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 18, 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 April 18, 2002.
FOR IMMEDIATE RELEASE: April 18, 2002
SIMMONS FIRST ANNOUNCES RECORD FIRST QUARTER EARNINGS
-----------------------------------------------------
Pine Bluff, Arkansas - Simmons First National Corporation today announced
record first quarter earnings of $4,941,000, or $0.69 diluted earnings per share
for the first quarter of 2002. These earnings reflect an increase of $0.05 per
share, or 7.8% over the first quarter 2001 diluted earnings per share of $0.64.
Return on average assets and return on average stockholders' equity for the
three-month period ended March 31, 2002, was 1.00% and 10.79%, compared to 0.96%
and 10.56%, respectively, for the same period in 2001.
"We are pleased with results of the 2002 first quarter," said J. Thomas
May, Chairman, President, and Chief Executive Officer. "Earnings per share were
at a record level for the first quarter, primarily due to improvement in the
Company's net interest margin, combined with the change in the accounting
standards related to the amortization of goodwill.
May also commented, "Despite a 4.0% reduction in our loan portfolio from
the first quarter of 2001, we were able to improve our net interest margin from
a reduction in interest expense and an increase in earning assets. The reduction
in the loan portfolio is the result of a high level of single family residential
loans being refinanced in the secondary market, a decrease in indirect lending
activities resulting from car manufacturer incentives being offered, and some
temporary payoffs of large lines of credits that are still customers of the
bank."
Average quarter to date total assets for the Corporation during the first
quarter of 2002 were $2.0 billion, an increase of $92 million, or 4.8 %, over
the average for the first quarter of 2001. Stockholders' equity at the end of
the first quarter of 2002 was $184.8 million, a $9.8 million, or 5.6%, increase
from March 31, 2001.
The March 31, 2002 allowance for loan losses as a percent of total loans
was 1.64%, which is slightly improved from December 31, 2001. As of March 31,
2002, non-performing loans were 1.18% of total loans and the allowance for loan
losses equaled 139% of non-performing loans.
CONFERENCE CALL
Management will conduct a conference call to review this information at
3:00 p.m. CST (4:00 p.m. EST) on Thursday, April 18, 2002. Interested parties
can listen to this call by calling 1-800-854-4175 (United States and Canada
only) and ask for Simmons First National Corporation conference call. A recorded
playback of the call will be available the next morning by calling
1-800-642-1687. The passcode for this playback is 3690599 and the recording will
be available through the end of business April 25, 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 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 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(In thousands) 2002 2001 2001 2001 2001
----------- ----------- ----------- ----------- -----------
ASSETS
Cash and non-interest bearing balances due from banks $ 66,966 $ 81,785 $ 66,429 $ 68,053 $ 66,375
Interest bearing balances due from banks 46,343 55,356 84,153 62,035 29,838
Federal funds sold and securities purchased
under agreements to resell 80,000 57,700 77,650 52,650 85,000
----------- ----------- ----------- ----------- -----------
Cash and cash equivalents 193,309 194,841 228,232 182,738 181,213
Investment securities 441,162 447,305 391,617 382,244 372,775
Mortgage loans held for sale 12,277 24,971 22,340 21,457 16,494
Assets held in trading accounts 131 896 285 162 43
Loans 1,228,591 1,258,784 1,298,543 1,298,212 1,280,400
Allowance for loan losses (20,152) (20,496) (21,361) (21,221) (21,368)
----------- ----------- ----------- ----------- -----------
Net loans 1,208,439 1,238,288 1,277,182 1,276,991 1,259,032
Premises and equipment 44,306 45,537 45,874 45,831 46,288
