Exhibit 99.1

 

 

For Immediate Release: January 18, 2017

 

 

Simmons Reports Fourth Quarter Net Income of $27 Million

 

Pine Bluff, AR – Simmons First National Corp. (NASDAQ-GS: SFNC) today announced net income available to common shareholders of $27.0 million for the fourth quarter of 2016, an increase of $3.2 million, or 13.4 percent, compared with the same quarter last year. Diluted earnings per share were $0.85, an increase of $0.07, or 9.0 percent.

 

Included in fourth quarter 2016 results were $1.8 million in net after-tax merger-related and branch right-sizing costs. Excluding the impact of these items, core earnings were $28.8 million for the fourth quarter of 2016 and diluted core earnings per share were $0.91.

 

Year-to-date net income was $96.8 million, an increase of $22.7 million, or 30.6 percent, compared with the same period of 2015. Year-to-date diluted earnings per share were $3.13, an increase of $0.50, or 19.0 percent. Year-to-date core earnings were $101.4 million, or $3.28 diluted core earnings per share.

 

“We are very pleased with our results during the fourth quarter. Our associates are beginning to leverage our size and integrate more of our services in markets previously unserved,” said George A. Makris Jr., chairman and CEO. “We are excited about our future related to our previously announced mergers. Simmons Bank will enter new and very attractive markets as a result of the Bank SNB merger and will be able to expand in our current markets with the First South Bank merger. We look forward to significant growth from these mergers.”

 

Loans

 

Total loans, including those acquired, were $5.6 billion at Dec. 31, 2016, an increase of $714 million, or 14.5 percent, compared with the same period in 2016. Legacy loans (all loans excluding acquired loans) grew $1.1 billion, or 33.3 percent. On a linked quarter basis, total loan growth was $232 million, including a reduction in agricultural production loans of $53 million.

 

Deposits

 

At Dec. 31, 2016, total deposits were $6.7 billion, an increase of $649 million, or 10.7 percent, compared with the same period in 2015. Total non-time deposits were $5.4 billion, an increase of $682 million, or 14.3 percent, and comprised 81 percent of total deposits.

 

Net Interest Income

 

The company’s net interest income for the fourth quarter of 2016 was $74.3 million, an increase of $577,000, or 0.8 percent, from the same period of 2015. The net interest income was impacted by a $4.5 million decline in yield accretion on acquired loans. Included in interest income was the yield accretion recognized on acquired loans of $6.6 million and $11.1 million for the fourth quarter of 2016 and 2015, respectively. Net interest margin was 4.12 percent for the quarter ended Dec. 31, 2016, a 41 basis-point decline from the same quarter of 2015. The company’s core net interest margin, excluding the accretion, was 3.76 percent for the fourth quarter of 2016, an 11 basis-point decline from the same quarter of 2015.

 

P.O. BOX 7009 501 MAIN STREET PINE BLUFF, ARKANSAS 71611-7009 (870) 541-1000 www.simmonsbank.com

 

 

Provision for Loan Losses

 

Provision for loan losses for the fourth quarter of 2016 was $4.3 million, an increase of $1.1 million compared with the fourth quarter of 2015. The provision increase was necessary in order to maintain an appropriate allowance for loan losses for the company’s growing legacy loan portfolio.

 

Non-Interest Income

 

Non-interest income for the fourth quarter was $36.1 million, an increase of $7.5 million compared with the fourth quarter of 2015. The increase in non-interest income was due to additional mortgage lending, trust income, debit and credit card income.

 

Non-Interest Expense

 

Non-interest expense for the fourth quarter of 2016 was $66.7 million, a decrease of $1.1 million compared with the fourth quarter of 2015. Included in the quarter were $2.8 million of merger-related expenses. Salaries and benefits decreased by $5.7 million, or 14.5 percent, compared with the same quarter of 2015. This decrease was partially offset by increases in occupancy expenses and other operating expenses related to our recent acquisition and the restructuring of our compliance and risk areas in preparation for growth.

 

Asset Quality

 

All acquired loans are recorded at their discounted net present value; therefore, they are excluded from the computations of the asset quality ratios for the legacy loan portfolio, except for their inclusion in total assets.

 

At Dec. 31, 2016, the allowance for loan losses for legacy loans was $36.3 million. The company's allowance for loan losses on legacy loans at Dec. 31, 2016 was 0.84 percent of total loans and 92 percent of non-performing loans. In the legacy portfolio, non-performing loans as a percent of total loans were 0.91 percent.

 

The allowance for loan losses for acquired loans was $1.0 million and the acquired loan discount credit mark was $35.5 million. The allowances for loan losses and credit marks provide a total of $72.7 million of coverage, which equates to a total coverage ratio of 1.3 percent of gross loans. The ratio of credit mark and related allowance to acquired loans was 2.7 percent.

 

The 2016 year-to-date net charge-off ratio, excluding credit cards, was 35 basis points, and the year-to-date credit card charge-off ratio was 1.28 percent.

 

Capital

 

At Dec. 31, 2016, common stockholders' equity was $1.2 billion, book value per share was $36.80 and tangible book value per share was $23.97. The company's ratio of stockholders' equity to total assets was 13.7 percent and its ratio of tangible common equity to tangible assets was 9.4 percent.

 

Simmons First National Corporation

 

Simmons First National Corp. is a financial holding company, headquartered in Pine Bluff, Ark., with total assets of $8.4 billion conducting financial operations throughout Arkansas, Kansas, Missouri and Tennessee. The company through its subsidiaries offers comprehensive financial solutions delivered with a client-centric approach. The company’s common stock trades on the NASDAQ Global Select Market under the symbol “SFNC.”

 

 

  

 

Conference Call

 

Management will conduct a live conference call to review this information beginning at 11 a.m. CST on Thursday, Jan. 19, 2017. Interested persons can listen to this call by dialing toll-free 1-866-298-7926 (United States and Canada only) and asking for the Simmons First National Corp. conference call, conference ID 46453886. In addition, the call will be available live or in recorded version on the company’s website at www.simmonsbank.com.

 

Non-GAAP Financial Measures

 

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The company’s management uses these non-GAAP financial measures in their analysis of the company’s performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant non-core activities or nonrecurring transactions. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the company’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

 

Forward-Looking Statements

 

Statements in this news release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any forward-looking statement speaks only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after 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 Corp.’s financial results is included in its Form 10-K filing with the Securities and Exchange Commission.

