George Makris, Jr., Simmons' Chairman and CEO, commented on third quarter 2025 results:
The third quarter was transformative for Simmons. With overwhelming investor support we successfully raised $327 million of equity capital to reposition our balance sheet and unlock our future earnings stream. We effectively addressed a negative arbitrage between long-term bond yields and shorter-term funding costs which freed up capital for future growth. While the one-time loss on the sale of the bonds was significant, the financial strength of our company coupled with the positive sentiment from investors allowed us that opportunity.
Although the benefit of the repositioning was only partially realized in the quarter based on the timing of the transactions, our results demonstrated the exceptional improvement in our profitability, and the results from the month of September are very encouraging for our future performance.
I believe we are now well positioned to deliver stronger organic growth throughout our franchise which includes some of the most dynamic markets in the country. Our team is prepared, and I am optimistic about Simmons' future.
PINE BLUFF, Ark., Oct. 16, 2025 /PRNewswire/ -- Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported a net loss of $562.8 million for the third quarter of 2025, compared to net income of $54.8 million in the second quarter of 2025 and $24.7 million in the third quarter of 2024. Diluted earnings per share were $(4.00) for the third quarter of 2025, compared to $0.43 in the second quarter of 2025 and $0.20 for the third quarter of 2024. Adjusted earnings1 for the third quarter of 2025 were $64.9 million, compared to $56.1 million in the second quarter of 2025 and $46.0 million in the third quarter of 2024. Adjusted diluted earnings per share1 for the third quarter of 2025 were $0.46, compared to $0.44 in the second quarter of 2025 and $0.37 in the third quarter of 2024.
As previously disclosed, on July 22, 2025, the Company announced the pricing of its public offering of the Company's Class A common stock that generated net proceeds of approximately $327 million. Proceeds from the offering were subsequently utilized to support a balance sheet repositioning that included the sale of approximately $2.4 billion (fair value) of low-yielding investment securities at an after-tax loss of approximately $626 million. Proceeds from the sale of the investment securities were primarily used to deleverage the balance sheet through the pay-down of higher rate, non-relationship wholesale and public fund deposits, as well as higher rate other borrowings primarily consisting of FHLB advances. The pay-down of higher rate funding was completed throughout the third quarter of 2025, and thus the benefits (including interest expense savings) are only partially reflected in the results for the quarter.
The table below summarizes the impact of the loss on the sale of securities, as well as other certain items, consisting primarily of branch right sizing costs, early retirement program costs and loss on early extinguishment of debt. These items are also described in further detail in the "Reconciliation of Non-GAAP Financial Measures" tables contained in this press release.
Impact of Certain Items on Earnings and Diluted Earnings Per Share (EPS)
| $ in millions, except per share data | | 3Q25 | 2Q25 | 3Q24 |
| Net income (loss) | | $ (562.8) | $ 54.8 | $ 24.7 |
| | | | | |
| Branch right sizing costs, net | | 2.0 | 0.2 | 0.4 |
| Early retirement program costs | | 0.3 | 1.6 | - |
| Loss on early extinguishment of debt | | 0.6 | - | - |
| Loss on sale of securities | | 801.5 | - | 28.4 |
| Total pre-tax impact | | 804.4 | 1.8 | 28.8 |
| Tax effect | | (176.7) | (0.5) | (7.5) |
| Total impact on earnings | | 627.7 | 1.3 | 21.3 |
| Adjusted earnings 1,3 | | $ 64.9 | $ 56.1 | $ 46.0 |
| | | | | |
| | | | | |
| | | | | |
| Diluted EPS | | $ (4.00) | $ 0.43 | $ 0.20 |
| | | | | |
| Branch right sizing costs, net | | 0.01 | - | - |
| Early retirement program costs | | - | 0.01 | - |
| Loss on early extinguishment of debt | | - | - | - |
| Loss on sale of securities | | 5.70 | - | 0.23 |
| Total pre-tax impact | | 5.71 | 0.01 | 0.23 |
| Tax effect | | (1.25) | - | (0.06) |
| Total impact on earnings | | 4.46 | 0.01 | 0.17 |
| Adjusted Diluted EPS 1 | | $ 0.46 | $ 0.44 | $ 0.37 |
The Financial Highlights table below summarizes key financial metrics for the third quarter of 2025, the second quarter of 2025 and the third quarter of 2024.
| Financial Highlights | 3Q25 | 2Q25 | 3Q24 | | 3Q25 Highlights |
| Balance Sheet (in millions) | | | | | Comparisons reflect 3Q25 vs 2Q25 |
| Total loans | $17,189 | $17,111 | $17,336 | | |
| Total investment securities | 3,319 | 5,997 | 6,350 | |
|
| Total deposits | 19,838 | 21,825 | 21,935 | | |
| Total assets | 24,208 | 26,694 | 27,269 | | |
| Total shareholders' equity | 3,354 | 3,549 | 3,529 | | |
| Performance Measures (in millions) | | | | | |
| Total revenue | $(569.5) | $214.2 | $174.8 | | |
| Adjusted total revenue1 | 232.5 | 214.2 | 203.2 | | |
| Pre-provision net revenue1 (PPNR) | (711.6) | 75.6 | 37.6 | | |
| Adjusted pre-provision net revenue1 | 92.8 | 77.3 | 66.4 | | |
| Provision for credit losses | 12.0 | 11.9 | 12.1 | | |
| Per share Data | | | | | |
| Diluted earnings | $ (4.00) | $ 0.43 | $ 0.20 | | |
| Adjusted diluted earnings1 | 0.46 | 0.44 | 0.37 | | |
| Cash dividend declared | 0.2125 | 0.2125 | 0.21 | | |
| Asset Quality | | | | | |
| Net charge-off ratio (NCO ratio) | 0.25 % | 0.25 % | 0.22 % | | |
| Nonperforming loan ratio | 0.90 | 0.92 | 0.59 | | |
| Nonperforming assets to total assets | 0.66 | 0.62 | 0.38 | | |
| Allowance for credit losses to loans (ACL) | 1.50 | 1.48 | 1.35 | | |
| Nonperforming loan coverage ratio | 168 | 161 | 229 | | |
| Capital Ratios | | | | | |
| Equity to assets (EA ratio) | 13.85 % | 13.30 % | 12.94 % | | |
| Tangible common equity (TCE) ratio1 | 8.53 | 8.46 | 8.15 | | |
| Common equity tier 1 (CET1) ratio | 11.54 | 12.36 | 12.06 | | |
| Total risk-based capital ratio | 15.07 | 14.42 | 14.25 | | |
| Other Data | | | | | |
| Net interest margin (FTE) | 3.50 % | 3.06 % | 2.74 % | | |
| Loan yield (FTE) | 6.31 | 6.26 | 6.44 | | |
| Cost of deposits | 2.25 | 2.36 | 2.79 | | |
| Full-time equivalent employees | 2,883 | 2,947 | 2,972 | | |
| Number of financial centers | 223 | 223 | 234 | |
Net Interest Income
Net interest income for the third quarter of 2025 totaled $186.7 million, up $14.8 million, or 9 percent, compared to $171.8 million in the second quarter of 2025 and up $28.9 million, or 18 percent, from $157.7 million in the third quarter of 2024. Interest income totaled $313.4 million for the third quarter of 2025, compared to $315.0 million in the second quarter of 2025 and $334.3 million in the third quarter of 2024. The decrease in interest income on a linked quarter basis was primarily due to a decline in the level of interest income derived from investment securities resulting from the balance sheet repositioning undertaken in the third quarter of 2025 that included the sale of lower-yielding investment securities, that was offset by increases in interest income from loans and other earning assets. Interest expense totaled $126.8 million for the third quarter of 2025, compared to $143.2 million in the second quarter of 2025 and $176.6 million in the third quarter of 2024. The decrease in interest expense on a linked quarter basis was primarily due to a reduction of higher rate, non-relationship wholesale and public fund deposits as part of the balance sheet repositioning.
| Select Yield/Rates | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 |
| Loan yield (FTE)2 | 6.31 % | 6.26 % | 6.20 % | 6.32 % | 6.44 % |
| Investment securities yield (FTE)2 | 4.01 | 3.48 | 3.48 | 3.54 | 3.63 |
| Cost of interest bearing deposits | 2.86 | 2.97 | 3.05 | 3.28 | 3.52 |
| Cost of deposits | 2.25 | 2.36 | 2.44 | 2.60 | 2.79 |
| Net interest spread (FTE)2 | 2.86 | 2.41 | 2.30 | 2.15 | 1.95 |
| Net interest margin (FTE)2 | 3.50 | 3.06 | 2.95 | 2.87 | 2.74 |
Noninterest Income
Noninterest income for the third quarter of 2025 was $(756.2) million, compared to $42.4 million in the second quarter of 2025 and $17.1 million in the third quarter of 2024. Included in third quarter 2025 results was a $801.5 million pre-tax loss on the sale of low-yielding securities that were sold in connection with the previously mentioned balance sheet repositioning and $0.6 million loss on the early extinguishment of debt. The third quarter of 2024 included a $28.4 million pre-tax loss on the sale of low-yielding securities. Excluding these items (which are described in the "Reconciliation of Non-GAAP Financial Measures" tables below), adjusted noninterest income1 was $45.9 million for the third quarter of 2025, $42.4 million in the second quarter of 2025 and $45.5 million in the third quarter of 2024. The increase in adjusted noninterest income on a linked quarter basis was broad based, led by an increase in mortgage lending income and a Small Business Investment Company (SBIC) negative valuation adjustment in the second quarter of 2025, which is included in other income in the table below.
| Noninterest Income $ in millions | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 |
| Service charges on deposit accounts | $ 13.0 | $ 12.6 | $ 12.6 | $ 13.0 | $ 12.7 |
| Wealth management fees | 10.0 | 9.5 | 9.6 | 9.7 | 9.1 |
| Debit and credit card fees | 8.5 | 8.6 | 8.4 | 8.3 | 8.1 |
| Mortgage lending income | 2.3 | 1.7 | 2.0 | 1.8 | 2.0 |
| Other service charges and fees | 1.5 | 1.3 | 1.3 | 1.4 | 1.5 |
| Bank owned life insurance | 3.9 | 3.9 | 4.1 | 3.8 | 3.8 |
| Gain (loss) on sale of securities | (801.5) | - | - | - | (28.4) |
| Other income | 6.1 | 4.8 | 8.0 | 5.6 | 8.3 |
| Total noninterest income | $(756.2) | $ 42.4 | $ 46.2 | $ 43.6 | $ 17.1 |
| | | | | | |
| Adjusted noninterest income1 | $ 45.9 | $ 42.4 | $ 46.2 | $ 43.6 | $ 45.5 |
Noninterest Expense
Noninterest expense for the third quarter of 2025 was $142.0 million, compared to $138.6 million in the second quarter of 2025 and $137.2 million in the third quarter of 2024. Included in noninterest expense are certain items consisting of branch right sizing costs, early retirement program costs and termination of vendor and software services. Collectively, these items totaled $2.3 million in the third quarter of 2025, $1.8 million in the second quarter of 2025 and $0.4 million in the third quarter of 2024. Excluding these items (which are described in the "Reconciliation of Non-GAAP Financial Measures" tables below), adjusted noninterest expense1 was $139.7 million for the third quarter of 2025, and $136.8 million in both the second quarter of 2025 and third quarter of 2024. The increase in adjusted noninterest expense on a linked quarter basis primarily reflected salary and employee benefits accrual adjustments given the Company's financial performance through the third quarter of 2025 and a $1.6 million fraud recovery in the third quarter of 2025.