Foreclosed assets held for sale, net 2,182 1,084 1,081 1,252 1,211
Interest receivable 15,124 15,764 16,968 17,248 17,476
Intangible assets, net 32,265 32,186 32,939 33,698 34,456
Other assets 16,926 16,046 15,394 16,924 16,609
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 1,966,121 $ 2,016,918 $ 2,031,912 $ 1,978,545 $ 1,945,597
=========== =========== =========== =========== ===========
LIABILITIES
Non-interest bearing transaction accounts $ 220,149 $ 247,235 $ 219,602 $ 228,233 $ 214,632
Interest bearing transaction accounts and savings deposits 540,601 517,856 471,093 465,872 465,490
Time deposits less than $100,000 540,650 580,228 599,196 585,430 596,686
Time deposits greater than $100,000 331,066 341,085 385,913 351,523 348,167
----------- ----------- ----------- ----------- -----------
Total deposits 1,632,466 1,686,404 1,675,804 1,631,058 1,624,975
----------- ----------- ----------- ----------- -----------
Federal funds purchased and securities
sold under agreements to repurchase 81,794 86,635 101,332 94,990 76,531
Short-term debt 7,221 3,801 12,865 10,204 6,298
Long-term debt - parent company 12,000 12,000 12,000 14,000 14,841
Long-term FHLB debt - affiliate banks 13,534 12,900 13,028 13,241 9,366
Trust preferred securities 17,250 17,250 17,250 17,250 17,250
Accrued interest and other liabilities 17,073 15,565 18,481 19,239 21,335
----------- ----------- ----------- ---------- -----------
TOTAL LIABILITIES 1,781,338 1,834,555 1,850,760 1,799,982 1,770,596
----------- ----------- ----------- ---------- -----------
STOCKHOLDERS' EQUITY
Capital stock 7,091 7,087 7,090 7,101 7,072
Surplus 45,326 45,278 45,497 45,918 45,355
Undivided profits 131,828 128,519 126,198 124,224 121,301
Accumulated other comprehensive income
Unrealized appreciation (depreciation) on AFS securities 538 1,479 2,367 1,320 1,273
----------- ----------- ----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 184,783 182,363 181,152 178,563 175,001
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,966,121 $ 2,016,918 $ 2,031,912 $ 1,978,545 $ 1,945,597
=========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(In thousands) 2002 2001 2001 2001 2001
----------- ----------- ----------- ----------- -----------
ASSETS
Cash and non-interest bearing balances due from banks $ 68,122 $ 68,699 $ 64,940 $ 63,036 $ 62,928
Interest bearing balances due from banks 69,675 67,989 49,291 33,943 25,202
Federal funds sold and securities purchased
under agreements to resell 80,015 76,413 42,577 47,674 46,205
----------- ----------- ----------- ----------- -----------
Cash and cash equivalents 217,812 213,101 156,808 144,653 134,335
Investment securities - held-to-maturity 192,418 193,522 205,844 207,739 191,369
Investment securities - available-for-sale 256,840 220,949 182,367 172,145 197,562
Mortgage loans held for sale 13,768 25,046 19,557 17,913 11,263
Assets held in trading accounts 286 1,939 260 246 693
Loans 1,240,293 1,282,715 1,307,639 1,289,129 1,287,630
Allowance for loan losses (20,888) (21,289) (21,431) (21,720) (21,580)
----------- ----------- ----------- ----------- -----------
Net loans 1,219,405 1,261,426 1,286,208 1,267,409 1,266,050
Premises and equipment 44,587 45,759 45,918 46,134 46,499
Foreclosed assets held for sale, net 1,729 1,068 1,239 1,295 1,130
Interest receivable 15,577 16,771 17,701 17,748 18,325
Intangible assets, net 32,273 32,554 33,310 34,084 34,840
Other assets 16,029 17,315 17,127 16,187 17,231
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 2,010,724 $ 2,029,450 $ 1,966,339 $ 1,925,553 $ 1,919,297
=========== =========== =========== =========== ===========
LIABILITIES
Non-interest bearing transaction accounts $ 226,834 $ 222,254 $ 210,246 $ 208,812 $ 202,688
Interest bearing transaction accounts 158,518 148,547 147,361 149,449 146,592
Savings deposits 370,640 340,623 321,576 312,982 315,424
Time deposits less than $100,000 564,280 591,893 597,655 582,075 596,990
