Edgar Filing: SIMMONS FIRST NATIONAL CORP

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 21, 2005

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

Arkansas	0-6253	71-0407808
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	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 8:20 A.M. Central Standard Time on April 21, 2005.

SIMMONS FIRST ANNOUNCES RECORD FIRST QUARTER EARNINGS

Pine Bluff, AR – Simmons First National Corporation (NASDAQ NM: SFNC) today announced record first quarter earnings for the period ended March 31, 2005. Net income for the quarter was $5,860,000, a $449,000, or 8.3% increase over net income of $5,411,000 for the first quarter of 2004. Diluted earnings per share were $0.40 for the first quarter of 2005 compared to $0.37 per share for the same period in 2004, an increase of 8.1%.

“With first quarter earnings at a record level, we are obviously pleased with the results. More importantly, we are pleased with the positive trend that we are seeing in increased demand in our loan pipeline,” said J. Thomas May, Chairman and Chief Executive Officer. “The increase in earnings over the same quarter last year is primarily attributable to an improvement in the Company’s net interest margin, achieved through growth in loans and from the reduction in interest expense associated with the prepayment of $17.3 million of trust preferred securities on December 31, 2004.”

The Company’s loan portfolio totaled $1.6 billion at March 31, 2005, an increase of $82 million, or 5.5% over the same period last year. The growth was attributable to increased demand the Company experienced in its construction, residential and commercial real estate loan portfolios. Deposits were $2.0 billion at March 31, 2005, an $84 million, or 4.3% increase from March 31, 2004.

Total assets were $2.4 billion at March 31, 2005, an increase of $48 million over the quarter ended March 31, 2004. Stockholders’ equity at March 31, 2005 was $232 million, a $2.6 million increase from March 31, 2004.

Asset quality for the first quarter continued to strengthen as non-performing assets decreased by $5.1 million from the same period last year, a 28% decrease. Non-performing loans to total loans improved to 0.75% from 1.05% from the same period last year, while the allowance for loan losses improved to 223% of non-performing loans as of March 31, 2005 compared to 170% as of March 31, 2004. At quarter end, the allowance for loan losses equaled 1.67% of total loans.

Net interest income for the first quarter of 2005 increased 9.8% to $22,093,000 compared to $20,115,000 for the first quarter of 2004. Net interest margin, on a fully taxable equivalent basis, was 4.17% in the first quarter of 2005 compared to 4.03% in the first quarter of 2004, an increase of 14 basis points.

Simmons First National Corporation is an Arkansas based, Arkansas committed 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 77 offices, of which 75 are financial centers, in 44 communities.

CONFERENCE CALL

Management will conduct a conference call to review this information at 3:00 p.m. CDT (4:00 p.m. EDT) on Thursday, April 21, 2005. Interested parties can listen to this call by calling 1-800-854-4175 (United States and Canada only) and ask 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 4977640 and the recording will be available through the end of business May 20, 2005. In addition, the call will also 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
Consolidated End of Period Balance Sheets

SFNC

For the Quarters Ended (In thousands)	Mar 31 2005			Dec 31 2004			Sep 30 2004			Jun 30 2004			Mar 31 2004


ASSETS
Cash and non-interest bearing balances due from banks	$	67,615		$	72,032		$	77,944		$	79,555		$	69,234
Interest bearing balances due from banks		22,030			36,249			11,273			12,660			51,747
Federal funds sold		56,580			45,450			17,300			41,555			83,660

Cash and cash equivalents		146,225			153,731			106,517			133,770			204,641

Investment securities		558,984			542,058			563,581			555,414			544,723
Mortgage loans held for sale		11,641			9,246			11,153			9,094			13,327
Assets held in trading accounts		4,718			4,916			2,149			389			205

Loans		1,586,483			1,571,376			1,602,127			1,543,163			1,504,173
Allowance for loan losses		(26,422	)		(26,508	)		(27,602	)		(27,268	)		(26,764	)

