Simmons First Announces First Quarter Earnings

PINE BLUFF, Ark., April 18, 2013 (GLOBE NEWSWIRE) -- Simmons First National Corporation (Nasdaq:SFNC) today announced core first quarter 2013 net income of $6.1 million and diluted core earnings per share of $0.37. Core earnings exclude $146,000 in after-tax merger related expenses associated with the Company's 2012 FDIC-assisted acquisitions. Including the merger related expenses, net income for the first quarter of 2013 was $5.9 million, or $0.36 diluted earnings per share.

"Considering interest rates continue at historical lows and due to the seasonality that we experience in the first quarter each year, we were pleased with our overall earnings performance. More so, we were pleased with the positive trends in our balance sheet, as reflected in our normalized organic loan growth of approximately 4%, which enabled us to produce a net interest margin of 4.01%. The organic loan growth, coupled with strong asset quality, bodes well for the balance of the year," commented J. Thomas May, Chairman and CEO.

Loans

Total loans, including those acquired, were $1.8 billion at March 31, 2013, an increase of $176.6 million, or 10.7%, compared to the same period in 2012. Loans acquired in FDIC-assisted acquisitions grew $130.5 million, net of discounts, and legacy loans (excluding acquired loans) grew $45.4 million, or 2.9%. "This was the second consecutive quarter of organic loan growth. While still not enough to call a trend, we believe it is very positive in that the growth is coming throughout our markets in Arkansas, Kansas and Missouri. Needless to say, the economy remains in a slow recovery, which makes this growth even more significant," added May.

Deposits

At March 31, 2013, total deposits were $2.9 billion, an increase of $238 million, or 9.0%, compared to the same period in 2012. Total non-time deposits totaled $2.0 billion, or 71% of total deposits.

Net Interest Income

The Company's net interest income for the first quarter of 2013 was $30.1 million, an increase of $2.4 million, or 8.5%, from the same period of 2012. Net interest margin was 4.01% for the quarter ended March 31, 2013. Included in interest income for both periods was the additional yield accretion recognized as a result of updated estimates of the cash flows of the loan pools acquired in the Company's 2010 FDIC-assisted transactions. Each quarter, the Company estimates the cash flows expected to be collected from the acquired loan pools, and adjustments may or may not be required. The cash flows estimate has increased based on payment histories and reduced loss expectations of the loan pools. This resulted in increased interest income that is spread on a level-yield basis over the remaining expected lives of the loan pools. The increases in expected cash flows also reduce the amount of expected reimbursements under the loss sharing agreements with the FDIC, which are recorded as indemnification assets. The impact of the adjustments on the Company's financial results for the current reporting period is shown below:

Three Months Ended
(In thousands) March 31
2013 2012
Impact on net interest income $ 2,947 $ 3,184
Non-interest income (2,828) (2,778)
Net impact to pre-tax income $ 119 $ 406

Because these adjustments will be recognized over the remaining lives of the loan pools and the remainder of the loss sharing agreements, respectively, they will impact future periods as well. The current estimate of the remaining accretable yield adjustment that will positively impact interest income is $22.1 million and the remaining adjustment to the indemnification assets that will reduce non-interest income is $19.1 million. Of the remaining adjustments, we expect to recognize $8.5 million of interest income and an $8.2 million reduction of non-interest income, for a net addition to pre-tax income of approximately $270,000, during the remainder of 2013. The accretable yield adjustments recorded in future periods will change as the Company continues to evaluate expected cash flows from the acquired loan pools.

Non-Interest Income

Non-interest income for the first quarter was $11.3 million, an increase of $590,000, or 5.5%, compared to the first quarter of 2012.

Non-Interest Expense

Non-interest expense for the first quarter of 2013 was $31.9 million, an increase of $3.3 million compared to the same period in 2012. "Included in the quarter were $240,000 in merger related expenses and $2.9 million in normal operating expenses attributable to our 2012 FDIC-assisted acquisitions. Normalized for these acquisition related items, non-interest expense for the quarter increased by only 0.4%. Obviously, we continue to have excellent expense control as a result of the implementation of our efficiency initiatives," added May.

