Simmons First National Corp

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Exchange Act of 1934

Date of Report (Date of earliest event reported) October 21, 2004

SIMMONS FIRST NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)


Arkansas 0-6253 71-0407808
(State or other jurisdiction   (Commission   (I.R.S. Employer  
of incorporation)   File Number)   Identification No.)  

501 Main Street, Pine Bluff, Arkansas 71601
(Address of principal executive offices) (Zip Code)

(870) 541-1000
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

ITEM: 2.02  RESULTS OF OPERATIONS AND FINANCIAL CONDITION

        The following is the text of a press release issued by the registrant at 8:15 A.M. Central Standard Time on October 21, 2004.

SIMMONS FIRST ANNOUNCES THIRD QUARTER EARNINGS

        Pine Bluff, AR – Simmons First National Corporation (NASDAQ NM: SFNC) today announced earnings of $6,907,000 or $0.47 diluted earnings per share for the third quarter of 2004, compared to earnings of $6,611,000, or $0.46 diluted earnings per share for same period in 2003. This represents a $296,000 or 4.5%, increase in the third quarter 2004 earnings over 2003.

        “We are very pleased with our financial performance in the third quarter of 2004, considering the reduced demand in the mortgage production and investment banking products,” said J. Thomas May, Chairman and Chief Executive Officer. “Throughout the third quarter, we experienced improved loan demand and continued improvements in asset quality.”

        At September 30, 2004, the Company’s loan portfolio totaled $1.6 billion, which is a $277 million, or a 20.9%, increase from the same period last year. This increase is due partially to the March 19, 2004 merger of Alliance Bancorporation, Inc. and the acquisition of nine branches in North Central and Northeast Arkansas during the fourth quarter of 2003. When combined, these transactions increased the loan portfolio by $168 million. Excluding the merger and acquisition, loans grew $109 million or 8.2%.

        Asset quality is strong with the allowance for loan losses as a percent of total loans at 1.72% as of September 30, 2004. As of September 30, 2004, non-performing loans equaled 0.72% of total loans, while the allowance for loan losses equaled 238% of non-performing loans.

        Total assets for the Corporation on September 30, 2004, were $2.4 billion, an increase of $402 million over the period ended September 30, 2003, of which $285 million was related to the acquisitions and $117 million from internal growth. At the end of the third quarter of 2004, stockholders’ equity, which includes the merger of Alliance Bancorporation, Inc., was $235 million, a $25 million, or 12.1%, increase from December 31, 2003.

 

 

        Simmons First National Corporation is a financial holding company with eight community banks in Pine Bluff, Lake Village, Jonesboro, Rogers, Searcy, Russellville, El Dorado, and Hot Springs, Arkansas. The Company’s eight banks conduct financial operations from 80 offices, of which 78 are financial centers, in 45 communities.

CONFERENCE CALL

        Management will conduct a conference call to review this information at 3:00 p.m. CST (4:00 p.m. EST) on Thursday, October 21, 2004. Interested parties can listen to this call by calling 1-800-854-4175 (United States and Canada only) and ask for the Simmons First National Corporation conference call. A recorded playback of the call will be available the next morning by calling 1-800-642-1687. The passcode for this playback is 9850374 and the recording will be available through the end of business October 28, 2004. In addition, the call will also be available live or in recorded version on the Company’s website at www.simmonsfirst.com under the “webcast” icon.

GENERAL

        Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors, including, but not limited to, economic conditions, credit quality, interest rates, loan demand and changes in the assumptions used in making the forward-looking statements, could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect Simmons First National Corporation’s financial results is included in its Form 10-K filing with the Securities and Exchange Commission.

