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 16, 2003
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
8:30 A.M. Central Standard Time on January 16, 2003.
SIMMONS FIRST ANNOUNCES 43% INCREASE IN EARNINGS
------------------------------------------------
Pine Bluff, Arkansas - Simmons First National Corporation today
announced record fourth quarter earnings of $5,663,000, or $0.79 diluted
earnings per share for the fourth quarter of 2002. These earnings reflect a 43%
increase in net income and diluted earnings per share over the fourth quarter
2001. Return on average assets and return on average stockholders' equity for
the three-month period ended December 31, 2002, was 1.15% and 11.40%, compared
to 0.77% and 8.55%, respectively, for the same period in 2001.
"With fourth quarter earnings at a record level, we are obviously
pleased with the 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."
The earnings for the year ended December 31, 2002, were $22,078,000,
or $3.07 diluted earnings per share. These earnings reflect a 33% increase over
net income of $16,528,000 and diluted earnings per share of $2.31 for 2001.
As of December 31, 2002, the allowance for loan losses as a percent
of total loans was 1.75%. Non-performing loans decreased $2.7 million from the
same period last year. Correspondingly, non-performing loans to total loans
improved to 0.97% from 1.19% the previous year. In addition, the allowance for
loan losses improved to 179% of non-performing loans compared to 137% last year.
Total assets for the year ended December 31, 2002, were $2.0 billion.
Stockholders' equity at the end of the fourth quarter of 2002 was $197.6
million, a $15.2 million, or 8.4%, increase from December 31, 2001.
May also noted, "As we prepare to celebrate our 100th anniversary on
March 23, 2003, I am reminded that the success we have achieved is the result of
the commitment to the delivery of quality customer service, which has always
been the cornerstone of our community banking philosophy."
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 16, 2003. 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 7249452 and the recording will
be available through the end of business January 23, 2003. 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 Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
(In thousands) 2002 2002 2002 2002 2001
----------- ----------- ----------- ----------- -----------
ASSETS
Cash and non-interest bearing balances due from banks $ 76,452 $ 71,814 $ 63,416 $ 66,966 $ 81,785
Interest bearing balances due from banks 28,473 22,564 31,557 46,343 55,356
Federal funds sold and securities purchased
under agreements to resell 86,620 26,150 67,880 80,000 57,700
----------- ----------- ----------- ----------- -----------
Cash and cash equivalents 191,545 120,528 162,853 193,309 194,841
Investment securities 404,048 421,384 419,700 441,162 447,305
Mortgage loans held for sale 33,332 25,096 10,440 12,277 24,971
Assets held in trading accounts 192 1,013 14,140 131 896
Loans 1,257,305 1,281,634 1,247,625 1,228,591 1,258,784
Allowance for loan losses (21,948) (21,688) (20,608) (20,152) (20,496)
----------- ----------- ----------- ----------- -----------
Net loans 1,235,357 1,259,946 1,227,017 1,208,439 1,238,288
Premises and equipment 47,047 47,551 45,192 44,306 45,537
Foreclosed assets held for sale, net 2,705 2,263 2,394 2,182 1,084
Interest receivable 13,133 15,074 14,528 15,124 15,764
Goodwill 32,877 32,877 31,819 31,819 31,819
Core deposits and other intangible assets, net 613 593 419 446 474
Other assets 16,730 17,030 16,159 16,926 15,939
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $1,977,579 $1,943,355 $1,944,661 $1,966,121 $2,016,918
=========== =========== =========== =========== ===========
LIABILITIES
Non-interest bearing transaction accounts $ 239,545 $ 232,455 $ 229,091 $ 220,149 $ 247,235
