UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Exchange Act of 1934
Date of Report (Date of earliest event reported) July 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 July 18, 2002.
FOR IMMEDIATE RELEASE: July 18, 2002
SIMMONS FIRST ANNOUNCES 27% INCREASE IN EARNINGS
------------------------------------------------
Pine Bluff, Arkansas - Simmons First National Corporation today announced
record quarterly earnings of $5,705,000, or $0.79 diluted earnings per share for
the second quarter of 2002. These earnings reflect a 27.2% increase in net
income and 25.4% increase in diluted earnings per share over the second quarter
2001. Return on average assets and return on average stockholders' equity for
the three-month period ended June 30, 2002, was 1.18% and 12.17%, compared to
0.93% and 10.16%, respectively, for the same period in 2001.
"We are very pleased with second quarter 2002 results," said J. Thomas May,
Chairman, President and Chief Executive Officer. "Quarterly earnings were at a
record level, primarily due to a significant 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 3.9% reduction in our loan portfolio from
the second quarter of 2001, we were able to improve our net interest income
13.0% through a reduction in interest expense and an increase in earning assets.
As previously reported, 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 consumer lending activities resulting from car
manufacturer incentives along with a general slowdown in consumer spending, and
some temporary payoffs of large lines of credits that are still customers of the
bank."
Earnings for the six months ended June 30, 2002, were $10,646,000, or $1.48
diluted earnings per share. These earnings reflect a 17.8% increase in net
income and a 16.5% increase in diluted earnings per share over the same
six-month period last year.
Average quarter to date total assets for the Corporation during the second
quarter of 2002 were $1.944 billion, an increase of $18.5 million over the
average for the second quarter of 2001. Stockholders' equity at the end of the
second quarter of 2002 was $188.9 million, a $10.4 million, or 5.8%, increase
from June 30, 2001.
As of June 30, 2002, the allowance for loan losses as a percent of total
loans was 1.65%, non-performing loans were 1.11% of total loans, and the
allowance for loan losses equaled 149% 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, July 18, 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 4602341 and the recording will
be available through the end of business July 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 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands) 2002 2002 2001 2001 2001
----------- ----------- ----------- ----------- -----------
ASSETS
Cash and non-interest bearing balances due from banks $ 63,416 $ 66,966 $ 81,785 $ 66,429 $ 68,053
Interest bearing balances due from banks 31,557 46,343 55,356 84,153 62,035
Federal funds sold and securities purchased
under agreements to resell 67,880 80,000 57,700 77,650 52,650
----------- ----------- ----------- ----------- -----------
Cash and cash equivalents 162,853 193,309 194,841 228,232 182,738
Investment securities 419,700 441,162 447,305 391,617 382,244
Mortgage loans held for sale 10,440 12,277 24,971 22,340 21,457
Assets held in trading accounts 14,140 131 896 285 162
Loans 1,247,625 1,228,591 1,258,784 1,298,543 1,298,212
Allowance for loan losses (20,608) (20,152) (20,496) (21,361) (21,221)
----------- ----------- ----------- ----------- -----------
Net loans 1,227,017 1,208,439 1,238,288 1,277,182 1,276,991
Premises and equipment 45,192 44,306 45,537 45,874 45,831
Foreclosed assets held for sale, net 2,394 2,182 1,084 1,081 1,252
Interest receivable 14,528 15,124 15,764 16,968 17,248
Intangible assets, net 32,238 32,265 32,186 32,939 33,698
Other assets 16,159 16,926 16,046 15,394 16,924