Asset Quality

Beginning in 2010, the Company has acquired loans and foreclosed real estate ("OREO") through FDIC-assisted acquisitions. Through the loss share provisions of the purchase and assumption agreements, the FDIC agreed to reimburse the Company for 80% of the losses incurred on the disposition of covered loans and OREO. The acquired loans and OREO and any related FDIC loss share indemnification asset were presented in the Company's financial reports with a carrying value equal to the discounted net present value of expected future proceeds. At March 31, 2013, acquired loans covered by loss share were carried at $182 million, OREO covered by loss share was carried at $28 million and the FDIC loss share indemnification asset was carried at $71 million. Acquired loans and OREO not covered by loss share were carried at $79 million and $9 million, respectively. As a result of using the discounted net present value method of valuing these assets, and due to the significant protection against possible losses provided by the FDIC loss share indemnification, all acquired assets, with the exception of OREO not covered by loss share, are excluded from the computations of the asset quality ratios for the legacy loan portfolio, except for their inclusion in total assets.

The Company's allowance for loan losses was $27.7 million at March 31, 2013, or 1.75% of total loans and 237% of non-performing loans. Non-performing loans as a percent of total loans were 0.74% as of March 31, 2013, unchanged from December 31, 2012. "Included in our non-performing assets was $9.5 million, net of a credit mark, of non-covered OREO we acquired in our two recent FDIC-assisted transactions. Normalizing for the acquired OREO, our legacy non-performing assets decreased $0.6 million from the previous quarter. Our legacy non-performing assets as a percent of total assets of 0.94% as of March 31, 2013 continues to compare favorably to the industry and our peer group," commented May. For the first quarter, the annualized net charge-off ratio, excluding credit cards, was 0.11%, and the annualized credit card charge-off ratio was 1.53%.

Capital

At March 31, 2013, stockholders' equity was $406 million, book value per share was $24.62 and tangible book value per share was $20.73. The Company's ratio of stockholders' equity to total assets was 11.5% and its ratio of tangible common equity to tangible assets was 9.8%, as of March 31, 2013.

"Our exceptional level of capital puts us in the 80th percentile of our peer group and allows us to actively pursue the right opportunities that meet our strategic plan regarding mergers and acquisitions," continued May. As of March 31, 2013, the Company's regulatory capital ratios remain significantly higher than regulatory "well capitalized" guidelines:

"Well Capitalized"  SFNC
Tier 1 Leverage Ratio 5.00% 10.83%
Tier 1 Risk-Based Capital Ratio 6.00% 19.63%
Total Risk-Based Capital Ratio 10.00% 20.88%

Stock Repurchase Program

During the first quarter of 2013, the Company repurchased approximately 94,000 shares at an average price of $25.59. The Company plans to continue to allocate its earnings, less dividends, to its stock repurchase program.

Simmons First National Corporation

Simmons First National Corporation is an eight bank financial holding company with 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 96 offices, of which 92 are financial centers, in 55 communities in Arkansas, Missouri and Kansas. The Company's common stock trades on the NASDAQ Global Select Market under the symbol "SFNC".

Conference Call

Management will conduct a conference call to review this information beginning at 3:00 p.m. Central Time on Thursday, April 18, 2013. Interested persons can listen to this call by dialing toll-free 1-888-428-9480 (United States and Canada only) and asking for the Simmons First National Corporation conference call. In addition, the call will be available live or in recorded version on the Company's website at www.simmonsfirst.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 exclude the effects of the amortization of intangibles and include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant 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. 

