Exhibit 99.1
FOR IMMEDIATE RELEASE: |
January 22, 2015 |
SIMMONS FIRST ANNOUNCES 47% INCREASE IN CORE EARNINGS
Pine Bluff, AR – Simmons First National Corporation (NASDAQ-GS: SFNC) today announced record core earnings of $11.4 million for the fourth quarter of 2014, an increase of $3.6 million, or 47%, compared to the same quarter last year. Diluted core earnings per share were $0.64, an increase of $0.16. Core earnings exclude $1.2 million in net after-tax earnings. Adjusted for the non-core items, net income was $12.6 million for the fourth quarter of 2014, an increase of $8.9 million, or 234%, compared to the same quarter last year.
Year-to-date core earnings were $38.7 million, an increase of $11.1 million, or 40%, compared to 2013. Year-to-date diluted core earnings per share were $2.29, an increase of $0.60, or 36%. Year-to-date net income was $35.7 million, an increase of $12.5 million, or 54%, compared to 2013. Year-to-date diluted earnings per share were $2.11, an increase of $0.69, or 49%.
“We are pleased with our ability to integrate our acquisitions and continue to make good progress with our efficiency initiatives, both in revenue enhancement and in expense control,” commented George A. Makris, Jr., Chairman and CEO.
Loans
Total loans, including those acquired, were $2.7 billion at December 31, 2014, an increase of $333 million, or 13.8%, compared to the same period in 2013. Legacy loans (all loans excluding acquired loans) grew $311 million, or 17.9%. Acquired loans increased by $22 million, net of discounts.
Deposits
At December 31, 2014, total deposits were $3.9 billion, an increase of $163 million, or 4.4%, compared to the same period in 2013. Total non-time deposits totaled $2.9 billion, or 75% of total deposits.
Net Interest Income
The Company’s net interest income for the fourth quarter of 2014 was $47.4 million, an increase of $7.8 million, or 19.6%, from the same period of 2013. This increase was driven by growth in the legacy loan portfolio and earning assets acquired through the Metropolitan and Delta Trust transactions. Net interest margin was 4.65% for the quarter ended December 31, 2014, a 5 basis point decline from the same quarter of 2013. Included in interest income for both periods was the additional yield accretion recognized as a result of updated estimates of the cash flows of the acquired loans. Each quarter, the Company estimates the cash flows expected to be collected from the acquired loans, and adjustments may or may not be required. The cash flows estimate has increased based on payment histories and reduced loss expectations of the loans. This resulted in increased interest income recognized during the quarter on certain loans and interest income that is spread on a level-yield basis over the remaining expected lives of loan pools. The increases in expected cash flows also reduce the amount of expected reimbursements under the loss sharing agreements with the FDIC, which are recorded as indemnification assets.
P.O. BOX 7009 501 MAIN STREET PINE BLUFF, ARKANSAS 71611-7009 (870) 541-1000 www.simmonsfirst.com
The following information was filed by Simmons First National Corp (SFNC) on Thursday, January 22, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.