Edgar Filing: SIMMONS FIRST NATIONAL CORP

Simmons First National Corporation, 8-K

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) October 20, 2005

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 (see General Instruction A.2. below):

[ ] 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 October 20, 2005.

SIMMONS FIRST ANNOUNCES RECORD EARNINGS

Pine Bluff, AR - Simmons First National Corporation (NASDAQ NM: SFNC) today announced record earnings for the three and nine-month periods ended September 30, 2005. Net income for the quarter was $7.3 million, an increase of $427,000, or 6.2% over the third quarter of 2004. Diluted earnings per share were $0.50 for the third quarter of 2005 compared to $0.47 per share for the same period in 2004, an increase of 6.4%.

For the nine-month period ended September 30, 2005, net income was $20.1 million, an increase of $1.5 million, or 8.2% over the same period in 2004. Diluted earnings per share for the nine-month period were $1.37, an increase of $0.11, or 8.7%.

“Simmons First generated solid, high quality results again this quarter,” said J. Thomas May, Chairman and Chief Executive Officer. “We continue to be pleased with the trends we see in our earnings performance, loan growth, and asset quality. The increase in earnings over the same quarter last year is the result of continued loan growth, an increase in non-interest income, disciplined expense control, and a reduced provision for loan losses resulting from the improvements in asset quality.”

Net interest income for the third quarter of 2005 increased 3.4% to $22.9 million. The increase is primarily attributable to growth in the loan portfolio partially offset by the continuation of a relatively flat yield curve. Net interest margin, on a fully taxable equivalent basis, was 4.10% in the third quarter of 2005 compared to 4.16% in the third quarter of 2004, a decrease of 6 basis points.

The Company’s loan portfolio totaled $1.7 billion at September 30, 2005, an increase of $107 million, or 6.7% over the same period last year. The growth was primarily attributable to increased demand in the commercial and real estate loan portfolios. Deposits were $2.0 billion at September 30, 2005, a $106 million, or 5.4% increase from September 30, 2004.

Asset quality for the third quarter continued to strengthen as non-performing assets decreased by $1.8 million from the same period last year, a 13% decrease. Non-performing loans to total loans improved to 0.55% from 0.72% from the same period last year, while the allowance for loan losses improved to 234% of non-performing loans as of September 30, 2005, compared to 205% as of September 30, 2004. At quarter end, the allowance for loan losses equaled 1.60% of total loans. The Company’s annualized net charge-off ratio for the third quarter of 2005 was 0.33%. Excluding credit cards, the annualized net charge-off ratio was 0.13%.

Total assets were $2.6 billion at September 30, 2005, an increase of $159 million over the quarter ended September 30, 2004. Stockholders’ equity at September 30, 2005 was $241 million, a $5.8 million increase from September 30, 2004.

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 79 offices, of which 77 are financial centers, in 44 communities.

CONFERENCE CALL

Management will conduct a conference call to review this information at 3:00 p.m. Central Time on Thursday, October 20, 2005. 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 9829445 and the recording will be available through the end of business October 31, 2005. 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:

ROBERT A. FEHLMAN

Senior Vice President and Chief Financial Officer

Simmons First National Corporation

(870) 541-1231

Simmons First National Corporation													SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(In thousands)	2005			2005			2005			2004			2004

ASSETS
Cash and non-interest bearing balances due from banks	$	83,088		$	73,169		$	67,615		$	72,032		$	77,944
Interest bearing balances due from banks		48,206			27,861			22,030			36,249			11,273
Federal funds sold		16,825			43,230			56,580			45,450			17,300
Cash and cash equivalents		148,119			144,260			146,225			153,731			106,517

Investment securities - held-to-maturity		151,123			149,293			147,644			151,264			178,450
Investment securities - available-for-sale		388,848			400,451			411,340			390,794			385,131
Mortgage loans held for sale		9,417			8,361			11,641			9,246			11,153
Assets held in trading accounts		4,731			4,680			4,718			4,916			2,149

