Exhibit 99.1

 

 

 

For Immediate Release:   April 19, 2017

 

Simmons Reports First Quarter Net Income of $22 Million

 

Pine Bluff, AR – Simmons First National Corp. (NASDAQ-GS: SFNC) today announced net income available to common shareholders of $22.1 million for the first quarter of 2017, a decrease of $1.4 million compared with the same quarter last year. Diluted earnings per share were $0.70, a decrease of $0.07.

 

Included in first quarter 2017 results were $412,000 in net after-tax merger-related and branch right-sizing costs. Excluding the impact of these items, core earnings were $22.5 million for the quarter and diluted core earnings per share were $0.71.

 

“We are satisfied with our operating results during the first quarter,” said George A. Makris Jr., chairman and CEO. “We continue to experience excellent loan growth throughout our market. While our core expense control remains relatively stable, our non-interest income experienced some usual seasonal declines along with a softer mortgage market during the first quarter. As we prepare for the $10 billion asset threshold, we have managed to offset most of our increases in audit and regulatory affairs expenses with economies gained because of our size and scale.

 

“We are excited about our previously announced mergers. As we have indicated, Simmons Bank will enter new and very attractive markets as a result of the Bank SNB and Southwest Bank mergers and will be able to expand in our current markets with the First South Bank merger. We look forward to closing these mergers and integrating these new markets.”

 

Loans

 

Total loans, including those acquired, were $5.8 billion at March 31, 2017, an increase of $847 million, or 17.2 percent, compared with the same period in 2016. Legacy loans (all loans excluding acquired loans) grew $1.2 billion, or 33.4 percent. On a linked quarter basis, total loan growth was $144 million, including a seasonal reduction in credit card and agricultural production loans of $22.5 million.

 

Deposits

 

At March 31, 2017, total deposits were $6.8 billion, an increase of $709 million, or 11.7 percent, compared with the same period in 2016. Total non-time deposits were $5.5 billion, an increase of $743 million, or 15.5 percent, and comprised 82 percent of total deposits.

 

Net Interest Income

 

The company’s net interest income for the first quarter of 2017 was $72.4 million, an increase of $2.1 million, or 3.1 percent, from the same period of 2016. The net interest income was negatively impacted by a $3.7 million decline in yield accretion on acquired loans. Included in interest income was the yield accretion recognized on acquired loans of $4.4 million and $8.1 million for the first quarter of 2017 and 2016, respectively. Net interest margin was 4.04 percent for the quarter ended March 31, 2017, a 37 basis-point decline from the same quarter of 2016. The company’s core net interest margin, excluding the accretion, was 3.80 percent for the first quarter of 2017, a 12 basis-point decline from the same quarter of 2016.

 

 

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 first quarter of 2017 was $4.3 million, an increase of $1.5 million compared with the first quarter of 2016. 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 first quarter was $30.1 million, an increase of $557,000 compared with the first quarter of 2016. The increase in non-interest income was due to additional trust income, service charge income, debit and credit card income resulting from internal growth and as a result of our most recent acquisition.

 

Non-Interest Expense

 

Non-interest expense for the first quarter of 2017 was $66.3 million, an increase of $4.5 million compared with the first quarter of 2016. Included in the quarter were $678,000 of merger-related expenses and branch rightsizing costs. Increases in occupancy expenses and other operating expenses are related to our most recent acquisition. The increases in professional services are related to the continued preparations for crossing the $10 billion asset threshold as a result of closing our three pending acquisitions.

 

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 March 31, 2017, the allowance for loan losses for legacy loans was $37.9 million. The company's allowance for loan losses on legacy loans at March 31, 2017 was 0.82 percent of total loans and 71 percent of non-performing loans. In the legacy portfolio, non-performing loans as a percent of total loans were 1.15 percent.

 

The allowance for loan losses for acquired loans was $435,000 and the acquired loan discount credit mark was $28.9 million. The allowances for loan losses and credit marks provide a total of $67.2 million of coverage, which equates to a total coverage ratio of 1.2 percent of gross loans. The ratio of credit mark and related allowance to acquired loans was 2.5 percent.

 

The 2017 annualized net charge-off ratio was 18 basis points. Excluding credit cards, the net charge-off ratio was 11 basis points.

 

“In February, we executed a sale of 11 substandard loans, which were primarily acquired loans, with a net principal balance of $11 million,” Makris said. “We recognized a loss of $676,000 on this sale. We continually explore options to manage the problem assets remaining from the acquired FDIC and Metropolitan portfolios as well as options to further reduce problem loans and expect to execute additional sales of assets.”

 

Capital

 

At March 31, 2017, common stockholders' equity was $1.2 billion, book value per share was $37.30 and tangible book value per share was $24.51. The company's ratio of stockholders' equity to total assets was 13.6 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 $8.6 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. CDT on Thursday, Apr. 20, 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 2974437. 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:

