Business

Business (191)


The 102nd Annual Poteau Chamber of Commerce Banquet - Mask Off Masquerade – was held Thursday evening at the Donald W Reynolds Center in Poteau.


The largest ever banquet for the chamber had a Mardi Gras theme.


Great entertainment from Jenna and Tony and great food catered by Poteau’s own Eli French.

                               The “Masked Singer” Competition spotlighted 3 local talented singers and the audience had to guess who was behind the mask.

                               The Masked Singer contestant were Kelly Falkner, Carrie Emberton and Aaron Emberton - Kelly Falkner was the winner

 

The Young Professional's presented three scholarships to Poteau seniors - Kylee Turner, Emily Humphries and Emily Ford

                               An award was presented to Rob Ratney, who received the Mayor Jeff Shockley Leadership Award from Bonnie Prigmore

                               Kred Haney, Volunteer of the Year receives his award from Karen Wages

                               Josh Snyder received the Citizen of the Year Award

                               Josh was surrounded by his family after receiving his award

                               Bonnie Prigmore brought home the Lifetime Achievement Award. She received her award from Karen Wages


Civic Improvement Awards went to the following Poteau businesses.

                               Mazzio’s - Owners, Eddie and Lisa Nelson

HARPSHarps, store Manager, David Evans

                               Subway, Manager, Stephanie Johnson

                               Ollie’s Lumber Company/ Ace Hardware - Zane Chung

                               Carl Albert State College for the Wilson Center - CASC Regent, Lavon Williams 

                               Poteau Public Schools - Ron Hall, Poteau School Board and  Poteau Public Schools  Superintendent, Dr. Sjorberg

 


The Poteau Chamber of Commerce is pleased to announce Arnold Insurance Company as new members of the chamber.


The Arnold insurance Agency was founded in 1971 and has remained a family-owned business since.


They are an independent Agency that offers a wide array of personal and commercial insurance products to service all your insurance needs.


Arnold Insurance has Insurance Producers in multiple states, and they are appointed with over180 insurance carriers.


The Arnold Insurance Leadership team has ties to the Poteau area, and they have desired to provide their services in the area for some time.


Caleb Hobday grew up in Poteau and Arnold Insurance is excited to have him represent them in this area.


Caleb is excited to serve his community in this way and to be able to offer the services and products that Arnold Insurance has worked so hard to develop.


Contact Caleb for all your personal and commercial insurance needs at 918-839-1564 or

 

 

The Poteau Chamber of Commerce is pleased to announce Odessa’s as a new member of the chamber.


Odessa's Is an All New Independently Owned Eclectic Boutique located in Historic Downtown Poteau.


Odessa's show cases over 30 Small Businesses that includes local artist, gifts, clothing and more.


Hours:
Odessa’s is open -Tue-Thurs 4pm - 6pm - Fri-Sat 10am - 6pm - Closed Sunday & Monday


They offer a wide variety of merchandise for your gifts, or home decorating needs.


They are located next to Poteau Post office at 107 N. Witte St in Poteau. 


Owned and operated by Eric, Adria & Brinnlee Sweet

Business.org has released a new report about restaurant worker pay. Below is information about that report and a link to the state-by-state analysis.

Business.org Release

The restaurant industry—and its workers—have faced severe challenges due to the COVID-19 outbreak. With added safety precautions, inconsistent work, and unemployment—restaurant workers struggle to find stability. With over 8.1 million restaurant workers across the US and talks of raising the minimum wage, my team at Business.org wanted to know which states pay restaurant staff the most.

We found that in every state, restaurant workers earn less than the average salary for all other occupations.

Oklahoma ranks #37 for restaurant worker pay.

  • In Oklahoma restaurant workers make an average salary of $20,406
  • This is 55% less than the average salary of all other occupation ($45,620) in Oklahoma

Check out our state-by-state analysis here: https://www.business.org/hr/employees/best-us-states-for-restaurant-staff/

Best Paying States for Restaurant Staffmap

Here are a few stats from the report.

  • Nationally, restaurant workers earn an average salary of $24,861—that’s 54% less than all occupations across the country.
  • Hawaii ranks #1 for restaurant staff pay, with an average salary of $41,502—but that still falls 24% below Hawaii’s average salary for all occupations.
  • The next best-paying states are Vermont and Arizona, which both pay restaurant workers about 40% less than the average pay for all occupations.
  • Virginia has the worst pay for restaurant workers, with an average salary of $22,894 (60% less than all other occupations).
  • The other lowest-paying states for restaurant staff include Rhode Island, Georgia, and Maryland, which all paid nearly 60% less than all occupations.