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 1,944,661 $ 1,966,121 $ 2,016,918 $ 2,031,912 $ 1,978,545
=========== =========== =========== =========== ===========
LIABILITIES
Non-interest bearing transaction accounts $ 229,091 $ 220,149 $ 247,235 $ 219,602 $ 228,233
Interest bearing transaction accounts and savings deposits 535,680 540,601 517,856 471,093 465,872
Time deposits less than $100,000 523,354 540,650 580,228 599,196 585,430
Time deposits greater than $100,000 328,698 331,066 341,085 385,913 351,523
----------- ----------- ----------- ----------- -----------
Total deposits 1,616,823 1,632,466 1,686,404 1,675,804 1,631,058
----------- ----------- ----------- ----------- -----------
Federal funds purchased and securities
sold under agreements to repurchase 68,947 81,794 86,635 101,332 94,990
Short-term debt 5,003 7,221 3,801 12,865 10,204
Long-term debt - parent company 12,000 12,000 12,000 12,000 14,000
Long-term FHLB debt - affiliate banks 20,320 13,534 12,900 13,028 13,241
Trust preferred securities 17,250 17,250 17,250 17,250 17,250
Accrued interest and other liabilities 15,395 17,073 15,565 18,481 19,239
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 1,755,738 1,781,338 1,834,555 1,850,760 1,799,982
----------- ----------- ----------- ----------- -----------
STOCKHOLDERS' EQUITY
Capital stock 7,062 7,091 7,087 7,090 7,101
Surplus 44,384 45,326 45,278 45,497 45,918
Undivided profits 135,838 131,828 128,519 126,198 124,224
Accumulated other comprehensive income
Unrealized appreciation (depreciation) on AFS securities 1,639 538 1,479 2,367 1,320
----------- ----------- ----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 188,923 184,783 182,363 181,152 178,563
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,944,661 $ 1,966,121 $ 2,016,918 $ 2,031,912 $ 1,978,545
=========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands) 2002 2002 2001 2001 2001
----------- ----------- ----------- ----------- -----------
ASSETS
Cash and non-interest bearing balances due from banks $ 62,778 $ 68,122 $ 68,699 $ 64,940 $ 63,036
Interest bearing balances due from banks 35,893 69,675 67,989 49,291 33,943
Federal funds sold and securities purchased
under agreements to resell 62,789 80,015 76,413 42,577 47,674
----------- ----------- ----------- ----------- -----------
Cash and cash equivalents 161,460 217,812 213,101 156,808 144,653
Investment securities - held-to-maturity 215,155 192,418 193,522 205,844 207,739
Investment securities - available-for-sale 233,045 256,840 220,949 182,367 172,145
Mortgage loans held for sale 10,591 13,768 25,046 19,557 17,913
Assets held in trading accounts 1,379 286 1,939 260 246
Loans 1,232,458 1,240,293 1,282,715 1,307,639 1,289,129
Allowance for loan losses (20,860) (20,888) (21,289) (21,431) (21,720)
----------- ----------- ----------- ----------- -----------
Net loans 1,211,598 1,219,405 1,261,426 1,286,208 1,267,409
Premises and equipment 44,975 44,587 45,759 45,918 46,134
Foreclosed assets held for sale, net 2,174 1,729 1,068 1,239 1,295
Interest receivable 15,121 15,577 16,771 17,701 17,748
Intangible assets, net 32,251 32,273 32,554 33,310 34,084
Other assets 16,302 16,029 17,315 17,127 16,187
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 1,944,051 $ 2,010,724 $ 2,029,450 $ 1,966,339 $ 1,925,553
=========== =========== =========== =========== ===========
LIABILITIES
Non-interest bearing transaction accounts $ 225,170 $ 226,834 $ 222,254 $ 210,246 $ 208,812
Interest bearing transaction accounts 157,264 158,518 148,547 147,361 149,449
Savings deposits 377,364 370,640 340,623 321,576 312,982
Time deposits less than $100,000 531,390 564,280 591,893 597,655 582,075
Time deposits greater than $100,000 326,056 342,289 370,158 362,972 356,517
----------- ----------- ----------- ----------- -----------
Total deposits 1,617,244 1,662,561 1,673,475 1,639,810 1,609,835
----------- ----------- ----------- ----------- -----------