DAVID W. GARNER

EVP 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  Mar 31  Dec 31  Sep 30  Jun 30  Mar 31
(Unaudited)  2017  2016  2016  2016  2016
($ in thousands)               
ASSETS                         
Cash and non-interest bearing balances due from banks  $103,875   $117,007   $112,572   $96,037   $118,468 
Interest bearing balances due from banks   201,406    168,652    324,951    151,570    100,593 
Federal funds sold   -    -    17,000    3,000    4,000 
Cash and cash equivalents   305,281    285,659    454,523    250,607    223,061 
Interest bearing balances due from banks - time   4,563    4,563    4,393    9,781    11,188 
Investment securities - held-to-maturity   431,176    462,096    496,594    632,154    674,502 
Investment securities - available-for-sale   1,257,813    1,157,354    1,024,206    821,372    857,673 
Mortgage loans held for sale   9,754    27,788    28,069    30,529    24,563 
Assets held in trading accounts   55    41    2,969    7,321    7,074 
Loans:                         
Legacy loans   4,632,905    4,327,207    3,943,089    3,725,422    3,472,691 
Allowance for loan losses   (37,865)   (36,286)   (34,094)   (33,523)   (32,681)
Loans acquired (net of discount and allowance)                         
Net loans   5,739,331    5,596,604    5,367,193    4,980,334    4,897,380 
Premises and equipment   221,880    199,359    192,523    183,362    192,327 
Premises held for sale   4,611    6,052    6,732    6,167    2,364 
Foreclosed assets   26,421    26,895    30,396    30,529    41,126 
Interest receivable   26,089    27,788    27,390    24,150    23,545 
Bank owned life insurance   139,439    138,620    138,298    130,943    130,092 
Goodwill   350,035    348,505    348,769    327,686    327,686 
Other intangible assets   51,408    52,959    54,268    50,329    51,783 
Other assets   58,782    65,773    50,669    48,955    72,589 
Total assets  $8,626,638   $8,400,056   $8,226,992   $7,534,219   $7,536,953 
                          
LIABILITIES AND STOCKHOLDERS' EQUITY                         
Deposits:                         
Non-interest bearing transaction accounts  $1,554,675   $1,491,676   $1,473,420   $1,283,426   $1,274,816 
Interest bearing transaction accounts and savings deposits   3,987,730    3,956,483    3,815,939    3,538,808    3,524,808 
Time deposits less than $100,000   653,538    686,780    653,105    643,081    674,915 
Time deposits greater than $100,000   592,345    600,280    674,917    562,888    605,236 
Total deposits   6,788,288    6,735,219    6,617,381    6,028,203    6,079,775 
Federal funds purchased and securities sold                         
under agreements to repurchase   110,007    115,029    124,289    103,038    97,429 
Other borrowings   441,074    273,159    215,276    191,827    176,829 
Subordinated debentures   60,503    60,397    60,290    60,184    60,077 
Accrued interest and other liabilities   55,877    65,141    62,615    60,256    50,859 
Total liabilities   7,455,749    7,248,945    7,079,851    6,443,508    6,464,969 
                          
Stockholders' equity:                         
Preferred stock   -    -    -    -    - 
Common stock   314    313    313    304    303 
Surplus   716,564    711,976    710,132    668,306    665,850 
Undivided profits   468,309    454,034    434,579    417,863    402,265 
Accumulated other comprehensive income (loss):                         
Unrealized appreciation (depreciation) on AFS securities   (14,298)   (15,212)   2,117    4,238    3,566 
Total stockholders' equity   1,170,889    1,151,111    1,147,141    1,090,711    1,071,984 
Total liabilities and stockholders' equity  $8,626,638   $8,400,056   $8,226,992   $7,534,219   $7,536,953 

 

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Simmons First National Corporation  SFNC
Consolidated Statements of Income - Quarter-to-Date   
For the Quarters Ended  Mar 31  Dec 31  Sep 30  Jun 30  Mar 31
(Unaudited)  2017  2016  2016  2016  2016
($ in thousands, except per share data)               
INTEREST INCOME                         
Loans  $68,728   $70,887   $65,078   $63,009   $66,678 
Federal funds sold   5    11    19    17    10 
Investment securities   9,451    8,700    7,774    8,499    8,506 
Mortgage loans held for sale   126    230    299    295    278 
Assets held in trading accounts   -    3    4    3    6 
Interest bearing balances due from banks   117    234    244    77    144 
TOTAL INTEREST INCOME   78,427    80,065    73,418    71,900    75,622 
INTEREST EXPENSE                         
Time deposits   2,015    2,023    1,767    1,741    1,636 
Other deposits   2,189    2,032    1,965    2,035    2,018 
Federal funds purchased and securities                         
sold under agreements to repurchase   75    90    59    59    65 
Other borrowings   1,194    1,034    1,048    938    1,128 
Subordinated debentures   574    558    516    544    543 
TOTAL INTEREST EXPENSE   6,047    5,737    5,355    5,317    5,390 
NET INTEREST INCOME   72,380    74,328    68,063    66,583    70,232 
Provision for loan losses   4,307    4,332    8,294    4,616    2,823 
NET INTEREST INCOME AFTER PROVISION                         
FOR LOAN LOSSES   68,073    69,996    59,769    61,967    67,409 
NON-INTEREST INCOME                         
Trust income   4,212    4,282    3,873    3,656    3,631 
Service charges on deposit accounts   8,102    8,666    8,771    7,661    7,316 
Other service charges and fees   2,197    4,026    3,261    2,718    2,867 
Mortgage and SBA lending income   2,423    4,580    4,339    4,730    2,834 
Investment banking income   690    472    1,131    1,181    687 
Debit and credit card fees   7,934    8,027    7,825    7,688    7,200 
Bank owned life insurance income   818    895    606    826    997 
Gain on sale of securities, net   63    1,445    315    3,759    329 
Other income   3,621    3,722    6,755    4,669    3,642 
TOTAL NON-INTEREST INCOME   30,060    36,115    36,876    36,888    29,503 
NON-INTEREST EXPENSE                         
Salaries and employee benefits   35,536    33,797    31,784    33,103    34,773 
Occupancy expense, net   4,663    4,516    4,690    4,990    4,471 
Furniture and equipment expense   4,443    4,387    4,272    4,077    3,947 
Other real estate and foreclosure expense   589    679    1,849    967    966 
Deposit insurance   680    89    1,136    1,096    1,148 
Merger-related costs   524    2,846    1,524    372    93 
Other operating expenses   19,887    20,411    17,179    19,532    16,391 
TOTAL NON-INTEREST EXPENSE   66,322    66,725    62,434    64,137    61,789 
NET INCOME BEFORE INCOME TAXES   31,811    39,386    34,211    34,718    35,123 
Provision for income taxes   9,691    12,415    10,782    11,809    11,618 
NET INCOME   22,120    26,971    23,429    22,909    23,505 
Preferred stock dividends   -    -    -    -    24 
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS  $22,120   $26,971   $23,429   $22,909   $23,481 
BASIC EARNINGS PER SHARE  $0.71   $0.86   $0.77   $0.75   $0.77 
DILUTED EARNINGS PER SHARE  $0.70   $0.85   $0.76   $0.75   $0.77 