 

####

 

FOR MORE INFORMATION CONTACT:

J. BURTON HICKS

SVP and Investor Relations Officer

Simmons First National Corporation

(870) 541-1000

  

 

Simmons First National Corporation              SFNC
Consolidated End of Period Balance Sheets               
For the Quarters Ended  Dec 31  Sep 30  Jun 30  Mar 31  Dec 31
(Unaudited)  2016  2016  2016  2016  2015
($ in thousands)               
ASSETS                         
Cash and non-interest bearing balances due from banks  $117,007   $112,572   $96,037   $118,468   $97,656 
Interest bearing balances due from banks   168,652    324,951    151,570    100,593    154,606 
Federal funds sold   -    17,000    3,000    4,000    - 
Cash and cash equivalents   285,659    454,523    250,607    223,061    252,262 
Interest bearing balances due from banks - time   4,563    4,393    9,781    11,188    14,107 
Investment securities - held-to-maturity   462,096    496,594    632,154    674,502    705,373 
Investment securities - available-for-sale   1,157,354    1,024,206    821,372    857,673    821,407 
Mortgage loans held for sale   27,788    28,069    30,529    24,563    30,265 
Assets held in trading accounts   41    2,969    7,321    7,074    4,422 
Loans:                         
Legacy loans   4,327,207    3,943,089    3,725,422    3,472,691    3,246,454 
Allowance for loan losses   (36,286)   (34,094)   (33,523)   (32,681)   (31,351)
Loans acquired (net of discount and allowance)   1,305,683    1,458,198    1,288,435    1,457,370    1,672,901 
Net loans   5,596,604    5,367,193    4,980,334    4,897,380    4,888,004 
Premises and equipment   199,359    192,523    183,362    192,327    193,618 
Premises held for sale   6,052    6,732    6,167    2,364    923 
Foreclosed assets   26,895    30,396    30,529    41,126    44,820 
Interest receivable   27,788    27,390    24,150    23,545    25,793 
Bank owned life insurance   138,620    138,298    130,943    130,092    131,536 
Goodwill   348,505    348,769    327,686    327,686    327,686 
Other intangible assets   52,959    54,268    50,329    51,783    53,237 
Other assets   65,773    50,669    48,955    72,589    66,205 
Total assets  $8,400,056   $8,226,992   $7,534,219   $7,536,953   $7,559,658 
                          
LIABILITIES AND STOCKHOLDERS' EQUITY                         
Deposits:                         
Non-interest bearing transaction accounts  $1,491,676   $1,473,420   $1,283,426   $1,274,816   $1,280,234 
Interest bearing transaction accounts and savings deposits   3,956,483    3,815,939    3,538,808    3,524,808    3,485,845 
Time deposits less than $100,000   686,780    653,105    643,081    674,915    694,262 
Time deposits greater than $100,000   600,280    674,917    562,888    605,236    625,755 
Total deposits   6,735,219    6,617,381    6,028,203    6,079,775    6,086,096 
Federal funds purchased and securities sold                         
under agreements to repurchase   115,029    124,289    103,038    97,429    99,398 
Other borrowings   273,159    215,276    191,827    176,829    162,289 
Subordinated debentures   60,397    60,290    60,184    60,077    60,570 
Accrued interest and other liabilities   65,141    62,615    60,256    50,859    74,450 
Total liabilities   7,248,945    7,079,851    6,443,508    6,464,969    6,482,803 
                          
Stockholders' equity:                         
Preferred stock   -    -    -    -    30,852 
Common stock   313    313    304    303    303 
Surplus   711,976    710,132    668,306    665,850    662,378 
Undivided profits   454,034    434,579    417,863    402,265    385,987 
Accumulated other comprehensive income (loss):                         
Unrealized appreciation (depreciation) on AFS securities   (15,212)   2,117    4,238    3,566    (2,665)
Total stockholders' equity   1,151,111    1,147,141    1,090,711    1,071,984    1,076,855 
Total liabilities and stockholders' equity  $8,400,056   $8,226,992   $7,534,219   $7,536,953   $7,559,658 

 

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Simmons First National Corporation              SFNC
Consolidated Statements of Income - Quarter-to-Date               
For the Quarters Ended  Dec 31  Sep 30  Jun 30  Mar 31  Dec 31
(Unaudited)  2016  2016  2016  2016  2015
($ in thousands, except per share data)               
 INTEREST INCOME                         
    Loans  $70,887   $65,078   $63,009   $66,678   $70,511 
    Federal funds sold   11    19    17    10    10 
    Investment securities   8,700    7,774    8,499    8,506    8,350 
    Mortgage loans held for sale   230    299    295    278    237 
    Assets held in trading accounts   3    4    3    6    6 
    Interest bearing balances due from banks   234    244    77    144    225 
            TOTAL INTEREST INCOME   80,065    73,418    71,900    75,622    79,339 
 INTEREST EXPENSE                         
    Time deposits   2,023    1,767    1,741    1,636    1,858 
    Other deposits   2,032    1,965    2,035    2,018    2,105 
    Federal funds purchased and securities                         
      sold under agreements to repurchase   90    59    59    65    60 
    Other borrowings   1,034    1,048    938    1,128    1,084 
    Subordinated debentures   558    516    544    543    481 
            TOTAL INTEREST EXPENSE   5,737    5,355    5,317    5,390    5,588 
 NET INTEREST INCOME   74,328    68,063    66,583    70,232    73,751 
    Provision for loan losses   4,332    8,294    4,616    2,823    3,230 
 NET INTEREST INCOME AFTER PROVISION                         
    FOR LOAN LOSSES   69,996    59,769    61,967    67,409    70,521 
 NON-INTEREST INCOME                         
    Trust income   4,282    3,873    3,656    3,631    2,725 
    Service charges on deposit accounts   8,666    8,771    7,661    7,316    8,104 
    Other service charges and fees   1,593    1,840    1,571    1,909    1,654 
    Mortgage lending income   7,013    5,760    5,877    3,792    2,298 
    Investment banking income   472    1,131    1,181    687    784 
    Debit and credit card fees   8,027    7,825    7,688    7,200    7,647 
    Bank owned life insurance income   895    606    826    997    614 
    Gain on sale of securities, net   1,445    315    3,759    329    305 
    Other income   3,722    6,755    4,669    3,642    4,518 
            TOTAL NON-INTEREST INCOME   36,115    36,876    36,888    29,503    28,649 
 NON-INTEREST EXPENSE                         
    Salaries and employee benefits   33,797    31,784    33,103    34,773    39,523 
    Occupancy expense, net   4,516    4,690    4,990    4,471    3,418 
    Furniture and equipment expense   4,387    4,272    4,077    3,947    3,731 
    Other real estate and foreclosure expense   679    1,849    967    966    1,167 
    Deposit insurance   89    1,136    1,096    1,148    1,222 
    Merger-related costs   2,846    1,524    372    93    1,237 
    Other operating expenses   20,411    17,179    19,532    16,391    17,508 
            TOTAL NON-INTEREST EXPENSE   66,725    62,434    64,137    61,789    67,806 
 NET INCOME BEFORE INCOME TAXES   39,386    34,211    34,718    35,123    31,364 
    Provision for income taxes   12,415    10,782    11,809    11,618    7,505 
 NET INCOME   26,971    23,429    22,909    23,505    23,859 
    Preferred stock dividends   -    -    -    24    77 
 NET INCOME AVAILABLE TO COMMON STOCKHOLDERS  $26,971   $23,429   $22,909   $23,481   $23,782 
 BASIC EARNINGS PER SHARE  $0.86   $0.77   $0.75   $0.77   $0.79 
 DILUTED EARNINGS PER SHARE  $0.85   $0.76   $0.75   $0.77   $0.78 