Forward Looking Statements

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

Simmons First National Corporation  SFNC 
Consolidated End of Period Balance Sheets 
For the Quarters Ended  Mar 31  Dec 31  Sep 30  Jun 30  Mar 31 
(Unaudited)  2013  2012  2012  2012  2012 
(in thousands)
ASSETS 
Cash and non-interest bearing balances due from banks   $ 40,006  $ 47,470  $ 40,356  $ 29,708  $ 34,314
Interest bearing balances due from banks   602,992  467,984  440,524  515,874  642,929
Federal funds sold   --   22,343  7,571  --   750
Cash and cash equivalents   642,998  537,797  488,451  545,582  677,993
Investment securities - held-to-maturity   488,513  496,141  510,630  525,522  481,314
Investment securities - available-for-sale   192,165  191,342  205,051  166,966  176,466
Mortgage loans held for sale   19,100  25,367  23,980  15,495  24,351
Assets held in trading accounts   8,368  6,224  7,002  7,812  7,708
Loans: 
Loans   1,589,077  1,628,513  1,623,401  1,614,736  1,543,653
Allowance for loan losses   (27,735)  (27,882)  (28,145)  (28,397)  (28,325)
Loans acquired, not covered by FDIC loss share 
(net of discount)   78,745  82,764  73,023  --   -- 
Loans acquired, covered by FDIC loss share (net of discount)   181,537  210,842  163,657  114,189  129,735
Net loans   1,821,624  1,894,237  1,831,936  1,700,528  1,645,063
FDIC indemnification asset   71,002  75,286  59,547  35,038  39,978
Premises and equipment   87,934  87,557  85,969  85,171  85,784
Foreclosed assets not covered by FDIC loss share   30,714  33,352  29,665  23,947  24,542
Foreclosed assets covered by FDIC loss share   28,003  27,620  26,466  11,252  11,705
Interest receivable   13,027  14,530  15,253  12,975  13,319
Bank owned life insurance   59,344  52,066  51,681  51,326  50,934
Goodwill   60,605  60,605  60,605  60,605  60,605
Core deposit premiums   3,624  3,760  2,549  1,431  1,505
Other assets   16,540  21,605  16,195  13,494  18,786
Total assets   $ 3,543,561  $ 3,527,489  $ 3,414,980  $ 3,257,144  $ 3,320,053
LIABILITIES AND STOCKHOLDERS' EQUITY 
Deposits: 
Non-interest bearing transaction accounts   $ 592,442  $ 576,655  $ 543,380  $ 517,854  $ 521,202
Interest bearing transaction accounts and savings deposits   1,456,005  1,421,137  1,343,784  1,290,954  1,282,763
Time deposits less than $100,000   482,688  505,773  521,259  467,503  485,134
Time deposits greater than $100,000   361,529  370,598  386,872  352,973  365,478
Total deposits   2,892,664  2,874,163  2,795,295  2,629,284  2,654,577
Federal funds purchased and securities sold 
under agreements to repurchase   108,227  104,078  64,829  70,220  106,224
Other borrowings   81,646  89,441  88,852  90,866  90,312
Subordinated debentures   20,620  20,620  20,620  30,930  30,930
Accrued interest and other liabilities   33,950  33,125  41,136  28,431  28,698
Total liabilities   3,137,107  3,121,427  3,010,732  2,849,731  2,910,741
Stockholders' equity: 
Common stock   165  165  167  170  172
Surplus   94,723  96,587  99,156  105,825  110,976
Undivided profits   311,521  309,053  304,343  300,917  297,776
Accumulated other comprehensive income 
Unrealized appreciation on AFS securities   45  257  582  501  388
Total stockholders' equity   406,454  406,062  404,248  407,413  409,312
Total liabilities and stockholders' equity   $ 3,543,561  $ 3,527,489  $ 3,414,980  $ 3,257,144  $ 3,320,053
 Simmons First National Corporation  SFNC 
 Consolidated Average Quarter-to-Date Balance Sheets 
 For the Quarters Ended  Mar 31  Dec 31  Sep 30  Jun 30  Mar 31 
 (Unaudited)  2013  2012  2012  2012  2012 
(in thousands)
 ASSETS 
 Cash and non-interest bearing balances due from banks   $ 42,334  $ 43,691  $ 36,603  $ 35,899  $ 37,469
 Interest bearing balances due from banks   560,759  490,532  479,435  550,512  576,416
 Federal funds sold   8,487  8,931  2,850  363  281
