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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022
OR
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☐ | 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)
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Arkansas | 71-0407808 |
(State or other jurisdiction of | (I.R.S. Employer |
incorporation or organization) | Identification No.) |
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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:
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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.
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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, 2022, was 126,969,648.
Simmons First National Corporation
Quarterly Report on Form 10-Q
September 30, 2022
Table of Contents
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Item 3. | Defaults Upon Senior Securities | * |
Item 4. | Mine Safety Disclosures | * |
Item 5. | Other Information | * |
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___________________
* No reportable information under this item.
Part I: Financial Information
Item 1. Financial Statements (Unaudited)
Simmons First National Corporation
Consolidated Balance Sheets
September 30, 2022 and December 31, 2021
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| September 30, | | December 31, |
(In thousands, except share data) | 2022 | | 2021 |
| (Unaudited) | | |
ASSETS | | | |
Cash and noninterest bearing balances due from banks | $ | 175,547 | | | $ | 209,190 | |
Interest bearing balances due from banks and federal funds sold | 503,863 | | | 1,441,463 | |
Cash and cash equivalents | 679,410 | | | 1,650,653 | |
Interest bearing balances due from banks - time | 1,290 | | | 1,882 | |
Investment securities: | | | |
Held-to-maturity, net of allowance for credit losses of $1,384 and $1,279 at September 30, 2022 and December 31, 2021, respectively | 3,787,076 | | | 1,529,221 | |
Available-for-sale, at estimated fair value (amortized cost of $4,484,131 and $7,130,861 at September 30, 2022 and December 31, 2021, respectively) | 3,937,543 | | | 7,113,545 | |
Total investments | 7,724,619 | | | 8,642,766 | |
Mortgage loans held for sale | 12,759 | | | 36,356 | |
Other loans held for sale | 2,292 | | | 100 | |
Loans | 15,607,135 | | | 12,012,503 | |
Allowance for credit losses on loans | (197,589) | | | (205,332) | |
Net loans | 15,409,546 | | | 11,807,171 | |
Premises and equipment | 549,932 | | | 483,469 | |
Foreclosed assets and other real estate owned | 3,612 | | | 6,032 | |
Interest receivable | 86,637 | | | 72,990 | |
Bank owned life insurance | 488,364 | | | 445,305 | |
Goodwill | 1,309,000 | | | 1,146,007 | |
Other intangible assets | 133,059 | | | 106,235 | |
Other assets | 675,554 | | | 325,793 | |
Total assets | $ | 27,076,074 | | | $ | 24,724,759 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
Deposits: | | | |
Noninterest bearing transaction accounts | $ | 6,218,283 | | | $ | 5,325,318 | |
Interest bearing transaction accounts and savings deposits | 12,103,994 | | | 11,588,770 | |
Time deposits | 3,826,415 | | | 2,452,460 | |
Total deposits | 22,148,692 | | | 19,366,548 | |
Federal funds purchased and securities sold under agreements to repurchase | 168,513 | | | 185,403 | |
Other borrowings | 964,772 | | | 1,337,973 | |
Subordinated notes and debentures | 365,951 | | | 384,131 | |
Accrued interest and other liabilities | 270,995 | | | 201,863 | |
Total liabilities | 23,918,923 | | | 21,475,918 | |
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Stockholders’ equity: | | | |
Common stock, Class A, $0.01 par value; 350,000,000 and 175,000,000 shares authorized at September 30, 2022 and December 31, 2021, respectively; 126,943,467 and 112,715,444 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 1,269 | | | 1,127 | |
Surplus | 2,527,153 | | | 2,164,989 | |
Undivided profits | 1,196,459 | | | 1,093,270 | |
Accumulated other comprehensive loss | (567,730) | | | (10,545) | |
Total stockholders’ equity | 3,157,151 | | | 3,248,841 | |
Total liabilities and stockholders’ equity | $ | 27,076,074 | | | $ | 24,724,759 | |
See Condensed Notes to Consolidated Financial Statements.