| Noninterest Expense $ in millions | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 |
| Salaries and employee benefits | $ 76.2 | $ 73.9 | $ 74.8 | $ 71.6 | $ 69.2 |
| Occupancy expense, net | 12.1 | 11.8 | 12.7 | 11.9 | 12.2 |
| Furniture and equipment | 5.3 | 5.5 | 5.5 | 5.7 | 5.6 |
| Deposit insurance | 5.2 | 4.9 | 5.4 | 5.6 | 5.6 |
| Other real estate and foreclosure expense | 0.2 | 0.2 | 0.2 | 0.3 | 0.1 |
| Other operating expenses | 43.0 | 42.3 | 46.1 | 46.1 | 44.5 |
| Total noninterest expense | $142.0 | $138.6 | $144.6 | $141.1 | $137.2 |
| | | | | | |
| Adjusted salaries and employee benefits1 | $ 75.9 | $ 72.3 | $ 74.8 | $ 71.4 | $ 69.2 |
| Adjusted other operating expenses1 | 41.5 | 42.5 | 45.9 | 44.7 | 44.4 |
| Adjusted noninterest expense1 | 139.7 | 136.8 | 143.6 | 139.3 | 136.8 |
| Efficiency ratio | (25.11) % | 62.82 % | 66.94 % | 65.66 % | 75.70 % |
| Adjusted efficiency ratio1 | 57.72 | 60.52 | 64.75 | 62.89 | 63.38 |
| Full-time equivalent employees | 2,883 | 2,947 | 2,949 | 2,946 | 2,972 |
| Number of financial centers | 223 | 223 | 222 | 222 | 234 |
Loans and Unfunded Loan Commitments
Total loans at the end of the third quarter of 2025 were $17.2 billion, up 2 percent on a linked quarter annualized basis. The increase in total loans was driven by increases in mortgage warehouse, real estate - construction and agricultural, offset in part by declines in real estate - commercial and commercial portfolios. Unfunded loan commitments at the end of the third quarter of 2025 were $4.0 billion, compared to $3.9 billion at the end of the second quarter of 2025. This marked the fourth consecutive quarterly increase in unfunded loan commitments. The commercial loan pipeline totaled $1.6 billion at the end of the third quarter of 2025, and ready to close commercial loans totaled $490 million with a weighted average rate of 7.19 percent.
| Loans and Unfunded Loan Commitments $ in millions | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 |
| Total loans | $17,189 | $17,111 | $17,094 | $17,006 | $17,336 |
| Unfunded loan commitments | 3,955 | 3,947 | 3,888 | 3,739 | 3,681 |
Deposits and Other Borrowings
Total deposits at the end of the third quarter of 2025 were $19.8 billion, compared to $21.8 billion at the end of the second quarter of 2025 and $21.9 billion at the end of the third quarter of 2024. The decrease in total deposits reflects a reduction of higher rate, non-relationship wholesale and public fund deposits as part of the balance sheet repositioning previously mentioned. At the same time, the overall mix of deposits improved with noninterest bearing deposits representing 22.1 percent of total deposits at the end of the third quarter of 2025, compared to 20.5 percent at the end of the second quarter of 2025. Interest bearing transaction accounts (excluding interest bearing public funds) represent 42.8 percent of total deposits at the end of the third quarter of 2025, compared to 39.0 percent at the end of the second quarter of 2025.
Other borrowings at the end of the third quarter of 2025 were $18.8 million, compared to $634.3 million at the end of the second quarter of 2025 and $1.0 billion at the end of the third quarter of 2024. The decrease in other borrowings on a linked quarter basis and year-over-year basis reflected the pay down of higher cost wholesale funding, primarily FHLB advances, as part of the balance sheet repositioning.
| Deposits $ in millions | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 |
| Noninterest bearing deposits | $ 4,377 | $ 4,468 | $ 4,455 | $ 4,461 | $ 4,522 |
| Interest bearing transaction accounts | 10,289 | 10,532 | 10,621 | 10,331 | 10,038 |
| Time deposits | 3,331 | 3,588 | 3,695 | 3,796 | 4,014 |
| Brokered deposits | 1,841 | 3,237 | 2,914 | 3,298 | 3,361 |
| Total deposits | $19,838 | $21,825 | $21,684 | $21,886 | $21,935 |
| | | | | | |
| Noninterest bearing deposits to total deposits | 22 % | 20 % | 21 % | 20 % | 21 % |
| Total loans to total deposits | 87 | 78 | 79 | 78 | 79 |
Asset Quality
Total nonperforming loans at the end of the third quarter of 2025 totaled $153.9 million, compared to $157.2 million at the end of the second quarter of 2025 and $101.7 million at the end of the third quarter of 2024. The decrease in nonperforming loans on a linked quarter basis primarily reflected declines in commercial and real estate - single family loan portfolios, offset in part by an increase in the real estate - commercial portfolio. The increase in nonperforming loans on a year-over-year basis was primarily due to two specific credit relationships that were placed on nonaccrual at the end of first quarter of 2025. The nonperforming loan coverage ratio ended the third quarter of 2025 at 168 percent, compared to 161 percent at the end of the second quarter of 2025 and 229 percent at the end of the third quarter of 2024. Total nonperforming assets as a percentage of total assets were 66 basis points at the end of the third quarter of 2025, compared to 62 basis points at the end of the second quarter of 2025 and 38 basis points at the end of the third quarter of 2024.
Provision for credit losses on loans totaled $15.2 million for the third quarter of 2025, compared to $11.9 million in the second quarter of 2025 and $12.1 million in the third quarter of 2024. The allowance for credit losses on loans at the end of the third quarter of 2025 was $258.0 million, compared to $253.5 million at the end of the second quarter of 2025 and $233.2 million at the end of the third quarter of 2024. The allowance for credit losses on loans as a percentage of total loans was 1.50 percent at the end of the third quarter of 2025, compared to 1.48 percent at the end of the second quarter of 2025 and 1.35 percent at the end of the third quarter of 2024.
Net charge-offs as a percentage of average loans for the third quarter of 2025 were 25 basis points, unchanged from second quarter 2025 levels and up slightly from 22 basis points in the third quarter of 2024. Provision for credit losses on loans exceeded net charge-offs by $4.5 million in the third quarter of 2025, $1.4 million in the second quarter of 2025 and $2.8 million in the third quarter of 2024.
| Asset Quality $ in millions | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 |
| Allowance for credit losses on loans to total loans | 1.50 % | 1.48 % | 1.48 % | 1.38 % | 1.35 % |
| Allowance for credit losses on loans to nonperforming loans | 168 | 161 | 165 | 212 | 229 |
| Nonperforming loans to total loans | 0.90 | 0.92 | 0.89 | 0.65 | 0.59 |
| Net charge-off ratio (annualized) | 0.25 | 0.25 | 0.23 | 0.27 | 0.22 |
| Net charge-off ratio YTD (annualized) | 0.24 | 0.24 | 0.23 | 0.22 | 0.20 |
| | | | | | |
| Total nonperforming loans | $153.9 | $157.2 | $152.3 | $110.7 | $101.7 |
| Total other nonperforming assets | 6.8 | 9.5 | 10.0 | 10.5 | 2.6 |
| Total nonperforming assets | $160.7 | $166.7 | $162.3 | $121.2 | $104.3 |
| | | | | | |
| Reserve for unfunded commitments | $25.6 | $25.6 | $25.6 | $25.6 | $25.6 |
Capital and Subordinated Debt
Total stockholders' equity at the end of the third quarter was $3.4 billion, compared to $3.5 billion at the end of both the second quarter of 2025 and the third quarter of 2024. The decrease on a linked quarter basis and year-over-year basis was primarily due to a decline in undivided profits, reflecting the loss on sale of securities, offset in part by net proceeds of approximately $327 million from a common equity offering completed prior to commencement of the balance sheet repositioning. Book value per share at the end of the third quarter of 2025 was $23.18, compared to $28.17 at the end of the second quarter of 2025 and $28.11 at the end of the third quarter of 2024. Tangible book value per share1 at the end of the third quarter of 2025 was $13.45, compared to $16.97 at the end of the second quarter of 2025 and $16.78 at the end of the third quarter of 2024. The decrease in book value per share and tangible book value per share was due to the loss on the sale of investment securities.
Total stockholders' equity as a percentage of total assets at the end of the third quarter of 2025 was 13.9 percent, compared to 13.3 percent at the end of the second quarter of 2025 and 12.9 percent at the end of the third quarter of 2024. Tangible common equity as a percentage of tangible assets1 was 8.5 percent at the end of both the third quarter of 2025 and second quarter of 2025, and 8.2 percent at the end of the third quarter of 2024. Each of the applicable regulatory capital ratios for Simmons and its principal subsidiary, Simmons Bank, continue to significantly exceed "well-capitalized" regulatory guidelines.
