Edgar Filing: SIMMONS FIRST NATIONAL CORP

SIMMONS FIRST NATIONAL CORPORATION 8-K

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) April 20, 2006

SIMMONS FIRST NATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

Arkansas	0-6253	71-0407808
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	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)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM: 2.02

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The following is the text of a press release issued by the registrant at 8:15 A.M. Central Time on April 20, 2006.

SIMMONS FIRST ANNOUNCES FIRST QUARTER EARNINGS

Pine Bluff, AR - Simmons First National Corporation (NASDAQ NM: SFNC) today announced first quarter earnings for the period ended March 31, 2006. Net income for the quarter was $6.0 million, an increase of $128,000 over the first quarter of 2005. Diluted earnings per share were $0.41 for the first quarter of 2006 compared to $0.40 per share for the same period in 2005, an increase of 2.5%.

“Given the current interest rate environment, we are pleased with the Company’s performance for the first quarter,” said J. Thomas May, Chairman and Chief Executive Officer. “While earnings increased modestly over the same period last year, we did report record first quarter earnings, solid loan growth, and a reduced provision for loan losses resulting from the improvements in asset quality. Also, non-interest expense increased only moderately through disciplined expense control, even with the full impact of adding six new financial centers since the first quarter of 2005.”

On a quarter over quarter basis, the Company’s net interest margin decreased 12 basis points to 4.05%. This decrease in the net interest margin can be attributed to the increase in the cost of funds resulting from deposit repricing, coupled with the effect of the flat yield curve. “We expect to see continuing competitive pressure in deposit repricing in the short term, and we anticipate slight margin compression for the balance of 2006,” stated Mr. May.

The Company’s loan portfolio totaled $1.7 billion at March 31, 2006, an increase of $105 million, or 6.6% over the same period last year. The growth was primarily attributable to increased demand in the commercial and real estate loan portfolios. Deposits were $2.1 billion at March 31, 2006, an $85 million, or 4.3% increase from March 31, 2005.

Total assets for the Company were $2.5 billion at March 31, 2006, an increase of $96 million over the quarter ended March 31, 2005. Stockholders’ equity at March 31, 2006 was $245 million, a $12.9 million increase from March 31, 2005.

Asset quality for the first quarter continued to strengthen as non-performing assets decreased by $2.8 million from the same period last year, a 21% decrease. Non-performing loans to total loans improved to 0.52% from 0.75% from the same period last year, while the allowance for loan losses improved to 301% of non-performing loans as of March 31, 2006, compared to 223% as of March 31, 2005. At quarter end, the allowance for loan losses equaled 1.56% of total loans. The Company’s annualized net charge-offs to total loans for the first quarter of 2006 was 0.15%. Excluding credit cards, the annualized net charge-offs to total loans for the first quarter was 0.07%.

Simmons First National Corporation is an Arkansas based financial holding company with eight community banks in Pine Bluff, Lake Village, Jonesboro, Rogers, Searcy, Russellville, El Dorado and Hot Springs, Arkansas. The Company’s eight banks conduct financial operations from 82 offices, of which 80 are financial centers, in 46 communities.

CONFERENCE CALL

Management will conduct a conference call to review this information at 3:00 p.m. Central Time on Thursday, April 20, 2006. Interested parties can listen to this call by calling 1-800-854-4175 (United States and Canada only) and asking 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 6932160 and the recording will be available through the end of business April 30, 2006. In addition, the call will be available live or in recorded version on the Company’s website at www.simmonsfirst.com under the “webcast” icon.

GENERAL

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.

