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 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 October 17, 2002. SIMMONS FIRST ANNOUNCES 63% INCREASE IN EARNINGS ------------------------------------------------ Pine Bluff, Arkansas - Simmons First National Corporation today announced record quarterly earnings of $5,769,000, or $0.80 diluted earnings per share for the third quarter of 2002. These earnings reflect a 63% increase in net income and diluted earnings per share over the third quarter 2001. Return on average assets and return on average stockholders' equity for the three-month period ended September 30, 2002, was 1.18% and 11.87%, compared to 0.71% and 7.75%, respectively, for the same period in 2001. "With quarterly earnings at a record level, we are obviously pleased with third quarter 2002 results," said J. Thomas May, Chairman, President and Chief Executive Officer. "The significant increase in earnings over the same quarter last year is primarily attributable to a significant improvement in the Company's net interest margin, improved asset quality and the elimination of the amortization of goodwill required by the Financial Accounting Standards Board." May also commented, "Despite a 1.3% reduction in our loan portfolio from the third quarter of 2001, we were able to improve our net interest income 17.3% through the repricing opportunities during the falling interest rate environment. While our loans have increased slightly over the last two reporting periods, it has primarily been the result of seasonality. The lack of an increase in our loan portfolio over the same period last year can be attributed to the continued uncertainties in the economy." Earnings for the nine-months ended September 30, 2002, were $16,415,000, or $2.28 diluted earnings per share. These earnings reflect a 30% increase in net income and diluted earnings per share over the same nine-month period last year. As of September 30, 2002, the allowance for loan losses as a percent of total loans was 1.69%. Non-performing loans decreased $3.4 million from the same period last year. Correspondingly, non-performing loans to total loans improved to 0.97% from 1.22% the previous year. In addition, the allowance for loan losses improved to 175% of non-performing loans compared to 135% last year. Average year to date total assets for the nine-months ended September 30, 2002, were $1.965 billion, an increase of $28.8 million over the average year to date total assets for the nine-months ended September 30, 2001. Stockholders' equity at the end of the third quarter of 2002 was $193.7 million, a $12.5 million, or 6.9%, increase from September 30, 2001. 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 17, 2002. Interested parties can listen to this call by calling 1-800-854-4175 (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 5683796 and the recording will be available through the end of business October 24, 2002. 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, Rogers, Russellville, Searcy and El Dorado, Arkansas. The Company's seven banks are conducting financial operations from 65 offices in 34 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) 2002 2002 2002 2001 2001 ------ ------ ------ ------ ------ ASSETS Cash and non-interest bearing balances due from banks $ 71,814 $ 63,416 $ 66,966 $ 81,785 $ 66,429 Interest bearing balances due from banks 22,564 31,557 46,343 55,356 84,153 Federal funds sold and securities purchased under agreements to resell 26,150 67,880 80,000 57,700 77,650 ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents 120,528 162,853 193,309 194,841 228,232 Investment securities 421,384 419,700 441,162 447,305 391,617 Mortgage loans held for sale 25,096 10,440 12,277 24,971 22,340 Assets held in trading accounts 1,013 14,140 131 896 285 Loans 1,281,634 1,247,625 1,228,591 1,258,784 1,298,543 Allowance for loan losses (21,688) (20,608) (20,152) (20,496) (21,361) ----------- ---------- ---------- ---------- ---------- Net loans 1,259,946 1,227,017 1,208,439 1,238,288 1,277,182 Premises and equipment 47,551 45,192 44,306 45,537 45,874 Foreclosed assets held for sale, net 2,263 2,394 2,182 1,084 1,081 Interest receivable 15,074 14,528 15,124 15,764 16,968 Goodwill 32,797 31,739 31,739 31,739 32,472 Core deposits and other intangible assets, net 673 499 526 554 581 Other assets 17,030 16,159 16,926 15,939 15,280 ---------- ---------- ---------- ---------- ---------- TOTAL ASSETS $1,943,355 $1,944,661 $1,966,121 $2,016,918 $2,031,912 ========== ========== =========== =========== ========== LIABILITIES Non-interest bearing transaction accounts $ 232,455 $ 229,091 $ 220,149 $ 247,235 $ 219,602 Interest bearing transaction accounts and savings deposits 542,237 535,680 540,601 517,856 471,093 Time deposits less than $100,000 522,400 523,354 540,650 580,228 599,196 Time deposits greater than $100,000 316,946 328,698 331,066 341,085 385,913 ---------- ---------- ---------- ---------- ---------- Total deposits 1,614,038 1,616,823 1,632,466 1,686,404 1,675,804 ---------- ---------- ---------- ---------- ---------- Federal funds purchased and securities sold under agreements to repurchase 57,759 68,947 81,794 86,635 101,332 Short-term debt 11,450 5,003 7,221 3,801 12,865 Long-term debt - parent company 10,000 12,000 12,000 12,000 12,000 Long-term FHLB debt - affiliate banks 23,206 20,320 13,534 12,900 13,028 Trust preferred securities 17,250 17,250 17,250 17,250 17,250 Accrued interest and other liabilities 16,002 15,395 17,073 15,565 18,481 ---------- ---------- ---------- ---------- ---------- TOTAL LIABILITIES 1,749,705 1,755,738 1,781,338 1,834,555 1,850,760 ---------- ---------- ---------- ---------- ---------- STOCKHOLDERS' EQUITY Capital stock 7,063 7,062 7,091 7,087 7,090 Surplus 44,392 44,384 45,326 45,278 45,497 Undivided profits 139,912 135,838 131,828 128,519 126,198 Accumulated other comprehensive income Unrealized appreciation on AFS securities 2,283 1,639 538 1,479 2,367 ---------- ---------- ---------- ---------- ---------- TOTAL STOCKHOLDERS' EQUITY 193,650 188,923 184,783 182,363 181,152 ---------- ---------- ---------- ---------- ---------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,943,355 $1,944,661 $1,966,121 $2,016,918 $2,031,912 ========== ========== ========== ========== ========== 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) 2002 2002 2002 2001 2001 ------ ------ ------ ------ ------ ASSETS Cash and non-interest bearing balances due from banks $ 64,237 $ 62,778 $ 68,122 $ 68,699 $ 64,940 Interest bearing balances due from banks 26,468 35,893 69,675 67,989 49,291 Federal funds sold and securities purchased under agreements to resell 51,672 62,789 80,015 76,413 42,577 ---------- ----------- ----------- ----------- ---------- Cash and cash equivalents 142,377 161,460 217,812 213,101 156,808 Investment securities - held-to-maturity 234,541 215,155 192,418 193,522 205,844 Investment securities - available-for-sale 186,462 233,045 256,840 220,949 182,367 Mortgage loans held for sale 14,918 10,591 13,768 25,046 19,557 Assets held in trading accounts 2,470 1,379 286 1,939 260 Loans 1,268,801 1,232,458 1,240,293 1,282,715 1,307,639 Allowance for loan losses (21,257) (20,860) (20,888) (21,289) (21,431) ---------- ----------- ----------- ----------- ---------- Net loans 1,247,544 1,211,598 1,219,405 1,261,426 1,286,208 Premises and equipment 47,219 44,975 44,587 45,759 45,918 Foreclosed assets held for sale, net 2,211 2,174 1,729 1,068 1,239 Interest receivable 15,001 15,121 15,577 16,771 17,701 Goodwill, core deposits and other intangible assets, net 33,190 32,251 32,273 32,554 33,310 Other assets 16,001 16,302 16,029 17,315 17,127 ---------- ----------- ----------- ----------- ---------- TOTAL ASSETS $1,941,934 $1,944,051 $2,010,724 $2,029,450 $1,966,339 ========== ========== ========== ========== ========== LIABILITIES Non-interest bearing transaction accounts $ 225,054 $ 225,170 $ 226,834 $ 222,254 $ 210,246 Interest bearing transaction accounts 159,605 157,264 158,518 148,547 147,361 Savings deposits 384,101 377,364 370,640 340,623 321,576 Time deposits less than $100,000 524,977 531,390 564,280 591,893 597,655 Time deposits greater than $100,000 324,155 326,056 342,289 370,158 362,972 ---------- ----------- ----------- ----------- ---------- Total deposits 1,617,892 1,617,244 1,662,561 1,673,475 1,639,810 ---------- ----------- ----------- ----------- ---------- Federal funds purchased and securities sold under agreements to repurchase 59,765 77,834 98,567 107,891 72,759 Short-term debt 7,223 2,259 5,849 6,059 10,519 Long-term debt 49,094 44,451 42,668 42,215 43,007 Accrued interest and other liabilities 15,186 14,256 15,349 16,572 19,199 ---------- ----------- ----------- ----------- ---------- TOTAL LIABILITIES 1,749,160 1,756,044 1,824,994 1,846,212 1,785,294 ---------- ----------- ----------- ----------- ---------- TOTAL STOCKHOLDERS' EQUITY 192,774 188,007 185,730 183,238 181,045 ---------- ----------- ----------- ----------- ---------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,941,934 $1,944,051 $2,010,724 $2,029,450 $1,966,339 ========== =========== =========== =========== ========== 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) 2002 2002 2002 2001 2001 ------ ------ ------ ------ ------ ASSETS Cash and non-interest bearing balances due from banks $ 65,031 $ 65,435 $ 68,122$ 64,916 $ 63,642 Interest bearing balances due from banks 43,854 52,691 69,675 44,238 36,234 Federal funds sold and securities purchased under agreements to resell 64,722 71,355 80,015 52,742 44,765 ---------- ----------- ------------- ------------- ----------- Cash and cash equivalents 173,607 189,481 217,812 161,896 144,641 Investment securities - held-to-maturity 214,193 203,850 192,418 199,642 201,704 Investment securities - available-for-sale 225,191 244,877 256,840 193,290 183,969 Mortgage loans held for sale 13,097 12,171 13,768 18,486 16,275 Assets held in trading accounts 1,386 835 286 786 398 Loans 1,247,289 1,236,354 1,240,293 1,291,808 1,294,873 Allowance for loan losses (21,003) (20,874) (20,888) (21,507) (21,576) ---------- ----------- ------------- ------------- ----------- Net loans 1,226,286 1,215,480 1,219,405 1,270,301 1,273,297 Premises and equipment 45,604 44,782 44,587 46,075 46,182 Foreclosed assets held for sale, net 2,040 1,953 1,729 1,183 1,222 Interest receivable 15,231 15,348 15,577 17,632 17,923 Goodwill, core deposits and other intangible assets, net 32,576 32,262 32,273 33,691 34,073 Other assets 16,107 16,164 16,029 16,966 16,845 ----------- ----------- ------------- ------------ ------------ TOTAL ASSETS $ 1,965,318 $ 1,977,203 $ 2,010,724$ 1,959,948$ 1,936,529 =========== =========== =========== =========== =========== LIABILITIES Non-interest bearing transaction accounts $ 225,680 $ 225,997 $ 226,834 $ 211,052 $ 207,277 Interest bearing transaction accounts 158,466 157,888 158,518 147,991 147,804 Savings deposits 377,418 374,021 370,640 322,717 316,683 Time deposits less than $100,000 540,072 547,743 564,280 592,155 592,242 Time deposits greater than $100,000 330,767 334,128 342,289 356,017 351,253 ---------- ----------- ------------- ------------ ------------ Total deposits 1,632,403 1,639,777 1,662,561 1,629,932 1,615,259 ---------- ----------- ------------- ------------ ------------ Federal funds purchased and securities sold under agreements to repurchase 78,580 88,144 98,567 82,371 73,770 Short-term debt 5,116 4,044 5,849 7,413 7,869 Long-term debt 45,428 43,564 42,668 42,275 42,296 Accrued interest and other liabilities 14,928 14,799 15,349 18,848 19,615 ---------- ----------- ------------- ------------ ------------ TOTAL LIABILITIES 1,776,455 