####

FOR MORE INFORMATION CONTACT:
ROBERT A. FEHLMAN
Senior Vice President and Chief Financial Officer
Simmons First National Corporation
(870) 541-1231
Ticker symbol: SFNC

 

Simmons First National Corporation                       SFNC  
Consolidated End of Period Balance Sheets                        
For the Quarters Ended       Sep 30     Jun 30     Mar 31     Dec 31     Sep 30  
(In thousands)       2004     2004     2004     2003     2003  
ASSETS                                  
Cash and non-interest bearing balances due from banks     $ 77,944   $ 79,555   $ 69,234   $ 78,205   $ 68,068  
Interest bearing balances due from banks       11,273     12,660     51,747     31,850     32,880  
Federal funds sold and securities purchased    
  under agreements to resell       17,300     41,555     83,660     91,560     34,975  
    Cash and cash equivalents       106,517     133,770     204,641     201,615     135,923  
 
Investment securities       563,581     555,414     544,723     491,950     444,845  
Mortgage loans held for sale       11,153     9,094     13,327     12,211     19,349  
Assets held in trading accounts       2,149     389     205     90     370  
                                   
Loans       1,602,127     1,543,163     1,504,173     1,418,314     1,325,428  
   Allowance for loan losses (27,602 ) (27,268 ) (26,764 ) (25,347 ) (22,795 )
Net loans       1,574,525     1,515,895     1,477,409     1,392,967     1,302,633  
                                   
Premises and equipment       55,027     51,614     51,306     49,369     45,366  
Foreclosed assets held for sale, net       1,789     1,641     2,509     2,979     2,774  
Interest receivable       15,361     12,797     13,683     12,678     13,757  
Goodwill       60,454     60,432     59,454     45,159     32,877  
Core deposits, net       6,035     6,243     6,330     5,258     539  
Other assets       21,692     23,224     21,275     21,502     17,198  
                           TOTAL ASSETS     $ 2,418,283   $ 2,370,513   $ 2,394,862   $ 2,235,778   $ 2,015,631  
                                   
LIABILITIES                                  
Non-interest bearing transaction accounts     $ 287,632   $ 298,556   $ 291,594   $ 270,343   $ 245,176  
Interest bearing transaction accounts and savings deposits       749,492     746,595     727,258     670,908     563,344  
Time deposits less than $100,000       547,510     545,551     552,606     525,806     495,654  
Time deposits greater than $100,000       357,566     340,368     353,344     336,411     320,475  
        Total deposits       1,942,200     1,931,070     1,924,802     1,803,468     1,624,649  
Federal funds purchased and securities                                  
  sold under agreements to repurchase       96,384     70,656     88,491     100,209     84,781  
Short-term debt       13,763     11,665     6,257     6,833     13,559  
Long-term debt - parent company       6,000     8,000     8,000     8,000     8,000  
Long-term FHLB debt - affiliate banks       59,775     56,077     58,543     45,666     47,901  
Subordinated debt issued to capital trusts       48,714     48,714     48,714     47,250     17,250  
Accrued interest and other liabilities       15,993     16,721     30,440     14,357     12,293  
                         TOTAL LIABILITIES       2,182,829     2,142,903     2,165,247     2,025,783     1,808,433  
     
STOCKHOLDERS’ EQUITY    
  Capital stock       146     146     147     14,102     14,083  
  Surplus       62,659     63,044     64,399     35,988     35,846  
  Undivided profits       172,726     167,864     163,625     160,191     156,847  
  Accumulated other comprehensive (loss) income    
     Unrealized (depreciation) appreciation on AFS securities (77 ) (3,444 ) 1,444 (286 ) 422
                    TOTAL STOCKHOLDERS’ EQUITY       235,454     227,610     229,615     209,995     207,198  
                                   
   TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY     $ 2,418,283   $ 2,370,513   $ 2,394,862   $ 2,235,778   $ 2,015,631  
  
  
  
  

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Simmons First National Corporation                       SFNC  
Consolidated Average Quarter-to-Date Balance Sheets                        
For the Quarters Ended       Sep 30     Jun 30     Mar 31     Dec 31     Sep 30  
(In thousands)       2004     2004     2004     2003     2003  
ASSETS                                  
Cash and non-interest bearing balances due from banks     $ 77,139   $ 75,206   $ 73,961   $ 71,551   $ 65,196  
Interest bearing balances due from banks       13,817     33,677     60,587     61,436     35,458  
Federal funds sold and securities purchased    
  under agreements to resell       36,389     46,206     83,915     88,853     27,363  
    Cash and cash equivalents       127,345     155,089     218,463     221,840     128,017  
                                   