Net loans		1,560,061			1,544,868			1,574,525			1,515,895			1,477,409

Premises and equipment		57,685			57,211			55,027			51,614			51,306
Foreclosed assets held for sale, net		1,340			1,839			1,789			1,641			2,509
Interest receivable		15,276			14,248			15,361			12,797			13,683
Goodwill		60,454			60,454			60,454			60,432			59,454
Core deposit premiums		5,621			5,829			6,035			6,243			6,330
Other assets		20,505			19,544			21,692			23,224			21,275


TOTAL ASSETS	$	2,442,510		$	2,413,944		$	2,418,283		$	2,370,513		$	2,394,862

LIABILITIES
Non-interest bearing transaction accounts	$	296,347		$	293,137		$	287,632		$	298,556		$	291,594
Interest bearing transaction accounts and savings deposits		773,365			769,296			749,492			746,595			727,258
Time deposits less than $100,000		562,171			539,836			547,510			545,551			552,606
Time deposits greater than $100,000		376,478			356,926			357,566			340,368			353,344

Total deposits		2,008,361			1,959,195			1,942,200			1,931,070			1,924,802

Federal funds purchased and securities
sold under agreements to repurchase		89,991			104,785			96,384			70,656			88,491
Short-term debt		907			2,373			13,763			11,665			6,257
Long-term debt - parent company		6,000			6,000			6,000			8,000			8,000
Long-term FHLB debt - affiliate banks		55,583			57,733			59,775			56,077			58,543
Subordinated debt issued to capital trusts		30,930			30,930			48,714			48,714			48,714
Accrued interest and other liabilities		18,466			14,706			15,993			16,721			30,440

TOTAL LIABILITIES		2,210,238			2,175,722			2,182,829			2,142,903			2,165,247

STOCKHOLDERS’ EQUITY
Capital stock		144			146			146			146			147
Surplus		56,315			62,826			62,659			63,044			64,399
Undivided profits		180,075			176,374			172,726			167,864			163,625
Accumulated other comprehensive (loss) income
Unrealized (depreciation) appreciation on AFS securities		(4,262	)		(1,124	)		(77	)		(3,444	)		1,444

TOTAL STOCKHOLDERS’ EQUITY		232,272			238,222			235,454			227,610			229,615

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,442,510		$	2,413,944		$	2,418,283		$	2,370,513		$	2,394,862

Page 1

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


ASSETS
Cash and non-interest bearing balances due from banks	$	77,862		$	85,375		$	77,139		$	75,206		$	73,961
Interest bearing balances due from banks		35,027			38,498			13,817			33,677			60,587
Federal funds sold		52,022			60,033			36,389			46,206			83,915

Cash and cash equivalents		164,911			183,906			127,345			155,089			218,463

Investment securities - held-to-maturity		149,986			171,402			178,537			180,143			176,139
Investment securities - available-for-sale		404,127			383,325			378,591			374,576			321,009
Mortgage loans held for sale		8,532			9,682			10,211			12,512			7,946
Assets held in trading accounts		4,234			5,510			236			734			622

Loans		1,575,329			1,570,724			1,577,821			1,529,321			1,434,915
Allowance for loan losses		(27,004	)		(27,823	)		(27,648	)		(27,325	)		(25,936	)

Net loans		1,548,325			1,542,901			1,550,173			1,501,996			1,408,979

Premises and equipment		57,538			56,128			52,508			51,287			49,892
Foreclosed assets held for sale, net		1,468			1,728			1,798			1,841			2,597
Interest receivable		14,398			14,854			13,852			13,349			12,433
Goodwill and core deposit premiums		66,199			66,401			66,603			65,859			52,401
Other assets		19,147			21,719			22,734			22,439			20,597


TOTAL ASSETS	$	2,438,865		$	2,457,556		$	2,402,588		$	2,379,825		$	2,271,078


LIABILITIES
Non-interest bearing transaction accounts	$	296,921		$	302,117		$	292,578		$	297,109		$	280,755
Interest bearing transaction accounts		268,187			260,341			251,702			254,144			226,342
Savings deposits		503,114			505,837			488,857			478,341			453,290
Time deposits less than $100,000		556,878			545,003			550,054			550,858			526,534
Time deposits greater than $100,000		369,372			357,800			348,148			350,832			340,030