3
Simmons First National Corporation
Consolidated Statements of Income
Three and Nine Months Ended September 30, 2022 and 2021
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| Three Months Ended September 30, | | Nine Months Ended September 30, |
(In thousands, except per share data) | 2022 | | 2021 | | 2022 | | 2021 |
| (Unaudited) | | (Unaudited) |
INTEREST INCOME | | | | | | | |
Loans, including fees | $ | 187,347 | | | $ | 132,216 | | | $ | 478,101 | | | $ | 417,444 | |
Interest bearing balances due from banks and federal funds sold | 1,141 | | | 763 | | | 2,907 | | | 2,212 | |
Investment securities | 40,954 | | | 30,717 | | | 112,514 | | | 79,418 | |
Mortgage loans held for sale | 178 | | | 230 | | | 568 | | | 1,255 | |
Other loans held for sale | 998 | | | — | | | 3,061 | | | — | |
TOTAL INTEREST INCOME | 230,618 | | | 163,926 | | | 597,151 | | | 500,329 | |
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INTEREST EXPENSE | | | | | | | |
Deposits | 25,429 | | | 9,116 | | | 42,000 | | | 33,077 | |
Federal funds purchased and securities sold under agreements to repurchase | 305 | | | 70 | | | 492 | | | 507 | |
Other borrowings | 6,048 | | | 4,893 | | | 15,671 | | | 14,592 | |
Subordinated notes and debentures | 5,251 | | | 4,610 | | | 14,698 | | | 13,702 | |
TOTAL INTEREST EXPENSE | 37,033 | | | 18,689 | | | 72,861 | | | 61,878 | |
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NET INTEREST INCOME | 193,585 | | | 145,237 | | | 524,290 | | | 438,451 | |
Provision for credit losses | 103 | | | (19,890) | | | 14,048 | | | (31,396) | |
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NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 193,482 | | | 165,127 | | | 510,242 | | | 469,847 | |
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NONINTEREST INCOME | | | | | | | |
Service charges on deposit accounts | 12,560 | | | 11,557 | | | 34,635 | | | 31,322 | |
Debit and credit card fees | 7,685 | | | 7,102 | | | 23,358 | | | 20,785 | |
Wealth management fees | 8,562 | | | 7,877 | | | 23,744 | | | 23,130 | |
Mortgage lending income | 2,593 | | | 5,818 | | | 9,383 | | | 16,755 | |
Bank owned life insurance income | 2,902 | | | 2,573 | | | 8,171 | | | 6,134 | |
Other service charges and fees | 2,085 | | | 1,964 | | | 5,593 | | | 5,934 | |
Gain (loss) on sale of securities, net | (22) | | | 5,248 | | | (226) | | | 15,846 | |
Other income | 6,658 | | | 6,411 | | | 20,761 | | | 25,308 | |
TOTAL NONINTEREST INCOME | 43,023 | | | 48,550 | | | 125,419 | | | 145,214 | |
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NONINTEREST EXPENSE | | | | | | | |
Salaries and employee benefits | 71,923 | | | 61,902 | | | 213,964 | | | 182,503 | |
Occupancy expense, net | 11,674 | | | 9,361 | | | 32,701 | | | 27,764 | |
Furniture and equipment expense | 5,394 | | | 4,895 | | | 15,273 | | | 15,169 | |
Other real estate and foreclosure expense | 168 | | | 339 | | | 653 | | | 1,545 | |
Deposit insurance | 3,278 | | | 1,870 | | | 7,928 | | | 4,865 | |
Merger related costs | 1,422 | | | 1,401 | | | 22,441 | | | 2,320 | |
Other operating expenses | 45,084 | | | 34,565 | | | 131,213 | | | 107,826 | |
TOTAL NONINTEREST EXPENSE | 138,943 | | | 114,333 | | | 424,173 | | | 341,992 | |
| | | | | | | |
INCOME BEFORE INCOME TAXES | 97,562 | | | 99,344 | | | 211,488 | | | 273,069 | |
Provision for income taxes | 16,959 | | | 18,770 | | | 38,336 | | | 50,151 | |
| | | | | | | |
NET INCOME | 80,603 | | | 80,574 | | | 173,152 | | | 222,918 | |
Preferred stock dividends | — | | | 13 | | | — | | | 39 | |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 80,603 | | | $ | 80,561 | | | $ | 173,152 | | | $ | 222,879 | |
BASIC EARNINGS PER SHARE | $ | 0.63 | | | $ | 0.75 | | | $ | 1.41 | | | $ | 2.06 | |
DILUTED EARNINGS PER SHARE | $ | 0.63 | | | $ | 0.74 | | | $ | 1.40 | | | $ | 2.05 | |
See Condensed Notes to Consolidated Financial Statements.
