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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____

 Commission File Number 000-06253
sfnc-20220331_g1.jpg SIMMONS FIRST NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
Arkansas71-0407808
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
501 Main Street71601
Pine Bluff(Zip Code)
Arkansas
(Address of principal executive offices)
 (870) 541-1000
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name, former address and former fiscal year, if changed since last report) 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareSFNCThe Nasdaq Global Select Market

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 that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes    No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filerNon-accelerated filer
Smaller reporting companyEmerging Growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.).  Yes    No

The number of shares outstanding of the Registrant’s Common Stock as of May 4, 2022, was 130,654,183.




Simmons First National Corporation
Quarterly Report on Form 10-Q
March 31, 2022

Table of Contents

  Page
 
 
 
 
 
 
 
 
 
   
 
Item 3.Defaults Upon Senior Securities*
Item 4.Mine Safety Disclosures*
Item 5.Other Information*
   
 
___________________
*    No reportable information under this item.





Part I:    Financial Information
Item 1.    Financial Statements (Unaudited)
Simmons First National Corporation
Consolidated Balance Sheets
March 31, 2022 and December 31, 2021
March 31,December 31,
(In thousands, except share data)20222021
 (Unaudited) 
ASSETS  
Cash and non-interest bearing balances due from banks$195,510 $209,190 
Interest bearing balances due from banks and federal funds sold1,491,507 1,441,463 
Cash and cash equivalents1,687,017 1,650,653 
Interest bearing balances due from banks - time1,857 1,882 
Investment securities:
Held-to-maturity, net of allowance for credit losses of $1,377 and $1,279 at March 31, 2022 and December 31, 2021, respectively
1,556,825 1,529,221 
Available-for-sale, at estimated fair value (amortized cost of $7,070,582 and $7,130,861 at March 31, 2022 and December 31, 2021, respectively)
6,640,069 7,113,545 
Total investments8,196,894 8,642,766 
Mortgage loans held for sale18,206 36,356 
Other assets held for sale 100 
Loans12,028,593 12,012,503 
Allowance for credit losses on loans(178,924)(205,332)
Net loans11,849,669 11,807,171 
Premises and equipment486,531 483,469 
Foreclosed assets and other real estate owned5,118 6,032 
Interest receivable69,357 72,990 
Bank owned life insurance448,011 445,305 
Goodwill1,147,007 1,146,007 
Other intangible assets102,748 106,235 
Other assets469,853 325,793 
Total assets$24,482,268 $24,724,759 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing transaction accounts$5,223,862 $5,325,318 
Interest bearing transaction accounts and savings deposits12,105,948 11,588,770 
Time deposits2,062,612 2,452,460 
Total deposits19,392,422 19,366,548 
Federal funds purchased and securities sold under agreements to repurchase196,828 185,403 
Other borrowings1,337,243 1,337,973 
Subordinated notes and debentures384,242 384,131 
Accrued interest and other liabilities209,926 201,863 
Total liabilities21,520,661 21,475,918 
Stockholders’ equity:
Common stock, Class A, $0.01 par value; 175,000,000 shares authorized at March 31, 2022 and December 31, 2021; 112,505,555 and 112,715,444 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively
1,125 1,127 
Surplus2,150,453 2,164,989 
Undivided profits1,136,990 1,093,270 
Accumulated other comprehensive loss(326,961)(10,545)
Total stockholders’ equity2,961,607 3,248,841 
Total liabilities and stockholders’ equity$24,482,268 $24,724,759 

See Condensed Notes to Consolidated Financial Statements.
3




Simmons First National Corporation
Consolidated Statements of Income
Three Months Ended March 31, 2022 and 2021

