total held-to-maturity 191,125 198,032 212,359 205,106 184,413
----------- ----------- ----------- ----------- -----------
Available-for-Sale
U.S. Treasury 18,408 20,531 20,146 21,655 24,037
U.S. Government agencies 215,490 145,068 120,146 113,219 156,436
Mortgage-backed securities 7,004 12,367 13,410 14,501 15,181
State and political subdivisions 5,399 5,720 6,710 6,912 6,821
FHLB stock 4,377 4,331 4,276 6,267 6,165
Other securities 5,502 5,568 5,197 5,115 5,430
----------- ----------- ----------- ----------- -----------
Total available-for-sale 256,180 193,585 169,885 167,669 214,070
----------- ----------- ----------- ----------- -----------
Total investment securities $ 447,305 $ 391,617 $ 382,244 $ 372,775 $ 398,483
=========== =========== =========== =========== ===========
Fair Value - HTM investment securities $ 194,502 $ 202,965 $ 215,894 $ 208,641 $ 185,663
=========== =========== =========== =========== ===========
Investment Securities - QTD Average
-----------------------------------
Taxable securities $ 290,310 $ 262,928 $ 260,941 $ 273,507 $ 286,447
Tax exempt securities 124,161 125,283 118,943 115,424 114,971
----------- ----------- ----------- ----------- -----------
Total investment securities - QTD average $ 414,471 $ 388,211 $ 379,884 $ 388,931 $ 401,418
=========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA
Consolidated Allowance and Asset Quality
For the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
(In thousands) 2001 2001 2001 2001 2000
------- ------- ------- ------- -------
Allowance for Loan Losses
-------------------------
Balance, beginning of quarter $21,361 $21,221 $21,368 $21,157 $20,691
------- ------- ------- ------- -------
Loans charged off
Credit card 1,173 1,101 1,192 965 962
Other consumer 907 958 581 617 630
Real estate 290 454 425 209 211
Commercial 1,683 1,160 362 271 474
------- ------- ------- ------- -------
Total loans charged off 4,053 3,673 2,560 2,062 2,277
------- ------- ------- ------- -------
Recoveries of loans previously charged off
Credit card 128 127 129 131 121
Other consumer 85 195 196 192 149
Real estate 15 24 44 63 2
Commercial 251 38 77 34 27
------- ------- ------- ------- -------
Total recoveries 479 384 446 420 299
------- ------- ------- ------- -------
Net loans charged off 3,574 3,289 2,114 1,642 1,978
Allowance for loan losses of acquired branches - - - - 450
Provision for loan losses 2,709 3,429 1,967 1,853 1,994
------- ------- ------- ------- -------
Balance, end of quarter $20,496 $21,361 $21,221 $21,368 $21,157
======= ======= ======= ======= =======
Non-performing assets
---------------------
Non-performing loans
Nonaccrual loans
Real estate $ 5,760 $ 5,940 $ 6,366 $ 4,862 $ 4,739
Commercial 3,503 3,671 3,144 2,872 791
Consumer 2,693 3,154 2,975 2,083 2,682
------- ------- ------- ------- -------
Total nonaccrual loans 11,956 12,765 12,485 9,817 8,212
Loans past due 90 days or more 2,991 3,035 2,656 2,121 2,752
------- ------- ------- ------- -------
Total non-performing loans 14,947 15,800 15,141 11,938 10,964
------- ------- ------- ------- -------
Other non-performing assets
Foreclosed assets held for sale 1,084 1,081 1,252 1,211 1,104
Other non-performing assets 631 187 247 147 196
------- ------- ------- ------- -------
Total other non-performing assets 1,715 1,268 1,499 1,358 1,300
------- ------- ------- ------- -------
Total non-performing assets $16,662 $17,068 $16,640 $13,296 $12,264
======= ======= ======= ======= =======