 

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Simmons First National Corporation  SFNC
Consolidated Risk-Based Capital   
For the Quarters Ended  Mar 31  Dec 31  Sep 30  Jun 30  Mar 31
(Unaudited)  2017  2016  2016  2016  2016
($ in thousands)               
Tier 1 capital                         
Stockholders' equity  $1,170,889   $1,151,111   $1,147,141   $1,090,711   $1,071,984 
Trust preferred securities, net allowable   60,503    60,397    60,290    60,184    60,077 
Disallowed intangible assets, net of deferred tax   (361,944)   (354,028)   (354,582)   (334,395)   (335,166)
Unrealized loss (gain) on AFS securities   14,298    15,212    (2,117)   (4,238)   (3,566)
Other   -    15    -    -    - 
Total Tier 1 capital   883,746    872,707    850,732    812,262    793,329 
                          
Tier 2 capital                         
Qualifying allowance for loan losses and                         
reserve for unfunded commitments   41,303    40,241    38,050    37,240    36,398 
Total Tier 2 capital   41,305    40,241    38,050    37,240    36,398 
Total risk-based capital  $925,051   $912,948   $888,782   $849,502   $829,727 
                          
Common equity                         
Tier 1 capital  $883,746   $872,707   $850,732   $812,262   $793,329 
Less: Trust preferred securities   (60,503)   (60,397)   (60,290)   (60,184)   (60,077)
Total common equity  $823,243   $812,310   $790,442   $752,078   $733,252 
                          
Risk weighted assets  $6,425,150   $6,039,034   $5,724,052   $5,343,355   $5,293,395 
                          
Adjusted average assets for leverage ratio  $8,076,525   $7,966,681   $7,355,702   $7,185,633   $7,167,839 
                          
Ratios at end of quarter                         
Equity to assets   13.57%   13.70%   13.94%   14.48%   14.22%
Tangible common equity to tangible assets (1)   9.35%   9.37%   9.51%   9.96%   9.68%
Common equity Tier 1 ratio (CET1)   12.81%   13.45%   13.81%   14.08%   13.85%
Tier 1 leverage ratio   10.94%   10.95%   11.57%   11.30%   11.07%
Tier 1 risk-based capital ratio   13.75%   14.45%   14.86%   15.20%   14.99%
Total risk-based capital ratio   14.40%   15.12%   15.53%   15.90%   15.67%

 

(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  Mar 31  Dec 31  Sep 30  Jun 30  Mar 31
(Unaudited)  2017  2016  2016  2016  2016
($ in thousands)               
Legacy Loan Portfolio - End of Period (1)                         
Consumer                         
Credit cards  $171,947   $184,591   $175,032   $171,468   $167,803 
Other consumer   349,200    303,972    275,947    248,018    227,480 
Total consumer   521,147    488,563    450,979    419,486    395,283 
Real Estate                         
Construction   365,051    336,759    304,082    330,666    300,042 
Single-family residential   957,717    904,245    841,958    785,289    746,754 
Other commercial   1,959,677    1,787,075    1,521,132    1,414,663    1,327,372 
Total real estate   3,282,445    3,028,079    2,667,172    2,530,618    2,374,168 
Commercial                         
Commercial   657,606    639,525    607,738    577,771    551,695 
Agricultural   141,125    150,378    203,529    187,047    143,033 
Total commercial   798,731    789,903    811,267    764,818    694,728 
Other   30,582    20,662    13,671    10,500    8,512 
Total Loans  $4,632,905   $4,327,207   $3,943,089   $3,725,422   $3,472,691 
                          
(1) Excludes all acquired loans.                         
                          
Investment Securities - End of Period                         
Held-to-Maturity                         
U.S. Government agencies  $68,895   $76,875   $80,849   $199,505   $223,484 
Mortgage-backed securities   18,743    19,773    21,454    22,612    23,734 
State and political subdivisions   341,854    362,532    391,495    407,273    424,586 
Other securities   1,684    2,916    2,796    2,765    2,698 
Total held-to-maturity   431,176    462,096    496,594    632,155    674,502 
Available-for-Sale                         
U.S. Treasury  $-   $300   $63,985   $4,305   $4,302 
U.S. Government agencies   142,356    137,771    148,781    58,113    78,308 
Mortgage-backed securities   927,277    868,324    699,748    652,425    722,982 
State and political subdivisions   130,747    102,943    67,019    64,836    11,260 
FHLB stock   19,149    12,235    11,235    8,781    7,838 
Other securities   38,285    35,781    33,438    32,911    32,983 
Total available-for-sale   1,257,814    1,157,354    1,024,206    821,371    857,673 
Total investment securities  $1,688,990   $1,619,450   $1,520,800   $1,453,526   $1,532,175 
Fair value - HTM investment securities  $435,701   $465,960   $508,910   $647,293   $686,835 
                          