Federal funds purchased and securities
sold under agreements to repurchase 77,834 98,567 107,891 72,759 69,294
Short-term debt 2,259 5,849 6,059 10,519 6,885
Long-term debt 44,451 42,668 42,215 43,007 42,323
Accrued interest and other liabilities 14,256 15,349 16,572 19,199 20,058
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 1,756,044 1,824,994 1,846,212 1,785,294 1,748,395
----------- ----------- ----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 188,007 185,730 183,238 181,045 177,158
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,944,051 $ 2,010,724 $ 2,029,450 $ 1,966,339 $ 1,925,553
=========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA
Consolidated Average Year-to-Date Balance Sheets
For the Quarters Ended Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands) 2002 2002 2001 2001 2001
----------- ----------- ----------- ----------- -----------
ASSETS
Cash and non-interest bearing balances due from banks $ 65,435 $ 68,122 $ 64,916 $ 63,642 $ 62,982
Interest bearing balances due from banks 52,691 69,675 44,238 36,234 29,597
Federal funds sold and securities purchased
under agreements to resell 71,355 80,015 52,742 44,765 46,943
----------- ----------- ----------- ----------- -----------
Cash and cash equivalents 189,481 217,812 161,896 144,641 139,522
Investment securities - held-to-maturity 203,850 192,418 199,642 201,704 199,599
Investment securities - available-for-sale 244,877 256,840 193,290 183,969 184,784
Mortgage loans held for sale 12,171 13,768 18,486 16,275 14,607
Assets held in trading accounts 835 286 786 398 468
Loans 1,236,354 1,240,293 1,291,808 1,294,873 1,288,384
Allowance for loan losses (20,874) (20,888) (21,507) (21,576) (21,650)
----------- ----------- ----------- ----------- -----------
Net loans 1,215,480 1,219,405 1,270,301 1,273,297 1,266,734
Premises and equipment 44,782 44,587 46,075 46,182 46,316
Foreclosed assets held for sale, net 1,953 1,729 1,183 1,222 1,213
Interest receivable 15,348 15,577 17,632 17,923 18,035
Intangible assets, net 32,262 32,273 33,691 34,073 34,461
Other assets 16,164 16,029 16,966 16,845 16,704
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 1,977,203 $ 2,010,724 $ 1,959,948 $ 1,936,529 $ 1,922,443
=========== =========== =========== =========== ===========
LIABILITIES
Non-interest bearing transaction accounts $ 225,997 $ 226,834 $ 211,052 $ 207,277 $ 205,767
Interest bearing transaction accounts 157,888 158,518 147,991 147,804 148,028
Savings deposits 374,021 370,640 322,717 316,683 314,196
Time deposits less than $100,000 547,743 564,280 592,155 592,242 589,491
Time deposits greater than $100,000 334,128 342,289 356,017 351,253 345,298
----------- ----------- ----------- ----------- -----------
Total deposits 1,639,777 1,662,561 1,629,932 1,615,259 1,602,780
----------- ----------- ----------- ----------- -----------
Federal funds purchased and securities
sold under agreements to repurchase 88,144 98,567 82,371 73,770 75,349
Short-term debt 4,044 5,849 7,413 7,869 6,523
Long-term debt 43,564 42,668 42,275 42,296 41,932
Accrued interest and other liabilities 14,799 15,349 18,848 19,615 19,829
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 1,790,328 1,824,994 1,780,839 1,758,809 1,746,413
----------- ----------- ----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 186,875 185,730 179,109 177,720 176,030
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,977,203 $ 2,010,724 $ 1,959,948 $ 1,936,529 $ 1,922,443
=========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands, except per share data) 2002 2002 2001 2001 2001
--------- --------- --------- --------- ---------
INTEREST INCOME
Loans $ 23,668 $ 24,106 $ 25,725 $ 27,298 $ 28,368
Federal funds sold and securities purchased
under agreements to resell 264 328 387 347 504
Investment securities 4,858 4,923 4,783 5,042 5,261
Mortgage loans held for sale, net of unrealized gains (losses) 185 233 401 303 267