####

FOR MORE INFORMATION CONTACT:

ROBERT A. FEHLMAN

Executive Vice President and Chief Financial Officer

Simmons First National Corporation

(870) 541-1231

Simmons First National Corporation													SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2006			2005			2005			2005			2005
(In thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	89,400		$	75,461		$	83,088		$	73,169		$	67,615
Interest bearing balances due from banks		34,200			14,397			48,206			27,861			22,030
Federal funds sold		8,620			11,715			16,825			43,230			56,580
Cash and cash equivalents		132,220			101,573			148,119			144,260			146,225

Investment securities - held-to-maturity		148,733			150,299			151,123			149,293			147,644
Investment securities - available-for-sale		380,617			371,490			388,848			400,451			411,340
Mortgage loans held for sale		6,853			7,857			9,417			8,361			11,641
Assets held in trading accounts		4,646			4,631			4,731			4,680			4,718

Loans		1,691,020			1,718,107			1,709,372			1,662,337			1,586,483
Allowance for loan losses		(26,463	)		(26,923	)		(27,330	)		(27,013	)		(26,422	)
Net loans		1,664,557			1,691,184			1,682,042			1,635,324			1,560,061

Premises and equipment		65,040			63,360			61,354			59,086			57,685
Foreclosed assets held for sale, net		1,666			1,540			2,120			1,482			1,340
Interest receivable		17,066			18,754			18,555			15,705			15,276
Bank owned life insurance		33,570			33,269			32,952			32,673			7,410
Goodwill		60,605			60,605			60,454			60,454			60,454
Core deposit premiums		4,822			5,029			5,207			5,414			5,621
Other assets		18,075			14,177			12,120			13,202			13,095

TOTAL ASSETS	$	2,538,470		$	2,523,768		$	2,577,042		$	2,530,385		$	2,442,510

LIABILITIES
Non-interest bearing transaction accounts	$	328,477		$	331,113		$	305,506		$	308,543		$	296,347
Interest bearing transaction accounts and savings deposits		757,368			749,925			758,906			777,820			773,365
Time deposits less than $100,000		618,790			614,742			606,025			563,189			562,171
Time deposits greater than $100,000		389,021			364,178			377,290			376,739			376,478
Total deposits		2,093,656			2,059,958			2,047,727			2,026,291			2,008,361
Federal funds purchased and securities
sold under agreements to repurchase		91,817			107,223			92,320			122,255			89,991
Short-term debt		2,245			8,031			92,747			36,851			907
Long-term debt - at parent company		4,000			4,000			4,000			6,000			6,000
Long-term FHLB debt - at affiliate banks		48,163			52,090			52,066			52,854			55,583
Subordinated debt issued to capital trusts		30,930			30,930			30,930			30,930			30,930
Accrued interest and other liabilities		22,448			17,451			16,081			16,512			18,466
TOTAL LIABILITIES		2,293,259			2,279,683			2,335,871			2,291,693			2,210,238

STOCKHOLDERS' EQUITY
Capital stock		143			143			143			144			144
Surplus		51,380			53,723			54,429			55,608			56,315
Undivided profits		198,287			194,579			190,047			184,865			180,075
Accumulated other comprehensive income (loss)
Unrealized appreciation (depreciation) on AFS securities		(4,599	)		(4,360	)		(3,448	)		(1,925	)		(4,262	)
TOTAL STOCKHOLDERS' EQUITY		245,211			244,085			241,171			238,692			232,272

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,538,470		$	2,523,768		$	2,577,042		$	2,530,385		$	2,442,510

Page 1

Simmons First National Corporation													SFNC
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2006			2005			2005			2005			2005
(In thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	77,676		$	85,534		$	78,418		$	77,007		$	77,862
Interest bearing balances due from banks		27,968			16,426			16,384			15,765			35,027
Federal funds sold		16,235			6,353			29,375			35,157			52,022
Cash and cash equivalents		121,879			108,313			124,177			127,929			164,911

Investment securities - held-to-maturity		147,697			147,779			150,654			149,038			149,986
Investment securities - available-for-sale		378,026			384,346			390,580			412,101			404,127
Mortgage loans held for sale		6,570			8,056			11,395			9,425			8,532
Assets held in trading accounts		4,632			4,688			4,711			4,696			4,234

