UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Exchange Act of 1934

Date of Report (Date of earliest event reported) April 17, 2008

SIMMONS FIRST NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)


Arkansas

0-6253

71-0407808

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

(I.R.S. Employer

Identification No.)


501 Main Street, Pine Bluff, Arkansas

 

71601

(Address of principal executive offices)

(Zip Code)

(870) 541-1000
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM: 2.02     RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The following is the text of a press release issued by the registrant at 8:15 A.M. Central Time on April 17, 2008.

SIMMONS FIRST ANNOUNCES RECORD EARNINGS

Pine Bluff, AR -- Simmons First National Corporation (NASDAQ-GS: SFNC) today announced record first quarter 2008 earnings of $8.8 million, or $0.63 diluted earnings per share, an increase of $2.2 million, or $0.17 diluted earnings per share from the same period in 2007. This represents a 37% increase in diluted earnings per share over the comparable period in 2007.

“Needless to say, our first quarter earnings represent record levels, which require further explanation,” commented J. Thomas May, Chairman and Chief Executive Officer. “There were three significant events that positively impacted our Company, each related to our membership in Visa, Inc.”

First, as expected, during the first quarter the Company recorded a nonrecurring $0.05 increase in earnings per share related to the reversal of a $1.2 million contingent liability established during the fourth quarter of 2007. That contingent liability represented the Company’s pro-rata portion of Visa, Inc.’s (“Visa”) litigation liabilities, which was satisfied in conjunction with Visa’s initial public offering (“IPO”). Second, also as a result of Visa’s IPO, Simmons First received cash proceeds of $3.0 million on the mandatory partial redemption of its equity interest in Visa, benefiting the Company’s first quarter 2008 results by $1.8 million after-tax, or $0.13 per diluted common share. Lastly, associated with its membership in Visa, the Company received 110,308 class B shares of Visa. The class B shares have a restricted holding period and the Company will not recognize any gain until such time the shares are redeemed for cash.

Excluding both the Visa litigation reversal and the mandatory partial Visa stock redemption gain, the Company’s first quarter 2008 operating earnings were $6.3 million, or $0.45 diluted operating earnings per share, a $0.01 decrease from the same period in 2007.

“Considering the challenges in the national economy, we are very pleased with our first quarter results,” commented May. “The Visa IPO was very positive for Simmons First and its shareholders. The Company realized a first quarter gain of $3 million and the shares received from Visa will be of significant value in the future.”

The Company’s net interest income for the first quarter of 2008 increased 2.5% to $22.8 million compared to $22.2 million for 2007. Net interest margin decreased eight basis points to 3.80% from the first quarter of 2007 and 20 basis points from the fourth quarter of 2007. “The decrease in margin was primarily the result of a significant repricing of earning assets due to declining interest rates during the past 90 days, and our concentrated effort to grow core deposits,” added May.

The Company’s loan portfolio increased 2.4% to $1.84 billion at March 31, 2008. The growth was primarily attributable to increases in commercial loans, real estate loans and the credit card portfolio. More specifically, the credit card portfolio increased $25.2 million, or 18.9% compared to the prior year.

The allowance for loan losses as a percent of total loans was 1.38% as of March 31, 2008. Non-performing loans equaled 0.60% of total loans, unchanged from year end. The non-performing asset ratio was 79 basis points, up four basis points from year end. The allowance for loan losses was 229% of non-performing loans. The Company’s annualized net charge-offs to total loans for the first quarter of 2008 was 0.30%. Excluding credit cards, the annualized net charge-offs to total loans for the first quarter was 0.19%. Annualized net credit card charge-offs for the first quarter were 1.47%, more than 400 basis points below the most recently published credit card charge-off industry average.

Total assets for the Company were $2.9 billion and deposits were $2.3 billion at March 31, 2008. Stockholders’ equity increased 7.1% to $281 million at March 31, 2008 compared to $262 million at March 31, 2007. Book value per share increased 8.6% to $20.14 at March 31, 2008 compared to $18.54 at March 31, 2007.