During the third quarter of 2025, the Company completed the offering and sale of $325 million in aggregate principal amount of its 6.25% Fixed-to-Floating Rate Subordinated Notes due 2035 (the "Notes"). The Notes were priced at par. The Company used the net proceeds from the offering, along with cash on hand, to repay in full the Company's outstanding $330 million principal amount of its Fixed-to-Floating Rate Subordinated Notes due 2028, which was completed on October 1, 2025. Additionally, on July 31, 2025, the Company completed the redemption of the Company's outstanding $37 million principal amount of its Fixed-to-Floating Rate Subordinated Notes due 2030.
| Select Capital Ratios | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 |
| Stockholders' equity to total assets | 13.9 % | 13.3 % | 13.2 % | 13.1 % | 12.9 % |
| Tangible common equity to tangible assets1 | 8.5 | 8.5 | 8.3 | 8.3 | 8.2 |
| Common equity tier 1 (CET1) ratio | 11.5 | 12.4 | 12.2 | 12.4 | 12.1 |
| Tier 1 leverage ratio | 9.6 | 10.0 | 9.8 | 9.7 | 9.6 |
| Tier 1 risk-based capital ratio | 11.5 | 12.4 | 12.2 | 12.4 | 12.1 |
| Total risk-based capital ratio | 15.1 | 14.4 | 14.6 | 14.6 | 14.3 |
Share Repurchase Program
During the third quarter of 2025, Simmons did not repurchase shares under its stock repurchase program that was authorized in January 2024 (2024 Program), which replaced its former repurchase program that was authorized in January 2022. Remaining authorization under the 2024 Program as of September 30, 2025, was approximately $175 million. The timing, pricing and amount of any repurchases under the 2024 Program will be determined by Simmons' management at its discretion based on a variety of factors including, but not limited to, market conditions, trading volume and market price of Simmons' common stock, Simmons' capital needs, Simmons' working capital and investment requirements, other corporate considerations, economic conditions, and legal requirements. The 2024 Program does not obligate Simmons to repurchase any common stock and may be modified, discontinued or suspended at any time without prior notice.
| ____________________ | |
| (1) | Non-GAAP measurement. See "Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP Financial Measures" below |
| (2) | FTE - fully taxable equivalent basis using an effective tax rate of 26.135% |
| (3) | In this press release, "Adjusted Earnings" may also be referred to as "Adjusted Net Income" |
Conference Call
Management will conduct a live conference call to review this information beginning at 7:30 a.m. Central Time on Friday, October 17, 2025. Interested persons can listen to this call by dialing toll-free 1-844-481-2779 (North America only) and asking for the Simmons First National Corporation conference call, conference ID 10203266. In addition, the call will be available live or in recorded version on Simmons' website at simmonsbank.com for at least 60 days following the date of the call.
Simmons First National Corporation
Simmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company that has paid cash dividends to its shareholders for 116 consecutive years. Its principal subsidiary, Simmons Bank, operates more than 220 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. Recently, Simmons Bank was recognized by Newsweek as one of America's Greatest Workplaces 2025 in Arkansas. In 2024, Simmons Bank was recognized by Newsweek as one of America's Best Regional Banks 2025, by U.S. News & World Report as one of the 2024-2025 Best Companies to Work For in the South and by Forbes as one of America's Best-In-State Banks 2024 in Tennessee and America's Best-In-State Employers 2024 in Missouri. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on X (formerly Twitter) or by visiting our newsroom.
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 net income (including on a per share diluted basis), pre-tax, pre-provision earnings, net charge-offs, income available to common shareholders, noninterest income, and noninterest expense certain income and expense items attributable to, for example, losses on sale of securities, net branch right-sizing initiatives, early retirement program, termination of vendor and software services and losses on early extinguishment of debt.
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 deposits and/or loans acquired through acquisitions, mortgage warehouse loans, and/or energy loans, or gains and/or losses on the sale of securities, or the aforementioned two specific credit relationships. 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 and certain other 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 ongoing businesses, and management uses these non-GAAP financial measures to assess the performance of the Company's ongoing businesses as related to prior financial periods. 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
Certain statements in this press 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 quote, 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, business strategies, lending capacity and lending activity, loan demand, revenue, assets, asset quality, profitability, dividends, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, digital banking initiatives, the Company's ability to recruit and retain key employees, the adequacy of the allowance for credit losses, future economic conditions and interest rates, and the adequacy of reserve levels for loans. Any forward-looking statement speaks only as of the date of this press release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this press 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, changes in credit quality, changes in interest rates and related governmental policies, the effects of a government shutdown, changes in loan demand, changes in deposit flows, changes in real estate values, changes in the assumptions used in making the forward-looking statements, changes in the securities markets generally or the price of Simmons' common stock specifically, changes in information technology affecting the financial industry, and changes in customer behaviors, including consumer spending, borrowing, and saving habits; changes in tariff policies; general economic and market conditions; changes in governmental administrations; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflicts between Russia and Ukraine) or other major events, or the prospect of these events; the soundness of other financial institutions and any indirect exposure related to the closings of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Company has commercial or deposit relationships; increased inflation; the loss of key employees; increased competition in the markets in which the Company operates and from non-bank financial institutions; increased unemployment; labor shortages; claims, damages, and fines related to litigation or government actions; changes in accounting principles relating to loan loss recognition (current expected credit losses); fraud that results in material losses or that we have not discovered yet that may result in material losses; the Company's ability to manage and successfully integrate its mergers and acquisitions and to fully realize cost savings and other benefits associated with acquisitions; increased delinquency and foreclosure rates on commercial real estate loans; significant increases in nonaccrual loan balances; cyber or other information technology 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 projected in or contemplated by the forward-looking statements. In addition, there can be no guarantee that the board of directors (Board) of Simmons will approve a quarterly dividend in future quarters, and the timing, payment, and amount of future dividends (if any) is subject to, among other things, the discretion of the Board and may differ significantly from past dividends. 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, 2024, the Company's Form 10-Q for the quarter ended June 30, 2025, and other reports that the Company has filed with or furnished to the U.S. Securities and Exchange Commission (the SEC), all of which are available from the SEC on its website, www.sec.gov.
| 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 |
| (Unaudited) | 2025 | | 2025 | | 2025 | | 2024 | | 2024 |
| ($ in thousands) | | | | | | | | | |
| ASSETS | | | | | | | | | |
| Cash and noninterest bearing balances due from banks | $ 377,604 | | $ 398,081 | | $ 423,171 | | $ 429,705 | | $ 398,321 |
| Interest bearing balances due from banks and federal funds sold | 266,013 | | 246,381 | | 211,115 | | 257,672 | | 205,081 |
| Cash and cash equivalents | 643,617 | | 644,462 | | 634,286 | | 687,377 | | 603,402 |
| Interest bearing balances due from banks - time | 100 | | 100 | | 100 | | 100 | | 100 |
| Investment securities - held-to-maturity | - | | 3,591,531 | | 3,615,556 | | 3,636,636 | | 3,658,700 |
| Investment securities - available-for-sale | 3,319,277 | | 2,405,320 | | 2,491,849 | | 2,529,426 | | 2,691,094 |
| Mortgage loans held for sale | 15,507 | | 16,972 | | 8,351 | | 11,417 | | 8,270 |