Interest bearing transaction accounts
and savings deposits 565,041 542,237 535,680 540,601 517,856
Time deposits less than $100,000 504,029 522,400 523,354 540,650 580,228
Time deposits greater than $100,000 310,581 316,946 328,698 331,066 341,085
----------- ----------- ----------- ----------- -----------
Total deposits 1,619,196 1,614,038 1,616,823 1,632,466 1,686,404
----------- ----------- ----------- ----------- -----------
Federal funds purchased and securities
sold under agreements to repurchase 86,705 57,759 68,947 81,794 86,635
Short-term debt 3,619 11,450 5,003 7,221 3,801
Long-term debt - parent company 10,000 10,000 12,000 12,000 12,000
Long-term FHLB debt - affiliate banks 27,032 23,206 20,320 13,534 12,900
Trust preferred securities 17,250 17,250 17,250 17,250 17,250
Accrued interest and other liabilities 16,172 16,002 15,395 17,073 15,565
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 1,779,974 1,749,705 1,755,738 1,781,338 1,834,555
----------- ----------- ----------- ----------- -----------
STOCKHOLDERS' EQUITY
Capital stock 7,071 7,063 7,062 7,091 7,087
Surplus 44,495 44,392 44,384 45,326 45,278
Undivided profits 143,808 139,912 135,838 131,828 128,519
Accumulated other comprehensive income
Unrealized appreciation on AFS securities 2,231 2,283 1,639 538 1,479
----------- ----------- ----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 197,605 193,650 188,923 184,783 182,363
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,977,579 $1,943,355 $1,944,661 $1,966,121 $2,016,918
=========== =========== =========== =========== ===========
Page 1
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) 2002 2002 2002 2002 2001
----------- ----------- ----------- ----------- -----------
ASSETS
Cash and non-interest bearing
balances due from banks $ 67,260 $ 64,237 $ 62,778 $ 68,122 $ 68,699
Interest bearing balances due from banks 33,780 26,468 35,893 69,675 67,989
Federal funds sold and securities purchased
under agreements to resell 66,615 51,672 62,789 80,015 76,413
----------- ----------- ----------- ----------- -----------
Cash and cash equivalents 167,655 142,377 161,460 217,812 213,101
Investment securities - held-to-maturity 216,785 234,541 215,155 192,418 193,522
Investment securities - available-for-sale 188,799 186,462 233,045 256,840 220,949
Mortgage loans held for sale 26,837 14,918 10,591 13,768 25,046
Assets held in trading accounts 2,966 2,470 1,379 286 1,939
Loans 1,262,300 1,268,801 1,232,458 1,240,293 1,282,715
Allowance for loan losses (22,250) (21,257) (20,860) (20,888) (21,289)
----------- ----------- ----------- ----------- -----------
Net loans 1,240,050 1,247,544 1,211,598 1,219,405 1,261,426
Premises and equipment 47,512 47,219 44,975 44,587 45,759
Foreclosed assets held for sale, net 2,283 2,211 2,174 1,729 1,068
Interest receivable 14,493 15,001 15,121 15,577 16,771
Goodwill, core deposits and other
intangible assets, net 33,493 33,190 32,251 32,273 32,554
Other assets 16,614 16,001 16,302 16,029 17,315
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $1,957,487 $1,941,934 $1,944,051 $2,010,724 $2,029,450
=========== =========== =========== =========== ===========
LIABILITIES
Non-interest bearing transaction accounts $ 227,461 $ 225,054 $ 225,170 $ 226,834 $ 222,254
Interest bearing transaction accounts 161,262 159,605 157,264 158,518 148,547
Savings deposits 392,754 384,101 377,364 370,640 340,623
Time deposits less than $100,000 511,247 524,977 531,390 564,280 591,893
Time deposits greater than $100,000 314,768 324,155 326,056 342,289 370,158
----------- ----------- ----------- ----------- -----------
Total deposits 1,607,492 1,617,892 1,617,244 1,662,561 1,673,475
----------- ----------- ----------- ----------- -----------
Federal funds purchased and securities