 

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Simmons First National Corporation           SFNC
Consolidated Risk-Based Capital               
For the Quarters Ended  Dec 31  Sep 30  Jun 30  Mar 31  Dec 31
(Unaudited)  2016  2016  2016  2016  2015
($ in thousands)               
Tier 1 capital                         
    Stockholders' equity  $1,151,111   $1,147,141   $1,090,711   $1,071,984   $1,076,855 
    Trust preferred securities, net allowable   60,397    60,290    60,184    60,077    60,570 
    Disallowed intangible assets, net of deferred tax   (354,028)   (354,582)   (334,395)   (335,166)   (331,931)
    Unrealized loss (gain) on AFS securities   15,212    (2,117)   (4,238)   (3,566)   2,665 
    Other   15    -    -    -    - 
       Total Tier 1 capital   872,707    850,732    812,262    793,329    808,159 
                          
Tier 2 capital                         
    Qualifying allowance for loan losses and                         
       reserve for unfunded commitments   40,241    38,050    37,240    36,398    35,068 
       Total Tier 2 capital   40,241    38,050    37,240    36,398    35,068 
       Total risk-based capital  $912,948   $888,782   $849,502   $829,727   $843,227 
                          
Common equity                         
    Tier 1 capital  $872,707   $850,732   $812,262   $793,329   $808,159 
    Less: Non-cumulative preferred stock   -    -    -    -    (30,852)
    Less: Trust preferred securities   (60,397)   (60,290)   (60,184)   (60,077)   (60,570)
       Total common equity  $812,310   $790,442   $752,078   $733,252   $716,737 
                          
 Risk weighted assets  $6,039,034   $5,724,052   $5,343,355   $5,293,395   $5,044,453 
                          
 Adjusted average assets for leverage ratio  $7,966,681   $7,355,702   $7,185,633   $7,167,839   $7,218,559 
                          
Ratios at end of quarter                         
    Equity to assets   13.70%   13.94%   14.48%   14.22%   14.24%
    Tangible common equity to tangible assets (1)   9.37%   9.51%   9.96%   9.68%   9.26%
    Common equity Tier 1 ratio (CET1)   13.45%   13.81%   14.08%   13.85%   14.21%
    Tier 1 leverage ratio   10.95%   11.57%   11.30%   11.07%   11.20%
    Tier 1 risk-based capital ratio   14.45%   14.86%   15.20%   14.99%   16.02%
    Total risk-based capital ratio   15.12%   15.53%   15.90%   15.67%   16.72%

 

(1) Calculations of tangible common equity to tangible assets and the reconciliations to GAAP are included in the schedules accompanying this release.

 

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Simmons First National Corporation           SFNC
Consolidated Loans and Investments               
For the Quarters Ended  Dec 31  Sep 30  Jun 30  Mar 31  Dec 31
(Unaudited)  2016  2016  2016  2016  2015
($ in thousands)               
Legacy Loan Portfolio - End of Period (1)                         
 Consumer                         
    Credit cards  $184,591   $175,032   $171,468   $167,803   $177,288 
    Other consumer   303,972    275,947    248,018    227,480    208,380 
 Total consumer   488,563    450,979    419,486    395,283    385,668 
 Real Estate                         
    Construction   336,759    304,082    330,666    300,042    279,740 
    Single-family residential   904,245    841,958    785,289    746,754    696,180 
    Other commercial   1,787,075    1,521,132    1,414,663    1,327,372    1,229,072 
 Total real estate   3,028,079    2,667,172    2,530,618    2,374,168    2,204,992 
 Commercial                         
    Commercial   639,525    607,738    577,771    551,695    500,116 
    Agricultural   150,378    203,529    187,047    143,033    148,563 
 Total commercial   789,903    811,267    764,818    694,728    648,679 
 Other   20,662    13,671    10,500    8,512    7,115 
 Total Loans  $4,327,207   $3,943,089   $3,725,422   $3,472,691   $3,246,454 
                          
(1) Excludes all acquired loans.                         
                          
Investment Securities - End of Period                         
 Held-to-Maturity                         
    U.S. Government agencies  $76,875   $80,849   $199,505   $223,484   $237,139 
    Mortgage-backed securities   19,773    21,454    22,612    23,734    24,774 
    State and political subdivisions   362,532    391,495    407,273    424,586    440,676 
    Other securities   2,916    2,796    2,765    2,698    2,784 
       Total held-to-maturity   462,096    496,594    632,155    674,502    705,373 
 Available-for-Sale                         
    U.S. Treasury  $300   $63,985   $4,305   $4,302   $3,994 
    U.S. Government agencies   137,771    148,781    58,113    78,308    120,237 
    Mortgage-backed securities   868,324    699,748    652,425    722,982    647,425 
    State and political subdivisions   102,943    67,019    64,836    11,260    9,874 
    FHLB stock   12,235    11,235    8,781    7,838    7,823 
    Other securities   35,781    33,438    32,911    32,983    32,054 
       Total available-for-sale   1,157,354    1,024,206    821,371    857,673    821,407 
       Total investment securities  $1,619,450   $1,520,800   $1,453,526   $1,532,175   $1,526,780 
       Fair value - HTM investment securities  $465,960   $508,910   $647,293   $686,835   $713,371 
                          
