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) July 19, 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 July 19, 2001.
FOR IMMEDIATE RELEASE: July 19, 2001
SIMMONS FIRST ANNOUNCES JUNE 2001 EARNINGS
------------------------------------------
Pine Bluff, Arkansas - Simmons First National Corporation today announced
net income for the six-month period ended June 30, 2001 of $9,041,000, or
diluted earnings per share of $1.27. The diluted earnings per share reflect an
increase of 4.1%, or $0.05 per share over the June 30, 2000 diluted earnings per
share of $1.22. Return on average assets and return on average stockholders'
equity for the six-month period ended June 30, 2001, was 0.95% and 10.36%,
respectively.
Net income for the second quarter of 2001 was $4,487,000, compared to
$4,609,000 for the same period of the previous year. The diluted earnings per
share of $0.63 are unchanged when compared to the same period of the previous
year. Despite good growth in the loan portfolio and solid increases in
non-interest income, the flat second quarter diluted earnings per share was
primarily attributable to continued pressure on net interest margin.
"During the last six months, the Federal Reserve decreased the discount
rate by 275 basis points. This had a negative impact on our net interest margin,
due to Arkansas's usury law and its direct effect on the yield of our credit
card portfolio. We anticipate our margin to improve when interest rates
stabilize and/or when the usury cap is lifted, which is expected before year
end," said J. Thomas May, Chairman, President, and Chief Executive Officer. "The
core banking components of our Company performed well during the first half of
this year, especially in light of pressure on net interest margin experienced in
our Company. Loans and deposits continue to grow, while capital remains strong."
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 June
30, 2001 were $1.41 an increase of 6.0%, or $0.08 per share over the same period
last year. Cash return on average assets was 1.07% and cash return on average
stockholders' equity was 11.58% for the six-month period ended June 30, 2001.
Diluted cash earnings for the second quarter of 2001 were $0.70 per share
compared with $0.68 for the second quarter of 2000.
Total assets for the Corporation at June 30, 2001, were $1.979 billion, an
increase of $209 million, or 11.8%, over the same figure at June 30, 2000. This
increase includes the acquisition of eight branches with assets of $72 million,
which was completed during the third quarter of 2000. Excluding the acquisition,
both loans and deposits increased approximately 5% over the same period last
year. Stockholders' equity at the end of the second quarter of 2001 was $178.6
million, a $12.7 million, or 7.6%, increase from June 30, 2000.
The allowance for loan losses as a percent of total loans equaled 1.63%,
which is unchanged from December 31, 2000. As of June 30, 2001, non-performing
loans equaled 1.17% of total loans and the allowance for loan losses equaled
140% of non-performing loans.
As previously announced, the Company has adopted a stock repurchase
program. This program authorizes the repurchase of up to 400,000 shares. During
the previous twelve months, the Company repurchased 277,782 shares of stock with
a weighted average repurchase price of $21.97 per share.