Press Release

WASHINGTON – U.S. commercial gaming revenue totaled $30.0 billion in 2020, down more than 31 percent year-over-year, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker. 2020 marked the first market contraction for the U.S. gaming industry since 2014 and the lowest gaming revenue total since 2003.

The year ended with some positive momentum in the fourth quarter, with a 1.7 percent increase in revenue over Q3 2020. The nearly $9.2 billion in revenue still represented a 17 percent year-over-year decrease.    

“COVID-19 devastated our business and the employees and communities across the country that rely on casino gaming’s success,” said AGA President and CEO Bill Miller. “We have persevered by leading responsible reopening efforts, supporting our employees, and extending a hand to our communities. Still, these numbers show the economic realities of COVID-19 and underscore the importance of targeted federal relief and ramped-up vaccine distribution to accelerate gaming’s recovery in 2021.”

Commercial casinos lost 27 percent of normal operating days throughout 2020 because of mandated COVID-19 closures and, to a lesser degree, disruptions caused by hurricanes along the Gulf Coast. Commercial casinos were open (with capacity restrictions) for an estimated 124,882 days in 2020 instead of 170,484 days had the industry not been shuttered.

The impact of COVID-19 on the casino industry extends beyond gaming revenue. Live entertainment, tourism, and meetings and conventions — which make up more than half of casino resort revenue in tourist destinations like the Las Vegas Strip — all came to a standstill in 2020 and are only now starting to reopen.

“Hospitality and travel have been among the sectors hardest hit by the pandemic. I am encouraged by recent bipartisan momentum on Capitol Hill to support these industries, which are crucial to our nation’s full economic recovery,” added Miller.

Since the reopening of casino properties in mid-2020, the industry has consistently demonstrated its ability to safely return to business, with 911 out of 998 U.S. casinos open today. AGA research shows about one-in-three American adults plan to visit a casino in 2021 — near the highest rate since the AGA began tracking last March. About 80 percent of future casino visitors agree the industry has done a good job at safely reopening.

Gaming’s performance in 2020 was buoyed by the growth of new gaming options, with legal sports betting garnering an all-time high of $1.5 billion in revenue, up 69 percent year-over-year, and iGaming revenue nearly tripling to almost $1.6 billion.

Background

  • 30 commercial gaming markets were operational in 2020, while seven jurisdictions launched legal sports betting markets and West Virginia launched a new iGaming market.
  • AGA’s Casinos & Communities: COVID-19 Response report details how gaming companies have supported their employees, communities, and frontline workers throughout the pandemic.  
  • The AGA’s COVID-19 casino tracker lists the reopening status of every U.S. casino.

About the Report

AGA’s Commercial Gaming Revenue Tracker provides state-by-state and cumulative insight into the U.S. commercial gaming industry’s financial performance based on state revenue reports. This issue highlights fourth quarter results, ending December 31, 2020, and end-of-year comparisons.

About the AGA 
The American Gaming Association is the premier national trade group representing the $261 billion U.S. casino industry, which supports 1.8 million jobs nationwide. AGA members include commercial and tribal casino operators, suppliers, and other entities affiliated with the gaming industry. It is the mission of the AGA to achieve sound policies and regulations consistent with casino gaming’s modern appeal and vast economic contributions.

DOD Press Release

Lynas Rare Earths Ltd, the largest rare earth element mining and processing company outside of China, has been awarded a Defense Production Act (DPA) Title III technology investment agreement to establish domestic processing capabilities for light rare earth elements (LREE).  LREEs are critical to numerous defense and commercial applications, including petroleum refining, glass additives, and magnets used in electric vehicle drivetrain motors and precision-guided munitions.  Upon completion of this project, if successful, Lynas will produce approximately 25 perfect of the worlds’ supply of rare earth element oxides. 

Through its wholly-owned subsidiary Lynas USA LLC, Lynas will establish LREE separation capacity in Hondo, Texas. Under the technology investment agreement, the Department of Defense is contributing $30.4 million to the project. The Hondo, Texas facility will complement Lynas’ existing Australian and Malaysian operations and is expected to be co-located with the proposed Heavy Rare Earths separation facility. 