Loans		1,696,855			1,714,132			1,689,883			1,626,513			1,575,329
Allowance for loan losses		(27,589	)		(27,308	)		(27,512	)		(26,859	)		(27,004	)
Net loans		1,669,266			1,686,824			1,662,371			1,599,654			1,548,325

Premises and equipment		64,560			62,633			60,497			58,320			57,538
Foreclosed assets held for sale, net		1,738			2,028			1,870			1,420			1,468
Interest receivable		18,030			19,121			17,038			15,301			14,398
Bank owned life insurance		33,408			33,102			32,832			24,823			3,593
Goodwill		60,605			60,554			60,454			60,454			60,454
Core deposit premiums		4,942			5,138			5,326			5,534			5,745
Other assets		12,046			11,718			12,809			12,104			15,554

TOTAL ASSETS	$	2,523,399		$	2,534,300		$	2,534,714		$	2,480,799		$	2,438,865

LIABILITIES
Non-interest bearing transaction accounts	$	316,118		$	314,491		$	303,387		$	300,909		$	296,921
Interest bearing transaction accounts and savings deposits		747,046			748,902			751,877			778,516			771,301
Time deposits less than $100,000		618,730			612,344			584,009			561,898			556,878
Time deposits greater than $100,000		378,426			372,170			372,549			373,352			369,372
Total deposits		2,060,320			2,047,907			2,011,822			2,014,675			1,994,472
Federal funds purchased and securities
sold under agreements to repurchase		109,299			109,065			92,508			108,519			98,499
Short-term debt		5,744			30,435			82,463			13,098			992
Long-term debt		83,961			85,808			88,242			91,045			93,365
Accrued interest and other liabilities		18,011			16,859			18,120			16,271			14,711
TOTAL LIABILITIES		2,277,335			2,290,074			2,293,155			2,243,608			2,202,039

TOTAL STOCKHOLDERS' EQUITY		246,064			244,226			241,559			237,191			236,826

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,523,399		$	2,534,300		$	2,534,714		$	2,480,799		$	2,438,865

Page 2

Simmons First National Corporation										SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended	Mar 31		Dec 31		Sep 30		Jun 30			Mar 31
(Unaudited)	2006		2005		2005		2005			2005
(In thousands, except per share data)
INTEREST INCOME
Loans	$	30,087	$	30,425	$	29,225	$	27,175		$	25,413
Federal funds sold		175		63		262		273			327
Investment securities		4,830		4,751		4,693		4,659			4,574
Mortgage loans held for sale, net of unrealized gains (losses)		100		131		168		134			119
Assets held in trading accounts		25		24		25		25			25
Interest bearing balances due from banks		297		162		119		103			196
TOTAL INTEREST INCOME		35,514		35,556		34,492		32,369			30,654
INTEREST EXPENSE
Time deposits		8,724		8,051		7,031		6,071			5,278
Other deposits		2,544		2,268		2,015		1,859			1,635
Federal funds purchased and securities
sold under agreements to repurchase		1,104		1,016		815		728			545
Short-term debt		96		311		646		130			14
Long-term debt		1,094		1,095		1,113		1,104			1,089
TOTAL INTEREST EXPENSE		13,562		12,741		11,620		9,892			8,561
NET INTEREST INCOME		21,952		22,815		22,872		22,477			22,093
Provision for loan losses		1,708		1,630		1,736		1,939			2,221
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		20,244		21,185		21,136		20,538			19,872
NON-INTEREST INCOME
Other assets		1,367		1,425		1,430		1,349			1,385
Service charges on deposit accounts		3,763		4,097		4,154		4,153			3,414
Other service charges and fees		658		507		472		454			584
Income on sale of mortgage loans, net of commissions		676		698		827		712			682
Income on investment banking, net of commissions		107		51		146		161			58
Credit card fees		2,458		2,709		2,619		2,584			2,340
Premiums on sale of student loans		736		251		295		642			634
Bank owned life insurance income		289		304		312		218			20
Other income		558		636		485		724			954
Gain (loss) on sale of securities, net of taxes		-		-		-		(168	)		-
TOTAL NON-INTEREST INCOME		10,612		10,678		10,740		10,829			10,071
NON-INTEREST EXPENSE
Salaries and employee benefits		13,505		13,039		12,703		12,697			12,831
Occupancy expense, net		1,520		1,527		1,483		1,394			1,436
Furniture and equipment expense		1,418		1,482		1,421		1,406			1,449
Loss on foreclosed assets		33		31		57		55			48
Deposit insurance		69		65		72		69			73
Other operating expenses		5,580		5,835		5,490		5,343			5,578
TOTAL NON-INTEREST EXPENSE		22,125		21,979		21,226		20,964			21,415
NET INCOME BEFORE INCOME TAXES		8,731		9,884		10,650		10,403			8,528
Provision for income taxes		2,743		3,059		3,316		3,460			2,668
NET INCOME	$	5,988	$	6,825	$	7,334	$	6,943		$	5,860
BASIC EARNINGS PER SHARE	$	0.42	$	0.48	$	0.51	$	0.48		$	0.41
DILUTED EARNINGS PER SHARE	$	0.41	$	0.47	$	0.50	$	0.47		$	0.40

