UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
QUARTERLY REPORT UNDER
SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended September 30, 2004 Commission File Number 06253
| SIMMONS FIRST NATIONAL CORPORATION | ||
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| (Exact name of registrant as specified in its charter) | ||
| Arkansas | 71-0407808 | |
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| (State
or other jurisdiction of incorporation or organization) |
(I.R.S.
Employer Identification No.) |
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| 501 Main Street | Pine Bluff, Arkansas | 71601 |
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| (Address of principal executive offices) | (Zip Code) | |
| Registrant’s telephone number, including area code | 870-541-1000 | |
| Not Applicable | ||
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| 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 14,601,030
| (In thousands, except share data) | September
30, 2004 |
December
31, 2003 |
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| (Unaudited) | ||||||
| Cash and non-interest bearing balances due from banks | $ | 77,944 | $ | 78,205 | ||
| Interest bearing balances due from banks | 11,273 | 31,850 | ||||
| Federal funds sold and securities purchased | ||||||
| under agreements to resell | 17,300 | 91,560 | ||||
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| Cash and cash equivalents | 106,517 | 201,615 | ||||
| Investment securities | 563,581 | 491,950 | ||||
| Mortgage loans held for sale | 11,153 | 12,211 | ||||
| Assets held in trading accounts | 2,149 | 90 | ||||
| Loans | 1,602,127 | 1,418,314 | ||||
| Allowance for loan losses | (27,602 | ) | (25,347 | ) | ||
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| Net loans | 1,574,525 | 1,392,967 | ||||
| Premises and equipment | 55,027 | 49,369 | ||||
| Foreclosed assets held for sale, net | 1,789 | 2,979 | ||||
| Interest receivable | 15,361 | 12,678 | ||||
| Goodwill | 60,454 | 45,159 | ||||
| Core deposits | 6,035 | 5,258 | ||||
| Other assets | 21,692 | 21,502 | ||||
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| TOTAL ASSETS | $ | 2,418,283 | $ | 2,235,778 | ||
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| See Condensed Notes to Consolidated Financial Statements. | 3 | |
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| (In thousands, except share data) | September
30, 2004 |
December
31, 2003 |
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| LIABILITIES | ||||||
| Non-interest bearing transaction accounts | $ | 287,632 | $ | 270,343 | ||
| Interest bearing transaction accounts and savings deposits | 749,492 | 670,908 | ||||
| Time deposits | 905,076 | 862,217 | ||||
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| Total deposits | 1,942,200 | 1,803,468 | ||||
| Federal funds purchased and securities sold | ||||||
| under agreements to repurchase | 96,384 | 100,209 | ||||
| Short-term debt | 13,763 | 6,833 | ||||
| Long-term debt | 114,489 | 100,916 | ||||
| Accrued interest and other liabilities | 15,993 | 14,357 | ||||
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| Total liabilities | 2,182,829 | 2,025,783 | ||||
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| STOCKHOLDERS’ EQUITY | ||||||
| Capital stock | ||||||
| Class A, common, par value $0.01 a share at 2004 and | ||||||
| $1 a share at 2003, authorized 30,000,000 shares, 14,601,030 | ||||||
| issued and outstanding at 2004 and 14,101,521 at 2003 | 146 | 14,102 | ||||
| Surplus | 62,659 | 35,988 | ||||
| Undivided profits | 172,726 | 160,191 | ||||
| Accumulated other comprehensive loss | ||||||
| Unrealized depreciation on available-for-sale securities, net | ||||||
| of income tax credit of $44 in 2004 and $170 in 2003 | (77 | ) | (286 | ) | ||
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| Total stockholders’ equity | 235,454 | 209,995 | ||||
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| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 2,418,283 | $ | 2,235,778 | ||
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| See Condensed Notes to Consolidated Financial Statements. | 4 | |
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| Three
Months Ended September 30, |
Nine
Months Ended September 30, |
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| (In thousands, except per share data) | 2004 | 2003 | 2004 | 2003 | ||||||||
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| (Unaudited) | (Unaudited) | |||||||||||
| INTEREST INCOME | ||||||||||||
| Loans | $ | 24,956 | $ | 22,216 | $ | 71,490 | $ | 66,981 | ||||
| Federal funds sold and securities purchased | ||||||||||||
| under agreements to resell | 140 | 72 | 445 | 446 | ||||||||
| Investment securities | 4,494 | 4,026 | 12,951 | 12,015 | ||||||||
| Mortgage loans held for sale | 159 | 358 | 445 | 1,010 | ||||||||
| Assets held in trading accounts | 2 | 24 | 6 | 33 | ||||||||
| Interest bearing balances due from banks | 34 | 74 | 228 | 365 | ||||||||
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| TOTAL INTEREST INCOME | 29,785 | 26,770 | 85,565 | 80,850 | ||||||||
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| INTEREST EXPENSE | ||||||||||||
| Deposits | 5,824 | 5,728 | 16,942 | 18,956 | ||||||||
| Federal funds purchased and securities sold | ||||||||||||
| under agreements to repurchase | 302 | 244 | 756 | 661 | ||||||||
| Short-term debt | 94 | 26 | 134 | 38 | ||||||||
| Long-term debt | 1,448 | 908 | 4,351 | 3,193 | ||||||||
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| TOTAL INTEREST EXPENSE | 7,668 | 6,906 | 22,183 | 22,848 | ||||||||
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| NET INTEREST INCOME | 22,117 | 19,864 | 63,382 | 58,002 | ||||||||
| Provision for loan losses | 1,932 | 2,196 | 6,095 | 6,589 | ||||||||
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| NET INTEREST INCOME AFTER PROVISION | ||||||||||||
| FOR LOAN LOSSES | 20,185 | 17,668 | 57,287 | 51,413 | ||||||||
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| NON-INTEREST INCOME | ||||||||||||
| Trust income | 1,388 | 1,317 | 4,021 | 4,059 | ||||||||
| Service charges on deposit accounts | 3,928 | 2,786 | 10,922 | 7,879 | ||||||||
| Other service charges and fees | 571 | 299 | 1,634 | 1,095 | ||||||||
| Income on sale of mortgage loans, net of commissions | 814 | 1,512 | 2,610 | 4,139 | ||||||||
| Income on investment banking, net of commissions | 101 | 388 | 514 | 1,516 | ||||||||
| Credit card fees | 2,544 | 2,495 | 7,371 | 7,326 | ||||||||
| Student loan premiums | 417 | 541 | 1,867 | 1,171 | ||||||||
| Other income | 656 | 610 | 1,918 | 1,712 | ||||||||
| Gain on sale of mortgage servicing | — | — | — | 771 | ||||||||
| Gain on sale of securities, net | — | — | ||||||||||