sold under agreements to repurchase 78,335 59,765 77,834 98,567 107,891
Short-term debt 6,383 7,223 2,259 5,849 6,059
Long-term debt 52,130 49,094 44,451 42,668 42,215
Accrued interest and other liabilities 16,014 15,186 14,256 15,349 16,572
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 1,760,354 1,749,160 1,756,044 1,824,994 1,846,212
----------- ----------- ----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 197,133 192,774 188,007 185,730 183,238
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,957,487 $1,941,934 $1,944,051 $2,010,724 $2,029,450
=========== =========== =========== =========== ===========
Page 2
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) 2002 2002 2002 2002 2001
------------ ------------ ------------ ------------ ------------
ASSETS
Cash and non-interest bearing
balances due from banks $ 65,594 $ 65,031 $ 65,435 $ 68,122 $ 64,916
Interest bearing balances due from banks 41,314 43,854 52,691 69,675 44,238
Federal funds sold and securities purchased
under agreements to resell 65,199 64,722 71,355 80,015 52,742
------------ ------------ ------------ ------------ ------------
Cash and cash equivalents 172,107 173,607 189,481 217,812 161,896
Investment securities - held-to-maturity 214,846 214,193 203,850 192,418 199,642
Investment securities - available-for-sale 216,018 225,191 244,877 256,840 193,290
Mortgage loans held for sale 16,560 13,097 12,171 13,768 18,486
Assets held in trading accounts 1,784 1,386 835 286 786
Loans 1,251,072 1,247,289 1,236,354 1,240,293 1,291,808
Allowance for loan losses (21,318) (21,003) (20,874) (20,888) (21,507)
------------ ------------ ------------ ------------ ------------
Net loans 1,229,754 1,226,286 1,215,480 1,219,405 1,270,301
Premises and equipment 46,085 45,604 44,782 44,587 46,075
Foreclosed assets held for sale, net 2,101 2,040 1,953 1,729 1,183
Interest receivable 15,045 15,231 15,348 15,577 17,632
Goodwill, core deposits and
other intangible assets, net 32,808 32,576 32,262 32,273 33,691
Other assets 16,236 16,107 16,164 16,029 16,966
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS $ 1,963,344 $ 1,965,318 $ 1,977,203 $ 2,010,724 $ 1,959,948
============ ============ ============ ============ ============
LIABILITIES
Non-interest bearing transaction accounts $ 226,128 $ 225,680 $ 225,997 $ 226,834 $ 211,052
Interest bearing transaction accounts 159,171 158,466 157,888 158,518 147,991
Savings deposits 381,283 377,418 374,021 370,640 322,717
Time deposits less than $100,000 532,807 540,072 547,743 564,280 592,155
Time deposits greater than $100,000 326,735 330,767 334,128 342,289 356,017
------------ ------------ ------------ ------------ ------------
Total deposits 1,626,124 1,632,403 1,639,777 1,662,561 1,629,932
------------ ------------ ------------ ------------ ------------
Federal funds purchased and securities
sold under agreements to repurchase 78,518 78,580 88,144 98,567 82,371
Short-term debt 5,435 5,116 4,044 5,849 7,413
Long-term debt 47,117 45,428 43,564 42,668 42,275
Accrued interest and other liabilities 15,203 14,928 14,799 15,349 18,848
------------ ------------ ------------ ------------ ------------
TOTAL LIABILITIES 1,772,397 1,776,455 1,790,328 1,824,994 1,780,839
------------ ------------ ------------ ------------ ------------
TOTAL STOCKHOLDERS' EQUITY 190,947 188,863 186,875 185,730 179,109
------------ ------------ ------------ ------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,963,344 $ 1,965,318 $ 1,977,203 $ 2,010,724 $ 1,959,948
============ ============ ============ ============ ============
Page 3
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) 2002 2002 2002 2002 2001
--------- --------- --------- --------- ---------
INTEREST INCOME
Loans $ 23,265 $ 23,853 $ 23,668 $ 24,106 $ 25,725
Federal funds sold and securities purchased
under agreements to resell 197 207 264 328 387