Simmons First opened two new financial centers during the first quarter. In February the Company opened a new regional headquarters in Rogers for the Northwest Arkansas affiliate. In March, a new financial center in Little Rock – Midtown (near War Memorial Stadium and UAMS) began operations.

Simmons First National Corporation is an Arkansas based financial holding company with eight community banks in Pine Bluff, Lake Village, Jonesboro, Rogers, Searcy, Russellville, El Dorado and Hot Springs, Arkansas. The Company’s eight banks conduct financial operations from 89 offices, of which 85 are financial centers, in 48 communities.

CONFERENCE CALL

Management will conduct a conference call to review this information at 3:00 p.m. Central Time on Thursday, April 17, 2008. Interested parties can listen to this call by calling 1-800-854-4175 (United States and Canada only) and asking for the Simmons First National Corporation conference call. A recorded playback of the call will be available the next morning by calling 1-800-642-1687. The passcode for this playback is 41492911 and the recording will be available through the end of business April 24, 2008. In addition, the call will be available live or in recorded version on the Company’s website at www.simmonsfirst.com under the “webcast” icon.

GENERAL

Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors, including, but not limited to, economic conditions, credit quality, interest rates, loan demand and changes in the assumptions used in making the forward-looking statements, could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect Simmons First National Corporation’s financial results is included in its Form 10-K filing with the Securities and Exchange Commission.

####

FOR MORE INFORMATION CONTACT:
DAVID W. GARNER
Senior Vice President and Investor Relations Officer
Simmons First National Corporation
(870) 541-1000

         

Simmons First National Corporation

SFNC

Consolidated End of Period Balance Sheets
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(Unaudited) 2008 2007 2007 2007 2007
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks $ 86,891 $ 82,630 $ 85,370 $ 71,915 $ 71,513
Interest bearing balances due from banks 107,332 21,140 6,557 45,084 43,614
Federal funds sold   53,775     6,460     25,655     2,600     60,270  
Cash and cash equivalents 247,998 110,230 117,582 119,599 175,397
 
Investment securities - held-to-maturity 182,194 190,284 180,206 178,841 181,901
Investment securities - available-for-sale 389,214 340,646 349,282 346,740 338,222
Mortgage loans held for sale 7,735 11,097 8,244 9,928 8,718
Assets held in trading accounts 5,806 5,658 5,482 4,496 10,464
 
Loans 1,842,138 1,850,454 1,875,235 1,821,430 1,798,234
Allowance for loan losses   (25,392 )   (25,303 )   (25,107 )   (25,197 )   (25,151 )
Net loans 1,816,746 1,825,151 1,850,128 1,796,233 1,773,083
 
Premises and equipment 77,281 75,473 73,088 70,873 69,443
Foreclosed assets held for sale, net 3,556 2,629 1,629 1,484 2,321
Interest receivable 19,696 21,345 25,699 21,868 21,312
Bank owned life insurance 38,400 38,039 37,632 36,881 36,498
Goodwill 60,605 60,605 60,605 60,605 60,605
Core deposit premiums 3,180 3,382 3,583 3,786 3,993
Other assets   9,347     7,908     8,527     9,084     9,739  
 
TOTAL ASSETS $ 2,861,758   $ 2,692,447   $ 2,721,687   $ 2,660,418   $ 2,691,696  
 
LIABILITIES
Non-interest bearing transaction accounts $ 327,627 $ 310,181 $ 319,792 $ 308,047 $ 316,603
Interest bearing transaction accounts and savings deposits 901,852 761,233 730,533 763,017 753,110
Time deposits less than $100,000 618,173 659,181 680,288 686,456 686,650
Time deposits greater than $100,000   449,199     452,262     442,706     422,580     450,558  
Total deposits   2,296,851     2,182,857     2,173,319     2,180,100     2,206,921  