Investment Securities - QTD Average                         
 Taxable securities  $1,146,703   $963,150   $1,059,802   $1,067,302   $1,043,268 
 Tax exempt securities   467,757    466,782    443,492    439,370    463,631 
    Total investment securities - QTD average  $1,614,460   $1,429,932   $1,503,294   $1,506,672   $1,506,899 

 

Page 4 

  

 

Simmons First National Corporation              SFNC
Consolidated Loans and Credit Coverage               
For the Quarters Ended  Dec 31  Sep 30  Jun 30  Mar 31  Dec 31
(Unaudited)  2016  2016  2016  2016  2015
($ in thousands)               
 LOANS                         
 Legacy loans  $4,327,207   $3,943,089   $3,725,422   $3,472,691   $3,246,454 
 Allowance for loan losses (legacy loans)   (36,286)   (34,094)   (33,523)   (32,681)   (31,351)
 Legacy loans (net of allowance)   4,290,921    3,908,995    3,691,899    3,440,010    3,215,103 
 Loans acquired   1,342,099    1,502,051    1,327,683    1,503,482    1,729,557 
 Credit discount   (35,462)   (42,899)   (38,294)   (45,158)   (55,702)
 Allowance for loan losses (loans acquired)   (954)   (954)   (954)   (954)   (954)
 Loans acquired (net of discount and allowance)   1,305,683    1,458,198    1,288,435    1,457,370    1,672,901 
 Net loans  $5,596,604   $5,367,193   $4,980,334   $4,897,380   $4,888,004 
                          
                          
Loan Coverage Ratios                         
 Allowance for loan losses to legacy loans   0.84%   0.86%   0.90%   0.94%   0.97%
                          
 Discount for credit losses and allowance on loans acquired                         
   to total loans acquired plus discount for credit losses                         
   and allowance on loans acquired (non-GAAP) (1)   2.71%   2.92%   2.96%   3.07%   3.28%
                          
 Total allowance and credit coverage (non-GAAP) (1)   1.28%   1.43%   1.44%   1.58%   1.77%

 

(1) Calculations of the non-GAAP loan coverage ratios and the reconciliations to GAAP are included in the schedules accompanying this release.

 

Page 5 

  

 

Simmons First National Corporation           SFNC
Consolidated Allowance and Asset Quality               
For the Quarters Ended  Dec 31  Sep 30  Jun 30  Mar 31  Dec 31
(Unaudited)  2016  2016  2016  2016  2015
($ in thousands)               
Allowance for Loan Losses (Legacy Loans)                         
 Balance, beginning of quarter  $34,094   $33,523   $32,681   $31,351   $30,380 
 Loans charged off                         
    Credit cards   935    699    702    859    757 
    Other consumer   493    600    489    393    489 
    Real estate   167    6,297    824    229    845 
    Commercial   913    284    2,283    476    654 
       Total loans charged off   2,508    7,880    4,298    1,957    2,745 
                          
 Recoveries of loans previously charged off                         
    Credit cards   213    199    253    242    223 
    Other consumer   158    106    149    103    140 
    Real estate   73    55    111    112    120 
    Commercial   28    12    318    7    3 
       Total recoveries   472    372    831    464    486 
    Net loans charged off   2,036    7,508    3,467    1,493    2,259 
 Provision for loan losses   4,228    8,079    4,309    2,823    3,230 
 Balance, end of quarter  $36,286   $34,094   $33,523   $32,681   $31,351 
                          
Non-performing assets (1) (2)                         
 Non-performing loans                         
    Nonaccrual loans   39,104    37,392    43,305    34,244    17,714 
    Loans past due 90 days or more   299    144    227    881    1,191 
       Total non-performing loans   39,403    37,536    43,532    35,125    18,905 
 Other non-performing assets                         
   Foreclosed assets held for sale (2)   26,895    30,396    30,529    41,126    44,820 
    Other non-performing assets   471    621    519    256    211 
       Total other non-performing assets   27,366    31,017    31,048    41,382    45,031 
          Total non-performing assets  $66,769   $68,553   $74,580   $76,507   $63,936 
 Performing TDRs (troubled debt restructurings)  $10,998   $13,604   $10,887   $10,759   $3,031 
                          
Ratios (1) (2)                         
 Allowance for loan losses to total loans   0.84%   0.86%   0.90%   0.94%   0.97%
 Allowance for loan losses to non-performing loans   92%   91%   77%   93%   166%
 Non-performing loans to total loans   0.91%   0.95%   1.17%   1.01%   0.58%
 Non-performing assets (including performing TDRs)                         
   to total assets   0.93%   1.00%   1.13%   1.16%   0.89%
 Non-performing assets to total assets   0.79%   0.83%   0.99%   1.02%   0.85%
 Annualized net charge offs to total loans   0.20%   0.82%   0.39%   0.18%   0.31%
 Annualized net credit card charge offs to                         
   total credit card loans   1.66%   1.14%   1.07%   1.46%   1.22%
 Annualized net charge offs to total loans                         
   (excluding credit cards)   0.14%   0.81%   0.36%   0.11%   0.25%

 

 (1) Excludes all acquired loans, except for their inclusion in total assets.

 (2) Includes acquired foreclosed assets held for sale.