 Cash and cash equivalents   611,580  543,154  518,888  586,774  614,166
 Investment securities - held-to-maturity   497,152  511,203  496,102  508,293  496,002
 Investment securities - available-for-sale   191,981  194,815  178,247  172,539  172,523
 Mortgage loans held for sale   19,442  17,804  19,334  17,623  17,076
 Assets held in trading accounts   8,525  7,701  7,780  7,831  6,845
 Loans: 
 Loans   1,588,299  1,633,710  1,637,437  1,579,166  1,550,341
 Allowance for loan losses   (27,999)  (28,660)  (29,228)  (29,339)  (30,896)
 Loans acquired, not covered by FDIC loss share 
 (net of discount)   80,755  82,764  12,700  --   -- 
 Loans acquired, covered by FDIC loss share (net of discount)   196,190  218,135  117,809  120,695  141,563
 Net loans   1,837,245  1,905,949  1,738,718  1,670,522  1,661,008
 FDIC indemnification asset   74,205  66,994  39,476  38,563  44,845
 Premises and equipment   87,571  87,784  85,173  85,629  86,187
 Foreclosed assets not covered by FDIC loss share   32,102  34,883  24,945  24,322  23,279
 Foreclosed assets covered by FDIC loss share   27,812  29,779  14,521  12,079  13,048
 Interest receivable   13,370  15,154  13,484  12,877  13,847
 Bank owned life insurance   52,706  51,864  51,507  51,133  50,761
 Goodwill   60,605  60,605  60,605  60,605  60,605
 Core deposit premiums   3,693  2,955  1,614  1,467  1,541
 Other assets   20,827  3,574  14,991  15,114  17,952
 Total assets   $ 3,538,816  $ 3,534,218  $ 3,265,385  $ 3,265,371  $ 3,279,685
 LIABILITIES AND STOCKHOLDERS' EQUITY 
 Deposits: 
 Non-interest bearing transaction accounts   $ 567,588  $ 570,800  $ 504,923  $ 502,884  $ 494,366
 Interest bearing transaction accounts and savings deposits   1,446,533  1,405,956  1,291,141  1,282,616  1,252,972
 Time deposits less than $100,000   494,196  523,050  477,275  477,588  492,354
 Time deposits greater than $100,000   364,496  380,843  361,504  360,233  371,168
 Total deposits   2,872,813  2,880,649  2,634,843  2,623,321  2,610,860
 Federal funds purchased and securities sold 
 under agreements to repurchase   118,131  101,815  72,381  82,738  108,841
 Other borrowings   83,872  89,617  90,307  89,606  89,920
 Subordinated debentures   20,620  20,620  30,594  30,930  30,930
 Accrued interest and other liabilities   34,486  33,227  30,219  29,077  27,417
 Total liabilities   3,129,922  3,125,928  2,858,344  2,855,672  2,867,968
 Total stockholders' equity   408,894  408,290  407,041  409,699  411,717
 Total liabilities and stockholders' equity   $ 3,538,816  $ 3,534,218  $ 3,265,385  $ 3,265,371  $ 3,279,685
 Simmons First National Corporation  SFNC 
 Consolidated Statements of Income - Quarter-to-Date 
 For the Quarters Ended Mar 31Dec 31Sep 30Jun 30Mar 31
 (Unaudited)  2013  2012  2012  2012  2012 
(in thousands, except per share data)
 INTEREST INCOME 
 Loans not covered by loss share   $ 23,696  $ 23,912  $ 23,192  $ 22,358  $ 22,272
 Loans covered by FDIC loss share   6,175  6,759  5,041  4,994  5,973
 Federal funds sold   3  4  2  1  -- 
 Investment securities   2,902  3,106  3,027  3,313  3,275
 Mortgage loans held for sale   155  149  171  164  153
 Assets held in trading accounts   11  11  12  13  12
 Interest bearing balances due from banks   290  301  267  349  303
 TOTAL INTEREST INCOME   33,232  34,242  31,712  31,192  31,988
 INTEREST EXPENSE 
 Time deposits   1,588  1,807  1,863  2,004  2,269
 Other deposits   611  652  658  676  696
 Federal funds purchased and securities 
 sold under agreements to repurchase   65  65  69  77  99
 Other borrowings   734  948  792  799  815
 Subordinated debentures   159  163  389  385  391
 TOTAL INTEREST EXPENSE   3,157  3,635  3,771  3,941  4,270
 NET INTEREST INCOME   30,075  30,607  27,941  27,251  27,718
 Provision for loan losses   919  1,295  1,299  775  771
 NET INTEREST INCOME AFTER PROVISION 