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, July 19, 2001. Interested parties can
listen to this call by calling 1-800-874-9030 (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 1357545 and the recording will
be available through the end of business July 26, 2001. In addition, the call
will also 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 64 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 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands) 2001 2001 2000 2000 2000
------ ------ ------ ------ ------
ASSETS
Cash and non-interest bearing balances due from banks $ 68,053 $ 66,375 $ 77,495 $ 56,705 $ 49,013
Interest bearing balances due from banks 62,035 29,838 12,990 19,218 29,973
Federal funds sold and securities purchased
under agreements to resell 52,650 85,000 20,650 5,650 27,510
---------- ---------- ---------- ---------- ----------
Cash and cash equivalents 182,738 181,213 111,135 81,573 106,496
Investment securities 382,244 372,775 398,483 401,735 399,045
Mortgage loans held for sale 21,457 16,494 8,934 12,177 7,465
Assets held in trading accounts 162 43 1,127 734 390
Loans 1,298,212 1,280,400 1,294,710 1,268,931 1,171,627
Allowance for loan losses (21,221) (21,368) (21,157) (20,691) (18,002)
---------- ---------- ---------- ---------- ----------
Net loans 1,276,991 1,259,032 1,273,553 1,248,240 1,153,625
Premises and equipment 45,831 46,288 46,597 46,370 41,221
Foreclosed assets held for sale, net 1,252 1,211 1,104 1,226 1,249
Interest receivable 17,248 17,476 18,878 18,961 15,985
Intangible assets tax deductible, net 31,592 32,284 32,944 33,231 23,425
Intangible assets non tax deductible, net 2,106 2,172 2,297 2,433 2,567
Other assets 16,924 16,609 17,441 18,528 18,544
---------- ---------- --------- ---------- ----------
TOTAL ASSETS $ 1,978,545 $ 1,945,597 $ 1,912,493 $ 1,865,208 $ 1,770,012
========== ========== ========== ========== ==========
LIABILITIES
Non-interest bearing transaction accounts $ 228,233 $ 214,632 $ 213,312 $ 195,678 $ 188,474
Interest bearing transaction accounts and savings deposits 465,872 465,490 471,609 445,513 453,215
Time deposits less than $100,000 585,430 596,686 595,696 605,828 576,937
Time deposits greater than $100,000 351,523 348,167 324,969 291,399 270,850
---------- ---------- ---------- ---------- ----------
Total deposits 1,631,058 1,624,975 1,605,586 1,538,418 1,489,476
---------- ---------- ---------- ---------- ----------
Federal funds purchased and securities
sold under agreements to repurchase 94,990 76,531 67,250 87,767 47,556
Short-term debt 10,204 6,298 4,070 9,524 6,515
Long-term debt - parent company 14,000 14,841 14,857 14,873 16,888
Long-term FHLB debt - affiliate banks 13,241 9,366 9,574 9,784 9,996
Trust preferred securities 17,250 17,250 17,250 17,250 17,250
Accrued interest and other liabilities 19,239 21,335 20,563 18,046 16,428
---------- ---------- ---------- ---------- ----------
TOTAL LIABILITIES 1,799,982 1,770,596 1,739,150 1,695,662 1,604,109
---------- ---------- ---------- ---------- ----------
STOCKHOLDERS' EQUITY
Capital stock 7,101 7,072 7,181 7,272 7,334
Surplus 45,918 45,355 47,964 49,713 50,992
Undivided profits 124,224 121,301 118,232 114,772 111,263
Accumulated other comprehensive income
Unrealized appreciation (depreciation) on AFS securities 1,320 1,273 (34) (2,211) (3,686)
---------- ---------- ---------- ---------- ----------
TOTAL STOCKHOLDERS' EQUITY 178,563 175,001 173,343 169,546 165,903
---------- ---------- ---------- ---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,978,545 $ 1,945,597 $ 1,912,493 $ 1,865,208 $ 1,770,012
