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Simmons First National

Financials

Price	25.51	EPS	2
Shares	97	P/E	13
MCap	2,474	P/FCF	13
Net Debt	923	EBIT	372
TEV	3,396	TEV/EBIT	9
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2020-09-30	Filed 2020-11-06
10-Q	2020-06-30	Filed 2020-08-06
10-Q	2020-03-31	Filed 2020-05-07
10-K	2019-12-31	Filed 2020-02-27
10-Q	2019-09-30	Filed 2019-11-07
10-Q	2019-06-30	Filed 2019-08-07
10-Q	2019-03-31	Filed 2019-05-08
10-K	2018-12-31	Filed 2019-02-27
10-Q	2018-09-30	Filed 2018-11-07
10-Q	2018-06-30	Filed 2018-08-07
10-Q	2018-03-31	Filed 2018-05-08
10-K	2017-12-31	Filed 2018-02-28
10-Q	2017-09-30	Filed 2017-11-06
10-Q	2017-06-30	Filed 2017-08-07
10-Q	2017-03-31	Filed 2017-05-09
10-K	2016-12-31	Filed 2017-02-28
10-Q	2016-09-30	Filed 2016-11-08
10-Q	2016-06-30	Filed 2016-08-08
10-Q	2016-03-31	Filed 2016-05-09
10-K	2015-12-31	Filed 2016-02-29
10-Q	2015-09-30	Filed 2015-11-09
10-Q	2015-06-30	Filed 2015-08-10
10-Q	2015-03-31	Filed 2015-05-11
10-K	2014-12-31	Filed 2015-03-16
10-Q	2014-09-30	Filed 2014-11-10
10-Q	2014-06-30	Filed 2014-08-11
10-Q	2014-03-31	Filed 2014-05-09
10-K	2013-12-31	Filed 2014-03-11
10-Q	2013-09-30	Filed 2013-11-12
10-Q	2013-06-30	Filed 2013-08-09
10-Q	2013-03-31	Filed 2013-05-10
10-K	2012-12-31	Filed 2013-03-12
10-Q	2012-09-30	Filed 2012-11-09
10-Q	2012-06-30	Filed 2012-08-09
10-Q	2012-03-31	Filed 2012-05-10
10-K	2011-12-31	Filed 2012-03-07
10-Q	2011-09-30	Filed 2011-11-09
10-Q	2011-06-30	Filed 2011-08-09
10-Q	2011-03-31	Filed 2011-05-10
10-K	2010-12-31	Filed 2011-03-04
10-Q	2010-09-30	Filed 2010-11-09
10-Q	2010-06-30	Filed 2010-08-09
10-Q	2010-03-31	Filed 2010-05-06
10-K	2009-12-31	Filed 2010-03-02

Reports

8-K	2020-11-30
8-K	2020-10-21
8-K	2020-10-19
8-K	2020-08-31
8-K	2020-07-23
8-K	2020-07-21
8-K	2020-04-23
8-K	2020-04-23
8-K	2020-04-23
8-K	2020-04-21
8-K	2020-04-01
8-K	2020-03-04
8-K	2020-02-27
8-K	2020-02-11
8-K	2020-02-10
8-K	2020-01-27
8-K	2020-01-21
8-K	2019-12-20
8-K	2019-12-17
8-K	2019-12-02
8-K	2019-11-15
8-K	2019-10-29
8-K	2019-10-22
8-K	2019-10-17
8-K	2019-10-15
8-K	2019-09-25
8-K	2019-09-16
8-K	2019-09-03
8-K	2019-07-30
8-K	2019-07-24
8-K	2019-07-23
8-K	2019-06-25
8-K	2019-06-20
8-K	2019-06-05
8-K	2019-05-20
8-K	2019-05-17
8-K	2019-05-16
8-K	2019-05-06
8-K	2019-04-22
8-K	2019-04-17
8-K	2019-04-12
8-K	2019-03-25
8-K	2019-02-13
8-K	2019-02-12
8-K	2019-01-31
8-K	2019-01-28
8-K	2019-01-24
8-K	2019-01-22
8-K	2018-12-27
8-K	2018-11-26
8-K	2018-11-16
8-K	2018-11-13
8-K	2018-11-06
8-K	2018-10-24
8-K	2018-10-22
8-K	2018-10-05
8-K	2018-09-24
8-K	2018-09-04
8-K	2018-07-30
8-K	2018-07-25
8-K	2018-07-23
8-K	2018-07-19
8-K	2018-07-02
8-K	2018-06-06
8-K	2018-05-22
8-K	2018-05-14
8-K	2018-05-07
8-K	2018-05-02
8-K	2018-04-23
8-K	2018-04-19
8-K	2018-04-19
8-K	2018-03-21
8-K	2018-03-21
8-K	2018-03-19
8-K	2018-02-07
8-K	2018-01-22
8-K	2018-01-22
8-K	2018-01-18