Investment securities - held-to-maturity       178,537     180,143     176,139     152,310     156,828  
Investment securities - available-for-sale       378,591     374,576     321,009     292,662     282,722  
Mortgage loans held for sale       10,211     12,512     7,946     12,355     28,901  
Assets held in trading accounts       236     734     622     417     2,306  
                                   
Loans       1,577,821     1,529,321     1,434,915     1,355,088     1,313,382  
   Allowance for loan losses     (27,648 ) (27,325 ) (25,936 ) (24,375 ) (22,775 )
Net loans       1,550,173     1,501,996     1,408,979     1,330,713     1,290,607  
                                   
Premises and equipment       52,508     51,287     49,892     47,163     45,789  
Foreclosed assets held for sale, net       1,798     1,841     2,597     2,811     2,673  
Interest receivable       13,852     13,349     12,433     13,376     12,893  
Goodwill and core deposits, net       66,603     65,859     52,401     40,926     33,425  
Other assets       22,734     22,439     20,597     19,222     17,974  
                                   
                           TOTAL ASSETS     $ 2,402,588   $ 2,379,825   $ 2,271,078   $ 2,133,795   $ 2,002,135  
                                   
LIABILITIES                                  
Non-interest bearing transaction accounts     $ 292,578   $ 297,109   $ 280,755   $ 260,254   $ 242,271  
Interest bearing transaction accounts       251,702     254,144     226,342     192,358     177,330  
Savings deposits       488,857     478,341     453,290     421,061     385,344  
Time deposits less than $100,000       550,054     550,858     526,534     506,743     491,828  
Time deposits greater than $100,000       348,148     350,832     340,030     330,891     316,501  
        Total deposits       1,931,339     1,931,284     1,826,951     1,711,307     1,613,274  
Federal funds purchased and securities    
  sold under agreements to repurchase       91,950     78,372     100,947     108,181     89,986  
Short-term debt       19,967     8,529     6,287     13,993     4,220  
Long-term debt       111,025     113,913     105,443     76,909     73,834  
Accrued interest and other liabilities       15,263     17,788     15,702     13,196     13,499  
                                   
                         TOTAL LIABILITIES       2,169,544     2,149,886     2,055,330     1,923,586     1,794,813  
                    TOTAL STOCKHOLDERS’ EQUITY       233,044     229,939     215,748     210,209     207,322  
                                   
       TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY     $ 2,402,588   $ 2,379,825   $ 2,271,078   $ 2,133,795   $ 2,002,135  

Page 2


 

Simmons First National Corporation                     SFNC  
Consolidated Average Year-to-Date Balance Sheets                      
For the Quarters Ended     Sep 30     Jun 30     Mar 31     Dec 31     Sep 30  
(In thousands)     2004     2004     2004     2003     2003  
ASSETS                                
Cash and non-interest bearing balances due from banks   $ 75,305   $ 74,377   $ 73,961   $ 65,297   $ 63,191  
Interest bearing balances due from banks     35,946     47,132     60,587     51,325     47,917  
Federal funds sold and securities purchased  
  under agreements to resell     55,211     64,726     83,915     63,642     55,147  
    Cash and cash equivalents     166,462     186,235     218,463     180,264     166,255  
                                 
Investment securities - held-to-maturity     178,325     178,219     176,139     177,407     185,864  
Investment securities - available-for-sale     358,082     347,715     321,009     249,731     235,264  
Mortgage loans held for sale     10,223     10,229     7,946     22,692     26,175  
Assets held in trading accounts     531     678     622     1,146     1,392  
                                 
Loans     1,514,252     1,482,118     1,434,915     1,298,127     1,278,930  
   Allowance for loan losses   (26,972 ) (26,631 ) (25,936 ) (22,994 ) (22,529 )
Net loans     1,487,280     1,455,487     1,408,979     1,275,133     1,256,401  
                                 
Premises and equipment     51,234     50,589     49,892     46,491     46,264  
Foreclosed assets held for sale, net     2,077     2,219     2,597     2,655     2,603  
Interest receivable     13,214     12,891     12,433     13,070     12,967  
Goodwill and core deposits, net     61,638     59,128     52,401     35,335     33,451  
Other assets     21,927     21,520     20,597     17,615     17,073  
                                 