| Assets held in trading accounts | 12,695 | | - | | - | | - | | - |
| Loans: | | | | | | | | | |
| Loans | 17,188,817 | | 17,111,096 | | 17,094,078 | | 17,005,937 | | 17,336,040 |
| Allowance for credit losses on loans | (258,006) | | (253,537) | | (252,168) | | (235,019) | | (233,223) |
| Net loans | 16,930,811 | | 16,857,559 | | 16,841,910 | | 16,770,918 | | 17,102,817 |
| Premises and equipment | 568,343 | | 573,160 | | 573,616 | | 585,431 | | 584,366 |
| Foreclosed assets and other real estate owned | 6,386 | | 8,794 | | 8,976 | | 9,270 | | 1,299 |
| Interest receivable | 104,383 | | 120,443 | | 117,398 | | 123,243 | | 125,700 |
| Bank owned life insurance | 539,372 | | 535,481 | | 535,324 | | 531,805 | | 508,781 |
| Goodwill | 1,320,799 | | 1,320,799 | | 1,320,799 | | 1,320,799 | | 1,320,799 |
| Other intangible assets | 87,520 | | 90,617 | | 93,714 | | 97,242 | | 101,093 |
| Other assets | 659,352 | | 528,382 | | 551,112 | | 572,385 | | 562,983 |
| Total assets | $ 24,208,162 | | $ 26,693,620 | | $ 26,792,991 | | $ 26,876,049 | | $ 27,269,404 |
| | | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | | |
| Deposits: | | | | | | | | | |
| Noninterest bearing transaction accounts | $ 4,377,232 | | $ 4,468,237 | | $ 4,455,255 | | $ 4,460,517 | | $ 4,521,715 |
| Interest bearing transaction accounts and savings deposits | 10,932,914 | | 11,176,791 | | 11,265,554 | | 10,982,022 | | 10,863,945 |
| Time deposits | 4,527,587 | | 6,179,962 | | 5,963,811 | | 6,443,211 | | 6,549,774 |
| Total deposits | 19,837,733 | | 21,824,990 | | 21,684,620 | | 21,885,750 | | 21,935,434 |
| Federal funds purchased and securities sold | | | | | | | | | |
| under agreements to repurchase | 22,348 | | 31,306 | | 50,133 | | 37,109 | | 51,071 |
| Other borrowings | 18,832 | | 634,349 | | 884,863 | | 745,372 | | 1,045,878 |
| Subordinated notes and debentures | 651,250 | | 366,369 | | 366,331 | | 366,293 | | 366,255 |
| Accrued interest and other liabilities | 324,036 | | 287,396 | | 275,559 | | 312,653 | | 341,933 |
| Total liabilities | 20,854,199 | | 23,144,410 | | 23,261,506 | | 23,347,177 | | 23,740,571 |
| | | | | | | | | | |
| Stockholders' equity: | | | | | | | | | |
| Common stock | 1,447 | | 1,260 | | 1,259 | | 1,257 | | 1,256 |
| Surplus | 2,848,977 | | 2,518,286 | | 2,515,372 | | 2,511,590 | | 2,508,438 |
| Undivided profits | 817,022 | | 1,410,564 | | 1,382,564 | | 1,376,935 | | 1,355,000 |
| Accumulated other comprehensive (loss) income | (313,483) | | (380,900) | | (367,710) | | (360,910) | | (335,861) |
| Total stockholders' equity | 3,353,963 | | 3,549,210 | | 3,531,485 | | 3,528,872 | | 3,528,833 |
| Total liabilities and stockholders' equity | $ 24,208,162 | | $ 26,693,620 | | $ 26,792,991 | | $ 26,876,049 | | $ 27,269,404 |
| 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 |
| (Unaudited) | 2025 | | 2025 | | 2025 | | 2024 | | 2024 |
| ($ in thousands, except per share data) | | | | | | | | | |
| INTEREST INCOME | | | | | | | | | |
| Loans (including fees) | $ 269,210 | | $ 265,373 | | $ 257,755 | | $ 272,727 | | $ 277,939 |
| Interest bearing balances due from banks and federal funds sold | 6,421 | | 2,531 | | 2,703 | | 2,913 | | 2,921 |
| Investment securities | 37,464 | | 46,898 | | 47,257 | | 50,162 | | 53,220 |
| Mortgage loans held for sale | 229 |
| 221 | | 122 | | 180 | | 209 |
| Assets held in trading accounts | 99 | | - | | - | | - | | - |
| TOTAL INTEREST INCOME | 313,423 | | 315,023 | | 307,837 | | 325,982 | | 334,289 |
| INTEREST EXPENSE | | | | | | | | | |
| Time deposits | 49,064 | | 57,231 | | 62,559 | | 70,661 | | 73,937 |
| Other deposits | 67,546 | | 69,108 | | 67,895 | | 72,369 | | 78,307 |
| Federal funds purchased and securities | | | | | | | | | |
| sold under agreements to repurchase | 72 | | 59 | | 113 | | 119 | | 138 |
| Other borrowings | 2,957 | | 10,613 | | 7,714 | | 11,386 | | 17,067 |
| Subordinated notes and debentures | 7,123 | | 6,188 | | 6,134 | | 6,505 | | 7,128 |
| TOTAL INTEREST EXPENSE | 126,762 | | 143,199 | | 144,415 | | 161,040 | | 176,577 |
| NET INTEREST INCOME | 186,661 | | 171,824 | | 163,422 | | 164,942 | | 157,712 |
| PROVISION FOR CREDIT LOSSES | | | | | | | | | |
| Provision for credit losses on loans | 15,180 | | 11,945 | | 26,797 | | 13,332 | | 12,148 |
| TOTAL PROVISION FOR CREDIT LOSSES | 11,966 | | 11,945 | | 26,797 | | 13,332 | | 12,148 |
| NET INTEREST INCOME AFTER PROVISION | | | | | | | | | |
| FOR CREDIT LOSSES | 174,695 | | 159,879 | | 136,625 | | 151,610 | | 145,564 |
| NONINTEREST INCOME | | | | | | | | | |
| Service charges on deposit accounts | 13,045 | | 12,588 | | 12,635 | | 12,978 | | 12,713 |
| Debit and credit card fees | 8,478 | | 8,567 | | 8,446 | | 8,323 | | 8,144 |
| Wealth management fees | 9,965 | | 9,464 | | 9,629 | | 9,658 | | 9,098 |
| Mortgage lending income | 2,259 | | 1,687 | |
2,013 | | 1,828 | | 1,956 |
| Bank owned life insurance income | 3,943 | | 3,890 | | 4,092 | | 3,780 | | 3,757 |
| Other service charges and fees (includes insurance income) | 1,474 | | 1,321 | | 1,333 | | 1,426 | | 1,509 |
| Gain (loss) on sale of securities | (801,492) | | - | | - | | - | | (28,393) |
| Other income | 6,141 | | 4,837 | | 8,007 | | 5,565 | | 8,346 |
| TOTAL NONINTEREST INCOME | (756,187) | | 42,354 | | 46,155 | | 43,558 | | 17,130 |
| NONINTEREST EXPENSE | | | | | | | | | |
| Salaries and employee benefits | 76,249 | | 73,862 | | 74,824 | | 71,588 | | 69,167 |
| Occupancy expense, net | 12,106 | | 11,844 | | 12,651 | | 11,876 | | 12,216 |
| Furniture and equipment expense | 5,275 | | 5,474 | | 5,465 | | 5,671 | | 5,612 |
| Other real estate and foreclosure expense | 200 | | 216 | | 198 | | 317 | | 87 |
| Deposit insurance | 5,175 | | 4,917 | | 5,391 | | 5,550 | | 5,571 |
| Other operating expenses | 43,027 | | 42,276 | | 46,051 | | 46,115 | | 44,540 |
| TOTAL NONINTEREST EXPENSE | 142,032 | | 138,589 | | 144,580 | | 141,117 | | 137,193 |
| NET INCOME (LOSS) BEFORE INCOME TAXES | (723,524) | | 63,644 | | 38,200 | | 54,051 | | 25,501 |
| Provision for income taxes | (160,732) | | 8,871 | | 5,812 | | 5,732 | | 761 |
| NET INCOME (LOSS) | $ (562,792) | | $ 54,773 | | $ 32,388 | | $ 48,319 | | $ 24,740 |
| BASIC EARNINGS PER SHARE | $ (4.01) | | $ 0.43 | | $ 0.26 | | $ 0.38 | | $ 0.20 |
| DILUTED EARNINGS PER SHARE | $ (4.00) | | $ 0.43 | | $ 0.26 | | $ 0.38 | | $ 0.20 |
| Simmons First National Corporation | | | | | | | | SFNC | |
| Consolidated Risk-Based Capital | | | | | | | | | |
| For the Quarters Ended | Sep 30 | | Jun 30 | | Mar 31 | | Dec 31 | | Sep 30 |
| (Unaudited) | 2025 | | 2025 | | 2025 | | 2024 | | 2024 |
| ($ in thousands) | | | | | | | | | |
| Tier 1 capital | | | | | | | | | |
| Stockholders' equity | $ 3,353,963 | | $ 3,549,210 | | $ 3,531,485 | | $ 3,528,872 | | $ 3,528,833 |
| CECL transition provision (1) | - | | - | | - | | 30,873 | | 30,873 |
| Disallowed intangible assets, net of deferred tax | (1,376,255) | | (1,379,104) | | (1,381,953) | | (1,385,128) | | (1,388,549) |
| Unrealized loss (gain) on AFS securities | 313,483 | | 380,900 | | 367,710 | | 360,910 | | 335,861 |
| Total Tier 1 capital | 2,291,191 | | 2,551,006 | | 2,517,242 | | 2,535,527 | | 2,507,018 |
| | | | | | | | | | |
| Tier 2 capital | | | | | | | | | |
| Subordinated notes and debentures | 651,250 | | 366,369 | | 366,331 | | 366,293 | | 366,255 |
| Subordinated debt phase out | (198,000) | | (198,000) | | (132,000) | | (132,000) | | (132,000) |
| Qualifying allowance for loan losses and | | | | | | | | | |
| reserve for unfunded commitments | 248,710 | | 258,079 | | 257,769 | | 222,313 | | 220,517 |
| Total Tier 2 capital | 701,960 | | 426,448 | | 492,100 | | 456,606 | | 454,772 |
| Total risk-based capital | $ 2,993,151 | | $ 2,977,454 | | $ 3,009,342 | | $ 2,992,133 | | $ 2,961,790 |
| | | | | | | | | | |
| Risk weighted assets | $ 19,861,879 | | $ 20,646,324 | | $ 20,621,540 | | $ 20,473,960 | | $ 20,790,941 |
| | | | | | | | | | |
| Adjusted average assets for leverage ratio | $ 23,963,356 | | $ 25,606,135 | | $ 25,619,424 | | $ 26,037,459 | | $ 26,198,178 |
| | | | |
| | | | | |
| Ratios at end of quarter | | | | | | | | | |
| Equity to assets | 13.85 % | | 13.30 % | | 13.18 % | | 13.13 % | | 12.94 % |
| Tangible common equity to tangible assets (2) | 8.53 % | | 8.46 % | | 8.34 % | | 8.29 % | | 8.15 % |
| Common equity Tier 1 ratio (CET1) | 11.54 % | | 12.36 % | | 12.21 % | | 12.38 % | | 12.06 % |
| Tier 1 leverage ratio | 9.56 % | | 9.96 % | | 9.83 % | | 9.74 % | | 9.57 % |
| Tier 1 risk-based capital ratio | 11.54 % | | 12.36 % | | 12.21 % | | 12.38 % | | 12.06 % |
| Total risk-based capital ratio | 15.07 % | | 14.42 % | | 14.59 % | | 14.61 % | | 14.25 % |
| | | | | | | | | | |
| (1) The Company has elected to use the CECL transition provision allowed for in the year of adopting ASC 326. | | | |||||||
| (2) Calculations of tangible common equity to tangible assets and the reconciliations to GAAP are included in the schedules | |||||||||
| accompanying this release. | | | | | | | | | |
| Simmons First National Corporation | | | | | | | | SFNC | |