This award aligns with the U.S. government’s strategy to ensure secure and reliable supplies of critical minerals under Executive Order 13817 and follows a series of rare earth element actions the Department of Defense has taken in recent years to ensure supply and strengthen defense supply chains. Specific actions include stockpiling, implementing Defense Federal Acquisition Regulations Supplement (DFARS) rules to transition defense supply chains to non-Chinese sources of rare earth element magnets, launching engineering studies with the Industrial Base Analysis and Sustainment program focused on re-establishing domestic heavy rare earth element processing, partnering with industry to re-establish domestic neodymium-iron-boron magnet production, and leveraging Small Business Innovation and Research and Rapid Innovation Funds to accelerate the development of new rare earth element processing technologies.  The award to Lynas follows three previous DPA Title III awards to rare earth element producers announced in November of 2020.

Press Release

Pine Bluff, AR – Simmons First National Corporation (NASDAQ: SFNC) (the “Company” or “Simmons”), parent company of Simmons Bank, today announced net income of $254.9 million for the year ended December 31, 2020, compared to $237.8 million for 2019, an increase of $17.0 million, or 7.2%. Diluted earnings per share were $2.31 for 2020, a decrease of $0.10 or 4.2%, compared to the prior year. Included in the 2020 results were $9.4 million in net after-tax merger-related, early retirement program and net branch right-sizing costs and the gains on the sales of branches in Texas and Colorado. Excluding the impact of these items, core earnings were $264.3 million for the year ended December 31, 2020, compared to $269.6 million for 2019, a decrease of $5.3 million, or 2.0%. Core diluted earnings per share were $2.40, a decrease of $0.33 or 12.1%, from 2019.

Fourth quarter 2020 net income was $53.0 million compared to $52.7 million for the same period in 2019.  Diluted earnings per share were $0.49 for the fourth quarters of both 2020 and 2019. Excluding $9.0 million in net after-tax merger-related, early retirement program and net branch right-sizing costs, fourth quarter 2020 core earnings were $62.0 million, a decrease of $9.1 million, or 12.8%, compared to the fourth quarter of 2019. Core diluted earnings per share were $0.57, a decrease of $0.09, or 13.6%, from the same period in 2019.

“As we look back on a very challenging year, we are very proud of the teamwork and results we achieved,” said George A. Makris, Jr., chairman and CEO of Simmons First National Corporation. “We mobilized over 1,500 associates to work from home at times during the year while maintaining our ability to serve our customers.  We provided over 8,000 PPP loans totaling almost $1 billion to businesses that faced extraordinary uncertainty and helped support over 100,000 jobs. We integrated Landmark Bank into Simmons Bank, not without some obstacles due to COVID-19 restrictions, but our associates persevered to get the job done. We contributed $3 million to the Simmons First Foundation to support conservation projects throughout our service area. We enhanced our digital banking offerings, and our customers have benefitted from their ability to conduct their business when they want, where they want. We worked diligently to position ourselves with less risk and with the capacity to help the economy recover from the economic crisis caused by COVID-19. We increased our dividend to our shareholders, and our profitability was excellent, especially under the circumstances. Also during 2020, we successfully completed our regulatory exam cycle, including our first CFPB exam. I, personally, could not be prouder of our team.”

 Selected Highlights:

FY 2020

FY 2019

4th Qtr 2020

4th Qtr 2019

Net income

$254.9 million

$237.8 million

$53.0 million

$52.7 million

Diluted earnings per share

$2.31

$2.41

$0.49

$0.49

Return on avg assets

1.18%

1.33%

0.96%

1.04%

Return on avg common equity

8.72%

9.93%

7.13%

8.01%

Return on tangible common equity (1)

15.25%

17.99%

12.48%

14.62%

         

Core earnings (2)

$264.3 million

$269.6 million

$62.0 million

$71.1 million

Core diluted earnings per share (2)

$2.40

$2.73

$0.57

$0.66

Core return on avg assets (2)

1.22%

1.51%

1.13%

1.41%

Core return on avg common equity (2)

9.05%

11.25%

8.34%

10.80%

Core return on tangible common equity (1)(2)

15.79%

20.31%

14.51%

19.49%

Efficiency ratio (3)

54.66%

50.33%

55.27%

52.63%

Adjusted pre-tax, pre-provision earnings (2)

$352.7 million

$375.0 million

$83.1 million

$95.1 million

 

(1)     Return on tangible common equity excludes goodwill and other intangible assets and is a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

(2)     Core figures exclude non-core items and are non-GAAP measurements. Adjusted pre-tax, pre-provision earnings excludes provision for income taxes, provisions for credit losses and unfunded commitments, gains on sales of securities, and other pre-tax, non-core items, and is also a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