Investment securities 4,092 4,636 4,858 4,923 4,783
Mortgage loans held for sale, net of
unrealized gains (losses) 383 206 185 233 401
Assets held in trading accounts 38 30 18 2 28
Interest bearing balances due from banks 115 104 150 281 383
--------- --------- --------- --------- ---------
TOTAL INTEREST INCOME 28,090 29,036 29,143 29,873 31,707
--------- --------- --------- --------- ---------
INTEREST EXPENSE
Time deposits 6,275 6,904 7,356 8,968 11,478
Other deposits 1,506 1,608 1,590 1,600 1,794
Federal funds purchased and securities
sold under agreements to repurchase 249 236 316 397 535
Short-term debt 27 30 12 41 53
Long-term debt 854 841 818 806 811
--------- --------- --------- --------- ---------
TOTAL INTEREST EXPENSE 8,911 9,619 10,092 11,812 14,671
--------- --------- --------- --------- ---------
NET INTEREST INCOME 19,179 19,417 19,051 18,061 17,036
Provision for loan losses 2,562 2,864 2,436 2,361 2,709
--------- --------- --------- --------- ---------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 16,617 16,553 16,615 15,700 14,327
--------- --------- --------- --------- ---------
NON-INTEREST INCOME
Trust income 1,257 1,406 1,205 1,390 1,310
Service charges on deposit accounts 2,655 2,648 2,543 2,238 2,317
Other service charges and fees 353 321 365 411 342
Income on sale of mortgage loans,
net of commissions 1,281 962 738 811 930
Income on investment banking,
net of commissions 323 250 248 266 191
Credit card fees 2,675 2,598 2,550 2,338 2,694
Other income 717 960 886 918 644
(Losses) gain on sale of securities, net (10) - - - 11
--------- --------- --------- --------- ---------
TOTAL NON-INTEREST INCOME 9,251 9,145 8,535 8,372 8,439
--------- --------- --------- --------- ---------
NON-INTEREST EXPENSE
Salaries and employee benefits 10,220 10,029 9,840 9,950 9,255
Occupancy expense, net 1,265 1,201 1,155 1,126 1,167
Furniture & equipment expense 1,393 1,439 1,310 1,292 1,327
Loss on foreclosed assets 25 69 40 43 39
Deposit insurance 70 72 76 78 77
Other operating expenses 4,642 4,710 4,428 4,540 5,448
--------- --------- --------- --------- ---------
TOTAL NON-INTEREST EXPENSE 17,615 17,520 16,849 17,029 17,313
--------- --------- --------- --------- ---------
NET INCOME BEFORE INCOME TAXES 8,253 8,178 8,301 7,043 5,453
Provision for income taxes 2,590 2,409 2,596 2,102 1,502
--------- --------- --------- --------- ---------
NET INCOME $ 5,663 $ 5,769 $ 5,705 $ 4,941 $ 3,951
========= ========= ========= ========= =========
BASIC EARNINGS PER SHARE $ 0.80 $ 0.82 $ 0.80 $ 0.70 $ 0.56
========= ========= ========= ========= =========
DILUTED EARNINGS PER SHARE $ 0.79 $ 0.80 $ 0.79 $ 0.69 $ 0.55
========= ========= ========= ========= =========
Page 4
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) 2002 2002 2002 2002 2001
--------- --------- --------- --------- ----------
INTEREST INCOME
Loans $ 94,892 $ 71,627 $ 47,774 $ 24,106 $ 110,552
Federal funds sold and securities purchased
under agreements to resell 996 799 592 328 1,877
Investment securities 18,509 14,417 9,781 4,923 20,786
Mortgage loans held for sale,
net of unrealized gains (losses) 1,007 624 418 233 1,143
Assets held in trading accounts 88 50 20 2 38
Interest bearing balances due from banks 650 535 431 281 1,472
--------- --------- --------- --------- ----------
TOTAL INTEREST INCOME 116,142 88,052 59,016 29,873 135,868
--------- --------- --------- --------- ----------
INTEREST EXPENSE
Time deposits 29,503 23,228 16,324 8,968 51,948
Other deposits 6,304 4,798 3,190 1,600 10,008
Federal funds purchased and securities
sold under agreements to repurchase 1,198 949 713 397 2,874
Short-term debt 110 83 53 41 333
Long-term debt 3,319 2,465 1,624 806 3,300
--------- --------- --------- --------- ----------
TOTAL INTEREST EXPENSE 40,434 31,523 21,904 11,812 68,463
--------- --------- --------- --------- ----------