 FOR LOAN LOSSES   29,156  29,312  26,642  26,476  26,947
 NON-INTEREST INCOME 
 Trust income   1,444  1,484  1,440  1,240  1,309
 Service charges on deposit accounts   4,241  4,645  4,368  3,930  3,865
 Other service charges and fees   775  747  684  738  792
 Mortgage lending income   1,216  1,553  1,705  1,445  1,294
 Investment banking income   454  337  560  442  699
 Credit card fees   4,039  4,655  4,104  4,207  4,079
 Bank owned life insurance income   278  385  355  368  355
 Gain on sale of securities, net   --   2  --   --   -- 
 Gain on FDIC-assisted transactions   --   2,291  1,120  --   -- 
 Net (loss) gain on assets covered by FDIC loss share agreements   (2,142)  (2,286)  (2,689)  (2,153)  (2,665)
 Other income   1,008  930  165  876  995
 TOTAL NON-INTEREST INCOME   11,313  14,743  11,812  11,093  10,723
 NON-INTEREST EXPENSE 
 Salaries and employee benefits   18,507  17,674  15,911  16,590  16,824
 Occupancy expense, net   2,555  2,311  2,182  2,029  2,081
 Furniture and equipment expense   1,723  1,835  1,835  1,608  1,604
 Other real estate and foreclosure expense   331  311  280  194  207
 Deposit insurance   775  614  444  457  571
 Merger related costs   240  1,081  815  --   -- 
 Other operating expenses   7,781  8,340  7,219  7,366  7,350
 TOTAL NON-INTEREST EXPENSE   31,912  32,166  28,686  28,244  28,637
 NET INCOME BEFORE INCOME TAXES   8,557  11,889  9,768  9,325  9,033
 Provision for income taxes   2,620  3,856  3,008  2,789  2,678
 NET INCOME   $ 5,937  $ 8,033  $ 6,760  $ 6,536  $ 6,355
 BASIC EARNINGS PER SHARE   $ 0.36  $ 0.48  $ 0.41  $ 0.38  $ 0.37
 DILUTED EARNINGS PER SHARE   $ 0.36  $ 0.48  $ 0.41  $ 0.38  $ 0.37
 Simmons First National Corporation  SFNC 
 Consolidated Risk-Based Capital 
 For the Quarters Ended  Mar 31  Dec 31  Sep 30  Jun 30  Mar 31 
 (Unaudited)  2013  2012  2012  2012  2012 
(in thousands)
Tier 1 capital
 Stockholders' equity   $ 406,454  $ 406,062  $ 404,248  $ 407,413  $ 409,312
 Trust preferred securities, net allowable   20,000  20,000  20,000  30,000  30,000
 Disallowed intangible assets, net of deferred tax   (48,529)  (48,966)  (48,053)  (47,235)  (47,607)
 Unrealized gain on AFS securities   (45)  (257)  (582)  (501)  (388)
 Total Tier 1 capital   377,880  376,839  375,613  389,677  391,317
Tier 2 capital
 Qualifying unrealized gain on AFS equity securities   28  19  14  15  14
 Qualifying allowance for loan losses   24,129  24,743  24,395  22,910  22,096
 Total Tier 2 capital   24,157  24,762  24,409  22,925  22,110
 Total risk-based capital   $ 402,037  $ 401,601  $ 400,022  $ 412,602  $ 413,427
 Risk weighted assets   $ 1,925,199  $ 1,974,800  $ 1,946,344  $ 1,825,808  $ 1,759,932
 Adjusted average assets for leverage ratio   $ 3,490,102  $ 3,484,504  $ 3,216,488  $ 3,217,291  $ 3,231,257
Ratios at end of quarter
 Equity to assets  11.47% 11.51% 11.84% 12.51% 12.33%
 Tangible common equity to tangible assets  9.84% 9.87% 10.18% 10.81% 10.66%
 Tier 1 leverage ratio  10.83% 10.81% 11.68% 12.11% 12.11%
 Tier 1 risk-based capital ratio  19.63% 19.08% 19.30% 21.34% 22.23%
 Total risk-based capital ratio  20.88% 20.34% 20.55% 22.60% 23.49%
 Simmons First National Corporation  SFNC 
 Consolidated Loans and Investments 
 For the Quarters Ended  Mar 31  Dec 31  Sep 30  Jun 30  Mar 31 
 (Unaudited)  2013  2012  2012  2012  2012 
(in thousands)
Legacy Loan Portfolio - End of Period (1)
 Consumer 
 Credit cards   $ 171,599  $ 185,536  $ 175,760  $ 176,325  $ 175,013
 Student loans   31,835  34,145  36,441  39,823  44,059
 Other consumer   102,297  105,319  107,604  107,284  110,001
 Total consumer   305,731  325,000  319,805  323,432  329,073
 Real Estate 
 Construction   136,099  138,132  128,423  117,235  109,979
 Single-family residential   355,479  356,907  355,976  355,978  349,009
 Other commercial   569,686  568,166  546,224  550,418  537,807
