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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	2021-03-31	Filed 2021-05-06
10-K	2020-12-31	Filed 2021-02-25
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 2021-03-31

Balance Sheet	Income Statement	Cash Flow

sfnc-20210331

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, 2021


☐			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 May 4, 2021, was 108,348,630.

Simmons First National Corporation

Quarterly Report on Form 10-Q

March 31, 2021

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	8
	Report of Independent Registered Public Accounting Firm	43
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	44
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	71
Item 4.	Controls and Procedures	73

Part II:	Other Information
Item 1.	Legal Proceedings	73
Item 1A.	Risk Factors	73
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	73
Item 3.	Defaults Upon Senior Securities	*
Item 4.	Mine Safety Disclosures	*
Item 5.	Other Information	*
Item 6.	Exhibits	74

Signatures		76

___________________

* No reportable information under this item.

Part I: Financial Information

Item 1. Financial Statements (Unaudited)

Simmons First National Corporation

Consolidated Balance Sheets

March 31, 2021 and December 31, 2020


	March 31,		December 31,
(In thousands, except share data)	2021		2020
	(Unaudited)
ASSETS
Cash and non-interest bearing balances due from banks	$	227,713	$	217,499
Interest bearing balances due from banks and federal funds sold	3,677,750		3,254,653
Cash and cash equivalents	3,905,463		3,472,152
Interest bearing balances due from banks - time	1,334		1,579
Investment securities:
Held-to-maturity, net of allowance for credit losses of $1,618 and $2,915 at March 31, 2021 and December 31, 2020, respectively	609,500		333,031
Available-for-sale, net of allowance for credit losses of $2,454 and $312 at March 31, 2021 and December 31, 2020, respectively (amortized cost of $4,582,052 and $3,397,043 at March 31, 2021 and December 31, 2020, respectively)	4,528,348		3,473,598
Total investments	5,137,848		3,806,629
Mortgage loans held for sale	63,655		137,378
Loans	12,195,873		12,900,897
Allowance for credit losses on loans	(235,116)		(238,050)
Net loans	11,960,757		12,662,847
Premises and equipment	427,540		441,692
Premises held for sale	13,613		15,008
Foreclosed assets and other real estate owned	11,168		18,393
Interest receivable	71,359		72,597
Bank owned life insurance	257,152		255,630
Goodwill	1,075,305		1,075,305
Other intangible assets	107,091		111,110
Other assets	315,832		289,432
Total assets	$	23,348,117	$	22,359,752

LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing transaction accounts	$	4,884,667	$	4,482,091
Interest bearing transaction accounts and savings deposits	10,279,997		9,672,608
Time deposits	3,024,724		2,832,327
Total deposits	18,189,388		16,987,026
Federal funds purchased and securities sold under agreements to repurchase	323,053		299,111
Other borrowings	1,340,467		1,342,067
Subordinated debentures	383,008		382,874
Other liabilities held for sale	—		154,620
Accrued interest and other liabilities	181,426		217,398
Total liabilities	20,417,342		19,383,096

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 March 31, 2021 and December 31, 2020	767		767
Common stock, Class A, $0.01 par value; 175,000,000 shares authorized at March 31, 2021 and December 31, 2020; 108,345,732 and 108,077,662 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	1,083		1,081
Surplus	2,017,188		2,014,076
Undivided profits	948,913		901,006
Accumulated other comprehensive (loss) income	(37,176)		59,726
Total stockholders’ equity	2,930,775		2,976,656
Total liabilities and stockholders’ equity	$	23,348,117	$	22,359,752

See Condensed Notes to Consolidated Financial Statements.

Simmons First National Corporation

Consolidated Statements of Income

Three Months Ended March 31, 2021 and 2020


	Three Months Ended March 31,
(In thousands, except per share data)	2021		2020
	(Unaudited)
INTEREST INCOME
Loans, including fees	$	146,424	$	187,566
Interest bearing balances due from banks and federal funds sold	798		2,441
Investment securities	21,573		18,943
Mortgage loans held for sale	639		281
TOTAL INTEREST INCOME	169,434		209,231

INTEREST EXPENSE
Deposits	13,179		31,277
Federal funds purchased and securities sold under agreements to repurchase	245		759
Other borrowings	4,802		4,877
Subordinated notes and debentures	4,527		4,835
TOTAL INTEREST EXPENSE	22,753		41,748

NET INTEREST INCOME	146,681		167,483
Provision for credit losses	1,445		23,134

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	145,236		144,349

NON-INTEREST INCOME
Trust income	6,666		7,151
Service charges on deposit accounts	9,715		13,328
Other service charges and fees	1,922		1,588
Mortgage lending income	6,447		5,046
SBA lending income	240		296
Investment banking income	695		877
Debit and credit card fees	8,964		7,914
Bank owned life insurance income	1,523		1,298
Gain on sale of securities, net	5,471		32,095
Other income	10,260		12,801
TOTAL NON-INTEREST INCOME	51,903		82,394

NON-INTEREST EXPENSE
Salaries and employee benefits	60,340		67,924
Occupancy expense, net	9,300		9,510
Furniture and equipment expense	5,415		5,723
Other real estate and foreclosure expense	343		325
Deposit insurance	1,308		2,475
Merger related costs	233		1,068
Other operating expenses	38,417		41,788
TOTAL NON-INTEREST EXPENSE	115,356		128,813

INCOME BEFORE INCOME TAXES	81,783		97,930
Provision for income taxes	14,363		20,694

NET INCOME	67,420		77,236
Preferred stock dividends	13		13
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	67,407	$	77,223
BASIC EARNINGS PER SHARE	$	0.62	$	0.68
DILUTED EARNINGS PER SHARE	$	0.62	$	0.68

See Condensed Notes to Consolidated Financial Statements.