Page 3

Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2006			2005			2005			2005			2005
(In thousands)
Tier 1 capital
Stockholders' equity	$	245,211		$	244,085		$	241,171		$	238,692		$	232,272
Trust preferred securities, net allowable		30,000			30,000			30,000			30,000			30,000
Disallowed intangible assets, net of def. tax		(65,084	)		(65,047	)		(65,271	)		(65,452	)		(65,718	)
Unrealized loss (gain) on AFS securities		4,599			4,360			3,448			1,925			4,262
Other		-			-			-			-			-

Total Tier 1 capital		214,726			213,398			209,348			205,165			200,816

Tier 2 capital
Qualifying unrealized gain on AFS securities		317			338			357			415			206
Qualifying allowance for loan losses		21,468			21,815			21,952			21,157			20,107

Total Tier 2 capital		21,785			22,153			22,309			21,572			20,313

Total risk-based capital	$	236,511		$	235,551		$	231,657		$	226,737		$	221,129

Risk weighted assets	$	1,716,446		$	1,740,005		$	1,750,783		$	1,686,669		$	1,602,295

Adjusted average assets for leverage ratio	$	2,465,348		$	2,475,659		$	2,473,854		$	2,420,348		$	2,379,954

Other assets
Leverage ratio		8.71	%		8.62	%		8.46	%		8.48	%		8.44	%
Tier 1 capital		12.51	%		12.26	%		11.96	%		12.16	%		12.53	%
Total risk-based capital		13.78	%		13.54	%		13.23	%		13.44	%		13.80	%

Page 4

Simmons First National Corporation													SFNC
Consolidated Loans and Investments
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2006			2005			2005			2005			2005
(In thousands)
Loan Portfolio - End of Period
Consumer
Credit cards	$	129,833		$	143,058		$	138,077		$	141,398		$	141,793
Student loans		91,090			89,818			89,759			75,565			87,745
Other consumer		140,958			138,051			136,626			131,210			127,245
Real Estate
Construction		242,145			238,898			227,063			207,136			186,526
Single-family residential		341,795			340,847			338,466			336,413			323,874
Other commercial		473,559			479,684			462,978			489,880			480,653
Unearned income		(5	)		(8	)		(8	)		(9	)		(10	)
Commercial
Commercial		181,174			184,920			177,682			161,474			165,946
Agricultural		59,944			68,761			105,107			83,071			53,927
Financial institutions		16,158			20,499			21,219			21,979			999
Other		14,369			13,579			12,403			14,220			17,785