Loans		1,709,372			1,662,337			1,586,483			1,571,376			1,602,127
Allowance for loan losses		(27,330	)		(27,013	)		(26,422	)		(26,508	)		(27,602	)
Net loans		1,682,042			1,635,324			1,560,061			1,544,868			1,574,525

Premises and equipment		61,354			59,086			57,685			57,211			55,027
Foreclosed assets held for sale, net		2,120			1,482			1,340			1,839			1,789
Interest receivable		18,555			15,705			15,276			14,248			15,361
Bank owned life insurance		32,952			32,673			7,410			3,536			3,488
Goodwill		60,454			60,454			60,454			60,454			60,454
Core deposit premiums		5,207			5,414			5,621			5,829			6,035
Other assets		12,120			13,202			13,095			16,008			18,204

TOTAL ASSETS	$	2,577,042		$	2,530,385		$	2,442,510		$	2,413,944		$	2,418,283

LIABILITIES
Non-interest bearing transaction accounts	$	305,506		$	308,543		$	296,347		$	293,137		$	287,632
Interest bearing transaction accounts and savings deposits		758,906			777,820			773,365			769,296			749,492
Time deposits less than $100,000		568,013			561,937			562,171			539,836			547,510
Time deposits greater than $100,000		415,302			377,991			376,478			356,926			357,566
Total deposits		2,047,727			2,026,291			2,008,361			1,959,195			1,942,200
Federal funds purchased and securities
sold under agreements to repurchase		92,320			122,255			89,991			104,785			96,384
Short-term debt		92,747			36,851			907			2,373			13,763
Long-term debt - parent company		4,000			6,000			6,000			6,000			6,000
Long-term FHLB debt - affiliate banks		52,066			52,854			55,583			57,733			59,775
Subordinated debt issued to capital trusts		30,930			30,930			30,930			30,930			48,714
Accrued interest and other liabilities		16,081			16,512			18,466			14,706			15,993
TOTAL LIABILITIES		2,335,871			2,291,693			2,210,238			2,175,722			2,182,829

STOCKHOLDERS' EQUITY
Capital stock		143			144			144			146			146
Surplus		54,429			55,608			56,315			62,826			62,659
Undivided profits		190,047			184,865			180,075			176,374			172,726
Accumulated other comprehensive income (loss)
Unrealized appreciation (depreciation) on AFS securities		(3,448	)		(1,925	)		(4,262	)		(1,124	)		(77	)
TOTAL STOCKHOLDERS' EQUITY		241,171			238,692			232,272			238,222			235,454

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,577,042		$	2,530,385		$	2,442,510		$	2,413,944		$	2,418,283

Page 1

Simmons First National Corporation													SFNC
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(In thousands)	2005			2005			2005			2004			2004

ASSETS
Cash and non-interest bearing balances due from banks	$	78,418		$	77,007		$	77,862		$	85,375		$	77,139
Interest bearing balances due from banks		16,384			15,765			35,027			38,498			13,817
Federal funds sold		29,375			35,157			52,022			60,033			36,389
Cash and cash equivalents		124,177			127,929			164,911			183,906			127,345

Investment securities - held-to-maturity		150,654			149,038			149,986			171,402			178,537
Investment securities - available-for-sale		390,580			412,101			404,127			383,325			378,591
Mortgage loans held for sale		11,395			9,425			8,532			9,682			10,211
Assets held in trading accounts		4,711			4,696			4,234			5,510			236

Loans		1,689,883			1,626,513			1,575,329			1,570,724			1,577,821
Allowance for loan losses		(27,512	)		(26,859	)		(27,004	)		(27,823	)		(27,648	)
Net loans		1,662,371			1,599,654			1,548,325			1,542,901			1,550,173