Simmons First National Corporation

Consolidated Statements of Comprehensive (Loss) Income

Three Months Ended March 31, 2021 and 2020


	Three Months Ended March 31,
(In thousands)	2021		2020
	(Unaudited)
NET INCOME	$	67,420	$	77,236

OTHER COMPREHENSIVE (LOSS) INCOME
Unrealized holding (losses) gains arising during the period on available-for-sale securities	(125,717)		55,569
Less: Reclassification adjustment for realized gains included in net income	5,471		32,095
Other comprehensive (loss) income, before tax effect	(131,188)		23,474
Less: Tax effect of other comprehensive (loss) income	(34,286)		6,135

TOTAL OTHER COMPREHENSIVE (LOSS) INCOME	(96,902)		17,339

COMPREHENSIVE (LOSS) INCOME	$	(29,482)	$	94,575

See Condensed Notes to Consolidated Financial Statements.

Simmons First National Corporation

Consolidated Statements of Cash Flows

Three Months Ended March 31, 2021 and 2020


(In thousands)	March 31, 2021		March 31, 2020
	(Unaudited)
OPERATING ACTIVITIES
Net income	$	67,420	$	77,236
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	12,323		11,843
Provision for credit losses	1,445		23,134
Gain on sale of investments	(5,471)		(32,095)
Net accretion of investment securities and assets	(12,018)		(14,975)
Net amortization on borrowings	134		136
Stock-based compensation expense	3,852		4,506
Gain on sale of premises held for sale	(177)		—
Gain on sale of foreclosed assets held for sale	(134)		(520)
Gain on sale of mortgage loans held for sale	(11,409)		(5,843)
Gain on sale of other intangibles	—		(301)
Gain on sale of banking operations	(5,300)		(5,889)
Deferred income taxes	3,227		(1,586)
Income from bank owned life insurance	(1,534)		(1,800)
Originations of mortgage loans held for sale	(298,914)		(182,550)
Proceeds from sale of mortgage loans held for sale	384,046		196,511
Changes in assets and liabilities:
Interest receivable	1,237		5,058
Other assets	(30,187)		1,325
Accrued interest and other liabilities	(20,733)		50,643
Income taxes payable	(12,055)		(21,221)
Net cash provided by operating activities	75,752		103,612

INVESTING ACTIVITIES
Net change in loans	705,540		(49,104)
Proceeds from sale of loans	1,847		—
Decrease in due from banks - time	245		245
Purchases of premises and equipment, net	(2,514)		(10,570)
Proceeds from sale of premises held for sale	1,572		—
Proceeds from sale of foreclosed assets held for sale	8,338		2,464
Proceeds from sale of available-for-sale securities	135,651		1,076,858
Proceeds from maturities of available-for-sale securities	185,636		1,255,991
Purchases of available-for-sale securities	(1,464,377)		(1,458,730)
Proceeds from maturities of held-to-maturity securities	4,426		3,561
Purchases of held-to-maturity securities	(280,043)		(16,997)
Proceeds from bank owned life insurance death benefits	573		763
Disposition of assets and liabilities held for sale	(134,166)		123,610
Net cash (used in) provided by investing activities	(837,272)		928,091

FINANCING ACTIVITIES
Net change in deposits	1,192,740		(503,567)
Dividends paid on preferred stock	(13)		(13)
Dividends paid on common stock	(19,500)		(19,077)
Net change in other borrowed funds	(1,600)		99,230
Net change in federal funds purchased and securities sold under agreements to repurchase	23,942		227,714
Net shares issued (cancelled) under stock compensation plans	1,172		(3,063)
Shares issued under employee stock purchase plan	1,170		956
Repurchases of common stock	(3,080)		(93,307)
Net cash provided by (used in) financing activities	1,194,831		(291,127)

INCREASE IN CASH AND CASH EQUIVALENTS	433,311		740,576
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	3,472,152		996,623

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	3,905,463	$	1,737,199

See Condensed Notes to Consolidated Financial Statements.

Simmons First National Corporation

Consolidated Statements of Stockholders’ Equity

Three Months Ended March 31, 2021 and 2020


(In thousands, except share data)	Preferred Stock		Common Stock		Surplus		Accumulated Other Comprehensive (Loss) Income		Undivided Profits		Total
Three Months Ended March 31, 2021
Balance, December 31, 2020	$	767	$	1,081	$	2,014,076	$	59,726	$	901,006	$	2,976,656

Comprehensive (loss) 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

Three Months Ended March 31, 2020
Balance, December 31, 2019	$	767	$	1,136	$	2,117,282	$	20,891	$	848,848	$	2,988,924

Impact of ASU 2016-13 adoption	—		—		—		—		(128,101)		(128,101)
Comprehensive income	—		—		—		17,339		77,236		94,575
Stock issued for employee stock purchase plan – 43,681 shares	—		1

EX-10.1	ex101-indemnificationagree.htm
EX-10.4	ex104reddin-cicxsecversion.htm
EX-10.5	ex105compton-cicxsecversio.htm
EX-10.6	ex106makrisiii-cicxsecvers.htm
EX-10.7	ex107garner-cicxsecversion.htm
EX-10.8	ex10anneman-cicxsecversion.htm
EX-10.9	ex109barber-cicxsecversion.htm
EX-15.1	sfnc-033121xex151.htm
EX-31.1	sfnc-033121xex311.htm
EX-31.2	sfnc-033121xex312.htm
EX-31.3	sfnc-033121xex313.htm
EX-32.1	sfnc-033121xex321.htm
EX-32.2	sfnc-033121xex322.htm
EX-32.3	sfnc-033121xex323.htm

SFNC 10Q Quarterly Report

Simmons First National Earnings 2021-03-31