Total Loans	$	1,691,020		$	1,718,107		$	1,709,372		$	1,662,337		$	1,586,483

Investment Securities - End of Period

Held-to-Maturity
Other assets	$	1,003		$	1,004		$	2,007		$	2,012		$	3,016
U.S. Government agencies		32,000			28,000			25,999			25,999			23,500
Mortgage-backed securities		180			187			197			212			279
State and political subdivisions		113,512			117,148			120,424			118,586			118,376
Other securities		2,038			3,960			2,496			2,484			2,473
Total held-to-maturity		148,733			150,299			151,123			149,293			147,644
Available-for-Sale
U.S. Treasury		10,201			10,887			17,363			20,092			23,006
U.S. Government agencies		350,688			340,990			346,309			355,534			364,227
Mortgage-backed securities		3,264			3,309			3,442			3,786			3,744
State and political subdivisions		2,139			3,053			3,169			3,589			4,194
FHLB stock		6,150			6,044			11,320			10,137			7,705
Other securities		8,175			7,207			7,245			7,313			8,464
Total available-for-sale		380,617			371,490			388,848			400,451			411,340

Total investment securities	$	529,350		$	521,789		$	539,971		$	549,744		$	558,984

Fair Value - HTM investment securities	$	147,589		$	149,173		$	151,192		$	150,169		$	147,287

Investment Securities - QTD Average

Taxable securities	$	409,238		$	412,483		$	419,204		$	439,010		$	429,674
Tax exempt securities		116,485			119,642			122,030			122,129			124,439

Total investment securities - QTD average	$	525,723		$	532,125		$	541,234		$	561,139		$	554,113

Page 5

Simmons First National Corporation													SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2006			2005			2005			2005			2005
(In thousands)
Allowance for Loan Losses
Balance, beginning of quarter	$	26,923		$	27,330		$	27,013		$	26,422		$	26,508

Loans charged off
Credit cards		593			1,455			1,157			1,158			1,180
Other consumer		272			299			341			356			244
Real estate		260			262			444			222			120
Commercial		209			532			1,217			520			1,420
Total loans charged off		1,334			2,548			3,159			2,256			2,964

Recoveries of loans previously charged off
Credit cards		236			192			245			216			179
Other consumer		153			131			214			159			132
Real estate		198			46			128			47			30
Commercial		104			142			1,153			486			316
Total recoveries		691			511			1,740			908			657
Net loans charged off		643			2,037			1,419			1,348			2,307
Reclass to reserve for unfunded commitments		(1,525	)		-			-			-			-
Allowance for loan losses on acquisitions		-			-			-			-			-
Provision for loan losses		1,708			1,630			1,736			1,939			2,221
Balance, end of quarter	$	26,463		$	26,923		$	27,330		$	27,013		$	26,422

Non-performing assets
Non-performing loans
Nonaccrual loans
Real estate	$	4,497		$	5,598		$	6,069		$	6,947		$	7,360
Commercial		1,328			602			1,026			795			1,582
Consumer		1,005			1,096			1,193			1,167			1,292
Total nonaccrual loans		6,830			7,296			8,288			8,909			10,234
Loans past due 90 days or more		1,974			1,131			1,181			1,199			1,615
Total non-performing loans		8,804			8,427			9,469			10,108			11,849

Other non-performing assets
Foreclosed assets held for sale		1,666			1,540			2,120			1,482			1,340
Other non-performing assets		11			16			78			51			64
Total other non-performing assets		1,677			1,556			2,198			1,533			1,404

Total non-performing assets	$	10,481		$	9,983		$	11,667		$	11,641		$	13,253

Ratios
Allowance for loan losses to total loans		1.56	%		1.57	%		1.60	%		1.63	%		1.67	%
Allowance for loan losses to
non-performing loans		300.58	%		319.48	%		288.63	%		267.24	%		222.99	%
Allowance for loan losses to
non-performing assets		252.49	%		269.69	%		234.25	%		232.05	%		199.37	%
Non-performing assets ratio *		0.62	%		0.58	%		0.68	%		0.70	%		0.83	%
Non-performing loans to total loans		0.52	%		0.49	%		0.55	%		0.61	%		0.75	%
Non-performing assets to total assets		0.41	%		0.40	%		0.45	%		0.46	%		0.54	%
Annualized net charge offs to total loans		0.15	%		0.47	%		0.33	%		0.33	%		0.58	%
Annualized net charge offs to total loans
(excluding credit cards)		0.07	%		0.20	%		0.13	%		0.11	%		0.36	%