Premises and equipment		60,497			58,320			57,538			56,128			52,508
Foreclosed assets held for sale, net		1,870			1,420			1,468			1,728			1,798
Interest receivable		17,038			15,301			14,398			14,854			13,852
Bank owned life insurance		32,832			24,823			3,593			3,507			3,469
Goodwill		60,454			60,454			60,454			60,454			60,450
Core deposit premiums		5,326			5,534			5,745			5,947			6,153
Other assets		12,809			12,104			15,554			18,212			19,265

TOTAL ASSETS	$	2,534,714		$	2,480,799		$	2,438,865		$	2,457,556		$	2,402,588

LIABILITIES
Non-interest bearing transaction accounts	$	303,387		$	300,909		$	296,921		$	302,117		$	292,578
Interest bearing transaction accounts and savings deposits		751,877			778,516			771,301			766,178			740,559
Time deposits less than $100,000		569,977			561,884			556,878			545,003			550,054
Time deposits greater than $100,000		386,581			373,366			369,372			357,800			348,148
Total deposits		2,011,822			2,014,675			1,994,472			1,971,098			1,931,339
Federal funds purchased and securities
sold under agreements to repurchase		92,508			108,519			98,499			107,150			91,950
Short-term debt		82,463			13,098			992			10,143			19,967
Long-term debt		88,242			91,045			93,365			113,370			111,025
Accrued interest and other liabilities		18,120			16,271			14,711			15,799			15,263
TOTAL LIABILITIES		2,293,155			2,243,608			2,202,039			2,217,560			2,169,544

TOTAL STOCKHOLDERS' EQUITY		241,559			237,191			236,826			239,996			233,044

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,534,714		$	2,480,799		$	2,438,865		$	2,457,556		$	2,402,588

Page 2

Simmons First National Corporation													SFNC
Consolidated Average Year-to-Date Balance Sheets
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(In thousands)	2005			2005			2005			2004			2004

ASSETS
Cash and non-interest bearing balances due from banks	$	77,764		$	77,432		$	77,862		$	77,836		$	75,305
Interest bearing balances due from banks		22,324			25,343			35,027			36,587			35,946
Federal funds sold		38,768			43,543			52,022			56,423			55,211
Cash and cash equivalents		138,856			146,318			164,911			170,846			166,462

Investment securities - held-to-maturity		149,895			149,509			149,986			176,585			178,325
Investment securities - available-for-sale		402,220			408,136			404,127			361,231			358,082
Mortgage loans held for sale		9,794			8,981			8,532			10,087			10,223
Assets held in trading accounts		4,549			4,466			4,234			4,980			531

Loans		1,630,995			1,601,062			1,575,329			1,528,447			1,514,252
Allowance for loan losses		(27,127	)		(26,931	)		(27,004	)		(27,186	)		(26,972	)
Net loans		1,603,868			1,574,131			1,548,325			1,501,261			1,487,280

Premises and equipment		58,796			57,931			57,538			52,464			51,234
Foreclosed assets held for sale, net		1,588			1,444			1,468			1,990			2,077
Interest receivable		15,589			14,852			14,398			13,626			13,214
Bank owned life insurance		20,523			14,266			3,593			2,431			2,777
Goodwill		60,454			60,454			60,454			56,996			55,704
Core deposit premiums		5,533			5,639			5,745			5,840			5,934
Other assets		13,479			13,821			15,554			19,443			19,150

TOTAL ASSETS	$	2,485,144		$	2,459,948		$	2,438,865		$	2,377,780		$	2,350,993

LIABILITIES
Non-interest bearing transaction accounts	$	300,430		$	298,926		$	296,921		$	293,060		$	290,019
Interest bearing transaction accounts and savings deposits		767,160			774,928			771,301			729,842			717,643
Time deposits less than $100,000		562,961			559,395			556,878			543,136			542,508
Time deposits greater than $100,000		376,503			371,380			369,372			349,224			346,344
Total deposits		2,007,054			2,004,629			1,994,472			1,915,262			1,896,514
Federal funds purchased and securities
sold under agreements to repurchase		99,673			103,537			98,499			94,465			90,206
Short-term debt		32,629			7,078			992			11,252			11,626
Long-term debt		90,865			92,199			93,365			110,946			110,131
Accrued interest and other liabilities		16,380			15,495			14,711			16,136			16,248
TOTAL LIABILITIES		2,246,601			2,222,938			2,202,039			2,148,061			2,124,725