| Consolidated Investment Securities | | | | | | | | | |
| For the Quarters Ended | Sep 30 | | Jun 30 | | Mar 31 | | Dec 31 | | Sep 30 |
| (Unaudited) | 2025 | | 2025 | | 2025 | | 2024 | | 2024 |
| ($ in thousands) | | | | | | | | | |
| Investment Securities - End of Period | | | | | | | | | |
| Held-to-Maturity | | | | | | | | | |
| U.S. Government agencies | $ - | | $ 457,228 | | $ 456,545 | | $ 455,869 | | $ 455,179 |
| Mortgage-backed securities | - | | 1,024,313 | | 1,048,170 | | 1,070,032 | | 1,093,070 |
| State and political subdivisions | - | | 1,855,614 | | 1,856,905 | | 1,857,177 | | 1,857,283 |
| Other securities | - | | 254,376 | | 253,936 | | 253,558 | | 253,168 |
| Total held-to-maturity (net of credit losses) | - | | 3,591,531 | | 3,615,556 | | 3,636,636 | | 3,658,700 |
| Available-for-Sale | | | | | | | | | |
| U.S. Treasury | $ - | | $ 400 | | $ 699 | | $ 996 | | $ 1,290 |
| U.S. Government agencies | 48,355 | | 49,498 | | 52,318 | | 54,547 | | 58,397 |
| Mortgage-backed securities | 2,249,593 | | 1,349,991 | | 1,380,913 | | 1,392,759 | | 1,510,402 |
| State and political subdivisions | 845,371 | | 807,842 | | 832,898 | | 858,182 | | 898,178 |
| Other securities | 175,958 | | 197,589 | | 225,021 | | 222,942 | | 222,827 |
| Total available-for-sale (net of credit losses) | 3,319,277 | | 2,405,320 | | 2,491,849 | | 2,529,426 | | 2,691,094 |
| Total investment securities (net of credit losses) | $ 3,319,277 | | $ 5,996,851 | | $ 6,107,405 | | $ 6,166,062 | | $ 6,349,794 |
| Fair value - HTM investment securities | $ - | | $ 2,891,974 | | $ 2,929,625 | | $ 2,949,951 | | $ 3,109,610 |
| Simmons First National Corporation | | | | | | | | SFNC | |
| Consolidated Loans | | | | | | | | | |
| For the Quarters Ended | Sep 30 | | Jun 30 | | Mar 31 | | Dec 31 | | Sep 30 |
| (Unaudited) | 2025 | | 2025 | | 2025 | | 2024 | | 2024 |
| ($ in thousands) | | | | | | | | | |
| Loan Portfolio - End of Period | | | | | | | | | |
| Consumer: | | | | | | | | | |
| Credit cards | $ 173,020 | | $ 176,166 | | $ 179,680 | | $ 181,675 | | $ 177,696 |
| Other consumer | 112,335 | | 123,831 | | 97,198 | | 127,319 | | 113,896 |
| Total consumer | 285,355 | | 299,997 | | 276,878 | | 308,994 | | 291,592 |
| Real Estate: | | | | | | | | | |
| Construction | 2,874,823 | | 2,784,578 | | 2,778,245 | | 2,789,249 | | 2,796,378 |
| Single-family residential | 2,617,849 | | 2,625,717 | | 2,647,451 | | 2,689,946 | | 2,724,648 |
| Other commercial real estate | 7,875,649 | | 7,961,412 | | 8,051,304 | | 7,912,336 | | 7,992,437 |
| Total real estate | 13,368,321 | | 13,371,707 | | 13,477,000 | | 13,391,531 | | 13,513,463 |
| Commercial: | | | | | | | | | |
| Commercial | 2,397,388 | | 2,440,507 | | 2,372,681 | | 2,434,175 | | 2,467,384 |
| Agricultural | 353,181 | | 333,078 | | 264,469 | | 261,154 | | 314,340 |
| Total commercial | 2,750,569 | | 2,773,585 | | 2,637,150 | | 2,695,329 | | 2,781,724 |
| Other | 784,572 | | 665,807 | | 703,050 | | 610,083 | | 749,261 |
| Total loans | $ 17,188,817 | | $ 17,111,096 | | $ 17,094,078 | | $ 17,005,937 | | $ 17,336,040 |
| Simmons First National Corporation | | | | | | | | SFNC | |
| Consolidated Allowance and Asset Quality | | | | | | | | | |
| For the Quarters Ended | Sep 30 | | Jun 30 | | Mar 31 | | Dec 31 | | Sep 30 |
| (Unaudited) | 2025 | | 2025 | | 2025 | | 2024 | | 2024 |
| ($ in thousands) | | | | | | | | | |
| Allowance for Credit Losses on Loans | | | | | | | | | |
| Beginning balance | $ 253,537 | | $ 252,168 | | $ 235,019 | | $ 233,223 | | $ 230,389 |
| | | | | | | | | | |
| Loans charged off: | | | | | | | | | |
| Credit cards | 1,862 | | 1,702 | | 1,460 | | 1,629 | | 1,744 |
| Other consumer | 600 | | 351 | | 1,133 | | 505 | | 524 |
| Real estate | 1,350 | | 1,450 | | 4,425 | | 3,810 | | 159 |
| Commercial | 8,079 | | 8,257 | | 4,243 | | 6,796 | | 8,235 |
| Total loans charged off | 11,891 | | 11,760 | | 11,261 | | 12,740 | | 10,662 |
| | | | | | | | | | |
| Recoveries of loans previously charged off: | | | | | | | | | |
| Credit cards | 257 | | 334 | | 211 | | 391 | | 231 |
| Other consumer | 303 | | 294 | | 306 | | 279 | | 275 |
| Real estate | 115 | | 87 | | 99 | | 275 | | 403 |
| Commercial | 505 | | 469 | | 997 | | 259 | | 439 |
| Total recoveries | 1,180 | | 1,184 | | 1,613 | | 1,204 | | 1,348 |
| Net loans charged off | 10,711 | | 10,576 | | 9,648 | | 11,536 | | 9,314 |
| Provision for credit losses on loans | 15,180 | | 11,945 | | 26,797 | | 13,332 | | 12,148 |
| Balance, end of quarter | $ 258,006 | | $ 253,537 | | $ 252,168 | | $ 235,019 | | $ 233,223 |
| | | | | | | | | | |
| Nonperforming assets | | | | | | | | | |
| Nonperforming loans: | | | | | | | | | |
| Nonaccrual loans | $ 153,516 | | $ 156,453 | | $ 151,897 | | $ 110,154 | | $ 100,865 |
| Loans past due 90 days or more | 423 | | 709 | | 494 | | 603 | | 830 |
| Total nonperforming loans | 153,939 | | 157,162 | | 152,391 | | 110,757 | | 101,695 |
| Other nonperforming assets: | | | | | | | | | |
| Foreclosed assets and other real estate owned | 6,386 | | 8,794 | | 8,976 | | 9,270 | | 1,299 |
| Other nonperforming assets | 392 | | 759 | | 978 | | 1,202 | | 1,311 |
| Total other nonperforming assets | 6,778 | | 9,553 | | 9,954 | | 10,472 | | 2,610 |
| Total nonperforming assets | $ 160,717 | | $ 166,715 | | $ 162,345 | | $ 121,229 | | $ 104,305 |
| | | | | | | | | | |
| Ratios | | | | | | | | | |
| Allowance for credit losses on loans to total loans | 1.50 % | | 1.48 % | | 1.48 % | | 1.38 % | | 1.35 % |
| Allowance for credit losses to nonperforming loans | 168 % | | 161 % | | 165 % | | 212 % | | 229 % |
| Nonperforming loans to total loans | 0.90 % | | 0.92 % | | 0.89 % | | 0.65 % | | 0.59 % |
| Nonperforming assets to total assets | 0.66 % | | 0.62 % | | 0.61 % | | 0.45 % | | 0.38 % |
| Annualized net charge offs to average loans (QTD) | 0.25 % | | 0.25 % | | 0.23 % | | 0.27 % | | 0.22 % |
| Annualized net charge offs to average loans (YTD) | 0.24 % | | 0.24 % | | 0.23 % | | 0.22 % | | 0.20 % |
| Annualized net credit card charge offs to | | | | | | | | | |
| average credit card loans (QTD) | 3.64 % | | 2.99 % | | 2.72 % | | 2.63 % | | 3.23 % |
| Simmons First National Corporation | | | | | | | | | | | | | | | | SFNC | |
| Consolidated - Average Balance Sheet and Net Interest Income Analysis | | | | | | | | | | | | ||||||
| For the Quarters Ended | | | | | | | | | | | | | | | | | |
| (Unaudited) | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Three Months Ended | | Three Months Ended | ||||||||||||
| ($ in thousands) | Average | | Income/ | | Yield/ | | Average | | Income/ | | Yield/ | | Average | | Income/ | | Yield/ |
| ASSETS | | | | | | | | | | | | | | | | | |
| Earning assets: | | | | | | | | | | | | | | | | | |
| Interest bearing balances due from banks | | | | | | | | | | | | | | | | | |
| and federal funds sold | $ 566,344 | | $ 6,421 | | 4.50 % | | $ 219,928 | | $ 2,531 | | 4.62 % | | $ 204,505 | | $ 2,921 | | 5.68 % |
| Investment securities - taxable | 2,751,493 | | 29,183 | | 4.21 % | | 3,483,805 | | 31,233 | | 3.60 % | | 3,826,934 | | 37,473 | | 3.90 % |
| Investment securities - non-taxable (FTE) | 1,242,936 | | 11,210 | | 3.58 % | | 2,564,037 | | 21,210 | | 3.32 % | | 2,617,532 | | 21,318 | | 3.24 % |
| Mortgage loans held for sale | 13,776 | | 229 | | 6.60 % | | 13,063 | | 221 | | 6.79 % | | 12,425 | | 209 | | 6.69 % |
| Assets held in trading accounts | 11,305 | | 99 | | 3.47 % | | - | | - | | 0.00 % | | - | | - | | 0.00 % |
| Other loans held for sale | - | | - | | 0.00 % | | - | | - | | 0.00 % | | - | | - | | 0.00 % |
| Loans - including fees (FTE) | 16,976,231 | | 270,092 | | 6.31 % | | 17,046,802 | | 266,250 | | 6.26 % | | 17,208,162 | | 278,766 | | 6.44 % |
| Total interest earning assets (FTE) | 21,562,085 | | 317,234 | | 5.84 % | | 23,327,635 | | 321,445 | | 5.53 % | | 23,869,558 | | 340,687 | | 5.68 % |
| Non-earning assets | 3,352,837 | | | | | | 3,317,496 | | | | | | 3,346,882 | | | | |
| Total assets | $ 24,914,922 | | | | | | $ 26,645,131 | | | | | | $ 27,216,440 | | | | |
| | | | | | | | | | | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | | | | | | | | | | |
| Interest bearing liabilities: | | | | | | | | | | | | | | | | | |
| Interest bearing transaction and | | | | | | | | | | | | | | | | | |
| savings accounts | $ 11,043,132 | | $ 67,546 | | 2.43 % | | $ 11,220,060 | | $ 69,108 | | 2.47 % | | $ 10,826,514 | | $ 78,307 | | 2.88 % |
| Time deposits | 5,116,070 | | 49,064 | | 3.80 % | | 5,820,499 | | 57,231 | | 3.94 % | | 6,355,801 | | 73,937 | | 4.63 % |
| Total interest bearing deposits | 16,159,202 | | 116,610 | | 2.86 % | | 17,040,559 | | 126,339 | | 2.97 % | | 17,182,315 | | 152,244 | | 3.52 % |
| Federal funds purchased and securities | | | | | | | | | | | | | | | | | |
| sold under agreement to repurchase | 23,306 | | 72 | | 1.23 % | | 32,565 | | 59 | | 0.73 % | | 51,830 | | 138 | | 1.06 % |
| Other borrowings | 268,278 | | 2,957 | | 4.37 % | | 960,817 | | 10,613 | | 4.43 % | | 1,252,435 | | 17,067 | | 5.42 % |