Total deposits		1,994,472			1,971,098			1,931,339			1,931,284			1,826,951

Federal funds purchased and securities
sold under agreements to repurchase		98,499			107,150			91,950			78,372			100,947
Short-term debt		992			10,143			19,967			8,529			6,287
Long-term debt		93,365			113,370			111,025			113,913			105,443
Accrued interest and other liabilities		14,711			15,799			15,263			17,788			15,702

TOTAL LIABILITIES		2,202,039			2,217,560			2,169,544			2,149,886			2,055,330


TOTAL STOCKHOLDERS’ EQUITY		236,826			239,996			233,044			229,939			215,748


TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,438,865		$	2,457,556		$	2,402,588		$	2,379,825		$	2,271,078

Page 2

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


ASSETS
Cash and non-interest bearing balances due from banks	$	77,862		$	77,836		$	75,305		$	74,377		$	73,961
Interest bearing balances due from banks		35,027			36,587			35,946			47,132			60,587
Federal funds sold		52,022			56,423			55,211			64,726			83,915

Cash and cash equivalents		164,911			170,846			166,462			186,235			218,463

Investment securities - held-to-maturity		149,986			176,585			178,325			178,219			176,139
Investment securities - available-for-sale		404,127			361,231			358,082			347,715			321,009
Mortgage loans held for sale		8,532			10,087			10,223			10,229			7,946
Assets held in trading accounts		4,234			4,980			531			678			622

Loans		1,575,329			1,528,447			1,514,252			1,482,118			1,434,915
Allowance for loan losses		(27,004	)		(27,186	)		(26,972	)		(26,631	)		(25,936	)

Net loans		1,548,325			1,501,261			1,487,280			1,455,487			1,408,979

Premises and equipment		57,538			52,464			51,234			50,589			49,892
Foreclosed assets held for sale, net		1,468			1,990			2,077			2,219			2,597
Interest receivable		14,398			13,626			13,214			12,891			12,433
Goodwill and core deposit premiums		66,199			62,836			61,638			59,128			52,401
Other assets		19,147			21,874			21,927			21,520			20,597


TOTAL ASSETS	$	2,438,865		$	2,377,780		$	2,350,993		$	2,324,910		$	2,271,078


LIABILITIES
Non-interest bearing transaction accounts	$	296,921		$	293,060		$	290,019		$	288,725		$	280,755
Interest bearing transaction accounts		268,187			248,175			244,091			240,243			226,342
Savings deposits		503,114			481,667			473,552			465,815			453,290
Time deposits less than $100,000		556,878			543,136			542,508			538,696			526,534
Time deposits greater than $100,000		369,372			349,224			346,344			345,432			340,030

Total deposits		1,994,472			1,915,262			1,896,514			1,878,911			1,826,951

Federal funds purchased and securities
sold under agreements to repurchase		98,499			94,465			90,206			89,324			100,947
Short-term debt		992			11,252			11,626			7,408			6,287
Long-term debt		93,365			110,946			110,131			109,678			105,443
Accrued interest and other liabilities		14,711			16,136			16,248			16,746			15,702

TOTAL LIABILITIES		2,202,039			2,148,061			2,124,725			2,102,067			2,055,330


TOTAL STOCKHOLDERS’ EQUITY		236,826			229,719			226,268			222,843			215,748


TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,438,865		$	2,377,780		$	2,350,993		$	2,324,910		$	2,271,078

Page 3

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


INTEREST INCOME
Loans	$	25,413	$	25,363	$	24,956	$	23,802	$	22,732
Federal funds sold		327		303		140		110		195
Investment securities		4,574		4,496		4,494		4,343		4,114
Mortgage loans held for sale, net of unrealized gains (losses)		119		130		159		174		112
Assets held in trading accounts		25		35		2		1		3
Interest bearing balances due from banks		196		172		34		76		118

TOTAL INTEREST INCOME		30,654		30,499		29,785		28,506		27,274

INTEREST EXPENSE
Time deposits		5,278		4,752		4,555		4,475		4,416
Other deposits		1,635		1,469		1,269		1,177		1,050
Federal funds purchased and securities
sold under agreements to repurchase		545		471		302		202		252
Short-term debt		14		41		94		24		16
Long-term debt		1,089		1,512		1,448		1,478		1,425