TOTAL STOCKHOLDERS' EQUITY		238,543			237,010			236,826			229,719			226,268

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,485,144		$	2,459,948		$	2,438,865		$	2,377,780		$	2,350,993

Page 3

Simmons First National Corporation										SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended	Sep 30		Jun 30			Mar 31		Dec 31		Sep 30
(In thousands, except per share data)	2005		2005			2005		2004		2004

INTEREST INCOME
Loans	$	29,225	$	27,175		$	25,413	$	25,363	$	24,956
Federal funds sold		262		273			327		303		140
Investment securities		4,693		4,659			4,574		4,496		4,494
Mortgage loans held for sale, net of unrealized gains (losses)		168		134			119		130		159
Assets held in trading accounts		25		25			25		35		2
Interest bearing balances due from banks		119		103			196		172		34
TOTAL INTEREST INCOME		34,492		32,369			30,654		30,499		29,785
INTEREST EXPENSE
Time deposits		7,031		6,071			5,278		4,752		4,555
Other deposits		2,015		1,859			1,635		1,469		1,269
Federal funds purchased and securities
sold under agreements to repurchase		815		754			545		471		302
Short-term debt		646		104			14		41		94
Long-term debt		1,113		1,104			1,089		1,512		1,448
TOTAL INTEREST EXPENSE		11,620		9,892			8,561		8,245		7,668
NET INTEREST INCOME		22,872		22,477			22,093		22,254		22,117
Provision for loan losses		1,736		1,939			2,221		1,932		1,932
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		21,136		20,538			19,872		20,322		20,185
NON-INTEREST INCOME
Trust income		1,430		1,349			1,385		1,400		1,388
Service charges on deposit accounts		4,154		4,153			3,414		3,642		3,928
Other service charges and fees		472		454			584		488		536
Income on sale of mortgage loans, net of commissions		827		712			682		781		814
Income on investment banking, net of commissions		146		161			58		131		101
Credit card fees		2,619		2,584			2,340		2,630		2,544
Premiums on sale of student loans		295		642			634		247		417
Bank owned life insurance income		312		218			20		23		23
Other income		485		724			954		612		633
Gain (loss) on sale of securities, net		-		(168	)		-		-		-
TOTAL NON-INTEREST INCOME		10,740		10,829			10,071		9,954		10,384
NON-INTEREST EXPENSE
Salaries and employee benefits		12,703		12,697			12,831		12,357		12,091
Occupancy expense, net		1,483		1,394			1,436		1,374		1,431
Furniture and equipment expense		1,421		1,406			1,449		1,444		1,445
Loss on foreclosed assets		57		55			48		116		49
Deposit insurance		72		69			73		68		76
Write off of deferred debt issuance cost		-		-			-		771		-
Other operating expenses		5,490		5,343			5,578		5,506		5,468
TOTAL NON-INTEREST EXPENSE		21,226		20,964			21,415		21,636		20,560
NET INCOME BEFORE INCOME TAXES		10,650		10,403			8,528		8,640		10,009
Provision for income taxes		3,316		3,460			2,668		2,800		3,102
NET INCOME	$	7,334	$	6,943		$	5,860	$	5,840	$	6,907
BASIC EARNINGS PER SHARE	$	0.51	$	0.48		$	0.41	$	0.40	$	0.47
DILUTED EARNINGS PER SHARE	$	0.50	$	0.47		$	0.40	$	0.39	$	0.47