(3)     Efficiency ratio is core non-interest expense before foreclosed property expense and amortization of intangibles, as a percent of net interest income (fully taxable equivalent) and non-interest revenues, excluding gains and losses from securities transactions and non-core items, and is a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

Loans

 ($ in billions)

4th Qtr 2020

3rd Qtr 2020

4th Qtr 2019

Total loans

$12.90

$14.02

$14.43

 

 Total loans were $12.9 billion at December 31, 2020, a decrease of $1.5 billion, or 10.6%, compared to December 31, 2019. On a linked-quarter basis (December 31, 2020 compared to September 30, 2020), total loans decreased $1.1 billion, or 8.0%. “The decline in the loan balance reflects the tepid loan demand during 2020. Approximately $375 million of the decrease was due to the sale of loans associated with branch sales in South Texas and Colorado during the year. Our total loan pipeline consisting of all loan opportunities, which was a robust $1.7 billion at December 31, 2019 fell to $374 million at September 30, 2020. The pipeline is starting to rebuild and ended 2020 at $674 million, including $177 million in loans approved and ready to close. On a positive note, our concentration levels in commercial real estate are now well below regulatory guidelines and we have substantial capacity to make additional loans, help borrowers in our markets and help the economy recover,” said Makris.

Through December 31, 2020, the Company originated approximately 8,200 loans under the Paycheck Protection Program (“PPP”) of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, with an average balance of $119,000 per loan. Approximately 93% of the PPP loans had a balance less than $350,000 as of December 31, 2020.

PPP Loans

Balance as of December 31, 2020

# of

Loans

 

Original Balance

($ in millions)

 

Balance

December 31, 2020

($ in millions)

 

Less than $50,000

5,220

63%

$94.5

10%

$90.8

10%

$50,000 to $350,000

2,445

30%

$305.2

31%

$285.2

31%

More than $350,000 to less than $2 million

481

6%

$357.9

37%

$315.4

35%

$2 million to $10 million

62

1%

$217.9

22%

$213.3

24%

Total

8,208

100%

$975.6

100%

$904.7

100%

Deposits

 

($ in billions)

4th Qtr 2020

3rd Qtr 2020

4th Qtr 2019

Total deposits

$17.0

$16.2

$16.1

Non-interest bearing deposits

$4.5

$4.4

$3.7

Interest bearing deposits

$9.7

$9.0

$9.1

Time deposits

$2.8

$2.8

$3.3

Total deposits were $17.0 billion at December 31, 2020, an increase of $878.1 million, or 5.5%, since December 31, 2019. On a linked-quarter basis, total deposits increased $740.4 million, or 4.6%, primarily due to increases in interest bearing accounts. Both consumer and commercial deposit balances have grown since the economic stimulus legislation, including legislation that established the PPP program, was implemented in mid-2020.  Trends affected by the increasing cash balances are paydowns on loans, reduced credit card balances and fewer overdraft activities.

Net Interest Income

 

4th Qtr
2020

3rd Qtr
2020

2nd Qtr
2020

1st Qtr
2020

4th Qtr
2019

Loan yield (1)

4.74%

4.54%

4.84%

5.19%

5.43%

Core loan yield (1) (2)

4.47%

4.29%

4.52%

4.86%

5.00%

Security yield (1)

2.48%

2.60%

2.50%

2.63%

2.73%

Cost of interest bearing deposits

0.47%

0.54%

0.59%

1.03%

1.22%

Cost of deposits (3)

0.34%

0.39%

0.44%

0.80%

0.94%

Cost of borrowed funds

1.88%

1.85%

1.84%

2.06%

2.30%

Net interest margin (1)

3.22%

3.21%

3.42%

3.68%

3.78%

Core net interest margin (1) (2)

3.04%

3.02%

3.18%

3.42%

3.44%

 

(1)     Fully tax equivalent using an effective tax rate of 26.135%.

(2)     Core loan yield and core net interest margin exclude accretion and are non-GAAP measurements. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

(3)     Includes non-interest bearing deposits.


 

The Company’s net interest income for the fourth quarter of 2020 was $155.0 million, a decrease of $12.1 million, or 7.3%, from the same period in 2019. The decrease in net interest income was primarily due to the decline in the loan yield of 69 basis points and the lower average loan balance during the period. Included in interest income was the yield accretion recognized on loans acquired of $9.0 million and $15.1 million for the fourth quarters of 2020 and 2019, respectively.

The loan yield was 4.74% for the quarter ended December 31, 2020, a 20 basis point increase from the third quarter of 2020. The core loan yield, which excludes the accretion, was 4.47% for the same period. The PPP loan yield was approximately 2.42% during the fourth quarter of 2020 (including accretion of net fees), which decreased the Company’s overall loan yield by approximately 13 basis points.