NET INTEREST INCOME 75,708 56,529 37,112 18,061 67,405
Provision for loan losses 10,223 7,661 4,797 2,361 9,958
--------- --------- --------- --------- ----------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 65,485 48,868 32,315 15,700 57,447
--------- --------- --------- --------- ----------
NON-INTEREST INCOME
Trust income 5,258 4,001 2,595 1,390 5,409
Service charges on deposit accounts 10,084 7,429 4,781 2,238 8,951
Other service charges and fees 1,450 1,097 776 411 1,588
Income on sale of mortgage loans,
net of commissions 3,792 2,511 1,549 811 3,148
Income on investment banking,
net of commissions 1,087 764 514 266 957
Credit card fees 10,161 7,486 4,888 2,338 10,485
Other income 3,481 2,764 1,804 918 3,020
Gain on sale of securities, net (10) - - - 11
--------- --------- --------- --------- ----------
TOTAL NON-INTEREST INCOME 35,303 26,052 16,907 8,372 33,569
--------- --------- --------- --------- ----------
NON-INTEREST EXPENSE
Salaries and employee benefits 40,039 29,819 19,790 9,950 36,218
Occupancy expense, net 4,747 3,482 2,281 1,126 4,610
Furniture & equipment expense 5,434 4,041 2,602 1,292 5,251
Loss on foreclosed assets 177 152 83 43 366
Deposit insurance 296 226 154 78 306
Other operating expenses 18,320 13,678 8,968 4,540 21,379
--------- --------- --------- --------- ----------
TOTAL NON-INTEREST EXPENSE 69,013 51,398 33,878 17,029 68,130
--------- --------- --------- --------- ----------
NET INCOME BEFORE INCOME TAXES 31,775 23,522 15,344 7,043 22,886
Provision for income taxes 9,697 7,107 4,698 2,102 6,358
--------- --------- --------- --------- ----------
NET INCOME $ 22,078 $ 16,415 $ 10,646 $ 4,941 $ 16,528
========= ========= ========= ========= ==========
BASIC EARNINGS PER SHARE $ 3.12 $ 2.32 $ 1.50 $ 0.70 $ 2.33
========= ========= ========= ========= ==========
DILUTED EARNINGS PER SHARE $ 3.07 $ 2.28 $ 1.48 $ 0.69 $ 2.31
========= ========= ========= ========= ==========
Page 5
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) 2002 2002 2002 2002 2001
------------ ----------- ----------- ----------- -----------
Tier 1 capital
Stockholders' equity $ 197,605 $ 193,650 $ 188,923 $ 184,783 $ 182,363
Trust preferred securities 17,250 17,250 17,250 17,250 17,250
Intangible assets (33,490) (33,470) (32,238) (32,265) (32,293)
Unrealized gain on AFS securities (2,231) (2,283) (1,639) (538) (1,479)
Debt issuance costs (845) (854) (863) (873) (881)
----------- ----------- ----------- ----------- -----------
Total Tier 1 capital 178,289 174,293 171,433 168,357 164,960
----------- ----------- ----------- ----------- -----------
Tier 2 capital
Qualifying unrealized gain on AFS securities 363 342 392 403 370
Qualifying allowance for loan losses 15,976 16,115 15,806 15,873 16,209
----------- ----------- ----------- ----------- -----------
Total Tier 2 capital 16,339 16,457 16,198 16,276 16,579
----------- ----------- ----------- ----------- -----------
Total risk-based capital $ 194,628 $ 190,750 $ 187,631 $ 184,633 $ 181,539
=========== =========== =========== =========== ===========
Risk weighted assets $1,272,104 $1,283,588 $1,259,642 $1,265,544 $1,292,798
=========== =========== =========== =========== ===========
Assets for leverage ratio $1,919,615 $1,904,053 $1,908,788 $1,977,586 $1,996,276
=========== =========== =========== =========== ===========
Ratios at end of quarter
Leverage ratio 9.29% 9.15% 8.98% 8.51% 8.26%
Tier 1 capital 14.02% 13.58% 13.61% 13.30% 12.76%
Total risk-based capital 15.30% 14.86% 14.90% 14.59% 14.04%
Page 6
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) 2002 2002 2002 2002 2001
------------ ------------- ------------- ------------ ------------
Loan Portfolio - End of Period
------------------------------
Consumer
Credit cards $ 180,439 $ 178,125 $ 179,682 $ 181,867 $ 196,710