Page 4

Simmons First National Corporation											SFNC
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended	Sep 30			Jun 30			Mar 31		Dec 31		Sep 30
(In thousands, except per share data)	2005			2005			2005		2004		2004

INTEREST INCOME
Loans	$	81,813		$	52,588		$	25,413	$	96,853	$	71,490
Federal funds sold		863			600			327		748		445
Investment securities		13,926			9,233			4,574		17,447		12,951
Mortgage loans held for sale, net of unrealized gains (losses)		421			253			119		575		445
Assets held in trading accounts		74			50			25		41		6
Interest bearing balances due from banks		418			299			196		400		228
TOTAL INTEREST INCOME		97,515			63,023			30,654		116,064		85,565
INTEREST EXPENSE
Time deposits		18,381			11,349			5,278		18,198		13,446
Other deposits		5,508			3,494			1,635		4,965		3,496
Federal funds purchased and securities
sold under agreements to repurchase		2,088			1,299			545		1,227		756
Short-term debt		790			117			14		175		134
Long-term debt		3,306			2,192			1,089		5,863		4,351
TOTAL INTEREST EXPENSE		30,073			18,451			8,561		30,428		22,183
NET INTEREST INCOME		67,442			44,572			22,093		85,636		63,382
Provision for loan losses		5,895			4,159			2,221		8,027		6,095
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		61,547			40,413			19,872		77,609		57,287
NON-INTEREST INCOME
Trust income		4,164			2,734			1,385		5,421		4,021
Service charges on deposit accounts		11,721			7,567			3,414		14,564		10,922
Other service charges and fees		1,511			1,039			584		2,016		1,528
Income on sale of mortgage loans, net of commissions		2,221			1,395			682		3,391		2,610
Income on investment banking, net of commissions		364			219			58		645		514
Credit card fees		7,543			4,924			2,340		10,001		7,371
Premiums on sale of student loans		1,572			1,276			634		2,114		1,867
Bank owned life insurance income		551			238			20		73		50
Other income		2,163			1,677			954		2,480		1,868
Gain (loss) on sale of securities, net		(168	)		(168	)		-		-		-
TOTAL NON-INTEREST INCOME		31,642			20,901			10,071		40,705		30,751
NON-INTEREST EXPENSE
Salaries and employee benefits		38,231			25,529			12,831		48,533		36,176
Occupancy expense, net		4,314			2,831			1,436		5,500		4,126
Furniture and equipment expense		4,277			2,855			1,449		5,646		4,202
Loss on foreclosed assets		160			103			48		346		230
Deposit insurance		214			142			73		284		216
Write off of deferred debt issuance cost		-			-			-		771		-
Other operating expenses		16,412			10,923			5,578		21,305		15,799
TOTAL NON-INTEREST EXPENSE		63,608			42,383			21,415		82,385		60,749
NET INCOME BEFORE INCOME TAXES		29,581			18,931			8,528		35,929		27,289
Provision for income taxes		9,444			6,128			2,668		11,483		8,683
NET INCOME	$	20,137		$	12,803		$	5,860	$	24,446	$	18,606
BASIC EARNINGS PER SHARE	$	1.40		$	0.89		$	0.41	$	1.68	$	1.28
DILUTED EARNINGS PER SHARE	$	1.37		$	0.87		$	0.40	$	1.65	$	1.26

Page 5

Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(In thousands)	2005			2005			2005			2004			2004

Tier 1 capital
Stockholders' equity	$	241,171		$	238,692		$	232,272		$	238,222		$	235,454
Trust preferred securities, net allowable		30,000			30,000			30,000			30,000			47,250
Disallowed intangible assets, net of def. tax		(65,271	)		(65,452	)		(65,718	)		(66,283	)		(66,489	)
Unrealized loss (gain) on AFS securities		3,448			1,925			4,262			1,124			77
Other		-			-			-			(738	)		(1,532	)

Total Tier 1 capital		209,348			205,165			200,816			202,325			214,760

Tier 2 capital
Qualifying unrealized gain on AFS securities		357			415			206			392			405
Qualifying allowance for loan losses		21,952			21,157			20,107			19,961			20,540