4
Simmons First National Corporation
Consolidated Statements of Comprehensive Income (Loss)
Three and Nine Months Ended September 30, 2022 and 2021
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(In thousands) | 2022 | | 2021 | | 2022 | | 2021 |
| (Unaudited) | | (Unaudited) |
NET INCOME | $ | 80,603 | | | $ | 80,574 | | | $ | 173,152 | | | $ | 222,918 | |
| | | | | | | |
OTHER COMPREHENSIVE INCOME (LOSS) | | | | | | | |
Unrealized holding losses arising during the period on available-for-sale securities | (195,540) | | | (41,398) | | | (639,915) | | | (95,313) | |
Less: Reclassification adjustment for realized (losses) gains included in net income | (22) | | | 5,248 | | | (226) | | | 15,846 | |
Less: Realized losses on available-for-sale securities interest rate hedges | (41,412) | | | (13,722) | | | (101,443) | | | (13,722) | |
Net unrealized gains (losses) on securities transferred from available for sale to held to maturity during the period | — | | | 1,106 | | | (206,682) | | | 1,106 | |
Less: Accretion of net unrealized losses on securities transferred from available-for-sale to held-to-maturity | 4,700 | | | — | | | 9,401 | | | — | |
Other comprehensive loss, before tax effect | (158,806) | | | (31,818) | | | (754,329) | | | (96,331) | |
Less: Tax effect of other comprehensive loss | (41,504) | | | (8,316) | | | (197,144) | | | (25,176) | |
| | | | | | | |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | (117,302) | | | (23,502) | | | (557,185) | | | (71,155) | |
| | | | | | | |
COMPREHENSIVE INCOME (LOSS) | $ | (36,699) | | | $ | 57,072 | | | $ | (384,033) | | | $ | 151,763 | |
See Condensed Notes to Consolidated Financial Statements.
5
Simmons First National Corporation
Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2022 and 2021
| | | | | | | | | | | |
(In thousands) | September 30, 2022 | | September 30, 2021 |
| (Unaudited) |
OPERATING ACTIVITIES | | | |
Net income | $ | 173,152 | | | $ | 222,918 | |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | | | |
Depreciation and amortization | 36,660 | | | 35,396 | |
Provision for credit losses | 14,048 | | | (31,396) | |
(Gain) loss on sale of investments | 226 | | | (15,846) | |
Net accretion of investment securities and assets | (32,531) | | | (36,929) | |
Net amortization on borrowings | 274 | | | 404 | |
Stock-based compensation expense | 11,475 | | | 12,591 | |
Gain on sale of premises and equipment, net of impairment | — | | | (591) | |
Gain on sale of foreclosed assets and other real estate owned | (424) | | | (76) | |
Gain on sale of mortgage loans held for sale | (7,187) | | | (29,222) | |
Gain on sale of loans | (282) | | | — | |
Gain on sale of branches | — | | | (5,316) | |
Deferred income taxes | 2,924 | | | 3,585 | |
Income from bank owned life insurance | (8,189) | | | (6,229) | |
Loss from early retirement of TruPS | 365 | | | — | |
Originations of mortgage loans held for sale | (436,477) | | | (752,480) | |
Proceeds from sale of mortgage loans held for sale | 467,261 | | | 884,452 | |
Changes in assets and liabilities: | | | |
Interest receivable | (5,852) | | | 4,191 | |
Other assets | (18,712) | | | (22,677) | |
Accrued interest and other liabilities | 34,850 | | | (41,674) | |
Income taxes payable | (5,373) | | | (1,199) | |
Net cash provided by operating activities | 226,208 | | | 219,902 | |
| | | |
INVESTING ACTIVITIES | | | |
Net change in loans | (1,344,441) | | | 2,056,058 | |
Proceeds from sale of loans | 51,856 | | | 26,472 | |
Net change in due from banks - time | 592 | | | (201) | |
Purchases of premises and equipment, net | (25,757) | | | (36,832) | |
Proceeds from sale of premises and equipment | — | | | 5,621 | |