TOTAL INTEREST EXPENSE		8,561		8,245		7,668		7,356		7,159

NET INTEREST INCOME		22,093		22,254		22,117		21,150		20,115
Provision for loan losses		2,221		1,932		1,932		2,019		2,144

NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		19,872		20,322		20,185		19,131		17,971

NON-INTEREST INCOME
Trust income		1,385		1,400		1,388		1,233		1,400
Service charges on deposit accounts		3,414		3,642		3,928		3,767		3,227
Other service charges and fees		584		524		571		518		545
Income on sale of mortgage loans, net of commissions		682		781		814		1,045		751
Income on investment banking, net of commissions		58		131		101		198		215
Credit card fees		2,340		2,630		2,544		2,517		2,310
Student loan premiums		634		247		417		843		607
Other income		974		635		656		670		592
Loss on sale of securities, net		—		—		—		—		—

TOTAL NON-INTEREST INCOME		10,071		9,990		10,419		10,791		9,647

NON-INTEREST EXPENSE
Salaries and employee benefits		12,831		12,357		12,091		12,280		11,805
Occupancy expense, net		1,436		1,374		1,431		1,377		1,318
Furniture & equipment expense		1,449		1,444		1,445		1,399		1,358
Loss on foreclosed assets		48		116		49		137		44
Deposit insurance		73		68		76		71		69
Write off of deferred debt issuance cost		—		771		—		—		—
Other operating expenses		5,578		5,542		5,503		5,304		5,098

TOTAL NON-INTEREST EXPENSE		21,415		21,672		20,595		20,568		19,692

NET INCOME BEFORE INCOME TAXES		8,528		8,640		10,009		9,354		7,926
Provision for income taxes		2,668		2,800		3,102		3,066		2,515

NET INCOME	$	5,860	$	5,840	$	6,907	$	6,288	$	5,411

BASIC EARNINGS PER SHARE	$	0.41	$	0.40	$	0.47	$	0.43	$	0.38

DILUTED EARNINGS PER SHARE	$	0.40	$	0.39	$	0.47	$	0.42	$	0.37

Page 4

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


INTEREST INCOME
Loans	$	25,413	$	96,853	$	71,490	$	46,534	$	22,732
Federal funds sold		327		748		445		305		195
Investment securities		4,574		17,447		12,951		8,457		4,114
Mortgage loans held for sale, net of unrealized gains (losses)		119		575		445		286		112
Assets held in trading accounts		25		41		6		4		3
Interest bearing balances due from banks		196		400		228		194		118

TOTAL INTEREST INCOME		30,654		116,064		85,565		55,780		27,274

INTEREST EXPENSE
Time deposits		5,278		18,198		13,446		8,891		4,416
Other deposits		1,635		4,965		3,496		2,227		1,050
Federal funds purchased and securities
sold under agreements to repurchase		545		1,227		756		454		252
Short-term debt		14		175		134		40		16
Long-term debt		1,089		5,863		4,351		2,903		1,425

TOTAL INTEREST EXPENSE		8,561		30,428		22,183		14,515		7,159

NET INTEREST INCOME		22,093		85,636		63,382		41,265		20,115
Provision for loan losses		2,221		8,027		6,095		4,163		2,144

NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		19,872		77,609		57,287		37,102		17,971

NON-INTEREST INCOME
Trust income		1,385		5,421		4,021		2,633		1,400
Service charges on deposit accounts		3,414		14,564		10,922		6,994		3,227
Other service charges and fees		584		2,158		1,634		1,063		545
Income on sale of mortgage loans, net of commissions		682		3,391		2,610		1,796		751
Income on investment banking, net of commissions		58		645		514		413		215
Credit card fees		2,340		10,001		7,371		4,827		2,310
Student loan premiums		634		2,114		1,867		1,450		607
Other income		974		2,553		1,918		1,262		592
Loss on sale of securities, net		—		—		—		—		—