Time deposits greater than $100,000 342,289 370,158 362,972 356,517 333,952
----------- ----------- ----------- ----------- -----------
Total deposits 1,662,561 1,673,475 1,639,810 1,609,835 1,595,646
----------- ----------- ----------- ----------- -----------
Federal funds purchased and securities
sold under agreements to repurchase 98,567 107,891 72,759 69,294 81,472
Short-term debt 5,849 6,059 10,519 6,885 6,156
Long-term debt 42,668 42,215 43,007 42,323 41,538
Accrued interest and other liabilities 15,349 16,572 19,199 20,058 19,595
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 1,824,994 1,846,212 1,785,294 1,748,395 1,744,407
----------- ----------- ----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 185,730 183,238 181,045 177,158 174,890
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,010,724 $ 2,029,450 $ 1,966,339 $ 1,925,553 $ 1,919,297
=========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA
Consolidated Average Year-to-Date Balance Sheets
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(In thousands) 2002 2001 2001 2001 2001
----------- ----------- ----------- ----------- -----------
ASSETS
Cash and non-interest bearing balances due from banks $ 68,122 $ 64,916 $ 63,642 $ 62,982 $ 62,928
Interest bearing balances due from banks 69,675 44,238 36,234 29,597 25,202
Federal funds sold and securities purchased
under agreements to resell 80,015 52,742 44,765 46,943 46,205
----------- ----------- ----------- ----------- -----------
Cash and cash equivalents 217,812 161,896 144,641 139,522 134,335
Investment securities - held-to-maturity 192,418 199,642 201,704 199,599 191,369
Investment securities - available-for-sale 256,840 193,290 183,969 184,784 197,562
Mortgage loans held for sale 13,768 18,486 16,275 14,607 11,263
Assets held in trading accounts 286 786 398 468 693
Loans 1,240,293 1,291,808 1,294,873 1,288,384 1,287,630
Allowance for loan losses (20,888) (21,507) (21,576) (21,650) (21,580)
----------- ----------- ----------- ----------- -----------
Net loans 1,219,405 1,270,301 1,273,297 1,266,734 1,266,050
Premises and equipment 44,587 46,075 46,182 46,316 46,499
Foreclosed assets held for sale, net 1,729 1,183 1,222 1,213 1,130
Interest receivable 15,577 17,632 17,923 18,035 18,325
Intangible assets, net 32,273 33,691 34,073 34,461 34,840
Other assets 16,029 16,966 16,845 16,704 17,231
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 2,010,724 $ 1,959,948 $ 1,936,529 $ 1,922,443 $ 1,919,297
=========== =========== =========== =========== ===========
LIABILITIES
Non-interest bearing transaction accounts $ 226,834 $ 211,052 $ 207,277 $ 205,767 $ 202,688
Interest bearing transaction accounts 158,518 147,991 147,804 148,028 146,592
Savings deposits 370,640 322,717 316,683 314,196 315,424
Time deposits less than $100,000 564,280 592,155 592,242 589,491 596,990
Time deposits greater than $100,000 342,289 356,017 351,253 345,298 333,952
----------- ----------- ----------- ----------- -----------
Total deposits 1,662,561 1,629,932 1,615,259 1,602,780 1,595,646
----------- ----------- ----------- ----------- -----------
Federal funds purchased and securities
sold under agreements to repurchase 98,567 82,371 73,770 75,349 81,472
Short-term debt 5,849 7,413 7,869 6,523 6,156
Long-term debt 42,668 42,275 42,296 41,932 41,538
Accrued interest and other liabilities 15,349 18,848 19,615 19,829 19,595
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 1,824,994 1,780,839 1,758,809 1,746,413 1,744,407
----------- ----------- ----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 185,730 179,109 177,720 176,030 174,890
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,010,724 $ 1,959,948 $ 1,936,529 $ 1,922,443 $ 1,919,297
=========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(In thousands, except per share data) 2002 2001 2001 2001 2001
----------- ----------- ----------- ----------- -----------
INTEREST INCOME
Loans $ 24,106 $ 25,725 $ 27,298 $ 28,368 $ 29,161
Federal funds sold and securities purchased