========== ========== ========== ========== ==========
Simmons First National Corporation SFNCA
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands) 2001 2001 2000 2000 2000
------ ------ ------ ------ ------
ASSETS
Cash and non-interest bearing balances due from banks $ 63,036 $ 62,928 $ 58,503 $ 53,892 $ 50,070
Interest bearing balances due from banks 33,943 25,202 17,775 15,246 14,935
Federal funds sold and securities purchased
under agreements to resell 47,674 46,205 14,364 13,522 36,277
---------- ---------- ---------- ---------- ----------
Cash and cash equivalents 144,653 134,335 90,642 82,660 101,282
Investment securities - held-to-maturity 207,739 191,369 184,184 176,167 173,105
Investment securities - available-for-sale 172,145 197,562 217,768 221,907 235,079
Mortgage loans held for sale 17,913 11,263 8,919 7,563 6,612
Assets held in trading accounts 246 693 289 528 3,372
Loans 1,289,129 1,287,630 1,273,298 1,249,524 1,152,127
Allowance for loan losses (21,720) (21,580) (21,118) (20,281) (18,120)
---------- ---------- ---------- ---------- ----------
Net loans 1,267,409 1,266,050 1,252,180 1,229,243 1,134,007
Premises and equipment 46,134 46,499 46,311 45,811 40,891
Foreclosed assets held for sale, net 1,295 1,130 1,148 1,240 1,509
Interest receivable 17,748 18,325 19,286 18,172 16,174
Intangible assets, net 34,084 34,840 35,383 34,568 26,296
Other assets 16,187 17,231 17,210 18,039 18,143
---------- ---------- ---------- ---------- ----------
TOTAL ASSETS $ 1,925,553 $ 1,919,297 $ 1,873,320 $ 1,835,898 $ 1,756,470
========== ========== ========== ========== ==========
LIABILITIES
Non-interest bearing transaction accounts $ 208,812 $ 202,688 $ 195,590 $ 189,827 $ 185,084
Interest bearing transaction accounts 149,449 146,592 148,975 143,620 143,911
Savings deposits 312,982 315,424 305,894 301,473 292,866
Time deposits less than $100,000 582,075 596,990 599,025 596,273 593,502
Time deposits greater than $100,000 356,517 333,952 308,136 288,765 260,819
----------- ---------- ---------- ---------- ----------
Total deposits 1,609,835 1,595,646 1,557,620 1,519,958 1,476,182
----------- ---------- ---------- ---------- ----------
Federal funds purchased and securities
sold under agreements to repurchase 69,294 81,472 77,054 77,505 44,748
Short-term debt 6,885 6,156 6,832 10,305 9,696
Long-term debt 42,323 41,538 41,762 42,647 44,190
Accrued interest and other liabilities 20,058 19,595 18,520 17,632 16,634
----------- ---------- ---------- ---------- ----------
TOTAL LIABILITIES 1,748,395 1,744,407 1,701,788 1,668,047 1,591,450
----------- ---------- ---------- ---------- ----------
TOTAL STOCKHOLDERS' EQUITY 177,158 174,890 171,532 167,851 165,020
----------- ---------- ---------- ---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,925,553 $ 1,919,297 $ 1,873,320 $ 1,835,898 $ 1,756,470
=========== ========== ========== ========== ==========
Simmons First National Corporation SFNCA
Consolidated Average Year-to-Date Balance Sheets
For the Quarters Ended Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands) 2001 2001 2000 2000 2000
------ ------ ------ ------ ------
ASSETS
Cash and non-interest bearing balances due from banks $ 62,982 $ 62,928 $ 54,011 $ 52,503 $ 51,801
Interest bearing balances due from banks 29,597 25,202 14,495 13,393 12,456
Federal funds sold and securities purchased
under agreements to resell 46,943 46,205 22,170 24,791 30,488
---------- ---------- ---------- ---------- ----------
Cash and cash equivalents 139,522 134,335 90,676 90,687 94,745
Investment securities - held-to-maturity 199,599 191,369 176,351 173,838 172,837