Ratios
------
Allowance for loan losses to total loans 1.63% 1.64% 1.63% 1.67% 1.63%
Allowance for loan losses to
non-performing loans 137.12% 135.20% 140.16% 178.99% 192.97%
Allowance for loan losses to
non-performing assets 123.01% 125.15% 127.53% 160.71% 172.51%
Non-performing loans to total loans 1.19% 1.22% 1.17% 0.93% 0.85%
Non-performing assets to total assets 0.83% 0.84% 0.84% 0.68% 0.64%
Simmons First National Corporation SFNCA
Consolidated - Selected Financial Data
For the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
(In thousands, except share data) 2001 2001 2001 2001 2000
---------- --------- --------- --------- ---------
QUARTER-TO-DATE
---------------
Diluted earnings per share $ 0.55 $ 0.49 $ 0.63 $ 0.64 $ 0.69
Diluted cash earnings per share 0.62 0.56 0.70 0.71 0.75
Cash dividends declared - per common share 0.23 0.22 0.22 0.21 0.21
Cash dividends declared - amount 1,630 1,562 1,564 1,485 1,507
Cash earnings 4,447 4,036 4,963 5,072 5,501
Return on average stockholders' equity 8.55% 7.75% 10.16% 10.56% 11.52%
Cash return on average stockholders' equity 9.69% 8.91% 11.32% 11.85% 12.86%
Return on average assets 0.77% 0.71% 0.93% 0.96% 1.05%
Cash return on average assets 0.88% 0.83% 1.05% 1.09% 1.19%
Net interest margin (FTE) 3.79% 3.81% 4.00% 4.08% 4.23%
FTE Adjustment 832 814 787 750 743
Amortization of intangibles 751 760 728 785 808
Amortization of intangibles, net of taxes 496 500 476 518 534
Average shares outstanding 7,085,897 7,100,229 7,086,745 7,121,100 7,236,853
Diluted shares outstanding 64,494 56,298 28,823 20,157 20,033
Shares repurchased 10,000 13,000 2,000 118,955 93,200
Average price of repurchased shares 32.00 33.82 23.64 23.77 20.06
Average earning assets 1,868,573 1,807,535 1,768,789 1,759,924 1,716,597
Interest bearing liabilities 1,607,386 1,555,849 1,519,525 1,522,124 1,487,678
YEAR-TO-DATE
------------
Diluted earnings per share $ 2.31 $ 1.76 $ 1.27 $ 0.64 $ 2.58
Diluted cash earnings per share 2.59 1.97 1.41 0.71 2.83
Cash dividends declared - per common share 0.88 0.65 0.43 0.21 0.80
Cash earnings 18,518 14,071 10,035 5,072 20,741
Return on average stockholders' equity 9.23% 9.46% 10.36% 10.56% 11.33%
Cash return on average stockholders' equity 10.41% 10.66% 11.58% 11.85% 12.56%
Return on average assets 0.84% 0.87% 0.95% 0.96% 1.05%
Cash return on average assets 0.96% 0.99% 1.07% 1.09% 1.18%
Net interest margin (FTE) 3.92% 3.96% 4.04% 4.08% 4.24%
FTE Adjustment 3,183 2,351 1,537 750 2,910
Amortization of intangibles 3,024 2,273 1,513 785 2,811
Amortization of intangibles, net of taxes 1,990 1,494 994 518 1,872
Average shares outstanding 7,098,401 7,102,615 7,103,827 7,121,100 7,298,842
Average earning assets 1,800,992 1,778,218 1,764,382 1,759,924 1,648,734
Interest bearing liabilities 1,550,939 1,531,917 1,520,817 1,522,124 1,422,078
END OF PERIOD
-------------
Book value $ 25.73 $ 25.55 $ 25.15 $ 24.75 $ 24.14
Shares outstanding 7,087,185 7,090,075 7,101,045 7,072,216 7,180,966
Full-time equivalent employees 959 945 937 928 927
Total number of ATM's 62 62 59 59 59
Total number of branches 63 63 62 61 61
Parent company only - investment in subsidiaries 199,480 196,987 194,700 192,997 190,159
Parent company only - intangible assets 27 50 72 94 116
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: January 17, 2002 /s/Barry L. Crow
-------------------------- ----------------------------------------
Barry L. Crow, Executive Vice President
and Chief Financial Officer