Federal funds purchased and securities sold under agreements to repurchase

113,891 128,806 106,984 97,947 108,661
Short-term debt 590 1,777 67,595 11,072 5,009
Long-term debt - parent company - - - 2,000 2,000
Long-term FHLB debt - affiliate banks 108,809 51,355 48,725 49,669 50,652
Subordinated debt issued to capital trusts 30,930 30,930 30,930 30,930 30,930
Accrued interest and other liabilities   29,898     24,316     26,533     25,395     25,353  
TOTAL LIABILITIES   2,580,969     2,420,041     2,454,086     2,397,113     2,429,526  
 
STOCKHOLDERS' EQUITY
Capital stock 139 139 139 141 141
Surplus 40,655 41,019 41,470 44,773 46,890
Undivided profits 234,515 229,520 225,972 220,981 216,483
Accumulated other comprehensive income (loss)
Unrealized appreciation (depreciation) on AFS securities   5,480     1,728     20     (2,590 )   (1,344 )
TOTAL STOCKHOLDERS' EQUITY   280,789     272,406     267,601     263,305     262,170  
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,861,758   $ 2,692,447   $ 2,721,687   $ 2,660,418   $ 2,691,696  
         

Simmons First National Corporation

SFNC

Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(Unaudited) 2008 2007 2007 2007 2007
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks $ 70,105 $ 75,416 $ 72,325 $ 72,066 $ 75,172
Interest bearing balances due from banks 56,384 21,855 9,382 22,636 37,957
Federal funds sold   35,460     9,464     21,083     25,263     51,383  
Cash and cash equivalents 161,949 106,735 102,790 119,965 164,512
 
Investment securities - held-to-maturity 184,062 180,631 179,616 180,486 179,479
Investment securities - available-for-sale 382,939 338,276 348,085 350,567 349,887
Mortgage loans held for sale 7,474 7,535 8,747 9,241 6,362
Assets held in trading accounts 5,731 5,588 4,930 4,567 4,746
 
Loans 1,841,762 1,856,973 1,849,091 1,802,917 1,782,125
Allowance for loan losses   (25,622 )   (25,540 )   (25,642 )   (25,791 )   (25,824 )
Net loans 1,816,140 1,831,433 1,823,449 1,777,126 1,756,301
 
Premises and equipment 76,528 74,569 71,943 69,967 68,871
Foreclosed assets held for sale, net 2,659 2,086 1,877 1,934 2,121
Interest receivable 21,069 24,636 24,156 22,086 21,464
Bank owned life insurance 38,213 37,820 37,315 36,691 36,300
Goodwill 60,605 60,605 60,605 60,605 60,605
Core deposit premiums 3,299 3,498 3,702 3,907 4,111
Other assets   7,273     7,238     9,374     9,063     9,292  
 

TOTAL ASSETS

$ 2,767,941   $ 2,680,650   $ 2,676,589   $ 2,646,205   $ 2,664,051  
 
LIABILITIES
Non-interest bearing transaction accounts $ 308,715 $ 306,939 $ 305,453 $ 309,753 $ 306,020
Interest bearing transaction accounts and savings deposits 803,439 748,670 724,782 739,972 731,214
Time deposits less than $100,000 647,150 668,458 686,750 688,493 687,109
Time deposits greater than $100,000   452,872     443,790     437,217     435,405     451,004  
Total deposits   2,212,176     2,167,857     2,154,202     2,173,623     2,175,347  
Federal funds purchased and securities
sold under agreements to repurchase 126,459 121,792 113,060 99,808 118,011
Short-term debt 1,715 13,202 38,710 3,088 4,031
Long-term debt 123,221 81,146 80,123 82,177 82,185
Accrued interest and other liabilities   26,484     24,211     23,943     22,465     22,002  
TOTAL LIABILITIES   2,490,055     2,408,208     2,410,038     2,381,161     2,401,576  
 
TOTAL STOCKHOLDERS' EQUITY   277,886     272,442     266,551     265,044     262,475  
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,767,941   $ 2,680,650   $ 2,676,589   $ 2,646,205   $ 2,664,051  
         