 Total real estate   1,061,264  1,063,205  1,030,623  1,023,631  996,795
 Commercial 
 Commercial   150,427  141,336  138,719  140,868  144,772
 Agricultural   68,028  93,805  130,727  122,245  69,598
 Total commercial   218,455  235,141  269,446  263,113  214,370
 Other   3,627  5,167  3,527  4,560  3,415
 Total Loans   $ 1,589,077  $ 1,628,513  $ 1,623,401  $ 1,614,736  $ 1,543,653
 (1) Excludes all acquired loans, including those covered by FDIC loss share agreements. 
Investment Securities - End of Period
 Held-to-Maturity 
 U.S. Treasury   $ --   $ --   $ --   $ --   $ 4,000
 U.S. Government agencies   288,480  288,098  303,640  315,493  267,991
 Mortgage-backed securities   45  49  51  56  59
 State and political subdivisions   199,368  207,374  206,319  209,043  208,334
 Other securities   620  620  620  930  930
 Total held-to-maturity   488,513  496,141  510,630  525,522  481,314
 Available-for-Sale 
 U.S. Government agencies   159,846  152,481  164,467  148,837  157,631
 Mortgage-backed securities   15,891  20,634  24,333  2,493  2,528
 State and political subdivisions   1,417  2,988  --   --   -- 
 FHLB stock   5,325  5,498  5,788  5,578  6,241
 Other securities   9,686  9,741  10,463  10,058  10,066
 Total available-for-sale   192,165  191,342  205,051  166,966  176,466
 Total investment securities   $ 680,678  $ 687,483  $ 715,681  $ 692,488  $ 657,780
 Fair value - HTM investment securities   $ 491,556  $ 500,578  $ 516,419  $ 531,499  $ 486,743
Investment Securities - QTD Average
 Taxable securities   $ 485,711  $ 495,917  $ 467,988  $ 471,826  $ 459,164
 Tax exempt securities   203,422  210,101  206,361  209,006  209,361
 Total investment securities - QTD average   $ 689,133  $ 706,018  $ 674,349  $ 680,832  $ 668,525
 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)  2013  2012  2012  2012  2012 
(in thousands)
Allowance for Loan Losses
 Balance, beginning of quarter   $ 27,882  $ 28,145  $ 28,397  $ 28,325  $ 30,108
 Loans charged off 
 Credit cards   909  884  806  829  997
 Other consumer   374  362  358  252  226
 Real estate   239  705  773  78  2,539
 Commercial   96  163  86  165  129
 Total loans charged off   1,618  2,114  2,023  1,324  3,891
 Recoveries of loans previously charged off 
 Credit cards   236  194  242  212  210
 Other consumer   195  177  107  135  156
 Real estate   68  144  61  248  930
 Commercial   53  41  62  26  41
 Total recoveries   552  556  472  621  1,337
 Net loans charged off   1,066  1,558  1,551  703  2,554
 Provision for loan losses   919  1,295  1,299  775  771
 Balance, end of quarter   $ 27,735  $ 27,882  $ 28,145  $ 28,397  $ 28,325
Non-performing assets (1) (2)
 Non-performing loans 
 Nonaccrual loans 
 Real estate   $ 6,963  $ 7,135  $ 6,197  $ 6,851  $ 6,898
 Commercial   602  618  894  676  942
 Consumer   1,203  1,370  1,389  1,462  1,299
 Total nonaccrual loans   8,768  9,123  8,480  8,989  9,139
 Loans past due 90 days or more 
 Government guaranteed student loans   2,283  2,234  2,324  3,275  3,434
 Other loans   661  681  1,001  509  606
 Total loans past due 90 days or more   2,944  2,915  3,325  3,784  4,040
 Total non-performing loans   11,712  12,038  11,805  12,773  13,179
 Other non-performing assets 
 Foreclosed assets held for sale   21,253  21,556  23,126  23,947  24,542
 Acquired foreclosed assets held for sale, not covered 
 by FDIC loss share agreements   9,461  11,796  6,539
 Other non-performing assets   238  221  60  --   1
 Total other non-performing assets   30,952  33,573  29,725  23,947  24,543
 Total non-performing assets   $ 42,664  $ 45,611  $ 41,530  $ 36,720  $ 37,722
 Performing TDRs (troubled debt restructurings)   $ 10,745  $ 11,015  $ 10,995  $ 11,492  $ 11,531
Ratios (1) (2)
 Allowance for loan losses to total loans  1.75% 1.71% 1.73% 1.76% 1.83%