| Subordinated notes and debentures | 407,922 | | 7,123 | | 6.93 % | | 366,350 | | 6,188 | | 6.77 % | | 366,236 | | 7,128 | | 7.74 % |
| Total interest bearing liabilities | 16,858,708 | | 126,762 | | 2.98 % | | 18,400,291 | | 143,199 | | 3.12 % | | 18,852,816 | | 176,577 | | 3.73 % |
| Noninterest bearing liabilities: | | | | | | | | | | | | | | | | | |
| Noninterest bearing deposits | 4,369,941 | | | | | | 4,390,454 | | | | | | 4,535,105 | | | | |
| Other liabilities | 317,965 | | | | | | 308,223 | | | | | | 323,378 | | | | |
| Total liabilities | 21,546,614 | | | | | | 23,098,968 | | | | | | 23,711,299 | | | | |
| Stockholders' equity | 3,368,308 | | | | | | 3,546,163 | | | | | | 3,505,141 | | | | |
| Total liabilities and stockholders' equity | $ 24,914,922 | | | | | | $ 26,645,131 | | | | | | $ 27,216,440 | | | | |
| Net interest income (FTE) | | | $ 190,472 | | | | | | $ 178,246 | | | | | | $ 164,110 | | |
| Net interest spread (FTE) | | | | | 2.86 % | | | | | | 2.41 % | | | | | | 1.95 % |
| Net interest margin (FTE) | | | | | 3.50 % | | | | | | 3.06 % | | | | | | 2.74 % |
| Simmons First National Corporation | | | | | | | | SFNC | |
| Consolidated - Selected Financial Data | | | | | | | | | |
| For the Quarters Ended | Sep 30 | | Jun 30 | | Mar 31 | | Dec 31 | | Sep 30 |
| (Unaudited) | 2025 | | 2025 | | 2025 | | 2024 | | 2024 |
| ($ in thousands, except share data) | | | | | | | | | |
| QUARTER-TO-DATE | | | | | | | | | |
| Financial Highlights - As Reported | | | | | | | | | |
| Net Income (loss) | $ (562,792) | | $ 54,773 | | $ 32,388 | | $ 48,319 | | $ 24,740 |
| Diluted earnings per share | (4.00) | | 0.43 | | 0.26 | | 0.38 | | 0.20 |
| Return on average assets | -8.96 % | | 0.82 % | | 0.49 % | | 0.71 % | | 0.36 % |
| Return on average common equity | -66.29 % | | 6.20 % | | 3.69 % | | 5.43 % | | 2.81 % |
| Return on tangible common equity (non-GAAP) (1) | -113.56 % | | 10.73 % | | 6.61 % | | 9.59 % | | 5.27 % |
| Net interest margin (FTE) | 3.50 % | | 3.06 % | | 2.95 % | | 2.87 % | | 2.74 % |
| Efficiency ratio (2) | -25.11 % | | 62.82 % | | 66.94 % | | 65.66 % | | 75.70 % |
| FTE adjustment | 3,811 | | 6,422 | | 6,414 | | 6,424 | | 6,398 |
| Average diluted shares outstanding | 140,648,704 | | 126,406,453 | | 126,336,557 | | 126,232,084 | | 125,999,269 |
| Cash dividends declared per common share | 0.213 | | 0.213 | | 0.213 | | 0.210 | | 0.210 |
| Accretable yield on acquired loans | 725 | | 1,263 | | 1,084 | | 1,863 | | 1,496 |
| Financial Highlights - Adjusted (non-GAAP) (1) | | | | | | | | | |
| Adjusted earnings | $ 64,930 | | $ 56,071 | | $ 33,122 | | $ 49,634 | | $ 46,005 |
| Adjusted diluted earnings per share | 0.46 | | 0.44 | | 0.26 | | 0.39 | | 0.37 |
| Adjusted return on average assets | 1.03 % | | 0.84 % | | 0.50 % | | 0.73 % | | 0.67 % |
| Adjusted return on average common equity | 7.65 % | | 6.34 % | | 3.77 % | | 5.57 % | | 5.22 % |
| Adjusted return on tangible common equity | 13.62 % | | 10.97 % | | 6.75 % | | 9.83 % | | 9.34 % |
| Adjusted efficiency ratio (2) | 57.72 % | | 60.52 % | | 64.75 % | | 62.89 % | | 63.38 % |
| YEAR-TO-DATE | | | | | | | | | |
| Financial Highlights - GAAP | | | | | | | | | |
| Net Income (loss) | $ (475,631) | | $ 87,161 | | $ 32,388 | | $ 152,693 | | $ 104,374 |
| Diluted earnings per share | (3.63) | | 0.69 | | 0.26 | | 1.21 | | 0.83 |
| Return on average assets | -2.44 % | | 0.66 % | | 0.49 % | | 0.56 % | | 0.51 % |
| Return on average common equity | -18.21 % | | 4.94 % | | 3.69 % | | 4.38 % | | 4.02 % |
| Return on tangible common equity (non-GAAP) (1) | -30.13 % | | 8.67 % | | 6.61 % | | 7.96 % | | 7.39 % |
| Net interest margin (FTE) | 3.17 % | | 3.01 % | | 2.95 % | | 2.74 % | | 2.70 % |
| Efficiency ratio (2) | -329.30 % | | 64.86 % | | 66.94 % | | 69.57 % | | 71.00 % |
| FTE adjustment | 16,647 | | 12,836 | | 6,414 | | 25,820 | | 19,396 |
| Average diluted shares outstanding | 131,132,891 | | 126,325,650 | | 126,336,557 | | 126,115,606 | | 125,910,260 |
| Cash dividends declared per common share | 0.638 | | 0.425 | | 0.213 | | 0.840 | | 0.630 |
| Financial Highlights - Adjusted (non-GAAP) (1) | | | | | | | | | |
| Adjusted earnings | $ 154,123 | | $ 89,193 | | $ 33,122 | | $ 177,887 | | $ 128,253 |
| Adjusted diluted earnings per share | 1.18 | | 0.71 | | 0.26 | | 1.41 | | 1.02 |
| Adjusted return on average assets | 0.79 % | | 0.67 % | | 0.50 % | | 0.65 % | | 0.63 % |
| Adjusted return on average common equity | 5.90 % | | 5.06 % | | 3.77 % | | 5.10 % | | 4.94 % |
| Adjusted return on tangible common equity | 10.37 % | | 8.86 % | | 6.75 % | | 9.18 % | | 8.96 % |
| Adjusted efficiency ratio (2) | 60.90 % | | 62.62 % | | 64.75 % | | 64.56 % | | 65.14 % |
| END OF PERIOD | | | | | | | | | |
| Book value per share | $ 23.18 | | $ 28.17 | | $ 28.04 | | $ 28.08 | | $ 28.11 |
| Tangible book value per share | 13.45 | | 16.97 | | 16.81 | | 16.80 | | 16.78 |
| Shares outstanding | 144,703,075 | | 125,996,248 | | 125,926,822 | | 125,651,540 | | 125,554,598 |
| Full-time equivalent employees | 2,883 | | 2,947 | | 2,949 | | 2,946 | | 2,972 |
| Total number of financial centers | 223 | | 223 | | 222 | | 222 | | 234 |
| | | | | | | | | | |
| (1) Non-GAAP measurement that management believes aids in the understanding and discussion of results. Reconciliations to GAAP are | |||||||||
| included in the schedules accompanying this release. | | | | | | | | | |
| (2) Efficiency ratio is noninterest expense as a percent of net interest income (fully taxable equivalent) and noninterest revenues. | |||||||||
| Adjusted efficiency ratio is noninterest expense before foreclosed property expense, amortization of intangibles and certain adjusting | |||||||||
| items as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from | |||||||||
| securities transactions and certain adjusting items, and is a non-GAAP measurement. | | | | | | | |||
| Simmons First National Corporation | | | | | | | | | SFNC |
| Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Quarter-to-Date | | | | | |||||
| For the Quarters Ended | Sep 30 | | Jun 30 | | Mar 31 | | Dec 31 | | Sep 30 |
| (Unaudited) | 2025 | | 2025 | | 2025 | | 2024 | | 2024 |
| (in thousands, except per share data) | | | | | | | | | |
| QUARTER-TO-DATE | | | | | | | | | |
| Net income (loss) | $ (562,792) | | $ 54,773 | | $ 32,388 | | $ 48,319 | | $ 24,740 |
| Certain items (non-GAAP) | | | | | | | | | |
| Loss on early extinguishment of debt | 570 | | - | | - | | - | | - |
| Early retirement program | 305 | | 1,594 | | - | | 200 | | (1) |
| Termination of vendor and software services | - | | - | | - | | - | | (13) |
| Loss (gain) on sale of securities | 801,492 | | - | | - | | - | | 28,393 |
| Branch right sizing (net) | 2,004 | | 163 | | 994 | | 1,581 | | 410 |
| Tax effect of certain items (1) | (176,649) | | (459) | | (260) | | (466) | | (7,524) |
| Certain items, net of tax | 627,722 | | 1,298 | | 734 | | 1,315 | | 21,265 |
| Adjusted earnings (non-GAAP) (2) | $ 64,930 | | $ 56,071 | | $ 33,122 | | $ 49,634 | | $ 46,005 |
| | | | | | | | | | |
| Diluted earnings per share | $ (4.00) | | $ 0.43 | | $ 0.26 | | $ 0.38 | | $ 0.20 |
| Certain items (non-GAAP) | | | | | | | | | |
| Loss on early extinguishment of debt | - | | - | | - | | - | | - |
| Early retirement program | - | | 0.01 | | - | | - | | - |
| Termination of vendor and software services | - | | - | | - | | - | | - |
| Loss (gain) on sale of securities | 5.70 | | - | | - | | - | | 0.23 |
| Branch right sizing (net) | 0.01 | | - | | - | | 0.01 | | - |
| Tax effect of certain items (1) | (1.25) | | - | | - | | - | | (0.06) |
| Certain items, net of tax | 4.46 | | 0.01 | | - | | 0.01 | | 0.17 |
| Adjusted diluted earnings per share (non-GAAP) | $ 0.46 | | $ 0.44 | | $ 0.26 | | $ 0.39 | | $ 0.37 |
| | | | | | | | | | |
| (1) Actual tax rate of 21.946% on 2025 loss on sale of securities. Effective rate of 26.135% on all other items. | | | | | |||||
| (2) In this press release, "Adjusted Earnings" may also be referred to as "Adjusted Net Income." | | | | | | | |||
| | | | | | | | | | |
| Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP) | | | | | | | | | |
| | | | | | | | | | |
| QUARTER-TO-DATE | | | | | | | | | |
| Noninterest income | $ (756,187) | | $ 42,354 | | $ 46,155 | | $ 43,558 | | $ 17,130 |
| Certain noninterest income items | | | | | | | | | |
| Loss on early extinguishment of debt | 570 | | - | | - | | - | | - |
| Loss (gain) on sale of securities | 801,492 | | - | | - | | - | | 28,393 |
| Adjusted noninterest income (non-GAAP) | $ 45,875 | | $ 42,354 | | $ 46,155 | | $ 43,558 | | $ 45,523 |
| | | | | | | | | | |
| Other income | $ 6,141 | | $ 4,837 | | $ 8,007 | | $ 5,565 | | $ 8,346 |
| Certain other income items | | | | | | | | | |
| Loss on early extinguishment of debt | 570 | | - | | - | | - | | - |
| Adjusted other income (non-GAAP) | $ 6,711 | | $ 4,837 | | $ 8,007 | | $ 5,565 | | $ 8,346 |
| | | | | | | | | | |
| Noninterest expense | $ 142,032 | | $ 138,589 | | $ 144,580 | | $ 141,117 | | $ 137,193 |
| Certain noninterest expense items | | | | | | | | | |
| Early retirement program | (305) | | (1,594) | | - | | (200) | | 1 |