Investment securities - available-for-sale 184,784 197,562 227,772 231,131 235,793
Mortgage loans held for sale 14,607 11,263 7,285 6,737 6,319
Assets held in trading accounts 468 693 1,373 1,738 2,349
Loans 1,288,384 1,287,630 1,199,288 1,174,437 1,136,481
Allowance for loan losses (21,650) (21,580) (19,284) (18,668) (17,853)
---------- ---------- ---------- ---------- ----------
Net loans 1,266,734 1,266,050 1,180,004 1,155,769 1,118,628
Premises and equipment 46,316 46,499 43,362 42,425 40,793
Foreclosed assets held for sale, net 1,213 1,130 1,226 1,252 1,258
Interest receivable 18,035 18,325 17,387 16,750 16,031
Intangible assets, net 34,461 34,840 30,813 29,278 26,605
Other assets 16,704 17,231 17,765 17,951 17,907
---------- ---------- ---------- ---------- ----------
TOTAL ASSETS $ 1,922,443 $ 1,919,297 $ 1,794,014 $ 1,767,556 $ 1,733,265
========== ========== ========== ========== ==========
LIABILITIES
Non-interest bearing transaction accounts $ 205,767 $ 202,688 $ 188,220 $ 185,746 $ 183,683
Interest bearing transaction accounts 148,028 146,592 145,582 144,443 144,858
Savings deposits 314,196 315,424 299,297 297,082 294,863
Time deposits less than $100,000 589,491 596,990 587,140 583,147 576,512
Time deposits greater than $100,000 345,298 333,952 273,129 261,376 247,531
---------- ---------- ---------- ---------- ----------
Total deposits 1,602,780 1,595,646 1,493,368 1,471,794 1,447,447
---------- ---------- ---------- ---------- ----------
Federal funds purchased and securities
sold under agreements to repurchase 75,349 81,472 64,304 60,022 51,185
Short-term debt 6,523 6,156 9,371 9,863 10,183
Long-term debt 41,932 41,538 43,255 44,118 44,318
Accrued interest and other liabilities 19,829 19,595 17,199 16,740 16,265
---------- ---------- ---------- ---------- ----------
TOTAL LIABILITIES 1,746,413 1,744,407 1,627,497 1,602,537 1,569,398
---------- ---------- ---------- ---------- ----------
TOTAL STOCKHOLDERS' EQUITY 176,030 174,890 166,517 165,019 163,867
---------- ---------- ---------- ---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,922,443 $ 1,919,297 $ 1,794,014 $ 1,767,556 $ 1,733,265
========== ========== ========== ========== ==========
Simmons First National Corporation SFNCA
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands, except per share data) 2001 2001 2000 2000 2000
------ ------ ------ ------ ------
INTEREST INCOME
Loans $ 28,368 $ 29,161 $ 30,415 $ 28,952 $ 26,019
Federal funds sold and securities purchased
under agreements to resell 504 639 281 332 565
Investment securities 5,261 5,700 5,848 5,864 5,966
Mortgage loans held for sale, net of unrealized gains (losses) 267 172 160 143 121
Assets held in trading accounts 2 7 7 5 65
Interest bearing balances due from banks 354 335 276 234 238
------- ------- ------- ------- -------
TOTAL INTEREST INCOME 34,756 36,014 36,987 35,530 32,974
------- ------- ------- ------- -------
INTEREST EXPENSE
Time deposits 13,601 13,897 13,818 12,979 11,926
Other deposits 2,683 3,181 3,471 3,271 3,102
Federal funds purchased and securities
sold under agreements to repurchase 690 1,057 1,223 1,276 624
Short-term debt 76 104 105 163 131
Long-term debt 840 819 843 855 889
------- ------- ------- ------- -------
TOTAL INTEREST EXPENSE 17,890 19,058 19,460 18,544 16,672
------- ------- ------- ------- -------
NET INTEREST INCOME 16,866 16,956 17,527 16,986 16,302
Provision for loan losses 1,967 1,853 1,994 1,892 1,925
------- ------- ------- ------- -------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 14,899 15,103 15,533 15,094 14,377
------- ------- ------- ------- -------
NON-INTEREST INCOME
Trust income 1,249 1,407 1,282 1,496 1,290