Student loans 83,890 83,028 79,883 84,186 74,860
Other consumer 153,103 159,264 162,554 170,649 179,138
Real Estate
Construction 90,736 78,376 74,968 80,120 83,628
Single-family residential 233,218 236,934 226,942 223,198 224,181
Other commercial 290,469 286,363 266,995 260,346 263,539
Unearned income (25) (25) (42) (52) (59)
Commercial
Commercial 144,678 149,622 158,167 151,436 153,617
Agricultural 58,585 85,974 75,441 54,234 60,794
Financial institutions 6,504 7,376 7,692 7,600 5,861
Other 15,708 16,597 15,343 15,007 16,515
------------ ------------- ------------- ------------ ------------
Total Loans $ 1,257,305 $ 1,281,634 $ 1,247,625 $ 1,228,591 $ 1,258,784
============ ============= ============= ============ ============
Investment Securities - End of Period
-------------------------------------
Held-to-Maturity
U.S. Treasury $ 26,153 $ 27,170 $ 29,483 $ 32,240 $ 27,528
U.S. Government agencies 59,324 75,280 70,479 47,484 36,992
Mortgage-backed securities 1,510 4,752 5,355 5,942 6,681
State and political subdivisions 120,230 121,254 121,719 115,009 119,824
Other securities 100 100 100 100 100
------------ ------------- ------------- ------------ ------------
Total held-to-maturity 207,317 228,556 227,136 200,775 191,125
------------ ------------- ------------- ------------ ------------
Available-for-Sale
U.S. Treasury 14,878 14,902 13,103 10,685 18,408
U.S. Government agencies 163,484 157,906 155,134 188,408 215,490
Mortgage-backed securities 3,015 5,165 5,724 6,217 7,004
State and political subdivisions 5,303 5,376 5,270 5,216 5,399
FHLB stock 4,552 4,462 4,419 4,382 4,377
Other securities 5,499 5,017 8,914 25,479 5,502
------------ ------------- ------------- ------------ ------------
Total available-for-sale 196,731 192,828 192,564 240,387 256,180
------------ ------------- ------------- ------------ ------------
Total investment securities $ 404,048 $ 421,384 $ 419,700 $ 441,162 $ 447,305
============ ============= ============= ============ ============
Fair Value - HTM investment securities $ 212,415 $ 234,253 $ 231,991 $ 203,617 $ 194,502
============ ============= ============= ============ ============
Investment Securities - QTD Average
-----------------------------------
Taxable securities $ 287,418 $ 303,040 $ 328,509 $ 327,469 $ 290,310
Tax exempt securities 118,166 117,963 119,691 121,789 124,161
------------ ------------- ------------- ------------ ------------
Total investment securities - QTD average $ 405,584 $ 421,003 $ 448,200 $ 449,258 $ 414,471
============ ============= ============= ============ ============
Page 7
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) 2002 2002 2002 2002 2001
---------- ---------- ---------- ---------- ----------
Allowance for Loan Losses
-------------------------
Balance, beginning of quarter $ 21,688 $ 20,608 $ 20,152 $ 20,496 $ 21,361
---------- ---------- ---------- --------- ----------
Loans charged off
Credit cards 1,162 1,220 1,130 1,191 1,173
Other consumer 591 539 513 677 907
Real estate 610 364 395 444 290
Commercial 372 395 590 953 1,683
---------- ---------- ---------- ---------- ----------
Total loans charged off 2,735 2,518 2,628 3,265 4,053
---------- ---------- ---------- ---------- ----------
Recoveries of loans previously charged off
Credit cards 159 189 163 129 128
Other consumer 101 169 174 233 85
Real estate 29 52 90 82 15
Commercial 144 77 221 116 251
---------- ---------- ---------- ---------- ----------
Total recoveries 433 487 648 560 479
---------- ---------- ---------- ---------- ----------
Net loans charged off 2,302 2,031 1,980 2,705 3,574
Allowance for loan losses of acquired branch - 247 - - -
Provision for loan losses 2,562 2,864 2,436 2,361 2,709
---------- ---------- ---------- ---------- ----------
Balance, end of quarter $ 21,948 $ 21,688 $ 20,608 $ 20,152 $ 20,496
========== ========== ========== ========== ==========