under agreements to resell 328 387 347 504 639
Investment securities 4,923 4,783 5,042 5,261 5,700
Mortgage loans held for sale, net of unrealized gains (losses) 233 401 303 267 172
Assets held in trading accounts 2 28 1 2 7
Interest bearing balances due from banks 281 383 400 354 335
----------- ----------- ----------- ----------- -----------
TOTAL INTEREST INCOME 29,873 31,707 33,391 34,756 36,014
----------- ----------- ----------- ----------- -----------
INTEREST EXPENSE
Time deposits 8,968 11,478 12,972 13,601 13,897
Other deposits 1,600 1,794 2,350 2,683 3,181
Federal funds purchased and securities
sold under agreements to repurchase 397 535 592 690 1,057
Short-term debt 41 53 100 76 104
Long-term debt 806 811 830 840 819
----------- ----------- ----------- ----------- -----------
TOTAL INTEREST EXPENSE 11,812 14,671 16,844 17,890 19,058
----------- ----------- ----------- ----------- -----------
NET INTEREST INCOME 18,061 17,036 16,547 16,866 16,956
Provision for loan losses 2,361 2,709 3,429 1,967 1,853
----------- ----------- ----------- ----------- -----------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 15,700 14,327 13,118 14,899 15,103
----------- ----------- ----------- ----------- -----------
NON-INTEREST INCOME
Trust income 1,390 1,310 1,443 1,249 1,407
Service charges on deposit accounts 2,238 2,317 2,226 2,307 2,101
Other service charges and fees 411 342 382 396 468
Income on sale of mortgage loans, net of commissions 811 930 781 813 624
Income on investment banking, net of commissions 266 191 324 220 222
Credit card fees 2,338 2,694 2,669 2,666 2,456
Other income 918 644 901 660 815
Gain on sale of securities, net - 11 - - -
----------- ----------- ----------- ----------- -----------
TOTAL NON-INTEREST INCOME 8,372 8,439 8,726 8,311 8,093
----------- ----------- ----------- ----------- -----------
NON-INTEREST EXPENSE
Salaries and employee benefits 9,950 9,255 9,058 8,902 9,003
Occupancy expense, net 1,126 1,167 1,183 1,094 1,166
Furniture & equipment expense 1,292 1,327 1,250 1,338 1,336
Loss on foreclosed assets 43 39 165 87 75
Deposit insurance 78 77 76 77 76
Other operating expenses 4,540 5,448 5,422 5,348 5,161
----------- ----------- ----------- ----------- -----------
TOTAL NON-INTEREST EXPENSE 17,029 17,313 17,154 16,846 16,817
----------- ----------- ----------- ----------- -----------
NET INCOME BEFORE INCOME TAXES 7,043 5,453 4,690 6,364 6,379
Provision for income taxes 2,102 1,502 1,154 1,877 1,825
----------- ----------- ----------- ----------- -----------
NET INCOME $ 4,941 $ 3,951 $ 3,536 $ 4,487 $ 4,554
=========== =========== =========== =========== ===========
BASIC EARNINGS PER SHARE $ 0.70 $ 0.56 $ 0.50 $ 0.63 $ 0.64
=========== =========== =========== =========== ===========
DILUTED EARNINGS PER SHARE $ 0.69 $ 0.55 $ 0.49 $ 0.63 $ 0.64
=========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(In thousands, except per share data) 2002 2001 2001 2001 2001
----------- ----------- ----------- ----------- -----------
INTEREST INCOME
Loans $ 24,106 $ 110,552 $ 84,827 $ 57,529 $ 29,161
Federal funds sold and securities purchased
under agreements to resell 328 1,877 1,490 1,143 639
Investment securities 4,923 20,786 16,003 10,961 5,700
Mortgage loans held for sale, net of unrealized gains (losses) 233 1,143 742 439 172
Assets held in trading accounts 2 38 10 9 7
Interest bearing balances due from banks 281 1,472 1,089 689 335
----------- ----------- ----------- ----------- -----------
TOTAL INTEREST INCOME 29,873 135,868 104,161 70,770 36,014
----------- ----------- ----------- ----------- -----------
INTEREST EXPENSE
Time deposits 8,968 51,948 40,470 27,498 13,897
Other deposits 1,600 10,008 8,214 5,864 3,181
Federal funds purchased and securities
sold under agreements to repurchase 397 2,874 2,339 1,747 1,057
Short-term debt 41 333 280 180 104
Long-term debt 806 3,300 2,489 1,659 819
----------- ----------- ----------- ----------- -----------