 Three Months Ended
March 31,
(In thousands, except per share data)20222021
 (Unaudited)
INTEREST INCOME
Loans, including fees$127,176 $146,424 
Interest bearing balances due from banks and federal funds sold649 798 
Investment securities33,712 21,573 
Mortgage loans held for sale190 639 
TOTAL INTEREST INCOME161,727 169,434 
INTEREST EXPENSE
Deposits6,817 13,179 
Federal funds purchased and securities sold under agreements to repurchase68 245 
Other borrowings4,779 4,802 
Subordinated notes and debentures4,457 4,527 
TOTAL INTEREST EXPENSE16,121 22,753 
NET INTEREST INCOME145,606 146,681 
Provision for credit losses(19,914)1,445 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES165,520 145,236 
NON-INTEREST INCOME
Wealth management fees7,968 7,361 
Service charges on deposit accounts10,696 9,715 
Other service charges and fees1,637 1,922 
Mortgage lending income4,550 6,447 
Debit and credit card fees7,449 6,610 
Bank owned life insurance income2,706 1,523 
Gain (loss) on sale of securities, net(54)5,471 
Other income7,266 10,500 
TOTAL NON-INTEREST INCOME42,218 49,549 
NON-INTEREST EXPENSE
Salaries and employee benefits67,906 60,340 
Occupancy expense, net10,023 9,300 
Furniture and equipment expense4,775 5,415 
Other real estate and foreclosure expense343 343 
Deposit insurance1,838 1,308 
Merger related costs1,886 233 
Other operating expenses41,646 36,063 
TOTAL NON-INTEREST EXPENSE128,417 113,002 
INCOME BEFORE INCOME TAXES79,321 81,783 
Provision for income taxes14,226 14,363 
NET INCOME65,095 67,420 
Preferred stock dividends 13 
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$65,095 $67,407 
BASIC EARNINGS PER SHARE$0.58 $0.62 
DILUTED EARNINGS PER SHARE$0.58 $0.62 
See Condensed Notes to Consolidated Financial Statements.
4




Simmons First National Corporation
Consolidated Statements of Comprehensive Income (Loss)
Three Months Ended March 31, 2022 and 2021


 Three Months Ended March 31,
(In thousands)20222021
 (Unaudited)
NET INCOME$65,095 $67,420 
OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized holding losses arising during the period on available-for-sale securities(465,708)(125,717)
Less: Reclassification adjustment for realized (loss) gains included in net income(54)5,471 
Less: Realized loss on available-for-sale securities interest rate hedges(37,199) 
Less: Amortization of net unrealized gains on securities transferred from available-for-sale to held-to-maturity(84) 
Other comprehensive income (loss), before tax effect(428,371)(131,188)
Less: Tax effect of other comprehensive loss(111,955)(34,286)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)(316,416)(96,902)
COMPREHENSIVE INCOME (LOSS)$(251,321)$(29,482)


See Condensed Notes to Consolidated Financial Statements.
5



Simmons First National Corporation
Consolidated Statements of Cash Flows
Three Months Ended March 31, 2022 and 2021
(In thousands)March 31, 2022March 31, 2021
 (Unaudited)
OPERATING ACTIVITIES  
Net income$65,095 $67,420 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization11,637 12,323 
Provision for credit losses(19,914)1,445 
(Gain) loss on sale of investments54 (5,471)
Net accretion of investment securities and assets(13,176)(12,018)
Net amortization on borrowings111 134 
Stock-based compensation expense3,941 3,852 
Gain on sale of premises and equipment, net of impairment (177)
Gain on sale of foreclosed assets and other real estate owned(235)(134)
Gain on sale of mortgage loans held for sale(2,931)(11,409)
Gain on sale of branches (5,300)
Deferred income taxes9,107 3,227 
Income from bank owned life insurance(2,706)(1,534)
Originations of mortgage loans held for sale(189,361)(298,914)
Proceeds from sale of mortgage loans held for sale210,442 384,046 
Changes in assets and liabilities:
Interest receivable3,633 1,237 
Other assets(19,178)(30,187)
Accrued interest and other liabilities(5,045)(20,733)
Income taxes payable9,051 (12,055)
Net cash provided by operating activities60,525 75,752 
INVESTING ACTIVITIES
Net change in loans(22,060)705,540 
Proceeds from sale of loans1,237 1,847 
Net change in due from banks - time25 245 
Purchases of premises and equipment, net(7,156)(2,514)
Proceeds from sale of premises held for sale 1,572 
Proceeds from sale of foreclosed assets held for sale1,623 8,338 
Proceeds from sale of available-for-sale securities 135,651 
Proceeds from maturities of available-for-sale securities194,961 185,636 
Purchases of available-for-sale securities(162,359)(1,464,377)
Proceeds from maturities of held-to-maturity securities17,491 4,426 
Purchases of held-to-maturity securities(44,638)(280,043)
Proceeds from bank owned life insurance death benefits 573 
Disposition of assets and liabilities held for sale (134,166)
Net cash used in investing activities(20,876)(837,272)
FINANCING ACTIVITIES
Net change in deposits25,874 1,192,740 
Dividends paid on preferred stock (13)
Dividends paid on common stock(21,375)(19,500)
Net change in other borrowed funds(730)(1,600)
Net change in federal funds purchased and securities sold under agreements to repurchase11,425 23,942 
Net shares (cancelled) issued under stock compensation plans(3,575)1,172 
Shares issued under employee stock purchase plan1,151 1,170 
Repurchases of common stock(16,055)(3,080)
Net cash (used in) provided by financing activities(3,285)1,194,831 
INCREASE IN CASH AND CASH EQUIVALENTS36,364 433,311 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD1,650,653 3,472,152 
CASH AND CASH EQUIVALENTS, END OF PERIOD$1,687,017 $3,905,463 
See Condensed Notes to Consolidated Financial Statements.
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Simmons First National Corporation
Consolidated Statements of Stockholders’ Equity
Three Months Ended March 31, 2022 and 2021
(In thousands, except share data)Preferred StockCommon
Stock
SurplusAccumulated
Other
Comprehensive
(Loss) Income
Undivided
Profits
Total
Three Months Ended March 31, 2022
Balance, December 31, 2021$ $1,127 $2,164,989 $(10,545)$1,093,270 $3,248,841 
Comprehensive (loss) income— — — (316,416)65,095 (251,321)
Stock issued for employee stock purchase plan – 59,475 shares
— 1 1,150 — — 1,151 
Stock-based compensation plans, net – 244,361 shares
— 2 364 — — 366 
Stock repurchases – 513,725 shares
— (5)(16,050)— — (16,055)
Dividends on common stock – $0.19 per share
— — — — (21,375)(21,375)
Balance, March 31, 2022 (Unaudited)$ $1,125 $2,150,453 $(326,961)$1,136,990 $2,961,607 
Three Months Ended March 31, 2021
Balance, December 31, 2020$767 $1,081 $2,014,076 $59,726 $901,006 $2,976,656 
Comprehensive income— — — (96,902)67,420 (29,482)
Stock issued for employee stock purchase plan – 60,697 shares
— 1 1,169 — — 1,170 
Stock-based compensation plans, net – 338,289 shares
— 2 5,022 — — 5,024 
Stock repurchases – 130,916 shares
— (1)(3,079)— — (3,080)
Dividends on preferred stock— — — — (13)(13)
Dividends on common stock – $0.18 per share
— — — — (19,500)(19,500)
Balance, March 31, 2021 (Unaudited)$767 $1,083 $2,017,188 $(37,176)$948,913 $2,930,775 