TOTAL NON-INTEREST INCOME		10,071		40,847		30,857		20,438		9,647

NON-INTEREST EXPENSE
Salaries and employee benefits		12,831		48,533		36,176		24,085		11,805
Occupancy expense, net		1,436		5,500		4,126		2,695		1,318
Furniture & equipment expense		1,449		5,646		4,202		2,757		1,358
Loss on foreclosed assets		48		346		230		181		44
Deposit insurance		73		284		216		140		69
Write off of deferred debt issuance cost		—		771		—		—		—
Other operating expenses		5,578		21,447		15,905		10,402		5,098

TOTAL NON-INTEREST EXPENSE		21,415		82,527		60,855		40,260		19,692

NET INCOME BEFORE INCOME TAXES		8,528		35,929		27,289		17,280		7,926
Provision for income taxes		2,668		11,483		8,683		5,581		2,515

NET INCOME	$	5,860	$	24,446	$	18,606	$	11,699	$	5,411

BASIC EARNINGS PER SHARE	$	0.41	$	1.68	$	1.28	$	0.81	$	0.38

DILUTED EARNINGS PER SHARE	$	0.40	$	1.65	$	1.26	$	0.79	$	0.37

Page 5

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


Tier 1 capital
Stockholders’ equity	$	232,272		$	238,222		$	235,454		$	227,610		$	229,615
Trust preferred securities, net allowable		30,000			30,000			47,250			46,993			47,013
Disallowed intangible assets, net of def. tax		(61,850	)		(66,283	)		(66,489	)		(66,675	)		(65,784	)
Unrealized loss (gain) on AFS securities		4,262			1,124			77			3,444			(1,444	)
Other		—			(738	)		(1,532	)		(1,110	)		(1,134	)


Total Tier 1 capital		204,684			202,325			214,760			210,262			208,266


Tier 2 capital
Qualifying unrealized gain on AFS securities		206			392			405			373			353
Qualifying allowance for loan losses		20,107			19,961			20,540			19,924			19,325


Total Tier 2 capital		20,313			20,353			20,945			20,297			19,678


Total risk-based capital	$	224,997		$	222,678		$	235,705		$	230,559		$	227,944


Risk weighted assets	$	1,602,295		$	1,590,373		$	1,636,142		$	1,586,554		$	1,538,608


Assets for leverage ratio	$	2,379,954		$	2,391,149		$	2,337,627		$	2,314,344		$	2,203,461


Ratios at end of quarter
Leverage ratio		8.60	%		8.46	%		9.19	%		9.09	%		9.45	%
Tier 1 capital		12.77	%		12.72	%		13.13	%		13.25	%		13.54	%
Total risk-based capital		14.04	%		14.00	%		14.41	%		14.53	%		14.81	%

Page 6

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


Loan Portfolio - End of Period
Consumer
Credit cards	$	141,793		$	155,326		$	152,198		$	150,265		$	153,505
Student loans		87,745			83,283			82,140			72,410			89,829
Other consumer		127,245			128,552			130,267			135,448			138,818
Real Estate
Construction		186,526			169,001			148,561			138,747			135,143
Single-family residential		323,874			318,498			311,291			297,388			287,154
Other commercial		480,653			481,728			483,467			468,023			466,558
Unearned income		(10	)		(10	)		(10	)		(11	)		(11	)
Commercial
Commercial		165,946			158,613			184,017			185,126			164,252
Agricultural		53,927			62,340			94,751			77,023			51,536
Financial institutions		999			1,079			2,249			3,322			3,622
Other		17,785			12,966			13,196			15,422			13,767


Total Loans	$	1,586,483		$	1,571,376		$	1,602,127		$	1,543,163		$	1,504,173


Investment Securities - End of Period

Held-to-Maturity
U.S. Treasury	$	3,016		$	4,020		$	7,027		$	8,039		$	10,559
U.S. Government agencies		23,500			21,500			22,495			22,494			23,506
Mortgage-backed securities		279			307			494			516			539
State and political subdivisions		118,376			122,457			126,822			126,456			126,559
Other securities		2,473			2,980			21,612			21,811			21,758