Simmons First National Corporation

SFNC

Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(Unaudited) 2008 2007 2007 2007 2007
(in thousands, except per share data)
INTEREST INCOME
Loans $ 33,106 $ 35,955 $ 36,604 $ 35,051 $ 34,095
Federal funds sold 256 116 302 331 670
Investment securities 6,569 5,990 6,046 5,889 5,721
Mortgage loans held for sale, net of unrealized gains (losses) 112 122 147 133 104
Assets held in trading accounts 1 (23 ) 71 35 18
Interest bearing balances due from banks   388   223     131   297   510
TOTAL INTEREST INCOME   40,432   42,383     43,301   41,736   41,118
INTEREST EXPENSE
Time deposits 11,922 12,918 13,307 13,144 13,015
Other deposits 3,266 3,257 3,328 3,324 3,179
Federal funds purchased and securities
sold under agreements to repurchase 921 1,317 1,404 1,228 1,425
Short-term debt 20 167 519 49 70
Long-term debt   1,511   1,203     1,173   1,198   1,198

TOTAL INTEREST EXPENSE

  17,640   18,862     19,731   18,943   18,887
NET INTEREST INCOME 22,792 23,521 23,570 22,793 22,231
Provision for loan losses   1,467   1,749     850   831   751
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES   21,325   21,772     22,720   21,962   21,480
NON-INTEREST INCOME
Trust income 1,648 1,580 1,528 1,474 1,637
Service charges on deposit accounts 3,434 3,882 3,759 3,656 3,497
Other service charges and fees 753 818 698 692 808
Income on sale of mortgage loans, net of commissions 721 644 715 727 679
Income on investment banking, net of commissions 449 230 90 153 150
Credit card fees 3,173 3,428 3,115 3,025 2,649
Premiums on sale of student loans 624 299 419 741 882
Bank owned life insurance income 361 403 367 359 364
Other income   3,829   557     682   510   788
TOTAL NON-INTEREST INCOME   14,992   11,841     11,373   11,337   11,454
NON-INTEREST EXPENSE
Salaries and employee benefits 14,208 13,458 13,778 13,903 13,725
Occupancy expense, net 1,810 1,729 1,671 1,624 1,650
Furniture and equipment expense 1,490 1,438 1,455 1,507 1,466
Loss on foreclosed assets 42 76 77 36 24
Deposit insurance 88 108 85 68 67
Other operating expenses   5,492   7,941     6,157   5,873   6,282
TOTAL NON-INTEREST EXPENSE   23,130   24,750     23,223   23,011   23,214
NET INCOME BEFORE INCOME TAXES 13,187 8,863 10,870 10,288 9,720
Provision for income taxes   4,371   2,671     3,370   3,257   3,083
NET INCOME $ 8,816 $ 6,192   $ 7,500 $ 7,031 $ 6,637
BASIC EARNINGS PER SHARE $ 0.63 $ 0.45   $ 0.53 $ 0.50 $ 0.47
DILUTED EARNINGS PER SHARE $ 0.63 $ 0.44   $ 0.53 $ 0.49 $ 0.46
         

Simmons First National Corporation

SFNC

Consolidated Risk-Based Capital
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(Unaudited) 2008 2007 2007 2007 2007
(in thousands)

Tier 1 capital

Stockholders' equity $ 280,789 $ 272,406 $ 267,601 $ 263,305 $ 262,170
Trust preferred securities, net allowable 30,000 30,000 30,000 30,000 30,000
Disallowed intangible assets, net of def. tax (63,536 ) (63,706 ) (63,924 ) (64,144 ) (64,367 )
Unrealized loss (gain) on AFS securities   (5,480 )   (1,728 )   (20 )   2,590     1,344  
 
Total Tier 1 capital   241,773     236,972     233,657     231,751     229,147  
 

Tier 2 capital

Qualifying unrealized gain on AFS securities 17 52 158 187 129
Qualifying allowance for loan losses   24,405     23,866     24,188     23,565     23,237  
 