Investment Securities - QTD Average                         
Taxable securities  $1,185,794   $1,146,703   $963,150   $1,059,802   $1,067,302 
Tax exempt securities   455,481    467,757    466,782    443,492    439,370 
Total investment securities - QTD average  $1,641,275   $1,614,460   $1,429,932   $1,503,294   $1,506,672 

 

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Simmons First National Corporation  SFNC
Consolidated Loans and Credit Coverage   
For the Quarters Ended  Mar 31  Dec 31  Sep 30  Jun 30  Mar 31
(Unaudited)  2017  2016  2016  2016  2016
($ in thousands)               
LOANS                         
Legacy loans  $4,632,905   $4,327,207   $3,943,089   $3,725,422   $3,472,691 
Allowance for loan losses (legacy loans)   (37,865)   (36,286)   (34,094)   (33,523)   (32,681)
Legacy loans (net of allowance)   4,595,040    4,290,921    3,908,995    3,691,899    3,440,010 
Loans acquired   1,173,667    1,342,099    1,502,051    1,327,683    1,503,482 
Credit discount   (28,941)   (35,462)   (42,899)   (38,294)   (45,158)
Allowance for loan losses (loans acquired)   (435)   (954)   (954)   (954)   (954)
Loans acquired (net of discount and allowance)   1,144,291    1,305,683    1,458,198    1,288,435    1,457,370 
Net loans  $5,739,331   $5,596,604   $5,367,193   $4,980,334   $4,897,380 
                          
                          
Loan Coverage Ratios                         
Allowance for loan losses to legacy loans   0.82%   0.84%   0.86%   0.90%   0.94%
                          
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)   2.50%   2.71%   2.92%   2.96%   3.07%
                          
Total allowance and credit coverage (non-GAAP) (1)   1.16%   1.28%   1.43%   1.44%   1.58%

 

(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  Mar 31  Dec 31  Sep 30  Jun 30  Mar 31
(Unaudited)  2017  2016  2016  2016  2016
($ in thousands)               
Allowance for Loan Losses (Legacy Loans)                         
Balance, beginning of quarter  $36,286   $34,094   $33,523   $32,681   $31,351 
Loans charged off                         
Credit cards   1,044    935    699    702    859 
Other consumer   1,174    493    600    489    393 
Real estate   656    167    6,297    824    229 
Commercial   292    913    284    2,283    476 
Total loans charged off   3,166    2,508    7,880    4,298    1,957 
                          
Recoveries of loans previously charged off                         
Credit cards   236    213    199    253    242 
Other consumer   690    158    106    149    103 
Real estate   232    73    55    111    112 
Commercial   30    28    12    318    7 
Total recoveries   1,188    472    372    831    464 
Net loans charged off   1,978    2,036    7,508    3,467    1,493 
Provision for loan losses   3,557    4,228    8,079    4,309    2,823 
Balance, end of quarter  $37,865   $36,286   $34,094   $33,523   $32,681 
                          
Non-performing assets (1) (2)                         
Non-performing loans                         
Nonaccrual loans   52,913    39,104    37,392    43,305    34,244 
Loans past due 90 days or more   231    299    144    227    881 
Total non-performing loans   53,144    39,403    37,536    43,532    35,125 
Other non-performing assets                         
Foreclosed assets held for sale (2)   26,421    26,895    30,396    30,529    41,126 
Other non-performing assets   352    471    621    519    256 
Total other non-performing assets   26,773    27,366    31,017    31,048    41,382 
Total non-performing assets  $79,917   $66,769   $68,553   $74,580   $76,507 
Performing TDRs (troubled debt restructurings)  $10,833   $10,998   $13,604   $10,887   $10,759 
                          
Ratios (1) (2)                         
Allowance for loan losses to total loans   0.82%   0.84%   0.86%   0.90%   0.94%
Allowance for loan losses to non-performing loans   71%   92%   91%   77%   93%
Non-performing loans to total loans   1.15%   0.91%   0.95%   1.17%   1.01%
Non-performing assets (including performing TDRs)                         
to total assets   1.05%   0.93%   1.00%   1.13%   1.16%
Non-performing assets to total assets   0.93%   0.79%   0.83%   0.99%   1.02%
Annualized net charge offs to total loans   0.18%   0.20%   0.82%   0.39%   0.18%
Annualized net credit card charge offs to                         
total credit card loans   1.84%   1.66%   1.14%   1.07%   1.46%
Annualized net charge offs to total loans                         
(excluding credit cards)   0.11%   0.14%   0.81%   0.36%   0.11%

 

(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
Mar 2017
  Three Months Ended
Dec 2016
  Three Months Ended
Mar 2016
($ 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  $131,079   $117    0.36%  $243,396   $234    0.38%  $167,381   $144    0.35%
Federal funds sold   249    5    8.14%   5,381    11    0.81%   1,839    10    2.19%
Investment securities - taxable   1,292,441    6,477    2.03%   1,236,864    5,681    1.83%   1,076,855    5,311    1.98%
Investment securities - non-taxable (FTE)   348,834    4,884    5.68%   377,596    4,959    5.22%   429,817    5,249    4.91%
Mortgage loans held for sale   11,473    126    4.45%   23,307    230    3.93%   26,616    278    4.20%
Assets held in trading accounts   48    -    0.00%   1,774    3    0.67%   5,196    6    0.46%
Loans, including acquired loans   5,685,585    68,783    4.91%   5,484,918    70,941    5.15%   4,889,685    66,708    5.49%
Total interest earning assets (FTE)   7,469,709    80,392    4.36%   7,373,236    82,059    4.43%   6,597,389    77,706    4.74%
Non-earning assets   944,761              935,222              901,796           
Total assets  $8,414,470             $8,308,458             $7,499,185           
                                              