Net interest margin (FTE) was 3.22% for the quarter ended December 31, 2020, while the core net interest margin, which excludes the accretion, was 3.04% for the same period. The net interest margin during the fourth quarter of 2020 was affected by additional liquidity and the lower yielding PPP loans originated during the second and third quarters of 2020, which decreased the net interest margin by approximately 38 basis points.

 

Non-Interest Income

 Non-interest income for 2020 was $248.5 million, an increase of $43.5 million compared to the previous year. The increase was primarily due to a $19.5 million increase in mortgage lending income and a $41.5 million increase in gains on sale of securities recognized on the rebalancing of the investment portfolio during 2020. These increases were partially offset by the one-time gain on sale of the Visa Inc. class B common stock of $42.9 million that was completed during the third quarter of 2019.

Non-interest income for the fourth quarter of 2020 was $44.1 million, a decrease of $1.6 million compared to the same period in the previous year.

Selected Non-Interest Income Items

($ in millions)

 

FY 2020

 

FY 2019

 

4th Qtr 2020

 

4th Qtr 2019

Service charges on deposit accounts

$43.1

$44.8

$10.8

$13.3

Mortgage lending income

$34.5

$15.0

$3.0

$4.0

SBA lending income

$1.3

$2.7

$0.5

$0.3

Debit and credit card fees

$33.5

$29.3

$8.7

$8.9

Gain on sale of securities

$54.8

$13.3

-

$0.4

Other income

$38.5

$62.0

$10.6

$7.1

         

Core other income (1)(2)

$29.8

$62.0

$10.3

$7.1

 

(1)     Core figures exclude non-core items and are non-GAAP measurements. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

(2)     Core other income includes the gain on sale of Visa Inc. class B common stock in 2019.

 

Non-Interest Expense

Non-interest expense for 2020 was $493.5 million, an increase of $32.4 million compared to the previous year. Included in 2020 were $21.5 million of pre-tax non-core items, which mostly consisted of branch right sizing costs. Excluding these expenses, core non-interest expense for 2020 was $472.0 million, an increase of $53.8 million compared to 2019 core non-interest expense. The increase was primarily due to the incremental costs associated with the 2019 mergers and the Next Generation Banking (“NGB”) technology initiative. The Company recognized an additional $14.8 million in software and technology expense related to its NGB initiative in 2020.

Non-interest expense for the fourth quarter of 2020 was $128.1 million, a decrease of $14.0 million compared to the fourth quarter of 2019. Included in this quarter were $12.5 million of pre-tax non-core items for merger-related, early retirement program and branch right-sizing costs. Excluding these expenses, core non-interest expense was $115.6 million for the fourth quarter of 2020, a decrease of $1.6 million compared to the same period in 2019.

Also included during the fourth quarter of 2020 was a $3 million contribution to the Simmons First Foundation for grants to support conservation projects throughout the Simmons Bank footprint.

The efficiency ratio for 2020 was 54.66% while the efficiency ratio for the fourth quarter of 2020 was 55.27%.


Selected Non-Interest Expense Items

($ in millions)

 

FY 2020

 

FY 2019

 

4th Qtr 2020

 

4th Qtr 2019

Salaries and employee benefits

$242.5

$227.8

$55.8

$63.2

Merger related costs

$4.5

$36.4

$0.7

$24.8

Other operating expenses

$174.0

$138.9

$54.3

$38.0

         

Core salaries and employee benefits (1)

$239.4

$224.3

$55.6

$63.2

Core merger related costs (1)

-

-

-

-

Core other operating expenses (1)

$161.8

$135.9

$44.1

$38.0

 

(1)     Core figures exclude non-core items and are non-GAAP measurements. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

 

Early in 2020, the Company offered qualifying associates an early retirement option resulting in $2.9 million of non-core expense during 2020. The Company expects ongoing net annualized savings of approximately $2.9 million.

 

Management continuously evaluates the Company’s branch network as part of its analysis of the profitability of the Company’s operations and the efficiency with which it delivers banking services to its markets. As a result of this ongoing evaluation, the Company closed 11 branch locations during the second quarter of 2020, with estimated net annual cost savings of approximately $2.4 million related to these locations. The Company closed 23 branch locations on October 9, 2020, with an expected net annual cost savings of approximately $6.7 million. Also during 2020, nine branches were sold in South Texas and Colorado.