Total Tier 2 capital   24,422     23,918     24,346     23,752     23,366  
 
Total risk-based capital $ 266,195   $ 260,890   $ 258,003   $ 255,503   $ 252,513  
 
Risk weighted assets $ 1,949,862   $ 1,906,321   $ 1,932,608   $ 1,882,040   $ 1,855,511  
 
Adjusted average assets for leverage ratio $ 2,698,488   $ 2,615,915   $ 2,615,527   $ 2,584,670   $ 2,603,178  
 

Ratios at end of quarter

Equity to assets 9.81 % 10.12 % 9.83 % 9.90 % 9.74 %
Tangible equity to tangible assets 7.76 % 7.93 % 7.65 % 7.66 % 7.52 %
Leverage ratio 8.96 % 9.06 % 8.93 % 8.97 % 8.80 %
Tier 1 capital 12.40 % 12.43 % 12.09 % 12.31 % 12.35 %
Total risk-based capital 13.65 % 13.69 % 13.35 % 13.58 % 13.61 %
         

Simmons First National Corporation

SFNC

Consolidated Loans and Investments
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(Unaudited) 2008 2007 2007 2007 2007
(in thousands)

Loan Portfolio - End of Period

Consumer
Credit cards $ 158,701 $ 166,044 $ 149,185 $ 140,327 $ 133,511
Student loans 84,884 76,277 78,377 68,477 84,358
Other consumer 135,247 137,624 140,771 139,908 141,212
Real Estate
Construction 257,635 260,924 259,705 265,705 276,582
Single-family residential 383,168 382,678 377,155 372,029 366,222
Other commercial 547,335 542,184 538,924 540,042 536,421
Unearned income (1 ) (2 ) (2 ) (3 ) (3 )
Commercial
Commercial 198,209 193,091 201,903 183,349 182,548
Agricultural 62,373 73,470 111,984 96,213 61,617
Financial institutions 4,503 7,440 5,905 5,351 5,080
Other   10,084     10,724     11,328     10,032     10,686  
 
Total Loans $ 1,842,138   $ 1,850,454   $ 1,875,235   $ 1,821,430   $ 1,798,234  
 

Investment Securities - End of Period

Held-to-Maturity
U.S. Treasury $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ -
U.S. Government agencies 24,000 37,000 43,000 44,000 54,998
Mortgage-backed securities 121 129 136 140 151
State and political subdivisions 154,166 149,262 133,196 130,846 124,415
Other securities   2,407     2,393     2,374     2,355     2,337  
Total held-to-maturity   182,194     190,284     180,206     178,841     181,901  
Available-for-Sale
U.S. Treasury 2,510 5,524 7,517 8,975 11,434
U.S. Government agencies 346,925 320,791 325,414 322,687 310,611
Mortgage-backed securities 2,961 2,757 2,769 2,793 2,948
State and political subdivisions 637 858 985 984 1,132
FHLB stock 6,468 5,913 7,554 5,206 5,090
Other securities   29,713     4,804     5,043     6,095     7,007  
Total available-for-sale   389,214     340,647     349,282     346,740     338,222  
 
Total investment securities $ 571,408   $ 530,931   $ 529,488   $ 525,581   $ 520,123  
 
Fair Value - HTM investment securities $ 184,757   $ 191,738   $ 179,685   $ 175,870   $ 181,792  
 

Investment Securities - QTD Average

Taxable securities $ 414,718 $ 378,811 $ 394,878 $ 401,723 $ 406,342
Tax exempt securities   152,283     140,096     132,823     129,330     123,024  
 
Total investment securities - QTD average $ 567,001   $ 518,907   $ 527,701   $ 531,053   $ 529,366  
         

Simmons First National Corporation

SFNC

Consolidated Allowance and Asset Quality
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(Unaudited) 2008 2007 2007 2007 2007
(in thousands)