Assets held in trading accounts 18 2 28 1 2
Interest bearing balances due from banks 150 281 383 400 354
--------- --------- --------- --------- ---------
TOTAL INTEREST INCOME 29,143 29,873 31,707 33,391 34,756
--------- --------- --------- --------- ---------
INTEREST EXPENSE
Time deposits 7,356 8,968 11,478 12,972 13,601
Other deposits 1,590 1,600 1,794 2,350 2,683
Federal funds purchased and securities
sold under agreements to repurchase 316 397 535 592 690
Short-term debt 12 41 53 100 76
Long-term debt 818 806 811 830 840
--------- --------- --------- --------- ---------
TOTAL INTEREST EXPENSE 10,092 11,812 14,671 16,844 17,890
--------- --------- --------- --------- ---------
NET INTEREST INCOME 19,051 18,061 17,036 16,547 16,866
Provision for loan losses 2,436 2,361 2,709 3,429 1,967
--------- --------- --------- --------- ---------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 16,615 15,700 14,327 13,118 14,899
--------- --------- --------- --------- ---------
NON-INTEREST INCOME
Trust income 1,205 1,390 1,310 1,443 1,249
Service charges on deposit accounts 2,543 2,238 2,317 2,226 2,307
Other service charges and fees 365 411 342 382 396
Income on sale of mortgage loans, net of commissions 738 811 930 781 813
Income on investment banking, net of commissions 248 266 191 324 220
Credit card fees 2,550 2,338 2,694 2,669 2,666
Other income 886 918 644 901 660
Gain on sale of securities, net - - 11 - -
--------- --------- --------- --------- ---------
TOTAL NON-INTEREST INCOME 8,535 8,372 8,439 8,726 8,311
--------- --------- --------- --------- ---------
NON-INTEREST EXPENSE
Salaries and employee benefits 9,840 9,950 9,255 9,058 8,902
Occupancy expense, net 1,155 1,126 1,167 1,183 1,094
Furniture & equipment expense 1,310 1,292 1,327 1,250 1,338
Loss on foreclosed assets 40 43 39 165 87
Deposit insurance 76 78 77 76 77
Other operating expenses 4,428 4,540 5,448 5,422 5,348
--------- --------- --------- --------- ---------
TOTAL NON-INTEREST EXPENSE 16,849 17,029 17,313 17,154 16,846
--------- --------- --------- --------- ---------
NET INCOME BEFORE INCOME TAXES 8,301 7,043 5,453 4,690 6,364
Provision for income taxes 2,596 2,102 1,502 1,154 1,877
--------- --------- --------- --------- ---------
NET INCOME $ 5,705 $ 4,941 $ 3,951 $ 3,536 $ 4,487
========= ========= ========= ========= =========
BASIC EARNINGS PER SHARE $ 0.80 $ 0.70 $ 0.56 $ 0.50 $ 0.63
========= ========= ========= ========= =========
DILUTED EARNINGS PER SHARE $ 0.79 $ 0.69 $ 0.55 $ 0.49 $ 0.63
========= ========= ========= ========= =========
Simmons First National Corporation SFNCA
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands, except per share data) 2002 2002 2001 2001 2001
--------- --------- --------- --------- ---------
INTEREST INCOME
Loans $ 47,774 $ 24,106 $ 110,552 $ 84,827 $ 57,529
Federal funds sold and securities purchased
under agreements to resell 592 328 1,877 1,490 1,143
Investment securities 9,781 4,923 20,786 16,003 10,961
Mortgage loans held for sale, net of unrealized gains (losses) 418 233 1,143 742 439
Assets held in trading accounts 20 2 38 10 9
Interest bearing balances due from banks 431 281 1,472 1,089 689
--------- --------- --------- --------- ---------
TOTAL INTEREST INCOME 59,016 29,873 135,868 104,161 70,770
--------- --------- --------- --------- ---------
INTEREST EXPENSE
Time deposits 16,324 8,968 51,948 40,470 27,498
Other deposits 3,190 1,600 10,008 8,214 5,864
Federal funds purchased and securities
sold under agreements to repurchase 713 397 2,874 2,339 1,747
Short-term debt 53 41 333 280 180
Long-term debt 1,624 806 3,300 2,489 1,659
--------- --------- --------- --------- ---------
TOTAL INTEREST EXPENSE 21,904 11,812 68,463 53,792 36,948
--------- --------- --------- --------- ---------
NET INTEREST INCOME 37,112 18,061 67,405 50,369 33,822
Provision for loan losses 4,797 2,361 9,958 7,249 3,820