Simmons First National Earnings 2020-09-30

Balance Sheet	Income Statement	Cash Flow

sfnc-20200930

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 September 30, 2020


☐			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

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
incorporation or organization)			Identification No.)

501 Main Street			71601
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 class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

SFNC

The 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 filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging 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 November 2, 2020, was 108,845,891.

Simmons First National Corporation

Quarterly Report on Form 10-Q

September 30, 2020

Table of Contents


		Page
Part I:	Financial Information
Item 1.	Financial Statements (Unaudited)
	Consolidated Balance Sheets	3
	Consolidated Statements of Income	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Statements of Cash Flows	6
	Consolidated Statements of Stockholders' Equity	7
	Condensed Notes to Consolidated Financial Statements	9
	Report of Independent Registered Public Accounting Firm	50
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	51
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	79
Item 4.	Controls and Procedures	81

Part II:	Other Information
Item 1.	Legal Proceedings	81
Item 1A.	Risk Factors	81
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	82
Item 3.	Defaults Upon Senior Securities	*
Item 4.	Mine Safety Disclosures	*
Item 5.	Other Information	*
Item 6.	Exhibits	82

Signatures		84

___________________

* No reportable information under this item.

Part I: Financial Information

Item 1. Financial Statements (Unaudited)

Simmons First National Corporation

Consolidated Balance Sheets

September 30, 2020 and December 31, 2019


	September 30,		December 31,
(In thousands, except share data)	2020		2019
	(Unaudited)
ASSETS
Cash and non-interest bearing balances due from banks	$	382,691	$	277,208
Interest bearing balances due from banks and federal funds sold	2,139,440		719,415
Cash and cash equivalents	2,522,131		996,623
Interest bearing balances due from banks - time	4,061		4,554
Investment securities:
Held-to-maturity, net of allowance for credit losses of $373 at September 30, 2020	47,102		40,927
Available-for-sale, net of allowance for credit losses of $1,208 at September 30, 2020 (amortized cost of $2,556,808 and $3,263,151 at September 30, 2020 and December 31, 2019, respectively)	2,607,288		3,288,343
Total investments	2,654,390		3,329,270
Mortgage loans held for sale	192,729		58,102
Other assets held for sale	389		260,332
Loans	14,017,442		14,425,704
Allowance for credit losses on loans	(248,251)		(68,244)
Net loans	13,769,191		14,357,460
Premises and equipment	470,491		492,384
Premises held for sale	4,486		—
Foreclosed assets and other real estate owned	12,590		19,121
Interest receivable	77,352		62,707
Bank owned life insurance	257,718		254,152
Goodwill	1,075,305		1,055,520
Other intangible assets	114,460		127,340
Other assets	282,102		241,578
Total assets	$	21,437,395	$	21,259,143

LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing transaction accounts	$	4,451,385	$	3,741,093
Interest bearing transaction accounts and savings deposits	8,993,255		9,090,878
Time deposits	2,802,007		3,276,969
Total deposits	16,246,647		16,108,940
Federal funds purchased and securities sold under agreements to repurchase	313,694		150,145
Other borrowings	1,342,769		1,297,599
Subordinated debentures	382,739		388,260
Other liabilities held for sale	—		159,853
Accrued interest and other liabilities	209,305		165,422
Total liabilities	18,495,154		18,270,219

Stockholders’ equity:
Preferred stock, 40,040,000 shares authorized; Series D, $0.01 par value, $1,000 liquidation value per share; 767 shares issued and outstanding at September 30, 2020 and December 31, 2019	767		767
Common stock, Class A, $0.01 par value; 175,000,000 shares authorized at September 30, 2020 and December 31, 2019; 109,023,781 and 113,628,601 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	1,090		1,136
Surplus	2,032,372		2,117,282
Undivided profits	866,503		848,848
Accumulated other comprehensive income	41,509		20,891
Total stockholders’ equity	2,942,241		2,988,924
Total liabilities and stockholders’ equity	$	21,437,395	$	21,259,143

See Condensed Notes to Consolidated Financial Statements.