TOTAL INTEREST EXPENSE 11,812 68,463 53,792 36,948 19,058
----------- ----------- ----------- ----------- -----------
NET INTEREST INCOME 18,061 67,405 50,369 33,822 16,956
Provision for loan losses 2,361 9,958 7,249 3,820 1,853
----------- ----------- ----------- ----------- -----------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 15,700 57,447 43,120 30,002 15,103
----------- ----------- ----------- ----------- -----------
NON-INTEREST INCOME
Trust income 1,390 5,409 4,099 2,656 1,407
Service charges on deposit accounts 2,238 8,951 6,634 4,408 2,101
Other service charges and fees 411 1,588 1,246 864 468
Income on sale of mortgage loans, net of commissions 811 3,148 2,218 1,437 624
Income on investment banking, net of commissions 266 957 766 442 222
Credit card fees 2,338 10,485 7,791 5,122 2,456
Other income 918 3,020 2,376 1,475 815
Gain on sale of securities, net - 11 - - -
----------- ----------- ----------- ----------- -----------
TOTAL NON-INTEREST INCOME 8,372 33,569 25,130 16,404 8,093
----------- ----------- ----------- ----------- -----------
NON-INTEREST EXPENSE
Salaries and employee benefits 9,950 36,218 26,963 17,905 9,003
Occupancy expense, net 1,126 4,610 3,443 2,260 1,166
Furniture & equipment expense 1,292 5,251 3,924 2,674 1,336
Loss on foreclosed assets 43 366 327 162 75
Deposit insurance 78 306 229 153 76
Other operating expenses 4,540 21,379 15,931 10,509 5,161
----------- ----------- ----------- ----------- -----------
TOTAL NON-INTEREST EXPENSE 17,029 68,130 50,817 33,663 16,817
----------- ----------- ----------- ----------- -----------
NET INCOME BEFORE INCOME TAXES 7,043 22,886 17,433 12,743 6,379
Provision for income taxes 2,102 6,358 4,856 3,702 1,825
----------- ----------- ----------- ----------- -----------
NET INCOME $ 4,941 $ 16,528 $ 12,577 $ 9,041 $ 4,554
=========== =========== =========== =========== ===========
BASIC EARNINGS PER SHARE $ 0.70 $ 2.33 $ 1.77 $ 1.27 $ 0.64
=========== =========== =========== =========== ===========
DILUTED EARNINGS PER SHARE $ 0.69 $ 2.31 $ 1.76 $ 1.27 $ 0.64
=========== =========== =========== ========== ===========
Simmons First National Corporation SFNCA
Consolidated Risk-Based Capital
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(In thousands) 2002 2001 2001 2001 2001
----------- ----------- ----------- ----------- -----------
Tier 1 capital
Stockholders' equity $ 184,783 $ 182,363 $ 181,152 $ 178,563 $ 175,001
Trust preferred securities 17,250 17,250 17,250 17,250 17,250
Intangible assets (32,265) (32,186) (32,939) (33,698) (34,456)
Unrealized (gain) loss on AFS securities (538) (1,479) (2,367) (1,320) (1,273)
Debt issuance costs (873) (881) (889) (898) (907)
----------- ----------- ----------- ----------- -----------
Total Tier 1 capital 168,357 165,067 162,207 159,897 155,615
----------- ----------- ----------- ----------- -----------
Tier 2 capital
Qualifying unrealized gain on AFS securities 403 370 406 366 367
Qualifying allowance for loan losses 15,873 16,209 16,570 16,376 16,059
----------- ----------- ----------- ----------- -----------
Total Tier 2 capital 16,276 16,579 16,976 16,742 16,426
----------- ----------- ----------- ----------- -----------
Total risk-based capital $ 184,633 $ 181,646 $ 179,183 $ 176,639 $ 172,041
=========== =========== =========== =========== ===========
Risk weighted assets $ 1,265,544 $ 1,292,798 $ 1,322,196 $ 1,305,274 $ 1,279,382
=========== =========== =========== =========== ===========
Assets for leverage ratio $ 1,977,586 $ 1,996,383 $ 1,932,511 $ 1,890,957 $ 1,883,934
=========== =========== =========== =========== ===========
Ratios at end of quarter
Leverage ratio 8.51% 8.27% 8.39% 8.46% 8.26%
Tier 1 capital 13.30% 12.77% 12.27% 12.25% 12.16%
Total risk-based capital 14.59% 14.05% 13.55% 13.53% 13.45%
Simmons First National Corporation SFNCA
Consolidated Loans and Investments
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(In thousands) 2002 2001 2001 2001 2001
----------- ----------- ----------- ----------- -----------