LIABILITIES AND STOCKHOLDERS' EQUITY                                             
Interest bearing liabilities:                                             
Interest bearing transaction and                                             
savings accounts  $3,950,169   $2,189    0.22%  $3,895,367   $2,032    0.21%  $3,484,571   $2,018    0.23%
Time deposits   1,262,430    2,015    0.65%   1,292,961    2,023    0.62%   1,303,614    1,636    0.50%
Total interest bearing deposits   5,212,599    4,204    0.33%   5,188,328    4,055    0.31%   4,788,185    3,654    0.31%
Federal funds purchased and securities                                             
sold under agreement to repurchase   111,474    75    0.27%   124,323    90    0.29%   113,551    65    0.23%
Other borrowings   345,664    1,194    1.40%   203,615    1,034    2.02%   184,000    1,128    2.47%
Subordinated debentures   60,452    574    3.85%   60,345    558    3.68%   60,109    543    3.63%
Total interest bearing liabilities   5,730,189    6,047    0.43%   5,576,611    5,737    0.41%   5,145,845    5,390    0.42%
Non-interest bearing liabilities:                                             
Non-interest bearing deposits   1,466,501              1,515,853              1,225,311           
Other liabilities   51,307              59,061              53,240           
Total liabilities   7,247,997              7,151,525              6,424,396           
Stockholders' equity   1,166,473              1,156,933              1,074,789           
Total liabilities and stockholders' equity  $8,414,470             $8,308,458             $7,499,185           
Net interest income (FTE)       $74,345             $76,322             $72,316      
Net interest spread (FTE)             3.93%             4.02%             4.32%
Net interest margin (FTE) - quarter-to-date             4.04%             4.12%             4.41%
                                              
Net interest margin (FTE) - year-to-date             4.04%             4.19%             4.41%
                                              
Core net interest margin (FTE) - quarter-to-date (1)             3.80%             3.76%             3.92%
Core loan yield (FTE) - quarter-to-date (1)             4.59%             4.67%             4.82%
                                              
Core net interest margin (FTE) - year-to-date (1)             3.80%             3.83%             3.92%
Core loan yield (FTE) - year-to-date (1)             4.59%             4.72%             4.82%

 

(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  Mar 31  Dec 31  Sep 30  Jun 30  Mar 31
(Unaudited)  2017  2016  2016  2016  2016
($ in thousands, except share data)               
QUARTER-TO-DATE                         
Financial Highlights - GAAP                         
Net Income  $22,120   $26,971   $23,429   $22,909   $23,481 
Diluted earnings per share   0.70    0.85    0.76    0.75    0.77 
Return on average assets   1.07%   1.29%   1.21%   1.22%   1.26%
Return on average common equity   7.69%   9.27%   8.36%   8.48%   8.87%
Return on tangible common equity   12.22%   14.71%   13.26%   13.52%   14.30%
Net interest margin (FTE)   4.04%   4.12%   4.08%   4.14%   4.41%
FTE adjustment   1,965    1,994    1,969    1,675    2,084 
Amortization of intangibles   1,550    1,533    1,503    1,451    1,455 
Amortization of intangibles, net of taxes   942    932    913    882    884 
Average diluted shares outstanding   31,612,900    31,592,713    30,843,714    30,452,285    30,481,604 
Cash dividends declared per common share   0.25    0.24    0.24    0.24    0.24 
Financial Highlights - Core (non-GAAP)                         
Core earnings (excludes non-core items) (1)  $22,532   $28,751   $24,382   $25,091   $23,185 
Diluted core earnings per share (1)   0.71    0.91    0.79    0.82    0.76 
Core net interest margin (FTE) (2)   3.80%   3.76%   3.79%   3.86%   3.92%
Efficiency ratio (1)   60.92%   55.47%   53.94%   57.33%   58.73%
Core return on average assets (1)   1.09%   1.38%   1.26%   1.34%   1.24%
Core return on average common equity (1)   7.83%   9.89%   8.71%   9.29%   8.75%
Core return on tangible common equity (1)   12.44%   15.65%   13.78%   14.76%   14.13%
YEAR-TO-DATE                         
Financial Highlights - GAAP                         
Net Income  $22,120   $96,790   $69,819   $46,390   $23,481 
Diluted earnings per share   0.70    3.13    2.28    1.52    0.77 
Return on average assets   1.07%   1.25%   1.23%   1.24%   1.26%
Return on average common equity   7.69%   8.75%   8.57%   8.67%   8.87%
Return on tangible common equity   12.22%   13.92%   13.68%   13.90%   14.30%
Net interest margin (FTE)   4.04%   4.19%   4.21%   4.28%   4.41%
FTE adjustment   1,965    7,722    5,728    3,759    2,084 
Amortization of intangibles   1,550    5,942    4,409    2,906    1,455 
Amortization of intangibles, net of taxes   942    3,611    2,679    1,766    884 
Average diluted shares outstanding   31,612,900    30,963,546    30,656,882    30,438,939    30,481,604 
Cash dividends declared per common share   0.25    0.96    0.72    0.48    0.24 
Financial Highlights - Core (non-GAAP)                         
Core earnings (excludes non-core items) (1)  $22,532   $101,409   $72,658   $48,276   $23,185 
Diluted core earnings per share (1)   0.71    3.28    2.37    1.59    0.76 
Core net interest margin (FTE) (2)   3.80%   3.83%   3.86%   3.89%   3.92%
Efficiency ratio (1)   60.92%   56.32%   56.62%   58.03%   58.73%
Core return on average assets (1)   1.09%   1.31%   1.28%   1.29%   1.24%
Core return on average common equity (1)   7.83%   9.17%   8.91%   9.02%   8.75%
Core return on tangible common equity (1)   12.44%   14.56%   14.22%   14.45%   14.13%
END OF PERIOD                         
Book value per share  $37.30   $36.80   $36.69   $35.86   $35.35 
Tangible book value per share   24.51    23.97    23.80    23.43    22.84 
Shares outstanding   31,388,357    31,277,723    31,267,614    30,415,980    30,324,499 
Full-time equivalent employees   1,876    1,875    1,985    1,880    1,931 
Total number of ATM's   187    186    186    174    185 
Total number of financial centers   151    150    150    140    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  Mar 31  Dec 31  Sep 30  Jun 30  Mar 31
(Unaudited)  2017  2016  2016  2016  2016
($ in thousands, except per share data)               
QUARTER-TO-DATE                         
Net Income  $22,120   $26,971   $23,429   $22,909   $23,481 
Non-core items                         
Gain from early retirement of trust preferred securities   -    -    -    -    (594)
Merger-related costs   524    2,846    1,524    372    93 
Branch right-sizing   154    83    43    3,219    14 
Tax effect (1)   (266)   (1,149)   (614)   (1,409)   191 
Net non-core items   412    1,780    953    2,182    (296)
Core earnings (non-GAAP)  $22,532   $28,751   $24,382   $25,091   $23,185 
                          