Non-performing assets
---------------------
Non-performing loans
Nonaccrual loans
Real estate $ 6,268 $ 6,029 $ 6,429 $ 5,813 $ 5,760
Commercial 2,230 2,969 3,074 3,131 3,503
Consumer 1,945 2,101 2,355 2,250 2,693
---------- ---------- ---------- ---------- ----------
Total nonaccrual loans 10,443 11,099 11,858 11,194 11,956
Loans past due 90 days or more 1,814 1,291 1,944 3,268 2,991
---------- ---------- ---------- ---------- ----------
Total non-performing loans 12,257 12,390 13,802 14,462 14,947
---------- ---------- ---------- ---------- ----------
Other non-performing assets
Foreclosed assets held for sale 2,705 2,263 2,394 2,182 1,084
Other non-performing assets 426 406 484 492 631
---------- ---------- ---------- ---------- ----------
Total other non-performing assets 3,131 2,669 2,878 2,674 1,715
---------- ---------- ---------- ---------- ----------
Total non-performing assets $ 15,388 $ 15,059 $ 16,680 $ 17,136 $ 16,662
========== ========== ========== ========== ==========
Ratios
------
Allowance for loan losses to total loans 1.75% 1.69% 1.65% 1.64% 1.63%
Allowance for loan losses to
non-performing loans 179.07% 175.04% 149.31% 139.34% 137.12%
Allowance for loan losses to
non-performing assets 142.63% 144.02% 123.55% 117.60% 123.01%
Non-performing loans to total loans 0.97% 0.97% 1.11% 1.18% 1.19%
Non-performing assets to total assets 0.78% 0.77% 0.86% 0.87% 0.83%
Page 8
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) 2002 2002 2002 2002 2001
------------ ------------ ------------ ------------ ------------
QUARTER-TO-DATE
---------------
Diluted earnings per share $ 0.79 $ 0.80 $ 0.79 $ 0.69 $ 0.55
Cash dividends declared - per common share 0.25 0.24 0.24 0.23 0.23
Cash dividends declared - amount 1,767 1,695 1,695 1,632 1,630
Return on average stockholders' equity 11.40% 11.87% 12.17% 10.79% 8.55%
Return on average assets 1.15% 1.18% 1.18% 1.00% 0.77%
Net interest margin (FTE) 4.41% 4.50% 4.45% 4.14% 3.79%
FTE Adjustment 812 821 838 854 832
Amortization of intangibles (16) 39 27 28 751
Amortization of intangibles, net of taxes (26) 30 22 23 496
Average shares outstanding 7,066,195 7,062,502 7,064,307 7,089,268 7,085,897
Shares repurchased - - 30,000 - 10,000
Average price of repurchased shares - - 32.65 - 32.00
Average earning assets 1,798,082 1,785,332 1,791,310 1,853,295 1,868,573
Interest bearing liabilities 1,516,879 1,508,920 1,516,618 1,582,811 1,607,386
YEAR-TO-DATE
------------
Diluted earnings per share $ 3.07 $ 2.28 $ 1.48 $ 0.69 $ 2.31
Cash dividends declared - per common share 0.96 0.71 0.47 0.23 0.88
Return on average stockholders' equity 11.56% 11.62% 11.49% 10.79% 9.23%
Return on average assets 1.12% 1.12% 1.09% 1.00% 0.84%
Net interest margin (FTE) 4.37% 4.36% 4.29% 4.14% 3.92%
FTE Adjustment 3,325 2,513 1,692 854 3,183
Amortization of intangibles 78 94 55 28 3,024
Amortization of intangibles, net of taxes 49 75 45 23 1,990
Average shares outstanding 7,070,483 7,071,927 7,076,718 7,089,268 7,098,401
Diluted shares outstanding 117,766 117,108 110,781 89,354 64,494
Average earning assets 1,806,793 1,809,732 1,822,133 1,853,295 1,800,992
Interest bearing liabilities 1,531,066 1,535,847 1,549,532 1,582,811 1,550,939
END OF PERIOD
-------------
Book value $ 27.95 $ 27.42 $ 26.75 $ 26.06 $ 25.73
Shares outstanding 7,071,455 7,062,795 7,062,120 7,091,200 7,087,185
Full-time equivalent employees 977 988 962 959 959
Total number of ATM's 62 62 60 61 62
Total number of branches 63 63 62 62 63
Parent company only - investment in subsidiaries 208,363 206,904 204,726 201,223 199,480
Parent company only - intangible assets 134 134 134 134 27
Page 9
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 16, 2003 /s/ Barry L. Crow
---------------- --------------------------------------
Barry L. Crow, Executive Vice President
and Chief Financial Officer