Total Tier 2 capital		22,309			21,572			20,313			20,353			20,945

Total risk-based capital	$	231,657		$	226,737		$	221,129		$	222,678		$	235,705

Risk weighted assets	$	1,750,783		$	1,686,669		$	1,602,295		$	1,590,373		$	1,636,142

Assets for leverage ratio	$	2,473,854		$	2,420,348		$	2,379,954		$	2,391,149		$	2,337,627

Ratios at end of quarter
Leverage ratio		8.46	%		8.48	%		8.44	%		8.46	%		9.19	%
Tier 1 capital		11.96	%		12.16	%		12.53	%		12.72	%		13.13	%
Total risk-based capital		13.23	%		13.44	%		13.80	%		14.00	%		14.41	%

Page 6

Simmons First National Corporation													SFNC
Consolidated Loans and Investments
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(In thousands)	2005			2005			2005			2004			2004

Loan Portfolio - End of Period
Consumer
Credit cards	$	138,077		$	141,398		$	141,793		$	155,326		$	152,198
Student loans		89,759			75,565			87,745			83,283			82,140
Other consumer		136,626			131,210			127,245			128,552			130,267
Real Estate
Construction		227,063			207,136			186,526			169,001			148,561
Single-family residential		338,466			336,413			323,874			318,498			311,291
Other commercial		462,978			489,880			480,653			481,728			483,467
Unearned income		(8	)		(9	)		(10	)		(10	)		(10	)
Commercial
Commercial		177,682			161,474			165,946			158,613			184,017
Agricultural		105,107			83,071			53,927			62,340			94,751
Financial institutions		21,219			21,979			999			1,079			2,249
Other		12,403			14,220			17,785			12,966			13,196

Total Loans	$	1,709,372		$	1,662,337		$	1,586,483		$	1,571,376		$	1,602,127

Investment Securities - End of Period

Held-to-Maturity
U.S. Treasury	$	2,007		$	2,012		$	3,016		$	4,020		$	7,027
U.S. Government agencies		25,999			25,999			23,500			21,500			22,495
Mortgage-backed securities		197			212			279			307			494
State and political subdivisions		120,424			118,586			118,376			122,457			126,822
Other securities		2,496			2,484			2,473			2,980			21,612
Total held-to-maturity		151,123			149,293			147,644			151,264			178,450
Available-for-Sale
U.S. Treasury		17,363			20,092			23,006			24,096			20,008
U.S. Government agencies		346,309			355,534			364,227			341,086			338,309
Mortgage-backed securities		3,442			3,786			3,744			3,877			4,477
State and political subdivisions		3,169			3,589			4,194			4,746			4,434
FHLB stock		11,320			10,137			7,705			8,206			8,162
Other securities		7,245			7,313			8,464			8,783			9,741
Total available-for-sale		388,848			400,451			411,340			390,794			385,131

Total investment securities	$	539,971		$	549,744		$	558,984		$	542,058		$	563,581

Fair Value - HTM investment securities	$	151,192		$	150,169		$	147,287		$	152,432		$	180,593

Investment Securities - QTD Average

Taxable securities	$	419,204		$	439,010		$	429,674		$	428,184		$	426,355
Tax exempt securities		122,030			122,129			124,439			126,543			130,773

Total investment securities - QTD average	$	541,234		$	561,139		$	554,113		$	554,727		$	557,128

Page 7

Simmons First National Corporation													SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(In thousands)	2005			2005			2005			2004			2004

Allowance for Loan Losses
Balance, beginning of quarter	$	27,013		$	26,422		$	26,508		$	27,602		$	27,268

Loans charged off
Credit cards		1,157			1,158			1,180			1,006			1,176
Other consumer		341			356			244			567			418
Real estate		444			222			120			418			259
Commercial		1,217			520			1,420			1,884			165
Total loans charged off		3,159			2,256			2,964			3,875			2,018