                           TOTAL ASSETS   $ 2,350,993   $ 2,324,910   $ 2,271,078   $ 2,021,539   $ 1,983,709  
                                 
LIABILITIES
Non-interest bearing transaction accounts   $ 290,019   $ 288,725   $ 280,755   $ 242,902   $ 237,054  
Interest bearing transaction accounts     244,091     240,243     226,342     179,941     175,757  
Savings deposits     473,552     465,815     453,290     399,677     392,470  
Time deposits less than $100,000     542,508     538,696     526,534     497,728     494,690  
Time deposits greater than $100,000     346,344     345,432     340,030     316,245     311,310  
        Total deposits     1,896,514     1,878,911     1,826,951     1,636,493     1,611,281  
Federal funds purchased and securities  
  sold under agreements to repurchase     90,206     89,324     100,947     87,847     80,994  
Short-term debt     11,626     7,408     6,287     5,489     2,622  
Long-term debt     110,131     109,678     105,443     72,211     70,629  
Accrued interest and other liabilities     16,248     16,746     15,702     13,816     14,026  
                         TOTAL LIABILITIES     2,124,725     2,102,067     2,055,330     1,815,856     1,779,552  
                                 
                    TOTAL STOCKHOLDERS’ EQUITY     226,268     222,843     215,748     205,683     204,157  
                                 
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 2,350,993   $ 2,324,910   $ 2,271,078   $ 2,021,539   $ 1,983,709  
  
  
  
  

Page 3


 

Simmons First National Corporation                      SFNC  
Consolidated Statements of Income - Quarter-to-Date                      
For the Quarters Ended    Sep 30    Jun 30    Mar 31    Dec 31    Sep 30  
(In thousands, except per share data)    2004    2004    2004    2003    2003  
INTEREST INCOME                           
   Loans   $ 24,956   $ 23,802   $ 22,732   $ 22,334   $ 22,216  
   Federal funds sold and securities purchased                      
     under agreements to resell    140    110    195    206    72  
   Investment securities    4,494    4,343    4,114    3,874    4,026  
   Mortgage loans held for sale, net of unrealized gains (losses)    159    174    112    210    358  
   Assets held in trading accounts    2    1    3    4    24  
   Interest bearing balances due from banks    34    76    118    129    74  
           TOTAL INTEREST INCOME    29,785    28,506    27,274    26,757    26,770  
INTEREST EXPENSE                           
   Time deposits    4,555    4,475    4,416    4,545    4,738  
   Other deposits    1,269    1,177    1,050    1,014    990  
   Federal funds purchased and securities  
     sold under agreements to repurchase    302    202    252    280    244  
   Short-term debt    94    24    16    51    26  
   Long-term debt    1,448    1,478    1,425    999    908  
           TOTAL INTEREST EXPENSE    7,668    7,356    7,159    6,889    6,906  
NET INTEREST INCOME    22,117    21,150    20,115    19,868    19,864  
   Provision for loan losses    1,932    2,019    2,144    2,197    2,196  
NET INTEREST INCOME AFTER PROVISION  
   FOR LOAN LOSSES    20,185    19,131    17,971    17,671    17,668  
NON-INTEREST INCOME                           
   Trust income    1,388    1,233    1,400    1,428    1,317  
   Service charges on deposit accounts    3,928    3,767    3,227    2,710    2,786  
   Other service charges and fees    571    518    545    413    299  
   Income on sale of mortgage loans, net of commissions    814    1,045    751    792    1,512  
   Income on investment banking, net of commissions    101    198    215    371    388  
   Credit card fees    2,544    2,517    2,310    2,456    2,495  
   Student loan premiums    417    843    607    308    541  
   Other income    656    670    592    585    610  
   Gain on sale of mortgage servicing    —    —    —    —    —  
   Loss on sale of securities, net    —    —    —    (14 )  —  
           TOTAL NON-INTEREST INCOME    10,419    10,791    9,647    9,049    9,948  
NON-INTEREST EXPENSE                           
   Salaries and employee benefits    12,091    12,280    11,805    10,845    10,789  
   Occupancy expense, net    1,431    1,377    1,318    1,218    1,259  
   Furniture & equipment expense    1,445    1,399    1,358    1,265    1,329  
   Loss on foreclosed assets    49    137    44    71    36  
   Deposit insurance    76    71    69    70    67  
   Other operating expenses    5,503    5,304    5,098    5,569    4,468  
           TOTAL NON-INTEREST EXPENSE    20,595    20,568    19,692    19,038    17,948  
NET INCOME BEFORE INCOME TAXES    10,009    9,354    7,926    7,682    9,668  
   Provision for income taxes    3,102    3,066    2,515    2,364    3,057  
NET INCOME   $ 6,907   $ 6,288   $ 5,411   $ 5,318   $ 6,611  
BASIC EARNINGS PER SHARE   $ 0.47   $ 0.43   $ 0.38   $ 0.38   $ 0.47  
DILUTED EARNINGS PER SHARE   $ 0.47   $ 0.42   $ 0.37   $ 0.37   $ 0.46  