| Termination of vendor and software services | - | | - | | - | | - | | 13 |
| Branch right sizing expense | (2,004) | | (163) | | (994) | | (1,581) | | (410) |
| Adjusted noninterest expense (non-GAAP) | 139,723 | | 136,832 | | 143,586 | | 139,336 | | 136,797 |
| Less: Fraud event | - | | - | | (4,300) | | - | | - |
| Adjusted noninterest expense, excluding fraud event (non-GAAP) | $ 139,723 | | $ 136,832 | | $ 139,286 | | $ 139,336 | | $ 136,797 |
| | | | | | | | | | |
| Salaries and employee benefits | $ 76,249 | | $ 73,862 | | $ 74,824 | | $ 71,588 | | $ 69,167 |
| Certain salaries and employee benefits items | | | | | | | | | |
| Early retirement program | (305) | | (1,594) | | - | | (200) | | 1 |
| Other | (1) | | 1 | | - | | - | | (1) |
| Adjusted salaries and employee benefits (non-GAAP) | $ 75,943 | | $ 72,269 | | $ 74,824 | | $ 71,388 | | $ 69,167 |
| | | | | | | | | | |
| Other operating expenses | $ 43,027 | | $ 42,276 | | $ 46,051 | | $ 46,115 | | $ 44,540 |
| Certain other operating expenses items | | | | | | | | | |
| Termination of vendor and software services | - | | - | | - | | - | | 13 |
| Branch right sizing expense | (1,556) | | 255 | | (161) | | (1,457) | | (184) |
| Adjusted other operating expenses (non-GAAP) | $ 41,471 | | $ 42,531 | | $ 45,890 | | $ 44,658 | | $ 44,369 |
| Simmons First National Corporation | | | | | | | | | SFNC |
| Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Year-to-Date | | | | | |||||
| For the Quarters Ended | Sep 30 | | Jun 30 | | Mar 31 | | Dec 31 | | Sep 30 |
| (Unaudited) | 2025 | | 2025 | | 2025 | | 2024 | | 2024 |
| (in thousands, except per share data) | | | | | | | | | |
| YEAR-TO-DATE | | | | | | | | | |
| Net income (loss) | $ (475,631) | | $ 87,161 | | $ 32,388 | | $ 152,693 | | $ 104,374 |
| Certain items (non-GAAP) | | | | | | | | | |
| Loss on early extinguishment of debt | 570 | | - | | - | | - | | - |
| FDIC Deposit Insurance special assessment | - | | - | | - | | 1,832 |
| 1,832 |
| Early retirement program | 1,899 | | 1,594 | | - | | 536 | | 336 |
| Termination of vendor and software services | - | | - | | - | | 602 | | 602 |
| Loss (gain) on sale of securities | 801,492 | | - | | - | | 28,393 | | 28,393 |
| Branch right sizing (net) | 3,161 | | 1,157 | | 994 | | 2,746 | | 1,165 |
| Tax effect of certain items (1) | (177,368) | | (719) | | (260) | | (8,915) | | (8,449) |
| Certain items, net of tax | 629,754 | | 2,032 | | 734 | | 25,194 | | 23,879 |
| Adjusted earnings (non-GAAP) (2) | $ 154,123 | | $ 89,193 | | $ 33,122 | | $ 177,887 | | $ 128,253 |
| | | | | | | | | | |
| Diluted earnings per share | $ (3.63) | | $ 0.69 | | $ 0.26 | | $ 1.21 | | $ 0.83 |
| Certain items (non-GAAP) | | | | | | | | | |
| Loss on early extinguishment of debt | - | | - | | - | | - | | - |
| FDIC Deposit Insurance special assessment | - | | - | | - | | 0.02 | | 0.02 |
| Early retirement program | 0.02 | | 0.01 | | - | | - | | - |
| Termination of vendor and software services | - | | - | | - | | - | | - |
| Loss (gain) on sale of securities | 6.11 | | - | | - | | 0.23 | | 0.23 |
| Branch right sizing (net) | 0.02 | | 0.01 | | - | | 0.02 | | 0.01 |
| Tax effect of certain items (1) | (1.34) | | - | | - | | (0.07) | | (0.07) |
| Certain items, net of tax | 4.81 | | 0.02 | | - | | 0.20 | | 0.19 |
| Adjusted diluted earnings per share (non-GAAP) | $ 1.18 | | $ 0.71 | | $ 0.26 | | $ 1.41 | | $ 1.02 |
| | | | | | | | | | |
| (1) Actual tax rate of 21.946% on 2025 loss on sale of securities. Effective rate of 26.135% on all other items. | | | | | |||||
| (2) In this press release, "Adjusted Earnings" may also be referred to as "Adjusted Net Income." | | | | | | | |||
| | | | | | | | | | |
| Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP) | | | | | | | | | |
| | | | | | | | | | |
| YEAR-TO-DATE | | | | | | | | | |
| Noninterest income | $ (667,678) | | $ 88,509 | | $ 46,155 | | $ 147,171 | | $ 103,613 |
| Certain noninterest income items | | | | | | | | | |
| Loss on early extinguishment of debt | 570 | | - | | - | | - | | - |
| Loss (gain) on sale of securities | 801,492 | | - | | - | | 28,393 | | 28,393 |
| Adjusted noninterest income (non-GAAP) | $ 134,384 | | $ 88,509 | | $ 46,155 | | $ 175,564 | | $ 132,006 |
| | | | | | | | | | |
| Other income | $ 18,985 | | $ 12,844 | | $ 8,007 | | $ 27,493 | | $ 21,928 |
| Certain other income items | | | | | | | | | |
| Loss on early extinguishment of debt | 570 | | - | | - | | - | | - |
| Adjusted other income (non-GAAP) | $ 19,555 | | $ 12,844 | | $ 8,007 | | $ 27,493 | | $ 21,928 |
| | | | | | | | | | |
| Noninterest expense | $ 425,201 | | $ 283,169 | | $ 144,580 | | $ 557,543 | | $ 416,426 |
| Certain noninterest expense items | | | | | | | | | |
| Early retirement program | (1,899) | | (1,594) | | - | | (536) | | (336) |
| FDIC Deposit Insurance special assessment | - | | - | | - | | (1,832) | | (1,832) |
| Termination of vendor and software services | - | | - | | - | | (602) | | (602) |
| Branch right sizing expense | (3,161) | | (1,157) | | (994) | | (2,746) | | (1,165) |
| Adjusted noninterest expense (non-GAAP) | 420,141 | | 280,418 | | 143,586 | | 551,827 | | 412,491 |
| Less: Fraud event | (4,300) | | (4,300) | | (4,300) | | - | | - |
| Adjusted noninterest expense, excluding fraud event (non-GAAP) | $ 415,841 | | $ 276,118 | | $ 139,286 | | $ 551,827 | | $ 412,491 |
| | | | | | | | | | |
| Salaries and employee benefits | $ 224,935 | | $ 148,686 | | $ 74,824 | | $ 284,124 | | $ 212,536 |
| Certain salaries and employee benefits items | | | | | | | | | |
| Early retirement program | (1,899) | | (1,594) | | - | | (536) | | (336) |
| Other | - | | 1 | | - | | - | | - |
| Adjusted salaries and employee benefits (non-GAAP) | $ 223,036 | | $ 147,093 | | $ 74,824 | | $ 283,588 | | $ 212,200 |
| | | | | | | | | | |
| Other operating expenses | $ 131,354 | | $ 88,327 | | $ 46,051 | | $ 178,520 | | $ 132,405 |
| Certain other operating expenses items | | | | | | | | | |
| Termination of vendor and software services | - | | - | | - | | (602) | | (602) |
| Branch right sizing expense | (1,462) | | 94 | | (161) | | (2,116) | | (659) |
| Adjusted other operating expenses (non-GAAP) | $ 129,892 | | $ 88,421 | | $ 45,890 | | $ 175,802 | | $ 131,144 |
| Simmons First National Corporation | | | | | | | | | SFNC |
| Reconciliation Of Non-GAAP Financial Measures - End of Period | | | | | | | | | |
| For the Quarters Ended | Sep 30 | | Jun 30 | | Mar 31 | | Dec 31 | | Sep 30 |
| (Unaudited) | 2025 | | 2025 | | 2025 | | 2024 | | 2024 |
| ($ in thousands, except per share data) | | | | | | | | | |
| | | | | | | | | | |
| Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets | | | | | |||||
| | | | | | | | | | |
| Total common stockholders' equity | $ 3,353,963 | | $ 3,549,210 | | $ 3,531,485 | | $ 3,528,872 | | $ 3,528,833 |
| Intangible assets: | | | | | | | | | |
| Goodwill | (1,320,799) | | (1,320,799) | | (1,320,799) | | (1,320,799) | | (1,320,799) |
| Other intangible assets | (87,520) | | (90,617) | | (93,714) | | (97,242) | | (101,093) |
| Total intangibles | (1,408,319) | | (1,411,416) | | (1,414,513) | | (1,418,041) | | (1,421,892) |
| Tangible common stockholders' equity | $ 1,945,644 | | $ 2,137,794 | | $ 2,116,972 | | $ 2,110,831 | | $ 2,106,941 |
| | | | | | | | | | |
| Total assets | $ 24,208,162 | | $ 26,693,620 | | $ 26,792,991 | | $ 26,876,049 | | $ 27,269,404 |
| Intangible assets: | | | | | | | | | |
| Goodwill | (1,320,799) | | (1,320,799) | | (1,320,799) | | (1,320,799) | | (1,320,799) |
| Other intangible assets | (87,520) | | (90,617) | | (93,714) | | (97,242) | | (101,093) |
| Total intangibles | (1,408,319) | | (1,411,416) | | (1,414,513) | | (1,418,041) | | (1,421,892) |
| Tangible assets | $ 22,799,843 | | $ 25,282,204 | | $ 25,378,478 | | $ 25,458,008 | | $ 25,847,512 |
| | | | | | | | | | |
| Ratio of common equity to assets | 13.85 % | | 13.30 % | | 13.18 % | | 13.13 % | | 12.94 % |
| Ratio of tangible common equity to tangible assets | 8.53 % | | 8.46 % | | 8.34 % | | 8.29 % | | 8.15 % |
| | | | | | | | | | |
| Calculation of Tangible Book Value per Share | | | | | | | | | |
| | | | | | | | | | |
| Total common stockholders' equity | $ 3,353,963 | | $ 3,549,210 | | $ 3,531,485 | | $ 3,528,872 | | $ 3,528,833 |
| Intangible assets: | | | | | | | | | |
| Goodwill | (1,320,799) | | (1,320,799) | | (1,320,799) | | (1,320,799) | | (1,320,799) |
| Other intangible assets | (87,520) | | (90,617) | | (93,714) | | (97,242) | | (101,093) |
| Total intangibles | (1,408,319) | | (1,411,416) | | (1,414,513) | | (1,418,041) | | (1,421,892) |
| Tangible common stockholders' equity | $ 1,945,644 | | $ 2,137,794 | | $ 2,116,972 | | $ 2,110,831 | | $ 2,106,941 |
| Shares of common stock outstanding | 144,703,075 | | 125,996,248 | | 125,926,822 | | 125,651,540 | | 125,554,598 |
| Book value per common share | $ 23.18 | | $ 28.17 | | $ 28.04 | | $ 28.08 | | $ 28.11 |
| Tangible book value per common share | $ 13.45 | | $ 16.97 | | $ 16.81 | | $ 16.80 | | $ 16.78 |
| | | | | | | | | | |