Loan Portfolio - End of Period
------------------------------
Consumer
Credit cards $ 181,867 $ 196,710 $ 187,738 $ 187,880 $ 185,411
Student loans 84,186 74,860 73,467 71,619 74,562
Other consumer 170,649 179,138 187,199 186,246 187,408
Real Estate
Construction 80,120 83,628 80,070 73,348 70,123
Single-family residential 223,198 224,181 232,192 236,856 240,049
Other commercial 260,346 263,539 279,464 284,521 284,488
Unearned income (52) (59) (70) (80) (91)
Commercial
Commercial 151,436 153,617 161,245 166,892 173,040
Agricultural 54,234 60,794 76,066 70,538 49,274
Financial institutions 7,600 5,861 7,099 6,146 4,741
Other 15,007 16,515 14,073 14,246 11,395
----------- ----------- ----------- ----------- -----------
Total Loans $ 1,228,591 $ 1,258,784 $ 1,298,543 $ 1,298,212 $ 1,280,400
=========== =========== =========== =========== ===========
Investment Securities - End of Period
-------------------------------------
Held-to-Maturity
U.S. Treasury $ 32,240 $ 27,528 $ 31,310 $ 31,072 $ 24,702
U.S. Government agencies 47,484 36,992 40,024 54,406 60,997
Mortgage-backed securities 5,942 6,681 8,094 9,005 10,153
State and political subdivisions 115,009 119,824 118,504 117,747 109,076
Other securities 100 100 100 129 178
----------- ----------- ----------- ----------- -----------
Total held-to-maturity 200,775 191,125 198,032 212,359 205,106
----------- ----------- ----------- ----------- -----------
Available-for-Sale
U.S. Treasury 10,685 18,408 20,531 20,146 21,655
U.S. Government agencies 188,408 215,490 145,068 120,146 113,219
Mortgage-backed securities 6,217 7,004 12,367 13,410 14,501
State and political subdivisions 5,216 5,399 5,720 6,710 6,912
FHLB stock 4,382 4,377 4,331 4,276 6,267
Other securities 25,479 5,502 5,568 5,197 5,115
----------- ----------- ----------- ----------- -----------
Total available-for-sale 240,387 256,180 193,585 169,885 167,669
----------- ----------- ----------- ----------- -----------
Total investment securities $ 441,162 $ 447,305 $ 391,617 $ 382,244 $ 372,775
=========== =========== =========== =========== ===========
Fair Value - HTM investment securities $ 203,617 $ 194,502 $ 202,965 $ 215,894 $ 208,641
=========== =========== =========== =========== ===========
Investment Securities - QTD Average
Taxable securities $ 327,469 $ 290,310 $ 262,928 $ 260,941 $ 273,507
Tax exempt securities 121,789 124,161 125,283 118,943 115,424
----------- ----------- ----------- ----------- -----------
Total investment securities - QTD average $ 449,258 $ 414,471 $ 388,211 $ 379,884 $ 388,931
=========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA
Consolidated Allowance and Asset Quality
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(In thousands) 2002 2001 2001 2001 2001
----------- ----------- ----------- ----------- ----------
Allowance for Loan Losses
-------------------------
Balance, beginning of quarter $ 20,496 $ 21,361 $ 21,221 $ 21,368 $ 21,157
----------- ----------- ----------- ----------- -----------
Loans charged off
Credit card 1,191 1,173 1,101 1,192 965
Other consumer 677 907 958 581 617
Real estate 444 290 454 425 209
Commercial 953 1,683 1,160 362 271
----------- ----------- ----------- ----------- -----------
Total loans charged off 3,265 4,053 3,673 2,560 2,062
----------- ----------- ----------- ----------- -----------
Recoveries of loans previously charged off
Credit card 129 128 127 129 131
Other consumer 233 85 195 196 192
Real estate 82 15 24 44 63
Commercial 116 251 38 77 34
----------- ----------- ----------- ----------- -----------
Total recoveries 560 479 384 446 420
----------- ----------- ----------- ----------- -----------
Net loans charged off 2,705 3,574 3,289 2,114 1,642
Provision for loan losses 2,361 2,709 3,429 1,967 1,853
----------- ----------- ----------- ----------- -----------
Balance, end of quarter $ 20,152 $ 20,496 $ 21,361 $ 21,221 $ 21,368
=========== =========== =========== =========== ===========
Non-performing assets