 

Page 6 

  

 

Simmons First National Corporation                       SFNC
Consolidated - Average Balance Sheet and Net Interest Income Analysis               
For the Quarters Ended                           
(Unaudited)                           
   Three Months Ended
Dec 2016
  Three Months Ended
Sep 2016
  Three Months Ended
Dec 2015
($ in thousands)  Average
Balance
  Income/
Expense
  Yield/
Rate
  Average
Balance
  Income/
Expense
  Yield/
Rate
  Average
Balance
  Income/
Expense
  Yield/
Rate
ASSETS                           
Earning assets:                                             
   Interest bearing balances due from banks  $243,396   $234    0.38%  $246,818   $244    0.39%  $247,930   $225    0.36%
   Federal funds sold   5,381    11    0.81%   6,431    19    1.18%   1,930    10    2.06%
   Investment securities - taxable   1,236,864    5,681    1.83%   1,038,437    4,775    1.83%   1,053,874    4,941    1.86%
   Investment securities - non-taxable (FTE)   377,596    4,959    5.22%   391,495    4,926    5.01%   453,025    5,570    4.88%
   Mortgage loans held for sale   23,307    230    3.93%   31,256    299    3.81%   21,294    237    4.42%
   Assets held in trading accounts   1,774    3    0.67%   5,108    4    0.31%   6,150    6    0.39%
   Loans, including acquired loans   5,484,918    70,941    5.15%   5,105,474    65,120    5.07%   4,868,283    70,535    5.75%
      Total interest earning assets (FTE)   7,373,236    82,059    4.43%   6,825,019    75,387    4.39%   6,652,486    81,524    4.86%
   Non-earning assets   935,222              878,818              898,083           
     Total assets  $8,308,458             $7,703,837             $7,550,569           
                                              
LIABILITIES AND STOCKHOLDERS' EQUITY                                             
Interest bearing liabilities:                                             
   Interest bearing transaction and                                             
     savings accounts  $3,895,367   $2,032    0.21%  $3,645,414   $1,965    0.21%  $3,442,857   $2,105    0.24%
   Time deposits   1,292,961    2,023    0.62%   1,213,895    1,767    0.58%   1,338,416    1,858    0.55%
      Total interest bearing deposits   5,188,328    4,055    0.31%   4,859,309    3,732    0.31%   4,781,273    3,963    0.33%
   Federal funds purchased and securities                                             
     sold under agreement to repurchase   124,323    90    0.29%   105,576    59    0.22%   108,389    60    0.22%
   Other borrowings   203,615    1,034    2.02%   192,453    1,048    2.17%   167,167    1,084    2.57%
   Subordinated debentures   60,345    558    3.68%   60,238    516    3.41%   61,697    481    3.09%
      Total interest bearing liabilities   5,576,611    5,737    0.41%   5,217,576    5,355    0.41%   5,118,526    5,588    0.43%
Non-interest bearing liabilities:                                             
   Non-interest bearing deposits   1,515,853              1,322,818              1,295,713           
   Other liabilities   59,061              49,191              73,768           
      Total liabilities   7,151,525              6,589,585              6,488,007           
Stockholders' equity   1,156,933              1,114,252              1,062,562           
      Total liabilities and stockholders' equity  $8,308,458             $7,703,837             $7,550,569           
Net interest income (FTE)       $76,322             $70,032             $75,936      
Net interest spread (FTE)             4.02%             3.98%             4.43%
Net interest margin (FTE) - quarter-to-date             4.12%             4.08%             4.53%
                                              
Net interest margin (FTE) - year-to-date             4.19%             4.21%             4.55%
                                              
Core net interest margin (FTE) - quarter-to-date (1)             3.76%             3.79%             3.87%
Core loan yield (FTE) - quarter-to-date (1)             4.67%             4.69%             4.84%
                                              
Core net interest margin (FTE) - year-to-date (1)             3.83%             3.86%             3.82%
Core loan yield (FTE) - year-to-date (1)             4.72%             4.75%             5.01%

 

(1) Calculations of core net interest margin and core loan yield and the reconciliations to GAAP are included in the schedules accompanying this release.

 

Page 7

  

 

Simmons First National Corporation           SFNC
Consolidated - Selected Financial Data               
For the Quarters Ended  Dec 31  Sep 30  Jun 30  Mar 31  Dec 31
(Unaudited)  2016  2016  2016  2016  2015
($ in thousands, except share data)               
QUARTER-TO-DATE                         
Financial Highlights - GAAP                         
 Net Income  $26,971   $23,429   $22,909   $23,481   $23,782 
 Diluted earnings per share   0.85    0.76    0.75    0.77    0.78 
 Return on average assets   1.29%   1.21%   1.22%   1.26%   1.25%
 Return on average common equity   9.27%   8.36%   8.48%   8.87%   9.15%
 Return on tangible common equity   14.71%   13.26%   13.52%   14.30%   14.62%
 Net interest margin (FTE)   4.12%   4.08%   4.14%   4.41%   4.53%
 FTE adjustment   1,994    1,969    1,675    2,084    2,185 
 Amortization of intangibles   1,533    1,503    1,451    1,455    1,337 
 Amortization of intangibles, net of taxes   932    913    882    884    813 
 Average diluted shares outstanding   31,592,713    30,843,714    30,452,285    30,481,604    30,301,190 
 Cash dividends declared per common share   0.24    0.24    0.24    0.24    0.23 
Financial Highlights - Core (non-GAAP)                         
 Core earnings (excludes non-core items) (1)  $28,751   $24,382   $25,091   $23,185   $25,913 
 Diluted core earnings per share (1)   0.91    0.79    0.82    0.76    0.86 
 Core net interest margin (FTE) (2)   3.76%   3.79%   3.86%   3.92%   3.87%
 Efficiency ratio (1)   55.47%   53.94%   57.33%   58.73%   59.26%
 Core return on average assets (1)   1.38%   1.26%   1.34%   1.24%   1.36%
 Core return on average common equity (1)   9.89%   8.71%   9.29%   8.75%   9.96%
 Core return on tangible common equity (1)   15.65%   13.78%   14.76%   14.13%   15.89%
YEAR-TO-DATE                         
Financial Highlights - GAAP                         
 Net Income  $96,790   $69,819   $46,390   $23,481   $74,107 
 Diluted earnings per share   3.13    2.28    1.52    0.77    2.63 
 Return on average assets   1.25%   1.23%   1.24%   1.26%   1.03%
 Return on average common equity   8.75%   8.57%   8.67%   8.87%   7.90%
 Return on tangible common equity   13.92%   13.68%   13.90%   14.30%   12.53%
 Net interest margin (FTE)   4.19%   4.21%   4.28%   4.41%   4.55%
 FTE adjustment   7,722    5,728    3,759    2,084    8,517 
 Amortization of intangibles   5,942    4,409    2,906    1,455    4,889 
 Amortization of intangibles, net of taxes   3,611    2,679    1,766    884    2,972 
 Average diluted shares outstanding   30,963,546    30,656,882    30,438,939    30,481,604    28,209,661 
 Cash dividends declared per common share   0.96    0.72    0.48    0.24    0.92 
Financial Highlights - Core (non-GAAP)                         
 Core earnings (excludes non-core items) (1)  $101,409   $72,658   $48,276   $23,185   $89,622 
 Diluted core earnings per share (1)   3.28    2.37    1.59    0.76    3.18 
 Core net interest margin (FTE) (2)   3.83%   3.86%   3.89%   3.92%   3.82%
 Efficiency ratio (1)   56.32%   56.62%   58.03%   58.73%   59.01%
 Core return on average assets (1)   1.31%   1.28%   1.29%   1.24%   1.25%
 Core return on average common equity (1)   9.17%   8.91%   9.02%   8.75%   9.55%
 Core return on tangible common equity (1)   14.56%   14.22%   14.45%   14.13%   15.05%
END OF PERIOD                         
 Book value per share  $36.80   $36.69   $35.86   $35.35   $34.55 
 Tangible book value per share   23.97    23.80    23.43    22.84    21.97 
 Shares outstanding   31,279,401    31,267,614    30,415,980    30,324,499    30,278,432 
 Full-time equivalent employees   1,875    1,985    1,880    1,931    1,946 
 Total number of ATM's   186    186    174    185    182 
 Total number of financial centers   150    150    140    149    149 