* Non-performing assets ratio = ( non-performing loans + foreclosed assets) / ( total loans + foreclosed assets)

Page 6

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2006			2005			2005			2005			2005
(In thousands, except share data)
QUARTER-TO-DATE
Diluted earnings per share	$	0.41		$	0.47		$	0.50		$	0.47		$	0.40
Operating earnings (excludes nonrecurring items)		5,988			6,825			7,334			6,943			5,860
Diluted operating earnings per share		0.41			0.47			0.50			0.47			0.40
Cash dividends declared per common share		0.16			0.16			0.15			0.15			0.15
Cash dividends declared - amount		2,280			2,293			2,152			2,154			2,158
Return on average stockholders' equity		9.87	%		11.09	%		12.05	%		11.74	%		10.04	%
Return on average assets		0.96	%		1.07	%		1.15	%		1.12	%		0.97	%
Net interest margin (FTE)		4.05	%		4.10	%		4.10	%		4.15	%		4.17	%
FTE Adjustment - investments		695			701			714			720			756
FTE Adjustment - loans		85			88			89			83			83
Amortization of intangibles		207			208			207			207			207
Amortization of intangibles, net of taxes		130			131			130			130			131
Average shares outstanding		14,265,085			14,329,026			14,357,059			14,365,441			14,450,533
Shares repurchased		89,500			29,458			44,835			35,660			261,500
Average price of repurchased shares		28.12			27.81			27.39			24.17			25.95
Average earning assets		2,277,983			2,281,780			2,292,982			2,252,695			2,229,257
Average interest bearing liabilities		1,943,206			1,958,724			1,971,648			1,926,428			1,890,407

YEAR-TO-DATE
Other assets	$	0.41		$	1.84		$	1.37		$	0.87		$	0.40
Operating earnings (excludes nonrecurring items)		5,988			26,962			20,137			12,803			5,860
Diluted operating earnings per share		0.41			1.84			1.37			0.87			0.40
Cash dividends declared per common share		0.16			0.61			0.45			0.30			0.15
Return on average stockholders' equity		9.87	%		11.24	%		11.29	%		10.89	%		10.04	%
Return on average assets		0.96	%		1.08	%		1.08	%		1.05	%		0.97	%
Net interest margin (FTE)		4.05	%		4.13	%		4.14	%		4.16	%		4.17	%
FTE Adjustment - investments		695			2,891			2,190			1,476			756
FTE Adjustment - loans		85			343			255			166			83
Amortization of intangibles		207			829			621			414			207
Amortization of intangibles, net of taxes		130			522			391			261			131
Average shares outstanding		14,265,085			14,375,005			14,385,842			14,407,752			14,450,533
Diluted shares outstanding		274,270			311,922			297,548			304,431			327,079
Average earning assets		2,277,983			2,264,402			2,258,545			2,241,040			2,229,257
Average interest bearing liabilities		1,943,206			1,937,085			1,929,791			1,908,517			1,890,407

END OF PERIOD
Book value	$	17.19		$	17.04		$	16.82		$	16.63		$	16.15
Shares outstanding		14,264,144			14,326,923			14,337,803			14,353,963			14,381,434
Full-time equivalent employees		1,111			1,110			1,099			1,094			1,083
Total number of ATM's		87			86			83			81			80
Total number of financial centers		80			79			77			76			75
Parent company only - investment in subsidiaries		267,732			265,714			263,991			262,020			259,425
Parent company only - intangible assets		133			133			133			133			133

Page 7

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, hereunto duly authorized.


	SIMMONS FIRST NATIONAL CORPORATION

Date: April 20, 2006		/s/ Robert A. Fehlman
		Robert A. Fehlman, Executive Vice President and Chief Financial Officer