---------------------
Non-performing loans
Nonaccrual loans
Real estate $ 5,813 $ 5,760 $ 5,940 $ 6,366 $ 4,862
Commercial 3,131 3,503 3,671 3,144 2,872
Consumer 2,250 2,693 3,154 2,975 2,083
----------- ----------- ----------- ----------- -----------
Total nonaccrual loans 11,194 11,956 12,765 12,485 9,817
Loans past due 90 days or more 3,268 2,991 3,035 2,656 2,121
----------- ----------- ----------- ----------- -----------
Total non-performing loans 14,462 14,947 15,800 15,141 11,938
----------- ----------- ----------- ----------- -----------
Other non-performing assets
Foreclosed assets held for sale 2,182 1,084 1,081 1,252 1,211
Other non-performing assets 492 631 187 247 147
----------- ----------- ----------- ----------- -----------
Total other non-performing assets 2,674 1,715 1,268 1,499 1,358
----------- ----------- ----------- ----------- -----------
Total non-performing assets $ 17,136 $ 16,662 $ 17,068 $ 16,640 $ 13,296
=========== =========== =========== =========== ===========
Ratios
------
Allowance for loan losses to total loans 1.64% 1.63% 1.64% 1.63% 1.67%
Allowance for loan losses to
non-performing loans 139.34% 137.12% 135.20% 140.16% 178.99%
Allowance for loan losses to
non-performing assets 117.60% 123.01% 125.15% 127.53% 160.71%
Non-performing loans to total loans 1.18% 1.19% 1.22% 1.17% 0.93%
Non-performing assets to total assets 0.87% 0.83% 0.84% 0.84% 0.68%
Simmons First National Corporation SFNCA
Consolidated - Selected Financial Data
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(In thousands, except share data) 2002 2001 2001 2001 2001
----------- ----------- ----------- ----------- -----------
QUARTER-TO-DATE
---------------
Diluted earnings per share $ 0.69 $ 0.55 $ 0.49 $ 0.63 $ 0.64
Cash dividends declared - per common share 0.23 0.23 0.22 0.22 0.21
Cash dividends declared - amount 1,632 1,630 1,562 1,564 1,485
Return on average stockholders' equity 10.79% 8.55% 7.75% 10.16% 10.56%
Return on average assets 1.00% 0.77% 0.71% 0.93% 0.96%
Net interest margin (FTE) 4.14% 3.79% 3.81% 4.00% 4.08%
FTE Adjustment 854 832 814 787 750
Amortization of intangibles 28 751 760 728 785
Amortization of intangibles, net of taxes 23 496 500 476 518
Average shares outstanding 7,089,268 7,085,897 7,100,229 7,086,745 7,121,100
Diluted shares outstanding 89,354 64,494 56,298 28,823 20,157
Shares repurchased - 10,000 13,000 2,000 118,955
Average price of repurchased shares - 32.00 33.82 23.64 23.77
Average earning assets 1,853,295 1,868,573 1,807,535 1,768,789 1,759,924
Interest bearing liabilities 1,582,811 1,607,386 1,555,849 1,519,525 1,522,124
YEAR-TO-DATE
------------
Diluted earnings per share $ 0.69 $ 2.31 $ 1.76 $ 1.27 $ 0.64
Cash dividends declared - per common share 0.23 0.88 0.65 0.43 0.21
Return on average stockholders' equity 10.79% 9.23% 9.46% 10.36% 10.56%
Return on average assets 1.00% 0.84% 0.87% 0.95% 0.96%
Net interest margin (FTE) 4.14% 3.92% 3.96% 4.04% 4.08%
FTE Adjustment 854 3,183 2,351 1,537 750
Amortization of intangibles 28 3,024 2,273 1,513 785
Amortization of intangibles, net of taxes 23 1,990 1,494 994 518
Average shares outstanding 7,089,268 7,098,401 7,102,615 7,103,827 7,121,100
Average earning assets 1,853,295 1,800,992 1,778,218 1,764,382 1,759,924
Interest bearing liabilities 1,582,811 1,550,939 1,531,917 1,520,817 1,522,124
END OF PERIOD
-------------
Book value $ 26.06 $ 25.73 $ 25.55 $ 25.15 $ 24.75
Shares outstanding 7,091,200 7,087,185 7,090,075 7,101,045 7,072,216
Full-time equivalent employees 959 959 945 937 928
Total number of ATM's 61 62 62 59 59
Total number of branches 62 63 63 62 61
Parent company only - investment in subsidiaries 201,223 199,480 196,987 194,700 192,997
Parent company only - intangible assets 134 27 50 72 94
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: April 18, 2002 /s/Barry L. Crow
-------------------------- ----------------------------------------
Barry L. Crow, Executive Vice President
and Chief Financial Officer