 Allowance for loan losses to non-performing loans  237% 232% 238% 222% 215%
 Non-performing loans to total loans  0.74% 0.74% 0.73% 0.79% 0.85%
 Non-performing assets (including performing TDRs) 
 to total assets  1.51% 1.61% 1.54% 1.48% 1.48%
 Non-performing assets to total assets  1.20% 1.29% 1.22% 1.13% 1.14%
 Non-performing assets to total assets 
 (excluding Gov't guaranteed student loans)  1.14% 1.23% 1.15% 1.03% 1.03%
 Annualized net charge offs to total loans  0.27% 0.38% 0.38% 0.18% 0.66%
 Annualized net credit card charge offs to 
 total credit card loans  1.53% 1.54% 1.27% 1.42% 1.75%
 Annualized net charge offs to total loans 
 (excluding credit cards)  0.11% 0.24% 0.27% 0.02% 0.52%
 Past due loans >30 days (excluding nonaccrual)  0.64% 0.63% 0.75% 0.68% 0.83%
 Past due loans >30 days (excluding nonaccrual) 
 (excluding Gov't guaranteed student loans)  0.40% 0.44% 0.48% 0.42% 0.47%
 (1) Excludes all acquired loans, including those covered by FDIC loss share agreements, except for their inclusion in total assets. 
 (2) Excludes acquired foreclosed assets covered by FDIC loss share agreements, except for their inclusion in total assets. 
 Simmons First National Corporation  SFNC 
 Consolidated - Net Interest Income Analysis 
 For the Quarters Ended  Mar 31  Dec 31  Sep 30  Jun 30  Mar 31 
 (Unaudited)  2013  2012  2012  2012  2012 
ASSETS
Earning Assets
 Interest bearing balances due from banks 0.21% 0.24% 0.22% 0.25% 0.21%
 Investment securities 2.33% 2.39% 2.46% 2.66% 2.69%
 Mortgage loans held for sale 3.23% 3.33% 3.52% 3.74% 3.60%
 Assets held in trading accounts 0.52% 0.57% 0.61% 0.67% 0.71%
 Loans, including covered loans* 6.79% 6.59% 6.40% 6.47% 6.72%
 Total interest earning assets 4.41% 4.45% 4.45% 4.41% 4.51%
LIABILITIES
Interest bearing liabilities
 Interest bearing transaction and
 savings accounts 0.17% 0.18% 0.20% 0.21% 0.22%
 Time deposits 0.75% 0.80% 0.88% 0.96% 1.06%
 Total interest bearing deposits 0.39% 0.42% 0.47% 0.51% 0.56%
 Federal funds purchased and securities
 sold under agreement to repurchase 0.22% 0.25% 0.38% 0.37% 0.37%
 Other borrowings 3.55% 4.21% 3.49% 3.59% 3.65%
 Subordinated debentures 3.13% 3.14% 5.06% 5.01% 5.08%
 Total interest bearing liabilities 0.51% 0.57% 0.65% 0.68% 0.73%
NET INTEREST MARGIN/SPREAD
 Net interest spread 3.90% 3.88% 3.80% 3.73% 3.78%
 Net interest margin - quarter-to-date 4.01% 3.99% 3.94% 3.87% 3.93%
 Net interest margin - year-to-date 4.01% 3.93% 3.91% 3.90% 3.93%
* Covered loans are loans covered by FDIC loss share agreements.
 Simmons First National Corporation  SFNC 
 Consolidated - Selected Financial Data 
 For the Quarters Ended  Mar 31  Dec 31  Sep 30  Jun 30  Mar 31 
 (Unaudited)  2013  2012  2012  2012  2012 
($ in thousands, except share data)
QUARTER-TO-DATE
 Diluted earnings per share   $ 0.36  $ 0.48  $ 0.41  $ 0.38  $ 0.37
 Core earnings (excludes nonrecurring items) (non-GAAP)   6,083  7,404  6,575  6,536  6,355
 Diluted core earnings per share (non-GAAP)   0.37  0.44  0.40  0.38  0.37
 Cash dividends declared per common share   0.21  0.20  0.20  0.20  0.20
 Cash dividends declared - amount   3,469  3,323  3,334  3,395  3,444
 Return on average stockholders' equity  5.89% 7.83% 6.61% 6.42% 6.21%
 Return on tangible equity  7.09% 9.36% 7.85% 7.61% 7.36%
 Return on average assets  0.68% 0.90% 0.82% 0.81% 0.78%
 Net interest margin (FTE)  4.01% 3.99% 3.94% 3.87% 3.93%
 FTE adjustment - investments   1,062  1,134  1,138  1,196  1,192
 FTE adjustment - loans   11  11  11  12  11
 Amortization of intangibles   137  126  74  74  74
 Amortization of intangibles, net of taxes   83  77  45  45  45
 Average shares outstanding   16,516,438  16,624,637  16,756,589  17,044,160  17,215,027
 Average earning assets   3,151,590  3,165,595  2,938,994  2,957,022  2,961,047
 Average interest bearing liabilities   2,527,848  2,521,901  2,323,202  2,323,711  2,346,185