Page 4


 

Simmons First National Corporation                      SFNC  
Consolidated Statements of Income - Year-to-Date                      
For the Quarters Ended    Sep 30    Jun 30    Mar 31    Dec 31    Sep 30  
(In thousands, except per share data)    2004    2004    2004    2003    2003  
INTEREST INCOME  
   Loans   $ 71,490   $ 46,534   $ 22,732   $ 89,315   $ 66,981  
   Federal funds sold and securities purchased  
     under agreements to resell    445    305    195    652    446  
   Investment securities    12,951    8,457    4,114    15,889    12,015  
   Mortgage loans held for sale, net of unrealized gains (losses)    445    286    112    1,220    1,010  
   Assets held in trading accounts    6    4    3    37    33  
   Interest bearing balances due from banks    228    194    118    494    365  
           TOTAL INTEREST INCOME    85,565    55,780    27,274    107,607    80,850  
INTEREST EXPENSE  
   Time deposits    13,446    8,891    4,416    19,921    15,376  
   Other deposits    3,496    2,227    1,050    4,594    3,580  
   Federal funds purchased and securities                           
     sold under agreements to repurchase    756    454    252    941    661  
   Short-term debt    134    40    16    89    38  
   Long-term debt    4,351    2,903    1,425    4,192    3,193  
           TOTAL INTEREST EXPENSE    22,183    14,515    7,159    29,737    22,848  
NET INTEREST INCOME    63,382    41,265    20,115    77,870    58,002  
   Provision for loan losses    6,095    4,163    2,144    8,786    6,589  
NET INTEREST INCOME AFTER PROVISION                           
   FOR LOAN LOSSES    57,287    37,102    17,971    69,084    51,413  
NON-INTEREST INCOME  
   Trust income    4,021    2,633    1,400    5,487    4,059  
   Service charges on deposit accounts    10,922    6,994    3,227    10,589    7,879  
   Other service charges and fees    1,634    1,063    545    1,508    1,095  
   Income on sale of mortgage loans, net of commissions    2,610    1,796    751    4,931    4,139  
   Income on investment banking, net of commissions    514    413    215    1,887    1,516  
   Credit card fees    7,371    4,827    2,310    9,782    7,326  
   Student loan premiums    1,867    1,450    607    1,479    1,171  
   Other income    1,918    1,262    592    2,297    1,712  
   Gain on sale of mortgage servicing    —    —    —    771    771  
   Loss on sale of securities, net    —    —    —    (14 )  —  
           TOTAL NON-INTEREST INCOME    30,857    20,438    9,647    38,717    29,668  
NON-INTEREST EXPENSE  
   Salaries and employee benefits    36,176    24,085    11,805    42,979    32,134  
   Occupancy expense, net    4,126    2,695    1,318    5,080    3,862  
   Furniture & equipment expense    4,202    2,757    1,358    5,195    3,930  
   Loss on foreclosed assets    230    181    44    269    198  
   Deposit insurance    216    140    69    273    203  
   Other operating expenses    15,905    10,402    5,098    19,321    13,752  
           TOTAL NON-INTEREST EXPENSE    60,855    40,260    19,692    73,117    54,079  
NET INCOME BEFORE INCOME TAXES    27,289    17,280    7,926    34,684    27,002  
   Provision for income taxes    8,683    5,581    2,515    10,894    8,530  
NET INCOME   $ 18,606   $ 11,699   $ 5,411   $ 23,790   $ 18,472  
BASIC EARNINGS PER SHARE   $ 1.28   $ 0.81   $ 0.38   $ 1.69   $ 1.31  
DILUTED EARNINGS PER SHARE   $ 1.26   $ 0.79   $ 0.37   $ 1.65   $ 1.28  

