UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
QUARTERLY
REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE
ACT OF 1934
| For Quarter Ended June 30, 2003 |
Commission File Number 06253 |
| SIMMONS FIRST NATIONAL CORPORATION |
|
|
|
(Exact name of registrant as specified in its charter) |
| Arkansas |
|
71-0407808 |
| | | |
|
(State
or other jurisdiction of |
|
(I.R.S.
Employer |
|
|
|
|
|
|
|
|
| 501 Main Street Pine Bluff, Arkansas |
|
71601 |
| | | |
|
(Address of principal executive offices) |
|
(Zip Code) |
| Registrant’s telephone number, including area code |
870-541-1000 |
|
|
| Not Applicable |
|
|
|
Former name, former address and former fiscal year, if changed since last report |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period) and (2) has been subject to such filing requirements for the past 90 days.
YES X NO
Indicate the number of shares outstanding of each of issuer’s classes of common stock.
| Class A, Common |
14,103,472 |
| Class B, Common |
None |
SIMMONS FIRST NATIONAL CORPORATION
INDEX
Part I: Summarized Financial Information
Simmons
First National Corporation
Consolidated Balance
Sheets
June 30, 2003 and December 31, 2002
ASSETS
| (In thousands, except share data) |
|
June
30, |
|
December
31, |
| |||
|
|
|
|
|
|
| |||
|
|
|
(Unaudited) |
|
|
| |||
|
Cash and non-interest bearing balances due from banks |
|
$ |
71,168 |
|
$ |
76,452 |
| |
|
Interest bearing balances due from banks |
|
|
43,623 |
|
|
28,473 |
| |
|
Federal funds sold and securities purchased under agreements to resell |
|
|
35,625 |
|
|
86,620 |
| |
|
|
|
|
|
|
|
|
| |
|
Cash and cash equivalents |
|
|
150,416 |
|
|
191,545 |
| |
|
| ||||||||
| Investment securities |
|
|
432,938 |
|
|
404,048 |
| |
|
Mortgage loans held for sale |
|
|
30,700 |
|
|
33,332 |
| |
|
Assets held in trading accounts |
|
|
212 |
|
|
192 |
| |
|
Loans |
|
|
1,286,842 |
|
|
1,257,305 |
| |
|
Allowance for loan losses |
|
|
(22,229 |
) |
|
(21,948 |
) | |
|
|
|
|
|
|
|
|
| |
|
Net loans |
|
|
1,264,613 |
|
|
1,235,357 |
| |
|
|
|
|
|
|
|
|
| |
|
Premises and equipment |
|
|
45,980 |
|
|
47,047 |
| |
|
Foreclosed assets held for sale, net |
|
|
2,700 |
|
|
2,705 |
| |
|
Interest receivable |
|
|
11,985 |
|
|
13,133 |
| |
|
Goodwill |
|
|
32,877 |
|
|
32,877 |
| |
|
Core deposits |
|
|
562 |
|
|
613 |
| |
|
Other assets |
|
|
16,220 |
|
|
16,730 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL ASSETS |
|
$ |
1,989,203 |
|
$ |
1,977,579 |
| |
|
|
|
|
|
|
|
|
| |
See Condensed Notes to Consolidated Financial Statements.
3
Simmons
First National Corporation
Consolidated Balance
Sheets
June 30, 2003 and December 31, 2002
LIABILITIES AND STOCKHOLDERS’ EQUITY
| (In thousands, except share data) |
|
June
30, |
|
December
31, |
| |||
|
|
|
|
|
|
| |||
|
|
|
(Unaudited) |
|
|
| |||
|
LIABILITIES |
|
|
|
|
|
|
| |
|
Non-interest bearing transaction accounts |
|
$ |
257,006 |
|
$ |
239,545 |
| |
|
Interest bearing transaction accounts and savings deposits |
|
|
568,380 |
|
|
565,041 |
| |
|
Time deposits |
|
|
786,741 |
|
|
814,610 |
| |
|
|
|
|
|
|
|
|
| |
|
Total deposits |
|
|
1,612,127 |
|
|
1,619,196 |
| |
|
Federal funds purchased and securities sold under agreements to repurchase |
|
|
80,342 |
|
|
86,705 |
| |
|
Short-term debt |
|
|
1,943 |
|
|
3,619 |
| |
|
Long-term debt |
|
|
75,589 |
|
|
54,282 |
| |
|
Accrued interest and other liabilities |
|
|
14,144 |
|
|
16,172 |
| |
|
|
|
|
|
|
|
|
| |
|
Total liabilities |
|
|
1,784,145 |
|
|
1,779,974 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
| |
|
Capital stock |
|
|
|
|
|
|
| |
|
Class A, common, par value $1 a share, authorized 30,000,000 shares, 14,103,472 issued and outstanding at 2003 and 14,142,910 (split adjusted) at 2002 |
|
|
14,104 |
|
|
7,071 |
| |
|
Surplus |
|
|
36,545 |
|
|
44,495 |
| |
|
Undivided profits |
|
|
152,066 |
|
|
143,808 |
| |
|
Accumulated other comprehensive income |
|
|
|
|
|
|
| |
|
Unrealized appreciation on available-for-sale securities, net of income taxes of $1,409 in 2003 and $1,446 in 2002 |
|
|
2,343 |
|
|
2,231 |
| |
|
|
|
|
|
|
|
|
| |
|
Total stockholders’ equity |
|
|
205,058 |
|
|
197,605 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
1,989,203 |
|
$ |
1,977,579 |
| |
|
|
|
|
|
|
|
|
| |
See Condensed Notes to Consolidated Financial Statements.
4
Simmons
First National Corporation
Consolidated Statements
of Income
Three Months and Six Months Ended June
30, 2003 and 2002
|
|
|
Three
Months Ended |
|
Six
Months Ended |
|
||||||||
|
(In thousands, except per share data) |
|
2003 |
|
2002 |
|
2003 |
|
2002 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
(Unaudited) |
|
(Unaudited) |
|
||||||||
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
22,526 |
|
$ |
23,668 |
|
$ |
44,765 |
|
$ |
47,774 |
|
|
Federal funds sold and securities purchased under agreements to resell |
|
|
160 |
|
|
264 |
|
|
374 |
|
|
592 |
|
|
Investment securities |
|
|
4,005 |
|
|
4,858 |
|
|
7,989 |
|
|
9,781 |
|
|
Mortgage loans held for sale, net of unrealized gains (losses) |
|
|
352 |
|
|
185 |
|
|
652 |
|
|
418 |
|
|
Assets held in trading accounts |
|
|
7 |
|
|
18 |
|
|
9 |
|
|
20 |
|
|
Interest bearing balances due from banks |
|
|
156 |
|
|
150 |
|
|
291 |
|
|
431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INTEREST INCOME |
|
|
27,206 |
|
|
29,143 |
|
|
54,080 |
|
|
59,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
6,384 |
|
|
8,946 |
|
|
13,228 |
|
|
19,514 |
|
|
Federal funds purchased and securities sold under agreements to repurchase |
|
|
194 |
|
|
316 |
|
|
417 |
|
|
713 |
|
|
Short-term debt |
|
|
7 |
|
|
12 |
|
|
12 |
|
|
53 |
|
|
Long-term debt |
|
|
1,363 |
|
|
818 |
|
|
2,285 |
|
|
1,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INTEREST EXPENSE |
|
|
7,948 |
|
|
10,092 |
|
|
15,942 |
|
|
21,904 |
|
|
|
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