See Condensed Notes to Consolidated Financial Statements.
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SIMMONS FIRST NATIONAL CORPORATION
 
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
(Unaudited)
 
NOTE 1: PREPARATION OF INTERIM FINANCIAL STATEMENTS

Description of Business and Organizational Structure
 
Simmons First National Corporation (“Company”) is a Mid-South financial holding company headquartered in Pine Bluff, Arkansas, and the parent company of Simmons Bank, an Arkansas state-chartered bank that has been in operation since 1903 (“Simmons Bank” or the “Bank”). Simmons First Insurance Services, Inc. and Simmons First Insurance Services of TN, LLC are wholly-owned subsidiaries of Simmons Bank and are insurance agencies that offer various lines of personal and corporate insurance coverage to individual and commercial customers. The Company, through its subsidiaries, offers, among other things, consumer, real estate and commercial loans; checking, savings and time deposits; and specialized products and services (such as credit cards, trust and fiduciary services, investments, agricultural finance lending, equipment lending, insurance and Small Business Administration (“SBA”) lending) from 197 financial centers as of March 31, 2022, located throughout market areas in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas.
 
Basis of Presentation
 
The accompanying unaudited consolidated financial statements have been prepared based upon Securities and Exchange Commission (“SEC”) rules that permit reduced disclosures for interim periods. Certain information and footnote disclosures have been condensed or omitted in accordance with those rules and regulations. The accompanying consolidated balance sheet as of December 31, 2021, was derived from audited financial statements. In the opinion of management, these financial statements reflect all adjustments that are necessary for a fair presentation of interim results of operations, including normal recurring accruals. Significant intercompany accounts and transactions have been eliminated in consolidation. The results for the interim periods are not necessarily indicative of results for the full year. For a more complete discussion of significant accounting policies and certain other information, this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on February 25, 2022.
 
The preparation of financial statements in accordance with accounting principles generally accepted in the United States (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income items and expenses and disclosure of contingent assets and liabilities. The estimates and assumptions used in the accompanying consolidated financial statements are based upon management’s evaluation of the relevant facts and circumstances as of the date of the consolidated financial statements, and actual results may differ from these estimates. Such estimates include, but are not limited to, the Company’s allowance for credit losses.

Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans and the valuation of acquired loans. Management obtains independent appraisals for significant properties in connection with the determination of the allowance for credit losses and the valuation of foreclosed assets.
 