Allowance for Loan Losses

Balance, beginning of quarter $ 25,303   $ 25,107   $ 25,197   $ 25,151   $ 25,385  
 
Loans charged off
Credit cards 779 670 633 625 735
Other consumer 357 412 397 304 425
Real estate 477 669 499 453 295
Commercial   202     211     174     111     219  
Total loans charged off   1,815     1,962     1,703     1,493     1,674  
 
Recoveries of loans previously charged off
Credit cards 192 231 260 272 261
Other consumer 153 104 122 152 105
Real estate 79 38 207 241 162
Commercial   13     36     174     43     161  

Total recoveries

  437     409     763     708     689  
Net loans charged off 1,378 1,553 940 785 985
Provision for loan losses   1,467     1,749     850     831     751  
Balance, end of quarter $ 25,392   $ 25,303   $ 25,107   $ 25,197   $ 25,151  
 

Non-performing assets

Non-performing loans
Nonaccrual loans
Real estate $ 6,735 $ 7,350 $ 6,949 $ 7,237 $ 5,561
Commercial 619 883 576 632 685
Consumer   1,590     1,676     1,540     1,652     1,492  
Total nonaccrual loans 8,944 9,909 9,065 9,521 7,738
Loans past due 90 days or more   2,158     1,282     946     1,133     879  
Total non-performing loans   11,102     11,191     10,011     10,654     8,617  
 
Other non-performing assets
Foreclosed assets held for sale 3,556 2,629 1,629 1,484 2,321
Other non-performing assets   9     17     38     30     40  
Total other non-performing assets   3,565     2,646     1,667     1,514     2,361  
 
Total non-performing assets $ 14,667   $ 13,837   $ 11,678   $ 12,168   $ 10,978  
 

Ratios

Allowance for loan losses to total loans 1.38 % 1.37 % 1.34 % 1.38 % 1.40 %

Allowance for loan losses to non-performing loans

228.72 % 226.10 % 250.79 % 236.50 % 291.88 %

Allowance for loan losses to non-performing assets

173.12 % 182.86 % 214.99 % 207.08 % 229.10 %

Non-performing assets ratio *

0.79 % 0.75 % 0.62 % 0.67 % 0.61 %
Non-performing loans to total loans 0.60 % 0.60 % 0.53 % 0.58 % 0.48 %
Non-performing assets to total assets 0.51 % 0.51 % 0.43 % 0.46 % 0.41 %
Annualized net charge offs to total loans 0.30 % 0.33 % 0.20 % 0.17 % 0.22 %

Annualized net charge offs to total loans (excluding credit cards)

0.19 % 0.26 % 0.13 % 0.10 % 0.13 %
 

* Non-performing assets ratio = ( non-performing loans + foreclosed assets) / ( total loans + foreclosed assets)

         

Simmons First National Corporation

SFNC

Consolidated - Net Interest Income Analysis
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(Unaudited) 2008 2007 2007 2007 2007
 
ASSETS
 
Earning Assets
Interest bearing balances due from banks 2.77 % 4.05 % 5.54 % 5.26 % 5.45 %
Federal funds sold 2.90 % 4.86 % 5.68 % 5.26 % 5.29 %
Investment securities 5.31 % 5.22 % 5.15 % 5.04 % 4.95 %
Mortgage loans held for sale 6.03 % 6.42 % 6.67 % 5.77 % 6.63 %
Assets held in trading accounts 0.07 % -1.63 % 5.71 % 3.07 % 1.54 %
Loans 7.24 % 7.70 % 7.87 % 7.80 % 7.76 %
Total interest earning assets 6.63 % 7.10 % 7.24 % 7.13 % 7.05 %
 