 

Asset Quality

 

 

4th Qtr
2020

3rd Qtr
2020

2nd Qtr
2020

1st Qtr
2020

4th Qtr
2019

Allowance for credit losses on loans to total loans

1.85%

1.77%

1.59%

1.69%

0.47%

Allowance for credit losses on loans to non-performing loans

193%

147%

175%

154%

74%

Non-performing loans to total loans

0.96%

1.20%

0.91%

1.10%

0.64%

Net charge-off ratio (annualized)

0.52%

0.16%

1.04%

0.07%

0.09%

Net charge-off ratio YTD (annualized)

0.45%

0.43%

0.56%

0.07%

0.24%

At December 31, 2020, the allowance for credit losses on loans was $238.1 million. Included in total loans was $904.7 million of government guaranteed PPP loans. Non-performing loans decreased $45.2 million during the fourth quarter of 2020, which contributed to the decrease in provision for credit losses for the quarter when compared to the third quarter of 2020.

Provision for credit losses for 2020 was $75.0 million, an increase of $31.7 million from 2019. Provision for credit losses for the fourth quarter of 2020 was $6.9 million, an increase of $2.0 million when compared to the same period of 2019. Makris stated, “Due to the uncertainty in the economy during 2020, we were quick to offer loan modifications to our customers to help them through the uncertain times. The majority of modified loans are projected to return to regular payments prior to the end of the third quarter of 2021. We feel we have made adequate provision for potential risk in our credit portfolio and have reviewed and adjusted the risk rating of all modified loans.” Makris continued, “The hospitality industry, particularly hotels, continues to struggle with a return to normal.”

Foreclosed Assets and Other Real Estate Owned

At December 31, 2020, foreclosed assets and other real estate owned were $18.4 million, a decrease of $728,000, or 3.8%, compared to the same period in 2019. The composition of these assets is divided into three types:            

 

($ in millions)

4th Qtr
2020

3rd Qtr
2020

2nd Qtr
2020

1st Qtr
2020

4th Qtr
2019

Closed bank branches and branch sites

$0.6

$0.6

$2.7

$8.8

$5.7

Foreclosed assets – acquired

$15.3

$9.3

$9.2

$9.2

$10.3

Foreclosed assets – legacy

$2.5

$2.7

$2.2

$2.8

$3.1

 

 

Capital

 

4th Qtr
2020

3rd Qtr
2020

2nd Qtr
2020

1st Qtr
2020

4th Qtr
2019

Stockholders’ equity to total assets

13.3%

13.7%

13.3%

13.7%

14.1%

Tangible common equity to tangible assets (1)

8.5%

8.7%

8.3%

8.4%

9.0%

Regulatory common equity tier 1 ratio

13.4%

12.6%

11.9%

11.1%

10.9%

Regulatory tier 1 leverage ratio

9.1%

9.1%

8.8%

9.0%

9.6%

Regulatory tier 1 risk-based capital ratio

13.4%

12.6%

11.9%

11.1%

10.9%

Regulatory total risk-based capital ratio

16.8%

15.8%

14.9%

14.1%

13.7%

(1)     Tangible common equity to tangible assets is a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

At December 31, 2020, common stockholders' equity was $3.0 billion. Book value per share was $27.53 and tangible book value per share was $16.56 at December 31, 2020. The ratio of stockholders’ equity to total assets was 13.3% at December 31, 2020, while the ratio of tangible common equity to tangible assets was 8.5%. As of December 31, 2020, PPP loans totaled $904.7 million, which are 100% federally guaranteed and have a zero percent risk-weight for regulatory capital ratios. Excluding PPP loans from total assets, equity to total assets was 13.9%, tangible common equity to tangible assets was 8.8% and the regulatory tier 1 leverage ratio was 9.5%.

Simmons First National Corporation

Simmons First National Corporation is a financial holding company headquartered in Pine Bluff, Arkansas, with total consolidated assets of approximately $22.4 billion as of December 31, 2020. The Company, through its subsidiaries, conducts financial operations in Arkansas, Illinois, Kansas, Missouri, Oklahoma, Tennessee and Texas and offers comprehensive financial solutions delivered with a client-centric approach. The Company’s common stock is listed on the NASDAQ Global Select Market under the symbol “SFNC.”

 

Conference Call

Management will conduct a live conference call to review this information beginning at 9:00 a.m. CST today, Tuesday, January 26, 2021. Interested persons can listen to this call by dialing toll-free 1-866-298-7926 (United States and Canada only) and asking for the Simmons First National Corporation conference call, conference ID 3994603. In addition, the call will be available live or in recorded version on the Company’s website at www.simmonsbank.com for at least 60 days.