Service charges on deposit accounts 2,307 2,101 2,190 2,176 1,905
Other service charges and fees 438 528 398 392 475
Income on sale of mortgage loans, net of commissions 813 624 450 521 391
Income on investment banking, net of commissions 178 162 71 13 87
Credit card fees 2,666 2,456 2,851 2,712 2,624
Other income 660 815 513 817 741
Gain on sale of securities, net - - - - -
------- ------- ------- ------- -------
TOTAL NON-INTEREST INCOME 8,311 8,093 7,755 8,127 7,513
------- ------- ------- ------- -------
NON-INTEREST EXPENSE
Salaries and employee benefits 8,902 9,003 8,262 8,591 8,304
Occupancy expense, net 1,094 1,166 1,043 1,035 923
Furniture & equipment expense 1,338 1,336 1,355 1,336 1,274
Loss on foreclosed assets 87 75 60 66 77
Deposit insurance 77 76 43 87 93
Other operating expenses 5,348 5,161 5,288 4,860 4,579
------- ------- ------- ------- -------
TOTAL NON-INTEREST EXPENSE 16,846 16,817 16,051 15,975 15,250
------- ------- ------- ------- -------
NET INCOME BEFORE INCOME TAXES 6,364 6,379 7,237 7,246 6,640
Provision for income taxes 1,877 1,825 2,270 2,281 2,031
------- ------- ------- ------- -------
NET INCOME $ 4,487 $ 4,554 $ 4,967 $ 4,965 $ 4,609
======= ======= ======= ======= =======
BASIC EARNINGS PER SHARE $ 0.63 $ 0.64 $ 0.69 $ 0.68 $ 0.63
======= ======= ======= ======= =======
DILUTED EARNINGS PER SHARE $ 0.63 $ 0.64 $ 0.69 $ 0.67 $ 0.63
======= ======= ======= ======= =======
Simmons First National Corporation SFNCA
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands, except per share data) 2001 2001 2000 2000 2000
------ ------ ------ ------ ------
INTEREST INCOME
Loans $ 57,529 $ 29,161 $110,112 $ 79,697 $ 50,745
Federal funds sold and securities purchased
under agreements to resell 1,143 639 1,530 1,249 917
Investment securities 10,961 5,700 23,585 17,737 11,873
Mortgage loans held for sale, net of unrealized gains (losses) 439 172 542 382 239
Assets held in trading accounts 9 7 95 88 83
Interest bearing balances due from banks 689 335 890 614 380
------- ------- ------- ------- -------
TOTAL INTEREST INCOME 70,770 36,014 136,754 99,767 64,237
------- ------- ------- ------- -------
INTEREST EXPENSE
Time deposits 27,498 13,897 49,055 35,237 22,258
Other deposits 5,864 3,181 12,816 9,345 6,074
Federal funds purchased and securities
sold under agreements to repurchase 1,747 1,057 3,833 2,610 1,334
Short-term debt 180 104 516 411 248
Long-term debt 1,659 819 3,473 2,630 1,775
------- ------- ------- ------- -------
TOTAL INTEREST EXPENSE 36,948 19,058 69,693 50,233 31,689
------- ------- ------- ------- -------
NET INTEREST INCOME 33,822 16,956 67,061 49,534 32,548
Provision for loan losses 3,820 1,853 7,531 5,537 3,645
------- ------- ------- ------- -------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 30,002 15,103 59,530 43,997 28,903
------- ------- ------- ------- -------
NON-INTEREST INCOME
Trust income 2,656 1,407 5,282 4,000 2,504
Service charges on deposit accounts 4,408 2,101 7,998 5,808 3,632
Other service charges and fees 966 528 1,804 1,406 1,014
Income on sale of mortgage loans, net of commissions 1,437 624 1,727 1,277 756
Income on investment banking, net of commissions 340 162 259 188 175
Credit card fees 5,122 2,456 10,522 7,671 4,959
Other income 1,475 815 2,763 2,250 1,433
Gain on sale of securities, net - - - - -
------- ------- ------- ------- -------
TOTAL NON-INTEREST INCOME 16,404 8,093 30,355 22,600 14,473
------- ------- ------- ------- -------
NON-INTEREST EXPENSE
Salaries and employee benefits 17,905 9,003 33,544 25,282 16,691
Occupancy expense, net 2,260 1,166 3,873 2,830 1,795