--------- --------- --------- --------- ---------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 32,315 15,700 57,447 43,120 30,002
--------- --------- --------- --=------ =--------
NON-INTEREST INCOME
Trust income 2,595 1,390 5,409 4,099 2,656
Service charges on deposit accounts 4,781 2,238 8,951 6,634 4,408
Other service charges and fees 776 411 1,588 1,246 864
Income on sale of mortgage loans, net of commissions 1,549 811 3,148 2,218 1,437
Income on investment banking, net of commissions 514 266 957 766 442
Credit card fees 4,888 2,338 10,485 7,791 5,122
Other income 1,804 918 3,020 2,376 1,475
Gain on sale of securities, net - - 11 - -
--------- --------- --------- --------- ---------
TOTAL NON-INTEREST INCOME 16,907 8,372 33,569 25,130 16,404
--------- --------- --------- --------- ---------
NON-INTEREST EXPENSE
Salaries and employee benefits 19,790 9,950 36,218 26,963 17,905
Occupancy expense, net 2,281 1,126 4,610 3,443 2,260
Furniture & equipment expense 2,602 1,292 5,251 3,924 2,674
Loss on foreclosed assets 83 43 366 327 162
Deposit insurance 154 78 306 229 153
Other operating expenses 8,968 4,540 21,379 15,931 10,509
--------- --------- --------- --------- ---------
TOTAL NON-INTEREST EXPENSE 33,878 17,029 68,130 50,817 33,663
--------- --------- --------- --------- ---------
NET INCOME BEFORE INCOME TAXES 15,344 7,043 22,886 17,433 12,743
Provision for income taxes 4,698 2,102 6,358 4,856 3,702
--------- --------- --------- --------- ---------
NET INCOME $ 10,646 $ 4,941 $ 16,528 $ 12,577 $ 9,041
========= ========= ========= ========= =========
BASIC EARNINGS PER SHARE $ 1.50 $ 0.70 $ 2.33 $ 1.77 $ 1.27
========= ========= ========= ========= =========
DILUTED EARNINGS PER SHARE $ 1.48 $ 0.69 $ 2.31 $ 1.76 $ 1.27
========= ========= ========= ========= =========
Simmons First National Corporation SFNCA
Consolidated Risk-Based Capital
For the Quarters Ended Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands) 2002 2002 2001 2001 2001
----------- ----------- ----------- ----------- -----------
Tier 1 capital
Stockholders' equity $ 188,923 $ 184,783 $ 182,363 $ 181,152 $ 178,563
Trust preferred securities 17,250 17,250 17,250 17,250 17,250
Intangible assets (32,238) (32,265) (32,186) (32,939) (33,698)
Unrealized (gain) loss on AFS securities (1,639) (538) (1,479) (2,367) (1,320)
Debt issuance costs (863) (873) (881) (889) (898)
----------- ----------- ----------- ----------- -----------
Total Tier 1 capital 171,433 168,357 165,067 162,207 159,897
----------- ----------- ----------- ----------- -----------
Tier 2 capital
Qualifying unrealized gain on AFS securities 392 403 370 406 366
Qualifying allowance for loan losses 15,806 15,873 16,209 16,570 16,376
----------- ----------- ----------- ----------- -----------
Total Tier 2 capital 16,198 16,276 16,579 16,976 16,742
----------- ----------- ----------- ----------- -----------
Total risk-based capital $ 187,631 $ 184,633 $ 181,646 $ 179,183 $ 176,639
=========== =========== =========== =========== ===========
Risk weighted assets $ 1,259,642 $ 1,265,544 $ 1,292,798 $ 1,322,196 $ 1,305,274
=========== =========== =========== =========== ===========
Assets for leverage ratio $ 1,908,788 $ 1,977,586 $ 1,996,383 $ 1,932,511 $ 1,887,167
=========== =========== =========== =========== ===========
Ratios at end of quarter
Leverage ratio 8.98% 8.51% 8.27% 8.39% 8.47%
Tier 1 capital 13.61% 13.30% 12.77% 12.27% 12.25%
Total risk-based capital 14.90% 14.59% 14.05% 13.55% 13.53%
Simmons First National Corporation SFNCA
Consolidated Loans and Investments
For the Quarters Ended Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands) 2002 2002 2001 2001 2001
----------- ----------- ----------- ----------- -----------
Loan Portfolio - End of Period
------------------------------
Consumer
Credit cards $ 179,682 $ 181,867 $ 196,710 $ 187,738 $ 187,880
Student loans 79,883 84,186 74,860 73,467 71,619