During the second and third quarters of 2021, certain debit and credit card transaction fees were reclassified from non-interest expense to non-interest income. These transaction fees, as well as additional certain prior year amounts, have been reclassified to conform to the current year financial statement presentation. These changes and reclassifications did not impact previously reported net income or comprehensive income and were not material to the consolidated financial statements. 

Recently Adopted Accounting Standards

Reference Rate Reform – In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides relief for companies preparing for discontinuation of interest rates such as the London Interbank Offered Rate (“LIBOR”). LIBOR is a benchmark interest rate referenced in a variety of agreements that are used by numerous entities. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) announced that the majority of
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LIBOR rates will no longer be published after December 31, 2021, although a number of key settings will continue until June 2023, to support the rundown of legacy contracts only. As a result, LIBOR should be discontinued as a reference rate.

Other interest rates used globally could also be discontinued for similar reasons. ASU 2020-04 provides optional expedients and exceptions to contracts, hedging relationships and other transactions affected by reference rate reform. The main provisions for contract modifications include optional relief by allowing the modification as a continuation of the existing contract without additional analysis and other optional expedients regarding embedded features. Optional expedients for hedge accounting permits changes to critical terms of hedging relationships and to the designated benchmark interest rate in a fair value hedge and also provides relief for assessing hedge effectiveness for cash flow hedges. Companies are able to apply ASU 2020-04 immediately; however, the guidance will only be available for a limited time (generally through December 31, 2022). The Company formed a LIBOR Transition Team in 2020, has created standard LIBOR replacement language for new and modified loan notes, and is monitoring the remaining loans with LIBOR rates monthly to ensure progress in updating these loans with acceptable LIBOR replacement language or converting them to other interest rates. During 2021, the Company did not offer LIBOR-indexed rates on loans which it originated, although it did participate in some shared credit agreements originated by other banks subject to the Company’s determination that the LIBOR replacement language in the loan documents met the Company’s standards. Pursuant to the Joint Regulatory Statement on LIBOR transition issued in October 2021, the Company, as of January 1, 2022, is not entering into any new LIBOR-based credit agreements and is not extending, renewing, or modifying any prior LIBOR credit agreements without requiring conversion of the agreements to other interest rates. The adoption of ASU 2020-04 has not had a material impact on the Company’s financial position or results of operations.

In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which clarifies that certain optional expedients and exceptions in Accounting Standard Codification (“ASC”) 848 for contract modifications and hedge accounting apply to derivatives that are affected by the changes in the interest rates used for margining, discounting, or contract price alignment for derivative instruments that are being implemented as part of the market-wide transition to new reference rates (commonly referred to as the “discounting transition”). ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. ASU 2021-01 did not have a material impact on the Company’s financial position or results of operations.

Leases - In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments (“ASU 2021-05”), that amends lease classification requirements for lessors. In accordance with ASU 2021-05, lessors should classify and account for a lease that have variable lease payments that do not depend on a reference index rate as an operating lease if both of the following criteria are met: i) the lease would have been classified as a sales-type lease or a direct financing lease under the previous lease classification criteria and ii) sales-type or direct financing lease classification would result in a Day 1 loss. ASU 2021-05 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The adoption of ASU No. 2021-05 did not have a material impact on the Company’s results of operations, financial position or disclosures.

Recently Issued Accounting Standards

Fair Value Hedging - In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method (“ASU 2022-01”), which clarifies the guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. This ASU amends the guidance in ASU 2017-12 that, among other things, established the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible. ASU 2022-01 renames that method the “portfolio layer” method and expands the scope of this guidance to allow entities to apply the portfolio layer method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. This scope expansion is consistent with the FASB’s efforts to simplify hedge accounting and allows entities to apply the same method to similar hedging strategies. ASU 2022-01 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact this standard will have on the Company’s results of operations, financial position and disclosures.

Credit Losses on Financial Instruments - In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”), which eliminates the accounting guidance on troubled debt restructurings (TDRs) for creditors in ASC 310-40 and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. The ASU also updates the requirements related to accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings made to borrowers experiencing financial difficulty. ASU 2022-02 is effective for public business entities for fiscal years, and
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interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact this standard will have on the Company’s results of operations, financial position and disclosures.

There have been no other significant changes to the Company’s accounting policies as previously reported (disclosed) in the 2021 Form 10-K. Presently, the Company is not aware of any other changes to the Accounting Standards Codification that will have a material impact on its present or future financial position or results of operations.