Recoveries of loans previously charged off
Credit cards		245			216			179			206			182
Other consumer		214			159			132			167			125
Real estate		128			47			30			75			39
Commercial		1,153			486			316			401			74
Total recoveries		1,740			908			657			849			420
Net loans charged off		1,419			1,348			2,307			3,026			1,598
Allowance for loan losses on acquisitions		-			-			-			-			-
Provision for loan losses		1,736			1,939			2,221			1,932			1,932
Balance, end of quarter	$	27,330		$	27,013		$	26,422		$	26,508		$	27,602

Non-performing assets
Non-performing loans
Nonaccrual loans
Real estate	$	6,069		$	6,947		$	7,360		$	6,309		$	5,923
Commercial		1,026			795			1,582			3,429			2,920
Consumer		1,193			1,167			1,292			1,180			1,371
Total nonaccrual loans		8,288			8,909			10,234			10,918			10,214
Loans past due 90 days or more		1,181			1,199			1,615			1,085			1,372
Total non-performing loans		9,469			10,108			11,849			12,003			11,586

Other non-performing assets
Foreclosed assets held for sale		2,120			1,482			1,340			1,839			1,789
Other non-performing assets		78			51			64			83			78
Total other non-performing assets		2,198			1,533			1,404			1,922			1,867

Total non-performing assets	$	11,667		$	11,641		$	13,253		$	13,925		$	13,453

Ratios
Allowance for loan losses to total loans		1.60	%		1.63	%		1.67	%		1.69	%		1.72	%
Allowance for loan losses to
non-performing loans		288.63	%		267.24	%		222.99	%		220.84	%		238.24	%
Allowance for loan losses to
non-performing assets		234.25	%		232.05	%		199.37	%		190.36	%		205.17	%
Non-performing assets ratio *		0.68	%		0.70	%		0.83	%		0.89	%		0.83	%
Non-performing loans to total loans		0.55	%		0.61	%		0.75	%		0.76	%		0.72	%
Non-performing assets to total assets		0.45	%		0.46	%		0.54	%		0.58	%		0.56	%
Net charge offs to total loans		0.33	%		0.33	%		0.58	%		0.74	%		0.39	%
Net charge offs to total loans
(excluding credit cards)		0.13	%		0.11	%		0.36	%		0.60	%		0.16	%

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

Page 8

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(In thousands, except share data)	2005			2005			2005			2004			2004

QUARTER-TO-DATE
Diluted earnings per share	$	0.50		$	0.47		$	0.40		$	0.39		$	0.47
Operating earnings (excludes nonrecurring items)		7,334			6,943			5,860			6,310			6,907
Diluted operating earnings per share		0.50			0.47			0.40			0.42			0.47
Cash dividends declared per common share		0.15			0.15			0.15			0.15			0.14
Cash dividends declared - amount		2,152			2,154			2,158			2,193			2,045
Return on average stockholders' equity		12.05	%		11.74	%		10.04	%		9.68	%		11.79	%
Return on average assets		1.15	%		1.12	%		0.97	%		0.95	%		1.14	%
Net interest margin (FTE)		4.10	%		4.15	%		4.17	%		4.09	%		4.16	%
FTE Adjustment - investments		714			720			756			689			729
FTE Adjustment - loans		89			83			83			86			91
Amortization of intangibles		207			207			207			208			208
Amortization of intangibles, net of taxes		130			130			131			132			132
Average shares outstanding		14,357,059			14,365,441			14,450,533			14,608,104			14,608,158
Shares repurchased		47,835			35,660			261,500			-			16,950
Average price of repurchased shares		27.34			24.17			25.95			-			24.65
Average earning assets		2,292,982			2,252,695			2,229,257			2,239,174			2,195,602
Average interest bearing liabilities		1,971,648			1,926,428			1,890,407			1,899,644			1,861,703