Diluted earnings per share  $0.70   $0.85   $0.76   $0.75   $0.77 
Non-core items                         
Gain from early retirement of trust preferred securities   -    -    -    -    (0.02)
Merger-related costs   0.02    0.09    0.05    0.01    - 
Branch right-sizing   -    -    -    0.11    - 
Tax effect (1)   (0.01)   (0.03)   (0.02)   (0.05)   0.01 
Net non-core items   0.01    0.06    0.03    0.07    (0.01)
Core earnings (non-GAAP)  $0.71   $0.91   $0.79   $0.82   $0.76 
                          
YEAR-TO-DATE                         
Net Income  $22,120   $96,790   $69,819   $46,390   $23,481 
Non-core items                         
Gain from early retirement of trust preferred securities   -    (594)   (594)   (594)   (594)
Merger-related costs   524    4,835    1,989    465    93 
Branch right-sizing   154    3,359    3,276    3,233    14 
Tax effect (1)   (266)   (2,981)   (1,832)   (1,218)   191 
Net non-core items   412    4,619    2,839    1,886    (296)
Core earnings (non-GAAP)  $22,532   $101,409   $72,658   $48,276   $23,185 
                          
Diluted earnings per share  $0.70   $3.13   $2.28   $1.52   $0.77 
Non-core items                         
Gain from early retirement of trust preferred securities   -    (0.02)   (0.02)   (0.02)   (0.02)
Merger-related costs   0.02    0.16    0.06    0.02    - 
Branch right-sizing   -    0.11    0.11    0.11    - 
Tax effect (1)   (0.01)   (0.10)   (0.06)   (0.04)   0.01 
Net non-core items   0.01    0.15    0.09    0.07    (0.01)
Core earnings (non-GAAP)  $0.71   $3.28   $2.37   $1.59   $0.76 

 

(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)  Mar 31  Dec 31  Sept 30  Jun 30  Mar 31
   2017  2016  2016  2016  2016
($ in thousands, except per share data)               
                
Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets  
                          
Total stockholders' equity  $1,170,889   $1,151,111   $1,147,141   $1,090,711   $1,071,984 
Preferred stock   -    -    -    -    - 
Total common stockholders' equity   1,170,889    1,151,111    1,147,141    1,090,711    1,071,984 
Intangible assets:                         
Goodwill   (350,035)   (348,505)   (348,769)   (327,686)   (327,686)
Other intangible assets   (51,408)   (52,959)   (54,268)   (50,329)   (51,783)
Total intangibles   (401,443)   (401,464)   (403,037)   (378,015)   (379,469)
Tangible common stockholders' equity  $769,446   $749,647   $744,104   $712,696   $692,515 
                          
Total assets  $8,626,638   $8,400,056   $8,226,992   $7,534,219   $7,536,953 
Intangible assets:                         
Goodwill   (350,035)   (348,505)   (348,769)   (327,686)   (327,686)
Other intangible assets   (51,408)   (52,959)   (54,268)   (50,329)   (51,783)
Total intangibles   (401,443)   (401,464)   (403,037)   (378,015)   (379,469)
Tangible assets  $8,225,195   $7,998,592   $7,823,955   $7,156,204   $7,157,484 
                          
Ratio of equity to assets   13.57%   13.70%   13.94%   14.48%   14.22%
Ratio of tangible common equity to tangible assets   9.35%   9.37%   9.51%   9.96%   9.68%
                          
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  $28,941   $35,462   $42,899   $38,294   $45,158 
Allowance for loan losses on acquired loans   435    954    954    954    954 
Total credit discount and ALLL on acquired loans  $29,376   $36,416   $43,853   $39,248   $46,112 
Total loans acquired  $1,173,667   $1,342,099   $1,502,051   $1,327,683   $1,503,482 
Discount and ALLL on acquired loans to acquired loans   2.50%   2.71%   2.92%   2.96%   3.07%
                          