Other consumer 162,554 170,649 179,138 187,199 186,246
Real Estate
Construction 74,968 80,120 83,628 80,070 73,348
Single-family residential 226,942 223,198 224,181 232,192 236,856
Other commercial 266,995 260,346 263,539 279,464 284,521
Unearned income (42) (52) (59) (70) (80)
Commercial
Commercial 158,167 151,436 153,617 161,245 166,892
Agricultural 75,441 54,234 60,794 76,066 70,538
Financial institutions 7,692 7,600 5,861 7,099 6,146
Other 15,343 15,007 16,515 14,073 14,246
----------- ----------- ----------- ----------- -----------
Total Loans $ 1,247,625 $ 1,228,591 $ 1,258,784 $ 1,298,543 $ 1,298,212
=========== =========== =========== =========== ===========
Investment Securities - End of Period
-------------------------------------
U.S. Treasury $ 29,483 $ 32,240 $ 27,528 $ 31,310 $ 31,072
U.S. Government agencies 70,479 47,484 36,992 40,024 54,406
Mortgage-backed securities 5,355 5,942 6,681 8,094 9,005
State and political subdivisions 121,719 115,009 119,824 118,504 117,747
Other securities 100 100 100 100 129
----------- ----------- ----------- ----------- -----------
Total held-to-maturity 227,136 200,775 191,125 198,032 212,359
----------- ----------- ----------- ----------- -----------
Available-for-Sale
U.S. Treasury 13,103 10,685 18,408 20,531 20,146
U.S. Government agencies 155,134 188,408 215,490 145,068 120,146
Mortgage-backed securities 5,724 6,217 7,004 12,367 13,410
State and political subdivisions 5,270 5,216 5,399 5,720 6,710
FHLB stock 4,419 4,382 4,377 4,331 4,276
Other securities 8,914 25,479 5,502 5,568 5,197
----------- ----------- ----------- ----------- -----------
Total available-for-sale 192,564 240,387 256,180 193,585 169,885
----------- ----------- ----------- ----------- -----------
Total investment securities $ 419,700 $ 441,162 $ 447,305 $ 391,617 $ 382,244
=========== =========== =========== =========== ===========
Fair Value - HTM investment securities $ 231,991 $ 203,617 $ 194,502 $ 202,965 $ 215,894
=========== =========== =========== =========== ===========
Investment Securities - QTD Average
-----------------------------------
Taxable securities $ 328,509 $ 327,469 $ 290,310 $ 262,928 $ 260,941
Tax exempt securities 119,691 121,789 124,161 125,283 118,943
----------- ----------- ----------- ----------- -----------
Total investment securities - QTD average $ 448,200 $ 449,258 $ 414,471 $ 388,211 $ 379,884
=========== =========== =========== =========== ===========
Simmons First National Corporation SFNCA
Consolidated Allowance and Asset Quality
For the Quarters Ended Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands) 2002 2002 2001 2001 2001
---------- ---------- --------- --------- ---------
Allowance for Loan Losses
-------------------------
Balance, beginning of quarter $ 20,152 $ 20,496 $ 21,361 $ 21,221 $ 21,368
--------- --------- --------- --------- ---------
Loans charged off
Credit card 1,130 1,191 1,173 1,101 1,192
Other consumer 513 677 907 958 581
Real estate 395 444 290 454 425
Commercial 590 953 1,683 1,160 362
--------- --------- --------- --------- ---------
Total loans charged off 2,628 3,265 4,053 3,673 2,560
--------- --------- --------- --------- ---------
Recoveries of loans previously charged off
Credit card 163 129 128 127 129
Other consumer 174 233 85 195 196
Real estate 90 82 15 24 44
Commercial 221 116 251 38 77
--------- --------- --------- --------- ---------
Total recoveries 648 560 479 384 446
--------- --------- --------- --------- ---------
Net loans charged off 1,980 2,705 3,574 3,289 2,114
Provision for loan losses 2,436 2,361 2,709 3,429 1,967
--------- --------- --------- --------- ---------
Balance, end of quarter $ 20,608 $ 20,152 $ 20,496 $ 21,361 $ 21,221
========= ========= ========= ========= =========
Non-performing assets
---------------------
Non-performing loans
Nonaccrual loans
Real estate $ 6,429 $ 5,813 $ 5,760 $ 5,940 $ 6,366
