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

 

Page 1

 

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.

 

Page 3

 

 

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.

 

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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.

 

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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.

 

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