 

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance. These measures adjust GAAP performance measures to, among other things, include the tax benefit associated with revenue items that are tax-exempt, as well as exclude from income available to common shareholders, non-interest income, and non-interest expense certain income and expenses related to significant non-core activities, including merger-related expenses, gain on sale of branches, early retirement program expenses and net branch right-sizing expenses. In addition, the Company also presents certain figures based on tangible common stockholders’ equity, tangible assets and tangible book value, which exclude goodwill and other intangible assets. The Company further presents certain figures that are exclusive of the impact of PPP loans. The Company’s management believes that these non-GAAP financial measures are useful to investors because they, among other things, present the results of the Company’s ongoing operations without the effect of mergers or other items not central to the Company’s ongoing business, as well as normalize for tax effects. Management, therefore, believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

 

 

Forward-Looking Statements

Some of the statements in this news release may not be based on historical facts and should be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, without limitation, statements made in Mr. Makris’s quotes, may be identified by reference to future periods or by the use of forward-looking terminology, such as “believe,” “budget,” “expect,” “foresee,” “anticipate,” “intend,” “indicate,” “target,” “estimate,” “plan,” “project,” “continue,” “contemplate,” “positions,” “prospects,” “predict,” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could,” “might” or “may,” or by variations of such words or by similar expressions. These forward-looking statements include, without limitation, statements relating to Simmons’ future growth, revenue, assets, asset quality, profitability, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, NGB and other digital banking initiatives, the Company’s ability to recruit and retain key employees, the benefits associated with the Company’s early retirement program, branch closures and branch sales, the adequacy of the allowance for credit losses, the ability of the Company to manage the impact of the COVID-19 pandemic, expectations and projections regarding the Company’s COVID-19 loan modification program, and the impacts of the Company’s and its customers participation in the PPP. Any forward-looking statement speaks only as of the date of this news release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, credit quality, interest rates, loan demand, deposit flows, real estate values, the assumptions used in making the forward-looking statements, the securities markets generally or the price of Simmons common stock specifically, and information technology affecting the financial industry; the effect of steps the Company takes and has taken in response to COVID-19; the severity and duration of the pandemic, including the effectiveness of vaccination efforts; the pace of recovery when the pandemic subsides and the heightened impact it has on many of the risks described herein; the effects of the COVID-19 pandemic on, among other things, the Company’s operations, liquidity, and credit quality; general economic and market conditions; unemployment; claims, damages, and fines related to litigation or government actions, including litigation or actions arising from the Company’s participation in and administration of programs related to the COVID-19 pandemic (including, among other things, the PPP loan program authorized by the CARES Act); changes in accounting principles relating to loan loss recognition (current expected credit losses, or CECL); the Company’s ability to manage and successfully integrate its mergers and acquisitions; cyber threats, attacks or events; reliance on third parties for key services; government legislation; and other factors, many of which are beyond the control of the Company, could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect the Company’s financial results is included in the Company’s Form 10-K for the year ended December 31, 2019, and its Form 10-Q for the quarter ended June 30, 2020, which have been filed with, and are available from, the U.S. Securities and Exchange Commission.

Press Release

OKLAHOMA CITY, Okla., January 15, 2021 — The Annual Stars of the Industry Awards was held at the Renaissance Waterford Hotel on January 14, 2021. This program, presented by the Oklahoma Hotel & Lodging Association, is designed to honor Oklahoma's outstanding hospitality professionals for their service and commitment to the guest service and hospitality industry. Our partners in support of this lodging award program include Auto-Chlor System, Clearwater Enterprises, Cox Business Services, HDSupply, Heartland Payment Systems, McGregor Insurance Group, Mold & Virus Control LLC and US Foods.

This year, submissions resulted in 29 nominees from properties of all sizes among the nine categories – proof of Oklahoma’s outstanding employees and properties. Honorees were each nominated by the owners, General Managers or Human Resource departments of the recipient's property.