Furniture & equipment expense 2,674 1,336 5,246 3,891 2,555
Loss on foreclosed assets 162 75 254 194 128
Deposit insurance 153 76 299 256 169
Other operating expenses 10,509 5,161 19,340 14,052 9,192
------- ------- ------- ------- -------
TOTAL NON-INTEREST EXPENSE 33,663 16,817 62,556 46,505 30,530
------- ------- ------- ------- -------
NET INCOME BEFORE INCOME TAXES 12,743 6,379 27,329 20,092 12,846
Provision for income taxes 3,702 1,825 8,460 6,190 3,909
------- ------- ------- ------- -------
NET INCOME $ 9,041 $ 4,554 $ 18,869 $ 13,902 $ 8,937
======= ======= ======= ======= =======
BASIC EARNINGS PER SHARE $ 1.27 $ 0.64 $ 2.59 $ 1.90 $ 1.22
======= ======= ======= ======= =======
DILUTED EARNINGS PER SHARE $ 1.27 $ 0.64 $ 2.58 $ 1.89 $ 1.22
======= ======= ======= ======= =======
Simmons First National Corporation SFNCA
Consolidated Risk-Based Capital
For the Quarters Ended Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands) 2001 2001 2000 2000 2000
------ ------ ------ ------ ------
Tier 1 capital
Stockholders' equity $ 178,563 $ 175,001 $ 173,343 $ 169,546 $ 165,903
Trust preferred securities 17,250 17,250 17,250 17,250 17,250
Intangible assets (33,698) (34,456) (35,241) (35,664) (25,992)
Unrealized loss (gain) on AFS securities (1,320) (1,273) 34 2,211 3,686
Debt issuance costs (898) (907) (916) (924) (932)
---------- ---------- ---------- ---------- ----------
Total Tier 1 capital 159,897 155,615 154,470 152,419 159,915
---------- ---------- ---------- ---------- ----------
Tier 2 capital
Qualifying unrealized gain on AFS securities 366 367 475 287 343
Qualifying allowance for loan losses 16,376 16,059 16,193 15,862 14,733
---------- ---------- ---------- ---------- ----------
Total Tier 2 capital 16,742 16,426 16,668 16,149 15,076
---------- ---------- ---------- ---------- ----------
Total risk-based capital $ 176,639 $ 172,041 $ 171,138 $ 168,568 $ 174,991
========== ========== ========== ========== ==========
Risk weighted assets $ 1,305,274 $ 1,279,382 $ 1,290,494 $ 1,264,212 $ 1,175,381
========== ========== ========== ========== ==========
Assets for leverage ratio $ 1,887,167 $ 1,883,934 $ 1,837,163 $ 1,799,310 $ 1,729,545
========== ========== ========== ========== ==========
Ratios at end of quarter
Leverage ratio 8.47% 8.26% 8.41% 8.47% 9.25%
Tier 1 capital 12.25% 12.16% 11.97% 12.06% 13.61%
Total risk-based capital 13.53% 13.45% 13.26% 13.33% 14.89%
Simmons First National Corporation SFNCA
Consolidated Loans and Investments
For the Quarters Ended Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands) 2001 2001 2000 2000 2000
------ ------ ------ ------ ------
Loan Portfolio - End of Period
------------------------------
Consumer
Credit cards $ 187,880 $ 185,411 $ 197,567 $ 186,342 $ 183,853
Student loans 71,619 74,562 67,145 66,071 65,595
Other consumer 186,246 187,408 192,595 194,421 184,097
Real Estate
Construction 73,348 70,123 69,169 71,383 53,128
Single-family residential 236,856 240,049 244,377 243,904 217,669
Other commercial 284,521 284,488 287,272 275,091 251,469
Unearned income (80) (91) (102) (113) (134)
Commercial
Commercial 166,892 173,040 161,134 146,156 143,913
Agricultural 70,538 49,274 57,164 70,064 59,255
Financial institutions 6,146 4,741 2,339 2,379 2,397
Other 14,246 11,395 16,050 13,233 10,385
----------- ----------- ----------- ----------- ----------
Total Loans $ 1,298,212 $ 1,280,400 $ 1,294,710 $ 1,268,931 $ 1,171,627
=========== =========== =========== =========== ===========
Investment Securities - End of Period
-------------------------------------
Held-to-Maturity
U.S. Treasury $ 31,072 $ 24,702 $ 21,923 $ 19,516 $ 16,563