 
LIABILITIES
 
Interest bearing liabilities
Interest bearing transaction and
savings accounts 1.63 % 1.73 % 1.82 % 1.80 % 1.76 %
Time deposits 4.36 % 4.61 % 4.70 % 4.69 % 4.64 %
Total interest bearing deposits 3.21 % 3.45 % 3.57 % 3.54 % 3.51 %
Federal funds purchased and securities
sold under agreement to repurchase 2.93 % 4.29 % 4.93 % 4.93 % 4.90 %
Short-term debt 4.69 % 5.02 % 5.32 % 6.36 % 7.04 %
Long-term debt 4.93 % 5.88 % 5.81 % 5.85 % 5.91 %
Total interest bearing liabilities 3.29 % 3.60 % 3.76 % 3.71 % 3.69 %
 
NET INTEREST MARGIN/SPREAD
 
Net interest spread 3.34 % 3.49 % 3.48 % 3.42 % 3.36 %
Net interest margin - quarter-to-date 3.80 % 4.00 % 4.01 % 3.96 % 3.88 %
Net interest margin - year-to-date 3.80 % 3.96 % 3.95 % 3.92 % 3.88 %
         

Simmons First National Corporation

SFNC

Consolidated - Selected Financial Data
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(Unaudited) 2008 2007 2007 2007 2007
(in thousands, except per share data)

QUARTER-TO-DATE

Diluted earnings per share $ 0.63 $ 0.44 $ 0.53 $ 0.49 $ 0.46
Operating earnings (excludes nonrecurring items) 6,258 6,936 7,500 7,031 6,637
Diluted operating earnings per share 0.45 0.49 0.53 0.49 0.46
Cash dividends declared per common share 0.19 0.19 0.18 0.18 0.18
Cash dividends declared - amount 2,647 2,645 2,509 2,533 2,548
Return on average stockholders' equity 12.76 % 9.02 % 11.16 % 10.64 % 10.25 %

Return on average stockholders' equity *

9.06 % 10.10 % 11.16 % 10.64 % 10.25 %
Return on tangible equity 16.81 % 12.25 % 14.96 % 14.32 % 13.88 %

Return on tangible equity *

12.00 % 13.45 % 14.96 % 14.17 % 13.57 %
Return on average assets 1.28 % 0.92 % 1.11 % 1.07 % 1.01 %

Return on average assets *

0.91 % 1.03 % 1.11 % 1.07 % 1.01 %
Net interest margin (FTE) 3.80 % 4.00 % 4.01 % 3.96 % 3.88 %
FTE Adjustment - investments 916 842 802 785 741
FTE Adjustment - loans 61 67 69 72 85
Amortization of intangibles 202 202 203 207 207
Amortization of intangibles, net of taxes 127 127 128 130 130
Average shares outstanding 13,929,980 13,924,592 13,976,706 14,099,105 14,177,615
Shares repurchased 23,480 25,895 134,253 90,900 69,678
Average price of repurchased shares 26.65 26.38 25.43 27.38 28.62
Average earning assets 2,513,812 2,420,322 2,420,934 2,395,677 2,411,939
Average interest bearing liabilities 2,154,856 2,077,058 2,080,642 2,048,943 2,073,554
 

YEAR-TO-DATE

Diluted earnings per share $ 0.63 $ 1.92 $ 1.48 $ 0.95 $ 0.46
Operating earnings (excludes nonrecurring items) 6,258 28,104 21,168 13,668 6,637
Diluted operating earnings per share 0.45 1.97 1.48 0.95 0.46
Cash dividends declared per common share 0.19 0.73 0.54 0.36 0.18
Return on average stockholders' equity 12.76 % 10.26 % 10.69 % 10.45 % 10.25 %

Return on average stockholders' equity *

9.06 % 10.54 % 10.69 % 10.45 % 10.25 %
Return on tangible equity 16.81 % 13.78 % 14.40 % 14.10 % 13.88 %

Return on tangible equity *

12.00 % 14.15 % 14.40 % 14.10 % 13.88 %
Return on average assets 1.28 % 1.03 % 1.06 % 1.04 % 1.01 %