The Stars of the Industry Award recipients are as follows:

Heart of Hospitality

-        Enoch Toby New, The Skirvin Hilton Hotel, Oklahoma City

Nominees

-        Celena George Riverwind Hotel, Norman

-        Maria Sosa, Aloft OKC Downtown-Bricktown, Oklahoma City

Outstanding Food & Beverage Employee of the Year   

-        Clemeyia Davis, The Skirvin Hilton Hotel, Oklahoma City

Nominees

-        Robert Therrien, Renaissance Waterford Hotel, Oklahoma City

-        James Watson, Aloft OKC Downtown-Bricktown, Oklahoma City

Outstanding General Manager of the Year 

-        Chase Rollins, Renaissance Waterford Hotel, Oklahoma City

Nominees

-        James Cunningham, Hyatt Regency Tulsa Downtown, Tulsa

-        Skip Harless, The Skirvin Hilton Hotel, Oklahoma City

Outstanding Room Keeper of the Year   

-        Maria Sosa, Aloft OKC Downtown-Bricktown, Oklahoma City

Nominees

-        Novilyn Booker, Riverwind Hotel, Norman

-        Sharronda Griffin, The Skirvin Hilton Hotel, Oklahoma City

-        Maria Llames, Renaissance Waterford Hotel, Oklahoma City

Outstanding Front Desk Employee of the Year   

-        Mike Qubain, The Skirvin Hilton Hotel, Oklahoma City

Nominees

-        Michael Bullock, Renaissance Waterford Hotel, Oklahoma City

Outstanding Lodging Employee of Year   

-        Michael Pearne, Embassy OKC Medical, Oklahoma City

Nominees

-        Linda Farries, The Skirvin Hilton Hotel, Oklahoma City

-        Johnnie Reed, Renaissance Waterford Hotel, Oklahoma City

Outstanding Front of House Manager/Supervisor of the Year

-        Matthew Kirtman, Riverwind Hotel, Norman

Nominees

-        Samantha Harvey, Homewood Suites by Hilton, Lawton

-        Lorna Hughes, Aloft OKC Downtown-Bricktown, Oklahoma City

-        Nicole Keath, Renaissance Waterford Hotel, Oklahoma City

-        Edward (Eddie) Peacock, The Skirvin Hilton Hotel, Oklahoma City

Outstanding Back of House Manager/Supervisor of the Year

-        Chris Barton, The Skirvin Hotel Hilton, Oklahoma City

Nominees

-        Sergio Moncada, Winstar World Resort and Casino, Thackerville

-        Velvet Ward, Riverwind Hotel, Norman

-        Paul White, Renaissance Waterford Hotel, Oklahoma City

Oklahoma's Women in Lodging (OKWIL) Leader of the Year

-        Tanna Vu, Best Western Plus, Weatherford

Nominees

-        Mackenzie Plank, The Skirvin Hilton Hotel, Oklahoma City

Oklahoma award recipients will be submitted to the American Hotel and Lodging Association (AHLA) to compete in the national Stars of the Industry Awards competition. National winners will be honored during the AHLA Summit to be announced later this year.

Incorporated in 1974, the Oklahoma Hotel & Lodging Association is Oklahoma's trade association for the hotel and lodging industry. The OHLA actively provides advocacy, education and resources for operators and professionals in all types of lodging businesses throughout the state of Oklahoma. The OHLA is a state partner of the American Hotel & Lodging Association (AHLA) and represents $12 billion in business sales, more than $6 billion in guest spending and $2 billion in hotel industry wages and salaries.

 

The Poteau Chamber of Commerce is pleased to announce ProClean as new members of the Poteau Chamber.


ProClean is a family owned and operated business. Founded in 2005 by PJ and Tylinda Milstead, they have grown their business by offering the best service at fair and reasonable prices.


Today, they are joined in running the business by their children Trey and Victoria.


Though ProClean has grown from a small business to a thriving company, their commitment to excellence and customer service lives on in every staff member.
Services they offer are:


24 Hour Emergency Service
Making Your Carpet Look Like New
Cleaning Up What Nature Leaves Behind.
Sewage Cleanup
Water Extraction
Water Cleanup
Ozone Purification
Upholstery Cleaning
Berber Carpet Specialists
Odor Abatement
Structural Drying
Thermal/HVLP Fogging
Stain Removal
Oriental Rug Cleaning
Dehumidification
Wood Floor Dry Out
Mold/Mildew Prevention
Leather Cleaning
Fabric Protection Treatment
And More...


Their Mission
ProClean’s mission is to provide its customers with the highest quality services by certified technicians at affordable prices. As advisors and consultants to our customer, we are committed to treating them with the same honesty, respect, and commitment we would expect from any company. We are committed to providing our clients with the best service available.

ProClean is based out of Fayetteville Arkansas, if you are in NW Arkansas or NE Oklahoma please call 479-575-0482.

ProClean is located
643 Hwy 45
Fayetteville, AR 72703
479-575-0482

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