1,790,328 1,824,994 1,780,839 1,758,809 ---------- ----------- ------------- ------------ ------------ TOTAL STOCKHOLDERS' EQUITY 188,863 186,875 185,730 179,109 177,720 ----------- ----------- ------------- ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,965,318 $ 1,977,203 $ 2,010,724$ 1,959,948$ 1,936,529 =========== =========== ============= ============ =========== 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) 2002 2002 2002 2001 2001 ----- ----- ----- ----- ----- INTEREST INCOME Loans $ 23,853$ 23,668$ 24,106 $ 25,725 $ 27,298 Federal funds sold and securities purchased under agreements to resell 207 264 328 387 347 Investment securities 4,636 4,858 4,923 4,783 5,042 Mortgage loans held for sale, net of unrealized gains (losses) 206 185 233 401 303 Assets held in trading accounts 30 18 2 28 1 Interest bearing balances due from banks 104 150 281 383 400 -------------- ---------- -------- ---------- --------- TOTAL INTEREST INCOME 29,036 29,143 29,873 31,707 33,391 -------------- ---------- -------- ---------- --------- INTEREST EXPENSE Time deposits 6,904 7,356 8,968 11,478 12,972 Other deposits 1,608 1,590 1,600 1,794 2,350 Federal funds purchased and securities sold under agreements to repurchase 236 316 397 535 592 Short-term debt 30 12 41 53 100 Long-term debt 841 818 806 811 830 -------------- --------- --------- ---------- --------- TOTAL INTEREST EXPENSE 9,619 10,092 11,812 14,671 16,844 -------------- -------- --------- ---------- --------- NET INTEREST INCOME 19,417 19,051 18,061 17,036 16,547 Provision for loan losses 2,864 2,436 2,361 2,709 3,429 -------------- -------- --------- ---------- --------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 16,553 16,615 15,700 14,327 13,118 -------------- -------- --------- ---------- --------- NON-INTEREST INCOME Trust income 1,406 1,205 1,390 1,310 1,443 Service charges on deposit accounts 2,648 2,543 2,238 2,317 2,226 Other service charges and fees 321 365 411 342 382 Income on sale of mortgage loans, net of commissions 962 738 811 930 781 Income on investment banking, net of commissions 250 248 266 191 324 Credit card fees 2,598 2,550 2,338 2,694 2,669 Other income 960 886 918 644 901 Gain on sale of securities, net - - - 11 - -- -- -- --- -- TOTAL NON-INTEREST INCOME 9,145 8,535 8,372 8,439 8,726 -------------- -------- -------- ---------- --------- NON-INTEREST EXPENSE Salaries and employee benefits 10,029 9,840 9,950 9,255 9,058 Occupancy expense, net 1,201 1,155 1,126 1,167 1,183 Furniture & equipment expense 1,439 1,310 1,292 1,327 1,250 Loss on foreclosed assets 69 40 43 39 165 Deposit insurance 72 76 78 77 76 Other operating expenses 4,710 4,428 4,540 5,448 5,422 -------------- -------- -------- ---------- --------- TOTAL NON-INTEREST EXPENSE 17,520 16,849 17,029 17,313 17,154 -------------- -------- -------- ---------- --------- NET INCOME BEFORE INCOME TAXES 8,178 8,301 7,043 5,453 4,690 Provision for income taxes 2,409 2,596 2,102 1,502 1,154 -------------- -------- -------- ---------- --------- NET INCOME $ 5,769 $ 5,705 $ 4,941 $ 3,951 $ 3,536 ============== ======== ======== ========== ========= BASIC EARNINGS PER SHARE $ 0.82 $ 0.80 $ 0.70 $ 0.56 $ 0.50 ============== ======== ======== ========== ========= DILUTED EARNINGS PER SHARE $ 0.80 $ 0.79 $ 0.69 $ 0.55 $ 0.49 ============== ======== ======== ========== ========= 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) 2002 2002 2002 2001 2001 ----- ----- ----- ----- ----- INTEREST INCOME Loans $ 71,627$ 47,774$ 24,106 $ 110,552 $ 84,827 Federal funds sold and securities purchased under agreements to resell 799 592 328 1,877 1,490 Investment securities 14,417 9,781 4,923 20,786 16,003 Mortgage loans held for sale, net of unrealized gains (losses) 624 418 233 1,143 742 Assets held in trading accounts 50 20 2 38 10 Interest bearing balances due from banks 535 431 281 1,472 1,089 -------------- --------- ----------- ----------- -------- TOTAL INTEREST INCOME 88,052 59,016 29,873 135,868 104,161 ------------- --------- ------------ ----------- -------- INTEREST EXPENSE Time deposits 23,228 16,324 8,968 51,948 40,470 Other deposits 4,798 3,190 1,600 10,008 8,214 Federal funds purchased and securities sold under agreements to repurchase 949 713 397 2,874 2,339 Short-term debt 83 53 41 333 280 Long-term debt 2,465 1,624 806 3,300 2,489 -------------- ---------- ----------- ----------- -------- TOTAL INTEREST EXPENSE 31,523 21,904 11,812 68,463 53,792 -------------- ---------- ----------- ----------- -------- NET INTEREST INCOME 56,529 37,112 18,061 67,405 50,369 Provision for loan losses 7,661 4,797 2,361 9,958 7,249 -------------- ---------- ----------- ----------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 48,868 32,315 15,700 57,447 43,120 -------------- ---------- ----------- ----------- ------- NON-INTEREST INCOME Trust income 4,001 2,595 1,390 5,409 4,099 Service charges on deposit accounts 7,429 4,781 2,238 8,951 6,634 Other service charges and fees 1,097 776 411 1,588 1,246 Income on sale of mortgage loans, net of commissions 2,511 1,549 811 3,148 2,218 Income on investment banking, net of commissions 764 514 266 957 766 Credit card fees 7,486 4,888 2,338 10,485 7,791 Other income 2,764 1,804 918 3,020 2,376 Gain on sale of securities, net - - - 11 - -- -- -- --- -- TOTAL NON-INTEREST INCOME 26,052 16,907 8,372 33,569 25,130 -------------- ----------- ----------- ----------- ------- NON-INTEREST EXPENSE Salaries and employee benefits 29,819 19,790 9,950 36,218 26,963 Occupancy expense, net 3,482 2,281 1,126 4,610 3,443 Furniture & equipment expense 4,041 2,602 1,292 5,251 3,924 Loss on foreclosed assets 152 83 43 366 327 Deposit insurance 226 154 78 306 229 Other operating expenses 13,678 8,968 4,540 21,379 15,931 -------------- --------- ------ ------- ------- TOTAL NON-INTEREST EXPENSE 51,398 33,878 17,029 68,130 50,817 -------------- --------- ------- ------- ------- NET INCOME BEFORE INCOME TAXES 23,522 15,344 7,043 22,886 17,433 Provision for income taxes 7,107 4,698 2,102 6,358 4,856 -------------- --------- ------ ------ ------ NET INCOME $ 16,415 $ 10,646 $ 4,941 $ 16,528 $ 12,577 ============== ========= ========= ========= ========= BASIC EARNINGS PER SHARE $ 2.32 $ 1.50 $ 0.70 $ 2.33 $ 1.77 ============== ========= ========= ========= ========= DILUTED EARNINGS PER SHARE $ 2.28 $ 1.48 $ 0.69 $ 2.31 $ 1.76 ============== ========= ========= ========= ========= 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) 2002 2002 2002 2001 2001 ------ ------ ------ ------ ------ Tier 1 capital Stockholders' equity $ 193,650 $ 188,923 $ 184,783 $ 182,363 $ 181,152 Trust preferred securities 17,250 17,250 17,250 17,250 17,250 Intangible assets (33,470) (32,238) (32,265) (32,293) (33,053) Unrealized gain on AFS securities (2,283) (1,639) (538) (1,479) (2,367) Debt issuance costs (854) (863) (873) (881) (889) ------------- ----------- ----------- ---------- ----------- Total Tier 1 capital 174,293 171,433 168,357 164,960 162,093 ------------- ------------ ----------- ---------- ----------- Tier 2 capital Qualifying unrealized gain on AFS securities 342 392 403 370 406 Qualifying allowance for loan losses 16,115 15,806 15,873 16,209 16,570 ------------- ----------- ----------- ---------- ----------- Total Tier 2 capital 16,457 16,198 16,276 16,579 16,976 ------------ ----------- ----------- ---------- ----------- Total risk-based capital $ 190,750 $ 187,631 $ 184,633 $ 181,539 $ 179,069 ============ =========== =========== ========== =========== Risk weighted assets $1,283,588 $1,259,642 $1,265,544 $1,292,798 $1,322,196 =========== ========== ========== ========== ========== Assets for leverage ratio $1,904,053 $1,908,788 $1,977,586 $1,996,276 $1,932,397 =========== ========== ========== ========== ========== Ratios at end of quarter