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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	2020-06-30	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	2020-08-31	Regulation FD, Exhibits
8-K	2020-07-23	Code of Ethics, Exhibits
8-K	2020-07-21	Earnings, Exhibits
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 2020-06-30

Balance Sheet	Income Statement	Cash Flow

sfnc-20200630

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 June 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 August 3, 2020, was 109,016,379.

Simmons First National Corporation

Quarterly Report on Form 10-Q

June 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	49
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	50
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	77
Item 4.	Controls and Procedures	79

Part II:	Other Information
Item 1.	Legal Proceedings	79
Item 1A.	Risk Factors	79
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	80
Item 3.	Defaults Upon Senior Securities	*
Item 4.	Mine Safety Disclosures	*
Item 5.	Other Information	*
Item 6.	Exhibits	80

Signatures		82

___________________

* No reportable information under this item.

Part I: Financial Information

Item 1. Financial Statements (Unaudited)

Simmons First National Corporation

Consolidated Balance Sheets

June 30, 2020 and December 31, 2019


	June 30,		December 31,
(In thousands, except share data)	2020		2019
	(Unaudited)
ASSETS
Cash and non-interest bearing balances due from banks	$	234,998	$	277,208
Interest bearing balances due from banks and federal funds sold	2,310,162		719,415
Cash and cash equivalents	2,545,160		996,623
Interest bearing balances due from banks - time	4,561		4,554
Investment securities:
Held-to-maturity, net of allowance for credit losses of $307 at June 30, 2020	51,720		40,927
Available-for-sale, net of allowance for credit losses of $609 at June 30, 2020 (amortized cost of $2,428,548 and $3,263,151 at June 30, 2020 and December 31, 2019, respectively)	2,496,896		3,288,343
Total investments	2,548,616		3,329,270
Mortgage loans held for sale	120,034		58,102
Other assets held for sale	399		260,332
Loans	14,606,900		14,425,704
Allowance for credit losses on loans	(231,643)		(68,244)
Net loans	14,375,257		14,357,460
Premises and equipment	478,896		492,384
Premises held for sale	4,576		—
Foreclosed assets and other real estate owned	14,111		19,121
Interest receivable	79,772		62,707
Bank owned life insurance	256,643		254,152
Goodwill	1,064,765		1,055,520
Other intangible assets	117,823		127,340
Other assets	293,071		241,578
Total assets	$	21,903,684	$	21,259,143

LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing transaction accounts	$	4,608,098	$	3,741,093
Interest bearing transaction accounts and savings deposits	8,978,045		9,090,878
Time deposits	3,029,975		3,276,969
Total deposits	16,616,118		16,108,940
Federal funds purchased and securities sold under agreements to repurchase	387,025		150,145
Other borrowings	1,393,689		1,297,599
Subordinated debentures	382,604		388,260
Other liabilities held for sale	—		159,853
Accrued interest and other liabilities	219,545		165,422
Total liabilities	18,998,981		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 June 30, 2020 and December 31, 2019	767		767
Common stock, Class A, $0.01 par value; 175,000,000 shares authorized at June 30, 2020 and December 31, 2019; 108,994,389 and 113,628,601 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	1,090		1,136
Surplus	2,029,383		2,117,282
Undivided profits	819,153		848,848
Accumulated other comprehensive income	54,310		20,891
Total stockholders’ equity	2,904,703		2,988,924
Total liabilities and stockholders’ equity	$	21,903,684	$	21,259,143

See Condensed Notes to Consolidated Financial Statements.

Simmons First National Corporation

Consolidated Statements of Income

Three and Six Months Ended June 30, 2020 and 2019


	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands, except per share data)	2020		2019		2020		2019
	(Unaudited)						(Unaudited)
INTEREST INCOME
Loans	$	176,910	$	178,122	$	364,476	$	337,562
Interest bearing balances due from banks and federal funds sold	603		1,121		3,044		3,275
Investment securities	13,473		15,666		32,416		31,947
Mortgage loans held for sale	668		332		949		542
TOTAL INTEREST INCOME	191,654		195,241		400,885		373,326

INTEREST EXPENSE
Deposits	18,006		34,796		49,283		65,546
Federal funds purchased and securities sold under agreements to repurchase	337		257		1,096		393
Other borrowings	4,963		6,219		9,840		13,012
Subordinated notes and debentures	4,667		4,541		9,502		8,952
TOTAL INTEREST EXPENSE	27,973		45,813		69,721		87,903

NET INTEREST INCOME	163,681		149,428		331,164		285,423
Provision for credit losses	26,915		7,079		53,049		16,364

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	136,766		142,349		278,115		269,059

NON-INTEREST INCOME
Trust income	7,253		5,794		14,404		11,502
Service charges on deposit accounts	8,570		10,557		21,898		20,625
Other service charges and fees	1,489		1,312		3,077		2,601
Mortgage lending income	12,459		3,656		17,505		6,479
SBA lending income	245		895		541		1,392
Investment banking income	571		360		1,448		978
Debit and credit card fees	7,996		7,212		15,910		13,310
Bank owned life insurance income	1,445		1,260		2,743		2,055
Gain on sale of securities, net	390		2,823		32,485		5,563
Other income	9,809		6,065		22,610		10,221
TOTAL NON-INTEREST INCOME	50,227		39,934		132,621		74,726

NON-INTEREST EXPENSE
Salaries and employee benefits	57,644		56,128		125,568		112,495
Occupancy expense, net	9,217		6,919		18,727		14,394
Furniture and equipment expense	6,144		4,206		11,867		7,564
Other real estate and foreclosure expense	274		591

EX-15.1	sfnc-063020xex151.htm
EX-31.1	sfnc-063020xex311.htm
EX-31.2	sfnc-063020xex312.htm
EX-31.3	sfnc-063020xex313.htm
EX-32.1	sfnc-063020xex321.htm
EX-32.2	sfnc-063020xex322.htm
EX-32.3	sfnc-063020xex323.htm

SFNC 10Q Quarterly Report

Simmons First National Earnings 2020-06-30