Return on average assets *

0.91 % 1.05 % 1.06 % 1.04 % 1.01 %
Net interest margin (FTE) 3.80 % 3.96 % 3.95 % 3.92 % 3.88 %
FTE Adjustment - investments 916 3,170 2,328 1,526 741
FTE Adjustment - loans 61 293 226 157 85
Amortization of intangibles 202 819 617 414 207
Amortization of intangibles, net of taxes 127 515 388 260 130
Average shares outstanding 13,929,980 14,043,626 14,083,739 14,138,143 14,177,615
Average diluted shares outstanding 14,069,322 14,241,182 14,283,674 14,352,531 14,395,153
Average earning assets 2,513,812 2,412,218 2,409,516 2,403,809 2,411,939
Average interest bearing liabilities 2,154,856 2,070,049 2,067,711 2,061,248 2,073,554
 

END OF PERIOD

Book value per share $ 20.14 $ 19.57 $ 19.20 $ 18.73 $ 18.54
Tangible book value per share 15.56 14.97 14.60 14.15 13.97
Shares outstanding 13,941,849 13,918,368 13,934,509 14,059,631 14,139,631
Full-time equivalent employees 1,121 1,128 1,131 1,112 1,110
Total number of ATM's 92 90 89 87 88
Total number of financial centers 85 84 83 82 82
Parent company only - investment in subsidiaries 290,465 288,744 285,340 280,455 279,370
Parent company only - intangible assets 133 133 133 133 133
 

* Based on operating earnings (excludes nonrecurring items)

         

Simmons First National Corporation

SFNC

Consolidated - Reconciliation of Operating Earnings
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(Unaudited) 2008 2007 2007 2007 2007
(in thousands, except per share data)

QUARTER-TO-DATE

Net Income $ 8,816 $ 6,192 $ 7,500 $ 7,031 $ 6,637
Nonrecurring items
Mandatory stock redemption gain (Visa) (2,973 ) - - - -
Litigation liability (Visa) (1,220 ) 1,220 - - -
Tax effect (39%)   1,635     (476 )   -   -   -
Net nonrecurring items   (2,558 )   744     -   -   -
Operating income $ 6,258   $ 6,936   $ 7,500 $ 7,031 $ 6,637
 
 
Diluted earnings per share $ 0.63 $ 0.44 $ 0.53 $ 0.49 $ 0.46
Nonrecurring items
Mandatory stock redemption gain (Visa) (0.21 ) - - - -
Litigation liability (Visa) (0.09 ) 0.09 - - -
Tax effect (39%)   0.12     (0.04 )   -   -   -
Net nonrecurring items   (0.18 )   0.05     -   -   -
Diluted operating earnings per share $ 0.45   $ 0.49   $ 0.53 $ 0.49 $ 0.46
 
 
 

YEAR-TO-DATE

Net Income $ 8,816 $ 27,360 $ 21,168 $ 13,668 $ 6,637
Nonrecurring items
Mandatory stock redemption gain (Visa) (2,973 ) - - - -
Litigation liability (Visa) (1,220 ) 1,220 - - -
Tax effect (39%)   1,635     (476 )   -   -   -
Net nonrecurring items   (2,558 )   744     -   -   -
Operating income $ 6,258   $ 28,104   $ 21,168 $ 13,668 $ 6,637
 
 
Diluted earnings per share $ 0.63 $ 1.92 $ 1.48 $ 0.95 $ 0.46
Nonrecurring items
Mandatory stock redemption gain (Visa) (0.21 ) - - - -
Litigation liability (Visa) (0.09 ) 0.09 - - -
Tax effect (39%)   0.12     (0.04 )   -   -   -
Net nonrecurring items   (0.18 )   0.05     -   -   -
Diluted operating earnings per share $ 0.45   $ 1.97   $ 1.48 $ 0.95 $ 0.46

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

SIMMONS FIRST NATIONAL CORPORATION

 
 

 

Date:

April 17, 2008

/s/ Robert A. Fehlman

Robert A. Fehlman, Executive Vice President
  and Chief Financial Officer