String Functions to extract first name initial and first 5 letters of last name

I am trying to extract the first letter of a firstname and the first 5 letters off a last name and concatate the two values

For example I have a data field with "John Smith" in the field.

I want to get the first letter of the first name -  "John" = J

I want to get the first 5 letters of the last name- "Smith" = smith

and then concatate the 2 values = jsmith

another example

For example I have a data field with "Reese Witherspoon" in the field.

I want to get the first letter of the first name -  "Reese" = R

I want to get the first 5 letters of the last name- "Witherspoon" = withe

and then concatate the 2 values = rwithe

How would I do that ?

I think I know how to do each step individually but is there a better way to get the value?