Calculation of Total Allowance and Credit Coverage                         
                          
Allowance for loan losses  $37,865   $36,286   $34,094   $33,523   $32,681 
Total credit discount and ALLL on acquired loans   29,376    36,416    43,853    39,248    46,112 
Total allowance and credit discount  $67,241   $72,702   $77,947   $72,771   $78,793 
Total loans  $5,806,572   $5,669,306   $5,445,140   $5,053,105   $4,976,173 
Total allowance and credit coverage   1.16%   1.28%   1.43%   1.44%   1.58%
                          
Calculation of Tangible Book Value per Share                         
                          
Total common stockholders' equity  $1,170,889   $1,151,111   $1,147,141   $1,090,711   $1,071,984 
Intangible assets:                         
Goodwill   (350,035)   (348,505)   (348,769)   (327,686)   (327,686)
Other intangible assets   (51,408)   (52,959)   (54,268)   (50,329)   (51,783)
Total intangibles   (401,443)   (401,464)   (403,037)   (378,015)   (379,469)
Tangible common stockholders' equity  $769,446   $749,647   $744,104   $712,696   $692,515 
Shares of common stock outstanding   31,388,357    31,277,723    31,267,614    30,415,980    30,324,499 
Book value per common share  $37.30   $36.80   $36.69   $35.86   $35.35 
Tangible book value per common share  $24.51   $23.97   $23.80   $23.43   $22.84 

 

Page 10

 

 

 

Simmons First National Corporation  SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date         
For the Quarters Ended   
(Unaudited)  Mar 31  Dec 31  Sept 30  Jun 30  Mar 31
   2017  2016  2016  2016  2016
($ in thousands)               
Calculation of Core Return on Average Assets                         
                          
Net income available to common stockholders  $22,120   $26,971   $23,429   $22,909   $23,481 
Net non-core items, net of taxes, adjustment   412    1,780    953    2,182    (296)
Core earnings  $22,532   $28,751   $24,382   $25,091   $23,185 
                          
Average total assets  $8,414,470   $8,308,458   $7,703,837   $7,522,133   $7,499,185 
                          
Return on average assets   1.07%   1.29%   1.21%   1.22%   1.26%
Core return on average assets   1.09%   1.38%   1.26%   1.34%   1.24%
                          
Calculation of Return on Tangible Common Equity                         
                          
Net income available to common stockholders  $22,120   $26,971   $23,429   $22,909   $23,481 
Amortization of intangibles, net of taxes   942    932    913    882    884 
Total income available to common stockholders  $23,062   $27,903   $24,342   $23,791   $24,365 
                          
Net non-core items, net of taxes   412    1,780    953    2,182    (296)
Core earnings   22,532    28,751    24,382    25,091    23,185 
Amortization of intangibles, net of taxes   942    932    913    882    884 
Total core income available to common stockholders  $23,474   $29,683   $25,295   $25,973   $24,069 
                          
Average common stockholders' equity  $1,166,473   $1,156,933   $1,114,252   $1,086,618   $1,065,296 
Average intangible assets:                         
Goodwill   (348,837)   (348,597)   (332,893)   (327,686)   (327,686)
Other intangibles   (52,169)   (53,646)   (50,893)   (51,043)   (52,498)
Total average intangibles   (401,006)   (402,243)   (383,786)   (378,729)   (380,184)
Average tangible common stockholders' equity  $765,467   $754,690   $730,466   $707,889   $685,112 
                          
Return on average common equity   7.69%   9.27%   8.36%   8.48%   8.87%
Return on tangible common equity   12.22%   14.71%   13.26%   13.52%   14.30%
Core return on average common equity   7.83%   9.89%   8.71%   9.29%   8.75%
Core return on tangible common equity   12.44%   15.65%   13.78%   14.76%   14.13%
                          
Calculation of Efficiency Ratio (1)                         
                          
Non-interest expense  $66,322   $66,725   $62,434   $64,137   $61,789 
Non-core non-interest expense adjustment   (635)   (2,995)   (1,742)   (3,591)   (107)
Other real estate and foreclosure expense adjustment   (550)   (669)   (1,787)   (967)   (966)
Amortization of intangibles adjustment   (1,550)   (1,533)   (1,503)   (1,451)   (1,455)
Efficiency ratio numerator  $63,587   $61,528   $57,402   $58,128   $59,261 
                          
Net-interest income  $72,380   $74,328   $68,063   $66,583   $70,232 
Non-interest income   30,060    36,115    36,876    36,888    29,503 
Non-core non-interest income adjustment   43    (66)   (175)   -    (594)
Fully tax-equivalent adjustment   1,965    1,994    1,969    1,675    2,084 
(Gain) loss on sale of securities   (63)   (1,445)   (315)   (3,759)   (329)
Efficiency ratio denominator  $104,385   $110,926   $106,418   $101,387   $100,896 
                          
Efficiency ratio (1)   60.92%   55.47%   53.94%   57.33%   58.73%
                          
Calculation of Core Net Interest Margin                         
                          
Net interest income  $72,380   $74,328   $68,063   $66,583   $70,232 
Fully tax-equivalent adjustment   1,965    1,994    1,969    1,675    2,084 
Fully tax-equivalent net interest income   74,345    76,322    70,032    68,258    72,316 
                          
Total accretable yield   (4,427)   (6,552)   (4,928)   (4,700)   (8,077)
Core net interest income  $69,918   $69,770   $65,104   $63,558   $64,239 
Average earning assets  $7,469,709   $7,373,236   $6,825,019   $6,625,642   $6,597,389 
                          