Page 5


 

Simmons First National Corporation                       SFNC  
Consolidated Risk-Based Capital                        
For the Quarters Ended       Sep 30     Jun 30     Mar 31     Dec 31     Sep 30  
(In thousands)       2004     2004     2004     2003     2003  
Tier 1 capital    
   Stockholders’ equity     $ 235,454   $ 227,610   $ 229,615   $ 209,995   $ 207,198  
   Trust preferred securities, net allowable       47,250     46,993     47,013     47,250     17,250  
   Intangible assets       (66,489 )   (66,675 )   (65,784 )   (50,417 )   (33,416 )
   Unrealized loss (gain) on AFS securities       77     3,444     (1,444 )   286     (422 )
   Other       (1,532 )   (1,110 )   (1,134 )   (1,160 )   (816 )
                                   
      Total Tier 1 capital       214,760     210,262     208,266     205,954     189,794  
                                   
Tier 2 capital                                  
   Qualifying unrealized gain on AFS securities       405     373     353     326     370  
   Qualifying allowance for loan losses       20,540     19,924     19,325     18,320     16,833  
                                   
      Total Tier 2 capital       20,945     20,297     19,678     18,646     17,203  
                                   
      Total risk-based capital     $ 235,705   $ 230,559   $ 227,944   $ 224,600   $ 206,997  
                                   
Risk weighted assets     $ 1,636,142   $ 1,586,554   $ 1,538,608   $ 1,458,583   $ 1,340,640  
                                   
Assets for leverage ratio     $ 2,337,627   $ 2,314,344   $ 2,203,461   $ 2,082,552   $ 1,967,798  
     
Ratios at end of quarter    
   Leverage ratio       9.19 %   9.09 %   9.45 %   9.89 %   9.64 %
   Tier 1 capital       13.13 %   13.25 %   13.54 %   14.12 %   14.16 %
   Total risk-based capital       14.41 %   14.53 %   14.81 %   15.40 %   15.44 %

Page 6


 

 Simmons First National Corporation                       SFNC  
 Consolidated Loans and Investments                        
 For the Quarters Ended       Sep 30     Jun 30     Mar 31     Dec 31     Sep 30  
 (In thousands)       2004     2004     2004     2003     2003  
Loan Portfolio - End of Period
 Consumer                                  
    Credit cards     $ 152,198   $ 150,265   $ 153,505   $ 165,919   $ 161,315  
    Student loans       82,140     72,410     89,829     86,301     89,280  
    Other consumer       130,267     135,448     138,818     142,995     137,884  
 Real Estate                                  
    Construction       148,561     138,747     135,143     111,567     102,981  
    Single-family residential       311,291     297,388     287,154     261,947     230,163  
    Other commercial       483,467     468,023     466,558     408,452     359,708  
    Unearned income       (10 )   (11 )   (11 )   (11 )   (14 )
 Commercial    
    Commercial       184,017     185,126     164,252     162,122     146,407  
    Agricultural       94,751     77,023     51,536     57,393     76,909  
    Financial institutions       2,249     3,322     3,622     6,370     7,369  
 Other       13,196     15,422     13,767     15,259     13,426  
                                   
       Total Loans     $ 1,602,127   $ 1,543,163   $ 1,504,173   $ 1,418,314   $ 1,325,428  
Investment Securities - End of Period    
   