U.S. Government agencies 54,406 60,997 40,965 40,950 36,607
Mortgage-backed securities 9,005 10,153 11,065 14,296 15,240
State and political subdivisions 117,747 109,076 110,380 107,147 106,234
Other securities 129 178 80 82 82
----------- ----------- ----------- ----------- -----------
Total held-to-maturity 212,359 205,106 184,413 181,991 174,726
----------- ----------- ----------- ----------- -----------
Available-for-Sale
U.S. Treasury 20,146 21,655 24,037 27,146 35,264
U.S. Government agencies 120,146 113,219 156,436 161,031 156,892
Mortgage-backed securities 13,410 14,501 15,181 13,910 14,954
State and political subdivisions 6,710 6,912 6,821 6,720 6,681
FHLB stock 4,276 6,267 6,165 6,068 5,924
Other securities 5,197 5,115 5,430 4,869 4,604
----------- ----------- ----------- ----------- -----------
Total available-for-sale 169,885 167,669 214,070 219,744 224,319
----------- ----------- ----------- ----------- -----------
Total investment securities $ 382,244 $ 372,775 $ 398,483 $ 401,735 $ 399,045
=========== =========== =========== =========== ===========
Fair Value - HTM investment securities $ 215,894 $ 208,641 $ 185,663 $ 181,357 $ 171,940
=========== =========== =========== =========== ===========
Investment Securities - QTD Average
-----------------------------------
Taxable securities $ 260,941 $ 273,507 $ 286,981 $ 284,901 $ 296,027
Tax exempt securities 118,943 115,424 114,971 113,173 112,157
----------- ----------- ----------- ----------- -----------
Total investment securities - QTD average $ 379,884 $ 388,931 $ 401,952 $ 398,074 $ 408,184
=========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA
Consolidated Allowance and Asset Quality
For the Quarters Ended Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands) 2001 2001 2000 2000 2000
------ ------ ------ ------ ------
Allowance for Loan Losses
-------------------------
Balance, beginning of quarter $ 21,368 $ 21,157 $ 20,691 $ 18,002 $ 17,719
-------- -------- -------- -------- --------
Loans charged off
Credit card 1,192 965 962 834 843
Other consumer 581 617 630 660 663
Real estate 425 209 211 46 64
Commercial 362 271 474 286 395
-------- -------- -------- -------- --------
Total loans charged off 2,560 2,062 2,277 1,826 1,965
-------- -------- -------- -------- --------
Recoveries of loans previously charged off
Credit card 129 131 121 116 118
Other consumer 196 192 149 294 122
Real estate 44 63 2 15 17
Commercial 77 34 27 43 66
-------- -------- -------- -------- --------
Total recoveries 446 420 299 468 323
-------- -------- -------- -------- --------
Net loans charged off 2,114 1,642 1,978 1,358 1,642
Allowance for loan losses of acquired branches - - 450 2,155 -
Provision for loan losses 1,967 1,853 1,994 1,892 1,925
-------- -------- -------- -------- --------
Balance, end of year $ 21,221 $ 21,368 $ 21,157 $ 20,691 $ 18,002
======== ======== ======== ======== ========
Non-performing assets
---------------------
Non-performing loans
Nonaccrual loans
Real estate $ 6,366 $ 4,862 $ 4,739 $ 4,393 $ 3,733
Commercial 3,144 2,872 791 2,929 926
Consumer 2,975 2,083 2,682 2,300 1,989
-------- -------- -------- -------- --------
Total nonaccrual loans 12,485 9,817 8,212 9,622 6,648
Loans past due 90 days or more 2,656 2,121 2,752 2,643 2,145
-------- -------- -------- -------- --------
Total non-performing loans 15,141 11,938 10,964 12,265 8,793
-------- -------- -------- -------- --------
Other non-performing assets
Foreclosed assets held for sale 1,252 1,211 1,104 1,226 1,249
Other non-performing assets 247 147 196 100 36
-------- -------- -------- -------- --------
Total other non-performing assets 1,499 1,358 1,300 1,326 1,285