Net interest margin   4.04%   4.12%   4.08%   4.14%   4.41%
Core net interest margin   3.80%   3.76%   3.79%   3.86%   3.92%
                          
Calculation of Core Loan Yield                         
                          
Loan interest income  $68,728   $70,887   $65,078   $63,009   $66,678 
Total accretable yield   (4,427)   (6,552)   (4,928)   (4,700)   (8,077)
Core loan interest income  $64,301   $64,335   $60,150   $58,309   $58,601 
Average loan balance  $5,685,585   $5,484,918   $5,105,474   $4,957,888   $4,889,685 
                          
Core loan yield   4.59%   4.67%   4.69%   4.73%   4.82%

 

(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)  Mar 31  Dec 31  Sept 30  Jun 30  Mar 31
   2017  2016  2016  2016  2016
($ in thousands)               
Calculation of Core Return on Average Assets                         
                          
Net income available to common stockholders  $22,120   $96,790   $69,819   $46,390   $23,481 
Net non-core items, net of taxes, adjustment   412    4,619    2,839    1,886    (296)
Core earnings  $22,532   $101,409   $72,658   $48,276   $23,185 
                          
Average total assets  $8,414,470   $7,760,233   $7,575,053   $7,510,657   $7,499,185 
                          
Return on average assets   1.07%   1.25%   1.23%   1.24%   1.26%
Core return on average assets   1.09%   1.31%   1.28%   1.29%   1.24%
                          
Calculation of Return on Tangible Common Equity                         
                          
Net income available to common stockholders  $22,120   $96,790   $69,819   $46,390   $23,481 
Amortization of intangibles, net of taxes   942    3,611    2,679    1,766    884 
Total income available to common stockholders  $23,062   $100,401   $72,498   $48,156   $24,365 
                          
Net non-core items, net of taxes   412    4,619    2,839    1,886    (296)
Core earnings   22,532    101,409    72,658    48,276    23,185 
Amortization of intangibles, net of taxes   942    3,611    2,679    1,766    884 
Total core income available to common stockholders  $23,474   $105,020   $75,337   $50,042   $24,069 
                          
Average common stockholders' equity  $1,166,473   $1,105,775   $1,088,723   $1,075,957   $1,065,296 
Average intangible assets:                         
   Goodwill   (348,837)   (332,974)   (329,422)   (327,686)   (327,686)
   Other intangibles   (52,169)   (51,710)   (51,478)   (51,771)   (52,498)
Total average intangibles   (401,006)   (384,684)   (380,900)   (379,457)   (380,184)
Average tangible common stockholders' equity  $765,467   $721,091   $707,823   $696,500   $685,112 
                          
Return on average common equity   7.69%   8.75%   8.57%   8.67%   8.87%
Return on tangible common equity   12.22%   13.92%   13.68%   13.90%   14.30%
Core return on average common equity   7.83%   9.17%   8.91%   9.02%   8.75%
Core return on tangible common equity   12.44%   14.56%   14.22%   14.45%   14.13%
                          
Calculation of Efficiency Ratio (1)                         
                          
Non-interest expense  $66,322   $255,085   $188,360   $125,931   $61,789 
Non-core non-interest expense adjustment   (635)   (8,435)   (5,440)   (3,698)   (107)
Other real estate and foreclosure expense adjustment   (550)   (4,389)   (3,720)   (1,934)   (966)
Amortization of intangibles adjustment   (1,550)   (5,942)   (4,409)   (2,906)   (1,455)
Efficiency ratio numerator  $63,587   $236,319   $174,791   $117,393   $59,261 
                          
Net-interest income  $72,380   $279,206   $204,878   $136,814   $70,232 
Non-interest income   30,060    139,382    103,267    66,397    29,503 
Non-core non-interest income adjustment   43    (835)   (769)   (594)   (594)
Fully tax-equivalent adjustment   1,965    7,722    5,728    3,759    2,084 
(Gain) loss on sale of securities   (63)   (5,848)   (4,403)   (4,088)   (329)
Efficiency ratio denominator  $104,385   $419,627   $308,701   $202,288   $100,896 
                          
Efficiency ratio (1)   60.92%   56.32%   56.62%   58.03%   58.73%
                          
Calculation of Core Net Interest Margin                         
                          
Net interest income  $72,380   $279,206   $204,878   $136,814   $70,232 
Fully tax-equivalent adjustment   1,965    7,722    5,728    3,759    2,084 
Fully tax-equivalent net interest income   74,345    286,928    210,606    140,573    72,316 
                          
Total accretable yield   (4,427)   (24,257)   (17,705)   (12,777)   (8,077)
Core net interest income  $69,918   $262,671   $192,901   $127,796   $64,239 
Average earning assets  $7,469,709   $6,855,322   $6,682,683   $6,611,516   $6,597,389 
                          
Net interest margin   4.04%   4.19%   4.21%   4.28%   4.41%
Core net interest margin   3.80%   3.83%   3.86%   3.89%   3.92%
                          
Calculation of Core Loan Yield                         
                          
Loan interest income  $68,728   $265,652   $194,765   $129,688   $66,678 
Total accretable yield   (4,427)   (24,257)   (17,705)   (12,777)   (8,077)
Core loan interest income  $64,301   $241,395   $177,060   $116,911   $58,601 
Average loan balance  $5,685,585   $5,109,492   $4,984,349   $4,923,787   $4,889,685 
                          
Core loan yield   4.59%   4.72%   4.75%   4.77%   4.82%

 

(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 Wednesday, April 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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