Simmons First National Corporation

Consolidated Statements of Income

Three and Nine Months Ended September 30, 2020 and 2019


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2020		2019		2020		2019
	(Unaudited)				(Unaudited)
INTEREST INCOME
Loans	$	163,180	$	179,971	$	527,656	$	517,533
Interest bearing balances due from banks and federal funds sold	623		1,586		3,667		4,861
Investment securities	14,910		14,467		47,326		46,414
Mortgage loans held for sale	1,012		382		1,961		924
TOTAL INTEREST INCOME	179,725		196,406		580,610		569,732

INTEREST EXPENSE
Deposits	16,206		36,936		65,489		102,482
Federal funds purchased and securities sold under agreements to repurchase	335		249		1,431		642
Other borrowings	4,943		5,381		14,783		18,393
Subordinated notes and debentures	4,631		4,576		14,133		13,528
TOTAL INTEREST EXPENSE	26,115		47,142		95,836		135,045

NET INTEREST INCOME	153,610		149,264		484,774		434,687
Provision for credit losses	22,981		21,973		68,030		38,337

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	130,629		127,291		416,744		396,350

NON-INTEREST INCOME
Trust income	6,744		6,108		21,148		17,610
Service charges on deposit accounts	10,385		10,825		32,283		31,450
Other service charges and fees	1,764		1,308		4,841		3,909
Mortgage lending income	13,971		4,509		31,476		10,988
SBA lending income	304		956		845		2,348
Investment banking income	557		513		2,005		1,491
Debit and credit card fees	8,850		7,059		24,760		20,369
Bank owned life insurance income	1,591		1,302		4,334		3,357
Gain on sale of securities, net	22,305		7,374		54,790		12,937
Other income	5,380		44,721		27,990		54,942
TOTAL NON-INTEREST INCOME	71,851		84,675		204,472		159,401

NON-INTEREST EXPENSE
Salaries and employee benefits	61,144		52,065		186,712		164,560
Occupancy expense, net	9,647		8,342		28,374		22,736
Furniture and equipment expense	6,231		4,898		18,098		12,462
Other real estate and foreclosure expense	602		1,125		1,201		2,353
Deposit insurance	2,244		—		7,557		4,550
Merger related costs	902		2,556		3,800		11,548
Other operating expenses	38,179		37,879		119,618		100,808
TOTAL NON-INTEREST EXPENSE	118,949		106,865		365,360		319,017

INCOME BEFORE INCOME TAXES	83,531		105,101		255,856		236,734
Provision for income taxes	17,633		23,275		53,920		51,289

NET INCOME	65,898		81,826		201,936		185,445
Preferred stock dividends	13		—		39		326
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	65,885	$	81,826	$	201,897	$	185,119
BASIC EARNINGS PER SHARE	$	0.60	$	0.85	$	1.83	$	1.95
DILUTED EARNINGS PER SHARE	$	0.60	$	0.84	$	1.83	$	1.94

See Condensed Notes to Consolidated Financial Statements.

Simmons First National Corporation

Consolidated Statements of Comprehensive Income

Three and Nine Months Ended September 30, 2020 and 2019


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2020		2019		2020		2019
	(Unaudited)				(Unaudited)
NET INCOME	$	65,898	$	81,826	$	201,936	$	185,445

OTHER COMPREHENSIVE (LOSS) INCOME
Unrealized holding gains arising during the period on available-for-sale securities	4,975		18,736		82,703		79,547
Unrealized holding gain on the transfer of held-to-maturity securities to available-for-sale per ASU 2017-12	—		—		—		2,547
Less: Reclassification adjustment for realized gains included in net income	22,305		7,374		54,790		12,937
Other comprehensive (loss) income, before tax effect	(17,330)		11,362

EX-3.2	sfncbylawsrevoctober21.htm
EX-10.1	changeincontrol-makris.htm
EX-10.2	changeincontrol-barber.htm
EX-15.1	sfnc-093020xex151.htm
EX-31.1	sfnc-093020xex311.htm
EX-31.2	sfnc-093020xex312.htm
EX-31.3	sfnc-093020xex313.htm
EX-32.1	sfnc-093020xex321.htm
EX-32.2	sfnc-093020xex322.htm
EX-32.3	sfnc-093020xex323.htm

SFNC 10Q Quarterly Report

Simmons First National Earnings 2020-09-30