 Held-to-Maturity                                  
    U.S. Treasury     $ 7,027   $ 8,039   $ 10,559   $ 12,583   $ 11,080  
    U.S. Government agencies       22,495     22,494     23,506     30,017     29,500  
    Mortgage-backed securities       494     516     539     553     1,051  
    State and political subdivisions       126,822     126,456     126,559     113,306     112,358  
    Other securities       21,612     21,811     21,758     20,108     100  
       Total held-to-maturity       178,450     179,316     182,921     176,567     154,089  
 Available-for-Sale    
    U.S. Treasury       20,008     18,933     61,545     16,331     16,134  
    U.S. Government agencies       338,309     330,291     272,563     280,672     255,232  
    Mortgage-backed securities       4,477     5,027     6,038     1,382     2,208  
    State and political subdivisions       4,434     4,429     4,740     4,849     5,009  
    FHLB stock       8,162     7,777     6,933     6,849     6,821  
    Other securities       9,741     9,641     9,983     5,300     5,352  
       Total available-for-sale       385,131     376,098     361,802     315,383     290,756  
                                   
       Total investment securities     $ 563,581   $ 555,414   $ 544,723   $ 491,950   $ 444,845  
                                   
       Fair Value - HTM investment securities     $ 180,593   $ 178,983   $ 186,370   $ 179,494   $ 157,091  
     
Investment Securities - QTD Average    
 Taxable securities     $ 426,355   $ 425,292   $ 378,545   $ 329,745   $ 322,947  
 Tax exempt securities       130,773     129,427     118,603     115,227     116,603  
                                   
    Total investment securities - QTD average     $ 557,128   $ 554,719   $ 497,148   $ 444,972   $ 439,550  
                            

Page 7


 

 Simmons First National Corporation                      SFNC  
 Consolidated Allowance and Asset Quality                      
 For the Quarters Ended    Sep 30    Jun 30    Mar 31    Dec 31    Sep 30  
 (In thousands)    2004    2004    2004    2003    2003  
Allowance for Loan Losses  
 Balance, beginning of quarter   $ 27,268   $ 26,764   $ 25,347   $ 22,795   $ 22,229  
 Loans charged off  
    Credit cards    1,176    1,145    1,262    1,186    1,129  
    Other consumer    418    552    607    544    452  
    Real estate    259    355    231    587    152  
    Commercial    165    188    172    1,434    335  
       Total loans charged off    2,018    2,240    2,272    3,751    2,068  
 Recoveries of loans previously charged off  
    Credit cards    182    171    161    148    164  
    Other consumer    125    214    177    132    142  
    Real estate    39    143    20    104    54  
    Commercial    74    197    79    758    78  
       Total recoveries    420    725    437    1,142    438  
    Net loans charged off    1,598    1,515    1,835    2,609    1,630  
 Allowance for loan losses on acquisitons    —    —    1,108    2,964    —  
 Provision for loan losses    1,932    2,019    2,144    2,197    2,196  
 Balance, end of quarter   $ 27,602   $ 27,268   $ 26,764   $ 25,347   $ 22,795  
Non-performing assets  
 Non-performing loans                           
    Nonaccrual loans
       Real estate   $ 5,923   $ 6,077   $ 8,424   $ 6,004   $ 5,833  
       Commercial    2,920    3,597    3,426    1,969    2,747  
       Consumer    1,371    1,723    1,874    2,076    2,010  
          Total nonaccrual loans    10,214    11,397    13,724    10,049    10,590  
    Loans past due 90 days or more    1,372    1,415    2,062    1,518    1,770  
             Total non-performing loans    11,586    12,812    15,786    11,567    12,360  
  
 Other non-performing assets                           
    Foreclosed assets held for sale    1,789    1,641    2,509    2,979    2,774  
    Other non-performing assets    78    53    29    393    396  
       Total other non-performing assets    1,867    1,694    2,538    3,372    3,170  
          Total non-performing assets   $ 13,453   $ 14,506   $ 18,324   $ 14,939   $ 15,530  
Ratios  
 Allowance for loan losses to total loans    1.72 %  1.77 %  1.78 %  1.79 %  1.72 %
 Allowance for loan losses to  
    non-performing loans    238.24 %  212.83 %  169.54 %  219.13 %  184.43 %
 Allowance for loan losses to                           
    non-performing assets    205.17 %  187.98 %  146.06 %  169.67 %  146.78 %
 Non-performing loans to total loans    0.72 %  0.83 %  1.05 %  0.82 %  0.93 %
 Non-performing assets to total assets    0.56 %  0.61 %  0.77 %  0.67 %  0.77 %