Leverage ratio 9.15% 8.98% 8.51% 8.26% 8.39% Tier 1 capital 13.58% 13.61% 13.30% 12.76% 12.26% Total risk-based capital 14.86% 14.90% 14.59% 14.04% 13.54% 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) 2002 2002 2002 2001 2001 ------ ------ ------ ------ ------ Loan Portfolio - End of Period ------------------------------ Consumer Credit cards $ 178,125 $ 179,682 $ 181,867 $ 196,710 $ 187,738 Student loans 83,028 79,883 84,186 74,860 73,467 Other consumer 159,264 162,554 170,649 179,138 187,199 Real Estate Construction 78,376 74,968 80,120 83,628 80,070 Single-family residential 236,934 226,942 223,198 224,181 232,192 Other commercial 286,363 266,995 260,346 263,539 279,464 Unearned income (25) (42) (52) (59) (70) Commercial Commercial 149,622 158,167 151,436 153,617 161,245 Agricultural 85,974 75,441 54,234 60,794 76,066 Financial institutions 7,376 7,692 7,600 5,861 7,099 Other 16,597 15,343 15,007 16,515 14,073 ----------- ----------- ------------ ----------- ----------- Total Loans $ 1,281,634 $ 1,247,625 $ 1,228,591 $ 1,258,784 $ 1,298,543 =========== =========== ============ =========== =========== Investment Securities - End of Period ------------------------------------- Held-to-Maturity U.S. Treasury $ 27,170 $ 29,483 $ 32,240 $ 27,528 $ 31,310 U.S. Government agencies 75,280 70,479 47,484 36,992 40,024 Mortgage-backed securities 4,752 5,355 5,942 6,681 8,094 State and political subdivisions 121,254 121,719 115,009 119,824 118,504 Other securities 100 100 100 100 100 ---- ---- ---- ---- ---- Total held-to-maturity 228,556 227,136 200,775 191,125 198,032 ----------- ------------ ------------ ----------- ----------- Available-for-Sale U.S. Treasury 14,902 13,103 10,685 18,408 20,531 U.S. Government agencies 157,906 155,134 188,408 215,490 145,068 Mortgage-backed securities 5,165 5,724 6,217 7,004 12,367 State and political subdivisions 5,376 5,270 5,216 5,399 5,720 FHLB stock 4,462 4,419 4,382 4,377 4,331 Other securities 5,017 8,914 25,479 5,502 5,568 ----------- ------------ ------------ ----------- ----------- Total available-for-sale 192,828 192,564 240,387 256,180 193,585 ----------- ------------ ------------ ----------- ----------- Total investment securities $ 421,384 $ 419,700 $ 441,162 $ 447,305 $ 391,617 =========== ============ ============ =========== =========== Fair Value - HTM investment securities $ 234,253 $ 231,991 $ 203,617 $ 194,502 $ 202,965 =========== ============ ============ =========== =========== Investment Securities - QTD Average ----------------------------------- Taxable securities $ 303,040 $ 328,509 $ 327,469 $ 290,310 $ 262,928 Tax exempt securities 117,963 119,691 121,789 124,161 125,283 ----------- ----------- ------------ ----------- ----------- Total investment securities - QTD average $ 421,003 $ 448,200 $ 449,258 $ 414,471 $ 388,211 =========== =========== ============ =========== =========== 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) 2002 2002 2002 2001 2001 ------ ------ ------ ------ ------ Allowance for Loan Losses ------------------------- Balance, beginning of quarter $ 20,608 $ 20,152 $ 20,496 $ 21,361 $ 21,221 --------- --------- --------- --------- --------- Loans charged off Credit cards 1,220 1,130 1,191 1,173 1,101 Other consumer 539 513 677 907 958 Real estate 364 395 444 290 454 Commercial 395 590 953 1,683 1,160 ---- ---- ---- ------ ------ Total loans charged off 2,518 2,628 3,265 4,053 3,673 --------- --------- --------- ---------- --------- Recoveries of loans previously charged off Credit cards 189 163 129 128 127 Other consumer 169 174 233 85 195 Real estate 52 90 82 15 24 Commercial 77 221 116 251 38 --- ---- ---- ---- --- Total recoveries 487 648 560 479 384 ---- ---- ---- ---- ---- Net loans charged off 2,031 1,980 2,705 3,574 3,289 Allowance for loan losses of acquired branch 247 - - - - Provision for loan losses 2,864 2,436 2,361 2,709 3,429 --------- --------- --------- --------- ------ Balance, end of quarter $ 21,688 $ 20,608 $ 20,152 $ 20,496 $ 21,361 ========= ========= ========= ========= ========= Non-performing assets --------------------- Non-performing loans Nonaccrual loans Real estate $ 6,029 $ 6,429 $ 5,813 $ 5,760 $ 5,940 Commercial 2,969 3,074 3,131 3,503 3,671 Consumer 2,101 2,355 2,250 2,693 3,154 --------- -------- -------- --------- ------ Total nonaccrual loans 11,099 11,858 11,194 11,956 12,765 Loans past due 90 days or more 1,291 1,944 3,268 2,991 3,035 --------- --------- -------- --------- ------ Total non-performing loans 12,390 13,802 14,462 14,947 15,800 --------- --------- -------- --------- ------- Other non-performing assets Foreclosed assets held for sale 2,263 2,394 2,182 1,084 1,081 Other non-performing assets 406 484 492 631 187 ---- ---- ---- ---- ---- Total other non-performing assets 2,669 2,878 2,674 1,715 1,268 --------- --------- -------- --------- ------ Total non-performing assets $ 15,059 $ 16,680 $ 17,136 $ 16,662 $ 17,068 ========= ========= ========= ========= ========= Ratios ------ Allowance for loan losses to total loans 1.69% 1.65% 1.64% 1.63% 1.64% Allowance for loan losses to non-performing loans 175.04% 149.31% 139.34% 137.12% 135.20% Allowance for loan losses to non-performing assets 144.02% 123.55% 117.60% 123.01% 125.15% Non-performing loans to total loans 0.97% 1.11% 1.18% 1.19% 1.22% Non-performing assets to total assets 0.77% 0.86% 0.87% 0.83% 0.84% 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) 2002 2002 2002 2001 2001 ------ ------ ------ ------ ------ QUARTER-TO-DATE --------------- Diluted earnings per share $ 0.80 $ 0.79 $ 0.69 $ 0.55 $ 0.49 Cash dividends declared - per common share 0.24 0.24 0.23 0.23 0.22 Cash dividends declared - amount 1,695 1,695 1,632 1,630 1,562 Return on average stockholders' equity 11.87% 12.17% 10.79% 8.55% 7.75% Return on average assets 1.18% 1.18% 1.00% 0.77% 0.71% Net interest margin (FTE) 4.50% 4.45% 4.14% 3.79% 3.81% FTE Adjustment 821 838 854 832 814 Amortization of intangibles 39 27 28 751 760 Amortization of intangibles, net of taxes 30 22 23 496 500 Average shares outstanding 7,062,502 7,064,307 7,089,268 7,085,897 7,100,229 Shares repurchased - 30,000 - 10,000 13,000 Average price of repurchased shares - 32.65 - 32.00 33.82 Average earning assets 1,785,332 1,791,310 1,853,295 1,868,573 1,807,535 Interest bearing liabilities 1,508,920 1,516,618 1,582,811 1,607,386 1,555,849 YEAR-TO-DATE ------------ Diluted earnings per share $ 2.28 $ 1.48 $ 0.69 $ 2.31 $ 1.76 Cash dividends declared - per common share 0.71 0.47 0.23 0.88 0.65 Return on average stockholders' equity 11.62% 11.49% 10.79% 9.23% 9.46% Return on average assets 1.12% 1.09% 1.00% 0.84% 0.87% Net interest margin (FTE) 4.36% 4.29% 4.14% 3.92% 3.96% FTE Adjustment 2,513 1,692 854 3,183 2,351 Amortization of intangibles 94 55 28 3,024 2,273 Amortization of intangibles, net of taxes 75 45 23 1,990 1,494 Average shares outstanding 7,071,927 7,076,718 7,089,268 7,098,401 7,102,615 Diluted shares outstanding 117,108 110,781 89,354 64,494 56,298 Average earning assets 1,809,732 1,822,133 1,853,295 1,800,992 1,778,218 Interest bearing liabilities 1,535,847 1,549,532 1,582,811 1,550,939 1,531,917 END OF PERIOD ------------- Book value $ 27.42 $ 26.75 $ 26.06 $ 25.73 $ 25.55 Shares outstanding 7,062,795 7,062,120 7,091,200 7,087,185 7,090,075 Full-time equivalent employees 988 962 959 959 945 Total number of ATM's 62 60 61 62 62 Total number of branches 63 62 62 63 63 Parent company only - investment in subsidiaries 206,904 204,726 201,223 199,480 196,987 Parent company only - intangible assets 134 134 134 27 50 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 17, 2002 /s/ Barry L. Crow, Executive Vice President --------------------- --------------------------------------- Barry L. Crow, Executive Vice President and Chief Financial Officer