 

  (1) Core earnings exclude non-core items, which is a non-GAAP measurement. Reconciliations to GAAP are included in the schedules accompanying this release.

  (2) Excludes accretable yield adjustment on loans, which is a non-GAAP measurement. Reconciliations to GAAP are included in the schedules accompanying this release.

 

 Page 8 

  

 

Simmons First National Corporation           SFNC
Consolidated - Reconciliation of Core Earnings (non-GAAP)         
For the Quarters Ended  Dec 31  Sep 30  Jun 30  Mar 31  Dec 31
(Unaudited)  2016  2016  2016  2016  2015
($ in thousands, except per share data)               
QUARTER-TO-DATE                         
 Net Income  $26,971   $23,429   $22,909   $23,481   $23,782 
 Non-core items                         
Accelerated vesting on retirement agreements   -    -    -    -    2,209 
Gain from early retirement of trust preferred securities   -    -    -    (594)   - 
Merger-related costs   2,846    1,524    372    93    1,237 
Branch right-sizing   83    43    3,219    14    60 
Tax effect (1)   (1,149)   (614)   (1,409)   191    (1,375)
 Net non-core items   1,780    953    2,182    (296)   2,131 
 Core earnings (non-GAAP)  $28,751   $24,382   $25,091   $23,185   $25,913 
                          
 Diluted earnings per share  $0.85   $0.76   $0.75   $0.77   $0.78 
 Non-core items                         
Accelerated vesting on retirement agreements   -    -    -    -    0.08 
Gain from early retirement of trust preferred securities   -    -    -    (0.02)   - 
Merger-related costs   0.09    0.05    0.01    -    0.05 
Branch right-sizing   -    -    0.11    -    - 
Tax effect (1)   (0.03)   (0.02)   (0.05)   0.01    (0.05)
 Net non-core items   0.06    0.03    0.07    (0.01)   0.08 
 Core earnings (non-GAAP)  $0.91   $0.79   $0.82   $0.76   $0.86 
                          
YEAR-TO-DATE                         
 Net Income  $96,790   $69,819   $46,390   $23,481   $74,107 
 Non-core items                         
Accelerated vesting on retirement agreements   -    -    -    -    2,209 
Gain on sale of banking operations   -    -    -    -    (2,110)
Gain from early retirement of trust preferred securities   (594)   (594)   (594)   (594)   - 
Loss on FDIC loss-share termination   -    -    -    -    7,476 
Merger-related costs   4,835    1,989    465    93    13,760 
Branch right-sizing   3,359    3,276    3,233    14    3,144 
Tax effect (1)   (2,981)   (1,832)   (1,218)   191    (8,964)
 Net non-core items   4,619    2,839    1,886    (296)   15,515 
 Core earnings (non-GAAP)  $101,409   $72,658   $48,276   $23,185   $89,622 
                          
 Diluted earnings per share  $3.13   $2.28   $1.52   $0.77   $2.63 
 Non-core items                         
Accelerated vesting on retirement agreements   -    -    -    -    0.08 
Gain on sale of banking operations   -    -    -    -    (0.07)
Gain from early retirement of trust preferred securities   (0.02)   (0.02)   (0.02)   (0.02)   - 
Loss on FDIC loss-share termination   -    -    -    -    0.27 
Merger-related costs   0.16    0.06    0.02    -    0.49 
Branch right-sizing   0.11    0.11    0.11    -    0.11 
Tax effect (1)   (0.10)   (0.06)   (0.04)   0.01    (0.33)
 Net non-core items   0.15    0.09    0.07    (0.01)   0.55 
 Core earnings (non-GAAP)  $3.28   $2.37   $1.59   $0.76   $3.18 

 

 (1) Effective tax rate of 39.225%, adjusted for non-deductible merger-related costs.

 Page 9 

  

 

Simmons First National Corporation              SFNC
Reconciliation Of Non-GAAP Financial Measures - End of Period         
For the Quarters Ended               
(Unaudited)  Dec 31  Sept 30  Jun 30  Mar 31  Dec 31
   2016  2016  2016  2016  2015
($ in thousands, except per share data)               
                
Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets                         
                          
Total stockholders' equity  $1,151,111   $1,147,141   $1,090,711   $1,071,984   $1,076,855 
Preferred stock   -    -    -    -    (30,852)
Total common stockholders' equity   1,151,111    1,147,141    1,090,711    1,071,984    1,046,003 
Intangible assets:                         
   Goodwill   (348,505)   (348,769)   (327,686)   (327,686)   (327,686)
   Other intangible assets   (52,959)   (54,268)   (50,329)   (51,783)   (53,237)
Total intangibles   (401,464)   (403,037)   (378,015)   (379,469)   (380,923)
Tangible common stockholders' equity  $749,647   $744,104   $712,696   $692,515   $665,080 
                          
Total assets  $8,400,056   $8,226,992   $7,534,219   $7,536,953   $7,559,658 
Intangible assets:                         
   Goodwill   (348,505)   (348,769)   (327,686)   (327,686)   (327,686)
   Other intangible assets   (52,959)   (54,268)   (50,329)   (51,783)   (53,237)
Total intangibles   (401,464)   (403,037)   (378,015)   (379,469)   (380,923)
Tangible assets  $7,998,592   $7,823,955   $7,156,204   $7,157,484   $7,178,735 
                          