Total held-to-maturity		147,644			151,264			178,450			179,316			182,921


Available-for-Sale
U.S. Treasury		23,006			24,096			20,008			18,933			61,545
U.S. Government agencies		364,227			341,086			338,309			330,291			272,563
Mortgage-backed securities		3,744			3,877			4,477			5,027			6,038
State and political subdivisions		4,194			4,746			4,434			4,429			4,740
FHLB stock		7,705			8,206			8,162			7,777			6,933
Other securities		8,464			8,783			9,741			9,641			9,983

Total available-for-sale		411,340			390,794			385,131			376,098			361,802


Total investment securities	$	558,984		$	542,058		$	563,581		$	555,414		$	544,723


Fair Value - HTM investment securities	$	147,287		$	152,432		$	180,593		$	178,983		$	186,370

Investment Securities - QTD Average

Taxable securities	$	429,674		$	428,184		$	426,355		$	425,292		$	378,545
Tax exempt securities		124,439			126,543			130,773			129,427			118,603


Total investment securities - QTD average	$	554,113		$	554,727		$	557,128		$	554,719		$	497,148

Page 7

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


Allowance for Loan Losses
Balance, beginning of quarter	$	26,508		$	27,602		$	27,268		$	26,764		$	25,347

Loans charged off
Credit cards		1,180			1,006			1,176			1,145			1,262
Other consumer		244			567			418			552			607
Real estate		120			418			259			355			231
Commercial		1,420			1,884			165			188			172

Total loans charged off		2,964			3,875			2,018			2,240			2,272


Recoveries of loans previously charged off
Credit cards		179			206			182			171			161
Other consumer		132			167			125			214			177
Real estate		30			75			39			143			20
Commercial		316			401			74			197			79

Total recoveries		657			849			420			725			437

Net loans charged off		2,307			3,026			1,598			1,515			1,835
Allowance for loan losses on acquisitions		—			—			—			—			1,108
Provision for loan losses		2,221			1,932			1,932			2,019			2,144

Balance, end of quarter	$	26,422		$	26,508		$	27,602		$	27,268		$	26,764


Non-performing assets
Non-performing loans
Nonaccrual loans
Real estate	$	7,360		$	6,309		$	5,923		$	6,077		$	8,424
Commercial		1,582			3,429			2,920			3,597			3,426
Consumer		1,292			1,180			1,371			1,723			1,874

Total nonaccrual loans		10,234			10,918			10,214			11,397			13,724
Loans past due 90 days or more		1,615			1,085			1,372			1,415			2,062

Total non-performing loans		11,849			12,003			11,586			12,812			15,786

Other non-performing assets
Foreclosed assets held for sale		1,340			1,839			1,789			1,641			2,509
Other non-performing assets		64			83			78			53			29

Total other non-performing assets		1,404			1,922			1,867			1,694			2,538


Total non-performing assets	$	13,253		$	13,925		$	13,453		$	14,506		$	18,324

Ratios
Allowance for loan losses to total loans		1.67	%		1.69	%		1.72	%		1.77	%		1.78	%
Allowance for loan losses to
non-performing loans		222.99	%		220.84	%		238.24	%		212.83	%		169.54	%
Allowance for loan losses to
non-performing assets		199.37	%		190.36	%		205.17	%		187.98	%		146.06	%
Non-performing assets ratio *		0.83	%		0.89	%		0.83	%		0.94	%		1.23	%
Non-performing loans to total loans		0.75	%		0.76	%		0.72	%		0.83	%		1.05	%
Non-performing assets to total assets		0.54	%		0.58	%		0.56	%		0.61	%		0.77	%

* 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 (In thousands, except share data)	Mar 31 2005			Dec 31 2004			Sep 30 2004			Jun 30 2004			Mar 31 2004