NOTE 2: ACQUISITIONS

Landmark Community Bank

On October 8, 2021, the Company completed its acquisition of Landmark Community Bank (“Landmark”) pursuant to the terms of the Agreement and Plan of Merger dated as of June 4, 2021 (“Landmark Agreement”), at which time Landmark merged with and into Simmons Bank, with Simmons Bank continuing as the surviving entity. The Company issued 4,499,872 shares of its common stock valued at approximately $138.2 million as of October 8, 2021, plus $6,451,727.43 in cash, in exchange for all outstanding shares of Landmark capital stock (and common stock equivalents) to effect the merger.

Prior to the acquisition, Landmark, headquartered in Collierville, Tennessee, conducted banking business from 8 branches located in the Memphis and Nashville, Tennessee, metropolitan areas. Including the effects of the acquisition method accounting adjustments, the Company acquired approximately $968.8 million in assets, including approximately $789.5 million in loans (inclusive of loan discounts), and approximately $802.7 million in deposits.

Goodwill of $31.5 million was recorded as a result of the transaction. The merger strengthened the Company’s market share and brought forth additional opportunities in the Company’s current footprint, which gave rise to the goodwill recorded. The goodwill will not be deductible for tax purposes.

A summary, at fair value, of the assets acquired and liabilities assumed in the Landmark acquisition, as of the acquisition date, is as follows:

(In thousands)Acquired from LandmarkFair Value AdjustmentsFair Value
Assets Acquired
Cash and due from banks$27,591 $ $27,591 
Due from banks - time100  100 
Investment securities114,793 (125)114,668 
Loans acquired785,551 3,953 789,504 
Allowance for credit losses on loans(5,980)3,621 (2,359)
Premises and equipment9,540 (4,099)5,441 
Bank owned life insurance21,287  21,287 
Core deposit intangible88 4,071 4,159 
Other assets13,036 (4,655)8,381 
Total assets acquired$966,006 $2,766 $968,772 
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(In thousands)Acquired from LandmarkFair Value AdjustmentsFair Value
Liabilities Assumed
Deposits:
Non-interest bearing transaction accounts$110,393 $ $110,393 
Interest bearing transaction accounts and savings deposits425,777  425,777 
Time deposits266,835 (334)266,501 
Total deposits803,005 (334)802,671 
Other borrowings47,023  47,023 
Accrued interest and other liabilities8,459 (3,122)5,337 
Total liabilities assumed858,487 (3,456)855,031 
Equity107,519 (107,519) 
Total equity assumed107,519 (107,519) 
Total liabilities and equity assumed$966,006 $(110,975)$855,031 
Net assets acquired113,741 
Purchase price145,195 
Goodwill$31,454 

The purchase price allocation and certain fair value measurements remain preliminary due to the timing of the merger. Management will continue to review the estimated fair values and evaluate the assumed tax positions. The Company expects to finalize its analysis of the acquired assets and assumed liabilities in this transaction within one year of the completion of the merger. Therefore, adjustments to the estimated amounts and carrying values may occur.

The Company’s operating results include the operating results of the acquired assets and assumed liabilities of Landmark subsequent to the acquisition date.

Triumph Bancshares, Inc.

On October 8, 2021, the Company completed its merger with Triumph Bancshares, Inc. (“Triumph”) pursuant to the terms of the Agreement and Plan of Merger dated as of June 4, 2021 (“Triumph Agreement”), at which time Triumph merged with and into the Company, with the Company continuing as the surviving corporation. The Company issued 4,164,712 shares of its common stock valued at approximately $127.9 million as of October 8, 2021, plus $1,693,402.93 in cash, in exchange for all outstanding shares of Triumph capital stock (and common stock equivalents) to effect the merger.

Prior to the acquisition, Triumph, headquartered in Memphis, Tennessee, conducted banking business through its subsidiary bank, Triumph Bank, from 6 branches located in the Memphis and Nashville, Tennessee, metropolitan areas. Including the effects of the acquisition method accounting adjustments, the Company acquired approximately $846.9 million in assets, including approximately $698.8 million in loans (inclusive of loan discounts), and approximately $719.7 million in deposits.

Goodwill of $40.2 million was recorded as a result of the transaction. The merger strengthened the Company’s market share and brought forth additional opportunities in the Company’s current footprint, which gave rise to the goodwill recorded. The goodwill will not be deductible for tax purposes.


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A summary, at fair value, of the assets acquired and liabilities assumed in the Triumph acquisition, as of the acquisition date, is as follows:

(In thousands)Acquired from TriumphFair Value AdjustmentsFair Value
Assets Acquired
Cash and due from banks$7,484 $ $7,484 
Due from banks - time495  495 
Investment securities130,571 (1,116)129,455 
Loans acquired702,460