Simmons First National Corp. Reports Operating Results (10-K)

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Mar 04, 2011
Simmons First National Corp. (SFNC, Financial) filed Annual Report for the period ended 2010-12-31.

Simmons First National Corp. has a market cap of $488.7 million; its shares were traded at around $28.36 with a P/E ratio of 13.2 and P/S ratio of 2.3. The dividend yield of Simmons First National Corp. stocks is 2.6%. Simmons First National Corp. had an annual average earning growth of 5.3% over the past 10 years.

Highlight of Business Operations:

The aggregate market value of the Registrant s Common Stock, par value $0.01 per share, held by non-affiliates on June 30, 2010, was $414,083,357 based upon the last trade price as reported on the NASDAQ Global Select Market® of $26.26.

Simmons First National Corporation (the “Company) is a multi-bank financial holding company registered under the Bank Holding Company Act of 1956, as amended. The Company is headquartered in Arkansas with total assets of $3.3 billion, loans of $1.7 billion, deposits of $2.6 billion and equity capital of $397 million as of December 31, 2010. We own eight community banks that are strategically located throughout Arkansas and conduct our operations through 89 offices, of which 85 are branches, or “financial centers,” located in 47 communities in Arkansas, Missouri and Kansas.

In December 2009, we completed a secondary stock offering by issuing a total of 3,047,500 shares of common stock, including the over-allotment, at a price of $24.50 per share, less underwriting discounts and commissions. The net proceeds of the offering after deducting underwriting discounts and commissions and offering expenses were approximately $70.5 million. Subsequent to the stock offering, we have approximately $100 million available from our shelf registration for future offerings. The excess capital positions us to continue to take advantage of unprecedented acquisition opportunity through FDIC-assisted transactions of failed banks. We continue to actively pursue the right opportunities that meet our strategic plan regarding mergers and acquisitions.

In 2010, we expanded outside the borders of Arkansas by acquiring two failed institutions through FDIC-assisted transactions. The first was a $100 million failed bank located in Springfield, Missouri and the second was a $400 million failed thrift located in Olathe, Kansas. On both transactions, we entered into a loss-share agreement with the FDIC, which provides significant protection of 80% of covered assets. As part of the acquisitions, we recognized a pre-tax bargain purchase gain of $3.0 million and $18.3 million, respectively, on the Missouri and Kansas transactions.

Our lead bank, SFNB, is a national bank which has been in operation since 1903. As of December 31, 2010, SFNB had total assets of $1.9 billion, total loans of $1.0 billion and total deposits of $1.5 billion. Simmons First Trust Company N.A., a wholly owned subsidiary of SFNB, performs the trust and fiduciary business operations for SFNB and for us. Simmons First Investment Group, Inc., a wholly owned subsidiary of SFNB, is a broker-dealer registered with the SEC and a member of the Financial Industry Regulatory Authority and performs the broker-dealer operations for SFNB.

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