YEAR-TO-DATE
 Diluted earnings per share   $ 0.36  $ 1.64  $ 1.16  $ 0.75  $ 0.37
 Core earnings (excludes nonrecurring items) (non-GAAP)   6,083  26,870  19,466  12,891  6,355
 Diluted core earnings per share (non-GAAP)   0.37  1.59  1.15  0.75  0.37
 Cash dividends declared per common share   0.21  0.80  0.60  0.40  0.20
 Cash dividends declared - amount   3,469  13,496  10,173  6,839  3,444
 Return on average stockholders' equity  5.89% 6.77% 6.41% 6.31% 6.21%
 Return on tangible equity  7.09% 8.05% 7.61% 7.49% 7.36%
 Return on average assets  0.68% 0.83% 0.80% 0.79% 0.78%
 Net interest margin (FTE)  4.01% 3.93% 3.91% 3.90% 3.93%
 FTE adjustment - investments   1,062  4,660  3,526  2,388  1,192
 FTE adjustment - loans   11  45  34  23  11
 Amortization of intangibles   137  348  222  148  74
 Amortization of intangibles, net of taxes   83  212  135  90  45
 Average shares outstanding   16,516,438  16,908,904  17,004,351  17,129,593  17,215,027
 Average diluted shares outstanding   16,520,398  16,911,363  17,007,623  17,134,232  17,223,085
 Average earning assets   3,151,590  3,008,840  2,952,324  2,959,034  2,961,047
 Average interest bearing liabilities   2,527,848  2,378,748  2,331,032  2,334,948  2,346,185
END OF PERIOD
 Book value per share   $ 24.62  $ 24.55  $ 24.26  $ 24.03  $ 23.82
 Tangible book value per share   20.73  20.66  20.47  20.37  20.21
 Shares outstanding   16,509,666  16,542,778  16,660,278  16,956,991  17,182,526
 Full-time equivalent employees   1,112  1,068  1,073  1,074  1,077
 Total number of ATM's   110  110  106  102  102
 Total number of financial centers   92  92  88  84  84
 Parent company only - investment in subsidiaries   370,728  368,847  387,944  386,441  384,713
 Parent company only - intangible assets   133  133  133  133  133
 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)  2013  2012  2012  2012  2012 
(in thousands, except per share data)
QUARTER-TO-DATE
 Net Income   $ 5,937  $ 8,033  $ 6,760  $ 6,536  $ 6,355
 Nonrecurring items 
Gain on FDIC assisted transactions  --   (2,291)  (1,120)  --   -- 
Merger related costs  240  1,081  815  --   -- 
FHLB prepayment penalties  --   175  --   --   -- 
Tax effect  (94)  406  120  --   -- 
 Net nonrecurring items   146  (629)  (185)  --   -- 
 Core earnings (non-GAAP)   $ 6,083  $ 7,404  $ 6,575  $ 6,536  $ 6,355
 Diluted earnings per share   $ 0.36  $ 0.48  $ 0.41  $ 0.38  $ 0.37
 Nonrecurring items 
Gain on FDIC assisted transactions  --   (0.14)  (0.07)  --   -- 
Merger related costs  0.01  0.07  0.05  --   -- 
FHLB prepayment penalties  --   0.01  --   --   -- 
Tax effect  --   0.02  0.01  --   -- 
 Net nonrecurring items   0.01  (0.04)  (0.01)  --   -- 
 Diluted core earnings per share (non-GAAP)   $ 0.37  $ 0.44  $ 0.40  $ 0.38  $ 0.37
YEAR-TO-DATE
 Net Income   $ 5,937  $ 27,684  $ 19,651  $ 12,891  $ 6,355
 Nonrecurring items 
Gain on FDIC assisted transactions  --   (3,411)  (1,120)  --   -- 
Merger related costs  240  1,896  815  --   -- 
FHLB prepayment penalties  --   175  --   --   -- 
Tax effect  (94)  526  120  --   -- 
 Net nonrecurring items   146  (814)  (185)  --   -- 
 Core earnings (non-GAAP)   $ 6,083  $ 26,870  $ 19,466  $ 12,891  $ 6,355
 Diluted earnings per share   $ 0.36  $ 1.64  $ 1.16  $ 0.75  $ 0.37
 Nonrecurring items 
Gain on FDIC assisted transactions  --   (0.21)  (0.07)  --   -- 
Merger related costs  0.01  0.12  0.05  --   -- 
FHLB prepayment penalties  --   0.01  --   --   -- 
Tax effect  --   0.03  0.01  --   -- 
 Net nonrecurring items   0.01  (0.05)  (0.01)  --   -- 
 Diluted core earnings per share (non-GAAP)   $ 0.37  $ 1.59  $ 1.15  $ 0.75  $ 0.37
CONTACT: DAVID W. GARNER
         Senior Vice President and Investor Relations Officer
         Simmons First National Corporation
         (870) 541-1000
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