Ratio of equity to assets   13.70%   13.94%   14.48%   14.22%   14.24%
Ratio of tangible common equity to tangible assets   9.37%   9.51%   9.96%   9.68%   9.26%
                          
Calculation of Discount for credit losses and allowance on loans acquired to total loans acquired plus                         
      discount for credit losses and allowance on loans acquired                         
                          
Credit discount on acquired loans  $35,462   $42,899   $38,294   $45,158   $55,702 
Allowance for loan losses on acquired loans   954    954    954    954    954 
Total credit discount and ALLL on acquired loans  $36,416   $43,853   $39,248   $46,112   $56,656 
Total loans acquired  $1,342,099   $1,502,051   $1,327,683   $1,503,482   $1,729,557 
Discount and ALLL on acquired loans to acquired loans   2.71%   2.92%   2.96%   3.07%   3.28%
                          
Calculation of Total Allowance and Credit Coverage                         
                          
Allowance for loan losses  $36,286   $34,094   $33,523   $32,681   $31,351 
Total credit discount and ALLL on acquired loans   36,416    43,853    39,248    46,112    56,656 
Total allowance and credit discount  $72,702   $77,947   $72,771   $78,793   $88,007 
Total loans  $5,669,306   $5,445,140   $5,053,105   $4,976,173   $4,976,011 
Total allowance and credit coverage   1.28%   1.43%   1.44%   1.58%   1.77%
                          
Calculation of Tangible Book Value per Share                         
                          
Total common stockholders' equity  $1,151,111   $1,147,141   $1,090,711   $1,071,984   $1,046,003 
Intangible assets:                         
   Goodwill   (348,505)   (348,769)   (327,686)   (327,686)   (327,686)
   Other intangible assets   (52,959)   (54,268)   (50,329)   (51,783)   (53,237)
Total intangibles   (401,464)   (403,037)   (378,015)   (379,469)   (380,923)
Tangible common stockholders' equity  $749,647   $744,104   $712,696   $692,515   $665,080 
Shares of common stock outstanding   31,279,401    31,267,614    30,415,980    30,324,499    30,278,432 
Book value per common share  $36.80   $36.69   $35.86   $35.35   $34.55 
Tangible book value per common share  $23.97   $23.80   $23.43   $22.84   $21.97 

 

 Page 10 

  

 

Simmons First National Corporation              SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date         
For the Quarters Ended               
(Unaudited)  Dec 31  Sept 30  Jun 30  Mar 31  Dec 31
   2016  2016  2016  2016  2015
($ in thousands)               
Calculation of Core Return on Average Assets                         
                          
Net income available to common stockholders  $26,971   $23,429   $22,909   $23,481   $23,782 
Net non-core items, net of taxes, adjustment   1,780    953    2,182    (296)   2,131 
Core earnings  $28,751   $24,382   $25,091   $23,185   $25,913 
                          
Average total assets  $8,308,458   $7,703,837   $7,522,133   $7,499,185   $7,550,569 
                          
Return on average assets   1.29%   1.21%   1.22%   1.26%   1.25%
Core return on average assets   1.38%   1.26%   1.34%   1.24%   1.36%
                          
Calculation of Return on Tangible Common Equity                         
                          
Net income available to common stockholders  $26,971   $23,429   $22,909   $23,481   $23,782 
Amortization of intangibles, net of taxes   932    913    882    884    813 
Total income available to common stockholders  $27,903   $24,342   $23,791   $24,365   $24,595 
                          
Net non-core items, net of taxes   1,780    953    2,182    (296)   2,131 
Core earnings   28,751    24,382    25,091    23,185    25,913 
Amortization of intangibles, net of taxes   932    913    882    884    813 
Total core income available to common stockholders  $29,683   $25,295   $25,973   $24,069   $26,726 
                          
Average common stockholders' equity  $1,156,933   $1,114,252   $1,086,618   $1,065,296   $1,031,710 
Average intangible assets:                         
   Goodwill   (348,597)   (332,893)   (327,686)   (327,686)   (320,216)
   Other intangibles   (53,646)   (50,893)   (51,043)   (52,498)   (44,302)
Total average intangibles   (402,243)   (383,786)   (378,729)   (380,184)   (364,518)
Average tangible common stockholders' equity  $754,690   $730,466   $707,889   $685,112   $667,192 
                          
Return on average common equity   9.27%   8.36%   8.48%   8.87%   9.15%
Return on tangible common equity   14.71%   13.26%   13.52%   14.30%   14.62%
Core return on average common equity   9.89%   8.71%   9.29%   8.75%   9.96%
Core return on tangible common equity   15.65%   13.78%   14.76%   14.13%   15.89%
                          
Calculation of Efficiency Ratio (1)                         
                          
Non-interest expense  $66,725   $62,434   $64,137   $61,789   $67,806 
Non-core non-interest expense adjustment   (2,995)   (1,742)   (3,591)   (107)   (3,506)
Other real estate and foreclosure expense adjustment   (669)   (1,787)   (967)   (966)   (1,167)
Amortization of intangibles adjustment   (1,533)   (1,503)   (1,451)   (1,455)   (1,337)
Efficiency ratio numerator  $61,528   $57,402   $58,128   $59,261   $61,796 
                          
Net-interest income  $74,328   $68,063   $66,583   $70,232   $73,751 
Non-interest income   36,115    36,876    36,888    29,503    28,649 
Non-core non-interest income adjustment   (66)   (175)   -    (594)   - 
Fully tax-equivalent adjustment   1,994    1,969    1,675    2,084    2,185 
(Gain) loss on sale of securities   (1,445)   (315)   (3,759)   (329)   (305)
Efficiency ratio denominator  $110,926   $106,418   $101,387   $100,896   $104,280 
                          
Efficiency ratio (1)   55.47%   53.94%   57.33%   58.73%   59.26%
                          
Calculation of Core Net Interest Margin                         
                          
Net interest income  $74,328   $68,063   $66,583   $70,232   $73,751 
Fully tax-equivalent adjustment   1,994    1,969    1,675    2,084    2,185 
Fully tax-equivalent net interest income   76,322    70,032    68,258    72,316    75,936 
                          