YEAR-TO-DATE
Diluted earnings per share	$	1.37		$	0.87		$	0.40		$	1.65		$	1.26
Operating earnings (excludes nonrecurring items)		20,137			12,803			5,860			24,916			18,606
Diluted operating earnings per share		1.37			0.87			0.40			1.68			1.26
Cash dividends declared per common share		0.45			0.30			0.15			0.57			0.42
Return on average stockholders' equity		11.29	%		10.89	%		10.04	%		10.64	%		10.98	%
Return on average assets		1.08	%		1.05	%		0.97	%		1.03	%		1.06	%
Net interest margin (FTE)		4.14	%		4.16	%		4.17	%		4.08	%		4.08	%
FTE Adjustment - investments		2,190			1,476			756			2,812			2,123
FTE Adjustment - loans		255			166			83			361			275
Amortization of intangibles		621			414			207			792			584
Amortization of intangibles, net of taxes		391			261			131			503			371
Average shares outstanding		14,385,842			14,407,752			14,450,533			14,515,364			14,483,772
Diluted shares outstanding		297,548			304,431			327,079			333,196			328,479
Average earning assets		2,258,545			2,241,040			2,229,257			2,174,340			2,152,570
Average interest bearing liabilities		1,929,791			1,908,517			1,890,407			1,838,865			1,818,458

END OF PERIOD
Book value	$	16.82		$	16.63		$	16.15		$	16.29		$	16.13
Shares outstanding		14,337,803			14,353,963			14,381,434			14,621,707			14,601,030
Full-time equivalent employees		1,099			1,094			1,083			1,086			1,097
Total number of ATM's		83			81			80			79			78
Total number of financial centers		77			76			75			78			78
Parent company only - investment in subsidiaries		263,991			262,020			259,425			257,851			257,610
Parent company only - intangible assets		133			133			133			133			133

Page 9

Simmons First National Corporation										SFNC
Consolidated - Reconciliation of Operating Earnings
For the Quarters Ended	Sep 30		Jun 30		Mar 31		Dec 31			Sep 30
(In thousands, except share data)	2005		2005		2005		2004			2004

QUARTER-TO-DATE
Net Income	$	7,334	$	6,943	$	5,860	$	5,840		$	6,907
Nonrecurring items
Write off of deferred debt issuance cost		-		-		-		771			-
Tax effect (39%)		-		-		-		(301	)		-
Net nonrecurring items		-		-		-		470			-
Operating income	$	7,334	$	6,943	$	5,860	$	6,310		$	6,907


Diluted earnings per share	$	0.50	$	0.47	$	0.40	$	0.39		$	0.47
Nonrecurring items
Write off of deferred debt issuance cost		-		-		-		0.05			-
Tax effect (39%)		-		-		-		(0.02	)		-
Net nonrecurring items		-		-		-		0.03			-
Diluted operating earnings per share	$	0.50	$	0.47	$	0.40	$	0.42		$	0.47



YEAR-TO-DATE
Net Income	$	20,137	$	12,803	$	5,860	$	24,446		$	18,606
Nonrecurring items
Write off of deferred debt issuance cost		-		-		-		771			-
Tax effect (39%)		-		-		-		(301	)		-
Net nonrecurring items		-		-		-		470			-
Operating income	$	20,137	$	12,803	$	5,860	$	24,916		$	18,606


Diluted earnings per share	$	1.37	$	0.87	$	0.40	$	1.65		$	1.26
Nonrecurring items
Write off of deferred debt issuance cost		-		-		-		0.05			-
Tax effect (39%)		-		-		-		(0.02	)		-
Net nonrecurring items		-		-		-		0.03			-
Diluted operating earnings per share	$	1.37	$	0.87	$	0.40	$	1.68		$	1.26

Page 10

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: October 20, 2005	By:	/s/ Robert A. Fehlman
		Robert A. Fehlman
		Senior Vice President and Chief Financial Officer