Page 8


 

 Simmons First National Corporation                      SFNC  
 Consolidated - Selected Financial Data                      
 For the Quarters Ended    Sep 30    Jun 30    Mar 31    Dec 31    Sep 30  
 (In thousands, except share data)    2004    2004    2004    2003    2003  
QUARTER-TO-DATE  
 Diluted earnings per share   $ 0.47   $ 0.42   $ 0.37   $ 0.37   $ 0.46  
 Cash dividends declared per common share    0.14    0.14    0.14    0.14    0.13  
 Cash dividends declared - amount    2,045    2,049    1,977    1,974    1,830  
 Return on average stockholders’ equity    11.79 %  11.00 %  10.09 %  10.04 %  12.65 %
 Return on average assets    1.14 %  1.06 %  0.96 %  0.99 %  1.31 %
 Net interest margin (FTE)    4.16 %  4.05 %  4.03 %  4.17 %  4.43 %
 FTE Adjustment - investments    729    708    686    675    676  
 FTE Adjustment - loans    91    92    92    94    97  
 Amortization of intangibles    208    203    173    98    23  
 Amortization of intangibles, net of taxes    132    129    110    61    16  
 Average shares outstanding    14,608,158    14,656,569    14,181,904    14,089,152    14,092,753  
 Shares repurchased    16,950    56,515    —    —    32,000  
 Average price of repurchased shares    24.65    24.17    —    —    23.07  
 Average earning assets    2,195,602    2,177,169    2,085,133    1,963,121    1,846,960  
 Average interest bearing liabilities    1,861,703    1,834,989    1,758,873    1,650,136    1,539,043  
YEAR-TO-DATE  
 Diluted earnings per share   $ 1.26   $ 0.79   $ 0.37   $ 1.65   $ 1.28  
 Cash dividends declared per common share    0.420    0.280    0.140    0.525    0.385  
 Return on average stockholders’ equity    10.98 %  10.56 %  10.09 %  11.57 %  12.10 %
 Return on average assets    1.06 %  1.01 %  0.96 %  1.18 %  1.24 %
 Net interest margin (FTE)    4.08 %  4.04 %  4.03 %  4.34 %  4.41 %
 FTE Adjustment - investments    2,123    1,394    686    2,710    2,035  
 FTE Adjustment - loans    275    184    92    402    308  
 Amortization of intangibles    584    376    173    172    74  
 Amortization of intangibles, net of taxes    371    239    110    109    48  
 Average shares outstanding    14,483,772    14,420,548    14,181,904    14,114,428    14,122,946  
 Diluted shares outstanding    328,479    335,077    358,188    301,279    273,436  
 Average earning assets    2,152,570    2,130,817    2,085,133    1,864,070    1,830,689  
 Average interest bearing liabilities    1,818,458    1,796,596    1,758,873    1,559,138    1,528,472  
END OF PERIOD  
 Book value   $ 16.13   $ 15.57   $ 15.65   $ 14.89   $ 14.71  
 Shares outstanding    14,601,030    14,614,074    14,669,789    14,101,521    14,083,109  
 Full-time equivalent employees    1,097    1,085    1,086    1,042    1,000  
 Total number of ATM's    78    78    75    70    62  
 Total number of branches    78    78    76    71    62  
 Parent company only - investment in subsidiaries    257,610    250,055    251,268    221,626    213,583  
 Parent company only - intangible assets    134    134    134    134    134  

Page 9


 

SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

Date: October 21, 2004       SIMMONS FIRST NATIONAL CORPORATION


      /s/ Robert A. Fehlman
      ——————————————
      Robert A. Fehlman, Senior Vice President
      and Chief Financial Officer