Commercial 3,074 3,131 3,503 3,671 3,144
Consumer 2,355 2,250 2,693 3,154 2,975
--------- --------- --------- --------- ----------
Total nonaccrual loans 11,858 11,194 11,956 12,765 12,485
Loans past due 90 days or more 1,944 3,268 2,991 3,035 2,656
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Total non-performing loans 13,802 14,462 14,947 15,800 15,141
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Other non-performing assets
Foreclosed assets held for sale 2,394 2,182 1,084 1,081 1,252
Other non-performing assets 484 492 631 187 247
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Total other non-performing assets 2,878 2,674 1,715 1,268 1,499
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Total non-performing assets $ 16,680 $ 17,136 $ 16,662 $ 17,068 $ 16,640
========= ========= ========= ========= =========
Ratios
------
Allowance for loan losses to total loans 1.65% 1.64% 1.63% 1.64% 1.63%
Allowance for loan losses to
non-performing loans 149.31% 139.34% 137.12% 135.20% 140.16%
Allowance for loan losses to
non-performing assets 123.55% 117.60% 123.01% 125.15% 127.53%
Non-performing loans to total loans 1.11% 1.18% 1.19% 1.22% 1.17%
Non-performing assets to total assets 0.86% 0.87% 0.83% 0.84% 0.84%
Simmons First National Corporation SFNCA
Consolidated - Selected Financial Data
For the Quarters Ended Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
(In thousands, except share data) 2002 2002 2001 2001 2001
----------- ----------- ----------- ----------- -----------
QUARTER-TO-DATE
---------------
Diluted earnings per share $ 0.79 $ 0.69 $ 0.55 $ 0.49 $ 0.63
Cash dividends declared - per common share 0.24 0.23 0.23 0.22 0.22
Cash dividends declared - amount 1,695 1,632 1,630 1,562 1,564
Return on average stockholders' equity 12.17% 10.79% 8.55% 7.75% 10.16%
Return on average assets 1.18% 1.00% 0.77% 0.71% 0.93%
Net interest margin (FTE) 4.45% 4.14% 3.79% 3.81% 4.00%
FTE Adjustment 838 854 832 814 787
Amortization of intangibles 27 28 751 760 728
Amortization of intangibles, net of taxes 22 23 496 500 476
Average shares outstanding 7,064,307 7,089,268 7,085,897 7,100,229 7,086,745
Diluted shares outstanding 110,781 89,354 64,494 56,298 28,823
Shares repurchased 30,000 - 10,000 13,000 2,000
Average price of repurchased shares 32.65 - 32.00 33.82 23.64
Average earning assets 1,791,310 1,853,295 1,868,573 1,807,535 1,768,789
Interest bearing liabilities 1,516,618 1,582,811 1,607,386 1,555,849 1,519,525
YEAR-TO-DATE
------------
Diluted earnings per share $ 1.48 $ 0.69 $ 2.31 $ 1.76 $ 1.27
Cash dividends declared - per common share 0.47 0.23 0.88 0.65 0.43
Return on average stockholders' equity 11.49% 10.79% 9.23% 9.46% 10.36%
Return on average assets 1.09% 1.00% 0.84% 0.87% 0.95%
Net interest margin (FTE) 4.29% 4.14% 3.92% 3.96% 4.04%
FTE Adjustment 1,692 854 3,183 2,351 1,537
Amortization of intangibles 55 28 3,024 2,273 1,513
Amortization of intangibles, net of taxes 45 23 1,990 1,494 994
Average shares outstanding 7,076,718 7,089,268 7,098,401 7,102,615 7,103,827
Average earning assets 1,822,133 1,853,295 1,800,992 1,778,218 1,764,382
Interest bearing liabilities 1,549,532 1,582,811 1,550,939 1,531,917 1,520,817
END OF PERIOD
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Book value $ 26.75 $ 26.06 $ 25.7 $ 25.55 $ 25.15
Shares outstanding 7,062,120 7,091,200 7,087,185 7,090,075 7,101,045
Full-time equivalent employees 962 959 959 945 937
Total number of ATM's 60 61 62 62 59
Total number of branches 62 62 63 63 62
Parent company only - investment in subsidiaries 204,726 201,223 199,480 196,987 194,700
Parent company only - intangible assets 134 134 27 50 72
SIGNATURE
---------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SIMMONS FIRST NATIONAL CORPORATION
Date: July 18, 2002 /s/Barry L. Crow
-------------------------- ----------------------------------------
Barry L. Crow, Executive Vice President
and Chief Financial Officer