-------- -------- -------- -------- --------
Total non-performing assets $ 16,640 $ 13,296 $ 12,264 $ 13,591 $ 10,078
======== ======== ======== ======== ========
Ratios
------
Allowance for loan losses to total loans 1.63% 1.67% 1.63% 1.63% 1.54%
Allowance for loan losses to
non-performing loans 140.16% 178.99% 192.97% 168.70% 204.73%
Allowance for loan losses to
non-performing assets 127.53% 160.71% 172.51% 152.24% 178.63%
Non-performing loans to total loans 1.17% 0.93% 0.85% 0.97% 0.75%
Non-performing assets to total assets 0.84% 0.68% 0.64% 0.73% 0.57%
Simmons First National Corporation SFNCA
Consolidated - Selected Financial Data
For the Quarters Ended Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands, except per share data) 2001 2001 2000 2000 2000
------ ------ ------ ------ ------
QUARTER-TO-DATE
---------------
Diluted earnings per share $ 0.63 $ 0.64 $ 0.69 $ 0.67 $ 0.63
Diluted cash earnings per share 0.70 0.71 0.75 0.75 0.68
Cash dividends declared - per common share 0.22 0.21 0.21 0.20 0.20
Cash dividends declared - amount 1,564 1,485 1,507 1,456 1,467
Cash earnings 4,963 5,072 5,501 5,473 5,024
Return on average stockholders' equity 10.16% 10.56% 11.52% 11.77% 11.23%
Cash return on average stockholders' equity 11.32% 11.85% 12.86% 13.08% 12.35%
Return on average assets 0.93% 0.96% 1.05% 1.08% 1.06%
Cash return on average assets 1.05% 1.09% 1.19% 1.21% 1.17%
Net interest margin (FTE) 4.00% 4.08% 4.23% 4.18% 4.23%
FTE Adjustment 787 750 743 729 732
Amortization of intangibles 728 785 808 767 618
Amortization of intangibles, net of taxes 476 518 534 508 415
Average shares outstanding 7,086,745 7,121,100 7,236,853 7,304,226 7,333,108
Diluted shares outstanding 28,823 20,157 20,033 21,173 22,400
Shares repurchased 2,000 118,955 93,200 63,627 -
Average price of repurchased shares 23.64 23.77 20.06 21.35 -
Average earning assets 1,768,789 1,759,924 1,716,597 1,684,457 1,621,507
Interest bearing liabilities 1,519,525 1,522,124 1,487,678 1,460,588 1,389,732
YEAR-TO-DATE
------------
Diluted earnings per share $ 1.27 $ 0.64 $ 2.58 $ 1.89 $ 1.22
Diluted cash earnings per share 1.41 0.71 2.83 2.08 1.33
Cash dividends declared - per common share 0.43 0.21 0.80 0.59 0.39
Cash earnings 10,035 5,072 20,741 15,240 9,767
Return on average stockholders' equity 10.36% 10.56% 11.33% 11.25% 10.97%
Cash return on average stockholders' equity 11.58% 11.85% 12.56% 12.44% 12.09%
Return on average assets 0.95% 0.96% 1.05% 1.05% 1.04%
Cash return on average assets 1.07% 1.09% 1.18% 1.17% 1.15%
Net interest margin (FTE) 4.04% 4.08% 4.24% 4.25% 4.28%
FTE Adjustment 1,537 750 2,910 2,167 1,438
Amortization of intangibles 1,513 785 2,811 2,003 1,236
Amortization of intangibles, net of taxes 994 518 1,872 1,338 830
Average shares outstanding 7,103,827 7,121,100 7,298,842 7,319,655 7,327,455
Average earning assets 1,764,382 1,759,924 1,648,734 1,626,065 1,596,723
Interest bearing liabilities 1,520,817 1,522,124 1,422,078 1,400,051 1,369,450
END OF PERIOD
-------------
Book value $ 25.15 $ 24.75 $ 24.14 $ 23.31 $ 22.62
Shares outstanding 7,101,045 7,072,216 7,180,966 7,271,692 7,333,519
Full-time equivalent employees 937 928 927 934 877
Total number of ATM's 59 59 59 58 50
Total number of branches 62 61 61 61 53
Parent company only - investment in subsidiaries 194,700 192,997 190,159 184,133 177,692
Parent company only - intangible assets 72 94 116 144 161
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: July 19, 2001 /s/Barry L. Crow
-------------------------- ----------------------------------------
Barry L. Crow, Executive Vice President
and Chief Financial Officer