QUARTER-TO-DATE
Diluted earnings per share	$	0.40		$	0.39		$	0.47		$	0.42		$	0.37
Operating earnings (excludes nonrecurring items)		5,860			6,310			6,907			6,288			5,411
Diluted operating earnings per share		0.40			0.42			0.47			0.42			0.37
Cash dividends declared per common share		0.15			0.15			0.14			0.14			0.14
Cash dividends declared - amount		2,158			2,193			2,045			2,049			1,977
Return on average stockholders’ equity		10.04	%		9.68	%		11.79	%		11.00	%		10.09	%
Return on average assets		0.97	%		0.95	%		1.14	%		1.06	%		0.96	%
Net interest margin (FTE)		4.17	%		4.09	%		4.16	%		4.05	%		4.03	%
FTE Adjustment - investments		756			689			729			708			686
FTE Adjustment - loans		83			86			91			92			92
Amortization of intangibles		207			208			208			203			173
Amortization of intangibles, net of taxes		131			132			132			129			110
Average shares outstanding		14,450,533			14,608,104			14,608,158			14,656,569			14,181,904
Shares repurchased		261,500			—			16,950			56,515			—
Average price of repurchased shares		25.95			—			24.65			24.17			—
Average earning assets		2,229,257			2,239,174			2,195,602			2,177,169			2,085,133
Average interest bearing liabilities		1,890,407			1,899,644			1,861,703			1,834,989			1,758,873

YEAR-TO-DATE
Diluted earnings per share	$	0.40		$	1.65		$	1.26		$	0.79		$	0.37
Operating earnings (excludes nonrecurring items)		5,860			24,916			18,606			11,699			5,411
Diluted operating earnings per share		0.40			1.68			1.26			0.79			0.37
Cash dividends declared per common share		0.15			0.57			0.42			0.28			0.14
Return on average stockholders’ equity		10.04	%		10.64	%		10.98	%		10.56	%		10.09	%
Return on average assets		0.97	%		1.03	%		1.06	%		1.01	%		0.96	%
Net interest margin (FTE)		4.17	%		4.08	%		4.08	%		4.04	%		4.03	%
FTE Adjustment - investments		756			2,812			2,123			1,394			686
FTE Adjustment - loans		83			361			275			184			92
Amortization of intangibles		207			792			584			376			173
Amortization of intangibles, net of taxes		131			503			371			239			110
Average shares outstanding		14,450,533			14,515,364			14,483,772			14,420,548			14,181,904
Diluted shares outstanding		327,079			333,196			328,479			335,077			358,188
Average earning assets		2,229,257			2,174,340			2,152,570			2,130,817			2,085,133
Average interest bearing liabilities		1,890,407			1,838,865			1,818,458			1,796,596			1,758,873

END OF PERIOD
Book value	$	16.15		$	16.29		$	16.13		$	15.57		$	15.65
Shares outstanding		14,381,434			14,621,707			14,601,030			14,614,074			14,669,789
Full-time equivalent employees		1,083			1,086			1,097			1,085			1,086
Total number of ATM’s		80			79			78			78			75
Total number of financial centers		75			78			78			78			76
Parent company only - investment in subsidiaries		259,425			257,851			257,610			250,055			251,268
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 (In thousands, except share data)	Mar 31 2005		Dec 31 2004			Sep 30 2004		Jun 30 2004		Mar 31 2004


QUARTER-TO-DATE
Net Income	$	5,860	$	5,840		$	6,907	$	6,288	$	5,411
Nonrecurring items
Write off of deferred debt issuance cost		—		771			—		—		—
Tax effect (39%)		—		(301	)		—		—		—

Net nonrecurring items		—		470			—		—		—

Operating income	$	5,860	$	6,310		$	6,907	$	6,288	$	5,411


Diluted earnings per share	$	0.40	$	0.39		$	0.47	$	0.42	$	0.37
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	$	0.40	$	0.42		$	0.47	$	0.42	$	0.37

YEAR-TO-DATE
Net Income	$	5,860	$	24,446		$	18,606	$	11,699	$	5,411
Nonrecurring items
Write off of deferred debt issuance cost		—		771			—		—		—
Tax effect (39%)		—		(301	)		—		—		—

Net nonrecurring items		—		470			—		—		—

Operating income	$	5,860	$	24,916		$	18,606	$	11,699	$	5,411

Diluted earnings per share	$	0.40	$	1.65		$	1.26	$	0.79	$	0.37
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	$	0.40	$	168		$	1.26	$	0.79	$	0.37

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: April 21 , 2005	/s/ Robert A. Fehlman
—————————————	————————————————————————
	Robert A. Fehlman, Senior Vice President
	and Chief Financial Officer