Proceeds from sale of foreclosed assets and other real estate owned | 3,476 | | | 14,594 | |
Proceeds from sale of available-for-sale securities | — | | | 342,577 | |
Proceeds from maturities of available-for-sale securities | 974,625 | | | 559,259 | |
Purchases of available-for-sale securities | (261,375) | | | (4,786,533) | |
Proceeds from maturities of held-to-maturity securities | 60,215 | | | 13,804 | |
Purchases of held-to-maturity securities | (329,660) | | | (694,734) | |
Purchases of bank owned life insurance death benefits | — | | | (160,000) | |
Proceeds from bank owned life insurance death benefits | 1,873 | | | 3,814 | |
Disposition of assets and liabilities held for sale | — | | | (134,166) | |
Purchase of Spirit of Texas Bancshares, Inc. | 276,396 | | | — | |
Net cash used in investing activities | (592,200) | | | (2,790,267) | |
| | | |
FINANCING ACTIVITIES | | | |
Net change in deposits | 63,128 | | | 1,075,422 | |
Repayments of TruPS | (56,189) | | | — | |
Dividends paid on preferred stock | — | | | (39) | |
Dividends paid on common stock | (69,963) | | | (58,319) | |
Net change in other borrowed funds | (411,250) | | | (3,482) | |
Net change in federal funds purchased and securities sold under agreements to repurchase | (16,890) | | | (81,835) | |
Net shares issued (cancelled) under stock compensation plans | (4,105) | | | 1,222 | |
Shares issued under employee stock purchase plan | 1,151 | | | 1,170 | |
Repurchases of common stock | (111,133) | | | (54,513) | |
Net cash (used in) provided by financing activities | (605,251) | | | 879,626 | |
| | | |
DECREASE IN CASH AND CASH EQUIVALENTS | (971,243) | | | (1,690,739) | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,650,653 | | | 3,472,152 | |
| | | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 679,410 | | | $ | 1,781,413 | |
See Condensed Notes to Consolidated Financial Statements.
6
Simmons First National Corporation
Consolidated Statements of Stockholders’ Equity
Three Months Ended September 30, 2022 and 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(In thousands, except share data) | Preferred Stock | | Common Stock | | Surplus | | Accumulated Other Comprehensive (Loss) Income | | Undivided Profits | | Total |
Three Months Ended September 30, 2022 | | | | | | | | | | | |
Balance, June 30, 2022 (Unaudited) | $ | — | | | $ | 1,288 | | | $ | 2,569,060 | | | $ | (450,428) | | | $ | 1,139,975 | | | $ | 3,259,895 | |
| | | | | | | | | | | |
Comprehensive (loss) income | — | | | — | | | — | | | (117,302) | | | 80,603 | | | (36,699) | |
Stock-based compensation plans, net – 39,416 shares | — | | | — | | | 3,111 | | | — | | | — | | | 3,111 | |
Stock repurchases – 1,883,713 shares | — | | | (19) | | | (45,018) | | | — | | | — | | | (45,037) | |
Dividends on common stock – $0.19 per share | — | | | — | | | — | | | — | | | (24,119) | | | (24,119) | |
| | | | | | | | | | | |
Balance, September 30, 2022 (Unaudited) | $ | — | | | $ | 1,269 | | | $ | 2,527,153 | | | $ | (567,730) | | | $ | 1,196,459 | | | $ | 3,157,151 | |
| | | | | | | | | | | |
Three Months Ended September 30, 2021 | | | | | | | | | | | |
Balance, June 30, 2021 (Unaudited) | $ | 767 | | | $ | 1,084 | | | $ | 2,021,128 | | | $ | 12,073 | | | $ | 1,004,314 | | | $ | 3,039,366 | |
| | | | | | | | | | | |
Comprehensive (loss) income | — | | | — | | | — | | | (23,502) | | | 80,574 | | | 57,072 | |
Stock-based compensation plans, net – 22,767 shares | — | | | — | | | 4,848 | | | — | | | — | | | 4,848 | |
Stock repurchases – 1,806,205 shares | — | | | (18) | | | (51,415) | | | — | | | — | | | (51,433) | |
Dividends on preferred stock | — | | | — | | | — | | | — | | | ( |