Total accretable yield   (6,552)   (4,928)   (4,700)   (8,077)   (11,076)
Core net interest income  $69,770   $65,104   $63,558   $64,239   $64,860 
Average earning assets  $7,373,236   $6,825,019   $6,625,642   $6,597,389   $6,652,486 
                          
Net interest margin   4.12%   4.08%   4.14%   4.41%   4.53%
Core net interest margin   3.76%   3.79%   3.86%   3.92%   3.87%
                          
Calculation of Core Loan Yield                         
                          
Loan interest income  $70,887   $65,078   $63,009   $66,678   $70,511 
Total accretable yield   (6,552)   (4,928)   (4,700)   (8,077)   (11,076)
Core loan interest income  $64,335   $60,150   $58,309   $58,601   $59,435 
Average loan balance  $5,484,918   $5,105,474   $4,957,888   $4,889,685   $4,868,283 
                          
Core loan yield   4.67%   4.69%   4.73%   4.82%   4.84%

 

(1) Efficiency ratio is noninterest expense before foreclosed property expense and amortization of intangibles as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and non-core items.

 

Page 11 

  

 

Simmons First National Corporation              SFNC
Reconciliation Of Non-GAAP Financial Measures - Year-to-Date            
For the Quarters Ended               
(Unaudited)  Dec 31  Sept 30  Jun 30  Mar 31  Dec 31
   2016  2016  2016  2016  2015
($ in thousands)               
Calculation of Core Return on Average Assets                         
                          
Net income available to common stockholders  $96,790   $69,819   $46,390   $23,481   $74,107 
Net non-core items, net of taxes, adjustment   4,619    2,839    1,886    (296)   15,515 
Core earnings  $101,409   $72,658   $48,276   $23,185   $89,622 
                          
Average total assets  $7,760,233   $7,575,053   $7,510,657   $7,499,185   $7,164,788 
                          
Return on average assets   1.25%   1.23%   1.24%   1.26%   1.03%
Core return on average assets   1.31%   1.28%   1.29%   1.24%   1.25%
                          
Calculation of Return on Tangible Common Equity                         
                          
Net income available to common stockholders  $96,790   $69,819   $46,390   $23,481   $74,107 
Amortization of intangibles, net of taxes   3,611    2,679    1,766    884    2,972 
Total income available to common stockholders  $100,401   $72,498   $48,156   $24,365   $77,079 
                          
Net non-core items, net of taxes   4,619    2,839    1,886    (296)   15,515 
Core earnings   101,409    72,658    48,276    23,185    89,622 
Amortization of intangibles, net of taxes   3,611    2,679    1,766    884    2,972 
Total core income available to common stockholders  $105,020   $75,337   $50,042   $24,069   $92,594 
                          
Average common stockholders' equity  $1,105,775   $1,088,723   $1,075,957   $1,065,296   $938,521 
Average intangible assets:                         
   Goodwill   (332,974)   (329,422)   (327,686)   (327,686)   (281,133)
   Other intangibles   (51,710)   (51,478)   (51,771)   (52,498)   (42,104)
Total average intangibles   (384,684)   (380,900)   (379,457)   (380,184)   (323,237)
Average tangible common stockholders' equity  $721,091   $707,823   $696,500   $685,112   $615,284 
                          
Return on average common equity   8.75%   8.57%   8.67%   8.87%   7.90%
Return on tangible common equity   13.92%   13.68%   13.90%   14.30%   12.53%
Core return on average common equity   9.17%   8.91%   9.02%   8.75%   9.55%
Core return on tangible common equity   14.56%   14.22%   14.45%   14.13%   15.05%
                          
Calculation of Efficiency Ratio (1)                         
                          
Non-interest expense  $255,085   $188,360   $125,931   $61,789   $256,970 
Non-core non-interest expense adjustment   (8,435)   (5,440)   (3,698)   (107)   (18,747)
Other real estate and foreclosure expense adjustment   (4,389)   (3,720)   (1,934)   (966)   (4,861)
Amortization of intangibles adjustment   (5,942)   (4,409)   (2,906)   (1,455)   (4,889)
Efficiency ratio numerator  $236,319   $174,791   $117,393   $59,261   $228,473 
                          
Net-interest income  $279,206   $204,878   $136,814   $70,232   $278,595 
Non-interest income   139,382    103,267    66,397    29,503    94,661 
Non-core non-interest income adjustment   (835)   (769)   (594)   (594)   5,731 
Fully tax-equivalent adjustment   7,722    5,728    3,759    2,084    8,517 
(Gain) loss on sale of securities   (5,848)   (4,403)   (4,088)   (329)   (307)
Efficiency ratio denominator  $419,627   $308,701   $202,288   $100,896   $387,197 
                          
Efficiency ratio (1)   56.32%   56.62%   58.03%   58.73%   59.01%
                          
Calculation of Core Net Interest Margin                         
                          
Net interest income  $279,206   $204,878   $136,814   $70,232   $278,595 
Fully tax-equivalent adjustment   7,722    5,728    3,759    2,084    8,517 
Fully tax-equivalent net interest income   286,928    210,606    140,573    72,316    287,112 
                          
Total accretable yield   (24,257)   (17,705)   (12,777)   (8,077)   (46,131)
Core net interest income  $262,671   $192,901   $127,796   $64,239   $240,981 
Average earning assets  $6,855,322   $6,682,683   $6,611,516   $6,597,389   $6,305,966 
                          
Net interest margin   4.19%   4.21%   4.28%   4.41%   4.55%
Core net interest margin   3.83%   3.86%   3.89%   3.92%   3.82%
                          
Calculation of Core Loan Yield                         
                          
Loan interest income  $265,652   $194,765   $129,688   $66,678   $268,367 
Total accretable yield   (24,257)   (17,705)   (12,777)   (8,077)   (46,131)
Core loan interest income  $241,395   $177,060   $116,911   $58,601   $222,236 
Average loan balance  $5,109,492   $4,984,349   $4,923,787   $4,889,685   $4,434,074 
                          
Core loan yield   4.72%   4.75%   4.77%   4.82%   5.01%

 

(1) Efficiency ratio is noninterest expense before foreclosed property expense and amortization of intangibles as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and non-core items.

 

 Page 12 


The following information was filed by Simmons First National Corp (SFNC) on Thursday, January 19, 2017 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.

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