| Calculation of Coverage Ratio of Uninsured, Non-Collateralized Deposits | | | | | | | | | |
| | | | | | | | | | |
| Uninsured deposits at Simmons Bank | $ 9,565,766 | | $ 8,407,847 | | $ 8,614,833 | | $ 8,467,291 | | $ 8,355,496 |
| Less: Collateralized deposits (excluding portion that is FDIC insured) | 2,169,362 | | 2,691,215 | | 3,005,328 | | 2,790,339 | | 2,710,167 |
| Less: Intercompany eliminations | 2,937,147 | | 1,121,932 | | 1,073,500 | | 1,045,734 | | 986,626 |
| Total uninsured, non-collateralized deposits | $ 4,459,257 | | $ 4,594,700 | | $ 4,536,005 | | $ 4,631,218 | | $ 4,658,703 |
| | | | | | | | | | |
| FHLB borrowing availability | $ 6,134,000 | | $ 5,133,000 | | $ 4,432,000 | | $ 4,716,000 | | $ 4,955,000 |
| Unpledged securities | 1,575,000 | | 3,697,000 | | 4,197,000 | | 4,103,000 | | 4,110,000 |
| Fed funds lines, Fed discount window and | | | | | | | | | |
| Bank Term Funding Program (1) | 1,824,000 | | 1,894,000 | | 1,780,000 | | 2,081,000 | | 2,109,000 |
| Additional liquidity sources | $ 9,533,000 | | $ 10,724,000 | | $ 10,409,000 | | $ 10,900,000 | | $ 11,174,000 |
| | | | | | | | | | |
| Uninsured, non-collateralized deposit coverage ratio | 2.1 | | 2.3 | | 2.3 | | 2.4 | | 2.4 |
| | | | | | | | | | |
| (1) The Bank Term Funding Program closed for new loans on March 11, 2024. At no time did Simmons borrow funds under this program. | |||||||||
| | | | | | | | | | |
| Calculation of Net Charge Off Ratio | | | | | | | | | |
| | | | | | | | | | |
| Net charge offs | $ 10,711 | | $ 10,576 | | $ 9,648 | | $ 11,536 | | $ 9,314 |
| Less: Net charge offs from run-off portfolio (1) | 500 | | 1,100 | | 1,900 | | 2,500 | | 3,500 |
| Net charge offs excluding run-off portfolio | $ 10,211 | | $ 9,476 | | $ 7,748 | | $ 9,036 | | $ 5,814 |
| | | | | | | | | | |
| Average total loans | $ 16,976,231 | | $ 17,046,802 | | $ 16,920,050 | | $ 17,212,034 | | $ 17,208,162 |
| | | | | | | | | | |
| Annualized net charge offs to average loans (NCO ratio) | 0.25 % | | 0.25 % | | 0.23 % | | 0.27 % | | 0.22 % |
| NCO ratio, excluding net charge offs associated with run-off | | | | | | | | | |
| portfolio (annualized) | 0.24 % | | 0.22 % | | 0.19 % | | 0.21 % | | 0.13 % |
| | | | | | | | | | |
| (1) Run-off portfolio consists of asset based lending and small equipment finance portfolios obtained in acquisitions. | | | |||||||
| Simmons First National Corporation | | | | | | | | | SFNC |
| Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date | | | | | | | | | |
| For the Quarters Ended | Sep 30 | | Jun 30 | | Mar 31 | | Dec 31 | | Sep 30 |
| (Unaudited) | 2025 | | 2025 | | 2025 | | 2024 | | 2024 |
| ($ in thousands) | | | | | | | | | |
| Calculation of Adjusted Return on Average Assets | | | | | | | | | |
| | | | | | | | | | |
| Net income (loss) | $ (562,792) | | $ 54,773 | | $ 32,388 | | $ 48,319 | | $ 24,740 |
| Certain items (non-GAAP) | | | | | | | | | |
| Loss on early extinguishment of debt | 570 | | - | | - | | - | | - |
| Early retirement program | 305 | | 1,594 | | - | | 200 | | (1) |
| Termination of vendor and software services | - | | - | | - | | - | | (13) |
| Loss (gain) on sale of securities | 801,492 | | - | | - | | - | | 28,393 |
| Branch right sizing (net) | 2,004 | | 163 | | 994 | | 1,581 | | 410 |
| Tax effect of certain items (2) | (176,649) | | (459) | | (260) | | (466) | | (7,524) |
| Adjusted earnings (non-GAAP) | $ 64,930 | | $ 56,071 | | $ 33,122 | | $ 49,634 | | $ 46,005 |
| | | | | | | | | | |
| Average total assets | $ 24,914,922 | | $ 26,645,131 | | $ 26,678,628 | | $ 27,078,943 | | $ 27,216,440 |
| | | | | | | | | | |
| Return on average assets | -8.96 % | | 0.82 % | | 0.49 % | | 0.71 % | | 0.36 % |
| Adjusted return on average assets (non-GAAP) | 1.03 % | | 0.84 % | | 0.50 % | | 0.73 % | | 0.67 % |
| | | | | | | | | | |
| Calculation of Return on Tangible Common Equity | | | | | | | | | |
| | | | | | | | | | |
| Net income (loss) available to common stockholders | $ (562,792) | | $ 54,773 | | $ 32,388 | | $ 48,319 | | $ 24,740 |
| Amortization of intangibles, net of taxes | 2,287 | | 2,289 | | 2,605 | | 2,843 | | 2,845 |
| Total income available to common stockholders | $ (560,505) | | $ 57,062 | | $ 34,993 | | $ 51,162 | | $ 27,585 |
| Certain items (non-GAAP) | | | | | | | | | |
| Loss on early extinguishment of debt | 570 | | - | | - | | - | | - |
| Early retirement program | 305 | | 1,594 | | - | | 200 | | (1) |
| Termination of vendor and software services | - | | - | | - | | - | | (13) |
| Loss (gain) on sale of securities | 801,492 | | - | | - | | - | | 28,393 |
| Branch right sizing (net) | 2,004 | | 163 | | 994 | | 1,581 | | 410 |
| Tax effect of certain items (2) | (176,649) | | (459) | | (260) | | (466) | | (7,524) |
| Adjusted earnings (non-GAAP) | 64,930 | | 56,071 | | 33,122 | | 49,634 | | 46,005 |
| Amortization of intangibles, net of taxes | 2,287 | | 2,289 | | 2,605 | | 2,843 | | 2,845 |
| Total adjusted earnings available to common stockholders (non-GAAP) | $ 67,217 | | $ 58,360 | | $ 35,727 | | $ 52,477 | | $ 48,850 |
| | | | | | | | | | |
| Average common stockholders' equity | $ 3,368,308 | | $ 3,546,163 | | $ 3,564,469 | | $ 3,543,146 | | $ 3,505,141 |
| Average intangible assets: | | | | | | | | | |
| Goodwill | (1,320,799) | | (1,320,799) | | (1,320,799) | | (1,320,799) | | (1,320,799) |
| Other intangibles | (89,349) | | (92,432) | | (95,787) | | (99,405) | | (103,438) |
| Total average intangibles | (1,410,148) | | (1,413,231) | | (1,416,586) | | (1,420,204) | | (1,424,237) |
| Average tangible common stockholders' equity (non-GAAP) | $ 1,958,160 | | $ 2,132,932 | | $ 2,147,883 | | $ 2,122,942 | | $ 2,080,904 |
| | | | | | | | | | |
| Return on average common equity | -66.29 % | | 6.20 % | | 3.69 % | | 5.43 % | | 2.81 % |
| Return on tangible common equity | -113.56 % | | 10.73 % | | 6.61 % | | 9.59 % | | 5.27 % |
| Adjusted return on average common equity (non-GAAP) | 7.65 % | | 6.34 % | | 3.77 % | | 5.57 % | | 5.22 % |
| Adjusted return on tangible common equity (non-GAAP) | 13.62 % | | 10.97 % | | 6.75 % | | 9.83 % | | 9.34 % |
| | | | | | | | | | |
| Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1) | | | | | | | | | |
| | | | | | | | | | |
| Noninterest expense (efficiency ratio numerator) | $ 142,032 | | $ 138,589 | | $ 144,580 | | $ 141,117 | | $ 137,193 |
| Certain noninterest expense items (non-GAAP) | | | | | | | | | |
| Early retirement program | (305) | | (1,594) | | - | | (200) | | 1 |
| Termination of vendor and software services | - | | - | | - | | - | | 13 |
| Branch right sizing expense | (2,004) | | (163) | | (994) | | (1,581) | | (410) |
| Other real estate and foreclosure expense adjustment | (200) | | (216) | | (198) | | (317) | | (87) |
| Amortization of intangibles adjustment | (3,097) | | (3,098) | | (3,527) | | (3,850) | | (3,851) |
| Adjusted efficiency ratio numerator | $ 136,426 | | $ 133,518 | | $ 139,861 | | $ 135,169 | | $ 132,859 |
| | | | | | | | | | |
| Net interest income | $ 186,661 | | $ 171,824 | | $ 163,422 | | $ 164,942 | | $ 157,712 |
| Noninterest income | (756,187) | | 42,354 | | 46,155 | | 43,558 | | 17,130 |
| Fully tax-equivalent adjustment (effective tax rate of 26.135%) | 3,811 | | 6,422 | | 6,414 | | 6,424 | | 6,398 |
| Efficiency ratio denominator | (565,715) | | 220,600 | | 215,991 | | 214,924 | | 181,240 |
| Certain noninterest income items (non-GAAP) | | | | | | | | | |
| Loss on early extinguishment of debt | 570 | | - | | - | | - | | - |
| (Gain) loss on sale of securities | 801,492 | | - | | - | | - | | 28,393 |
| Adjusted efficiency ratio denominator | $ 236,347 | | $ 220,600 | | $ 215,991 | | $ 214,924 | | $ 209,633 |
| | | | | | | | | | |
| Efficiency ratio (1) | -25.11 % | | 62.82 % | | 66.94 % | | 65.66 % | | 75.70 % |
| Adjusted efficiency ratio (non-GAAP) (1) | 57.72 % | | 60.52 % | | 64.75 % | | 62.89 % | | 63.38 % |
| | | | | | | | | | |
| (1) Efficiency ratio is noninterest expense as a percent of net interest income (fully taxable equivalent) and noninterest revenues. Adjusted efficiency | |||||||||
| ratio is noninterest expense before foreclosed property expense, amortization of intangibles and certain adjusting items as a percent of net interest | |||||||||
| income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and certain adjusting items, and is | |||||||||
| a non-GAAP measurement. | | | | | | | | | |
| (2) Actual tax rate of 21.946% on 2025 loss on sale of securities. Effective rate of 26.135% on all other items. | | | | | |||||
| Simmons First National Corporation | | | | | | | | | SFNC |
| Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued) | | | | | | | |||
| For the Quarters Ended | Sep 30 | | Jun 30 | | Mar 31 | | Dec 31 | | Sep 30 |
| (Unaudited) | 2025 | | 2025 | | 2025 | | 2024 | | 2024 |
| ($ in thousands) | | | | | | | | | |
| Calculation of Total Revenue and Adjusted Total Revenue | | | | | | | | | |
| | | | | | | | | | |
| Net interest income | $ 186,661 | | $ 171,824 | | $ 163,422 | | $ 164,942 | | $ 157,712 |
| Noninterest income | (756,187) | | 42,354 | | 46,155 | | 43,558 | | 17,130 |
| Total revenue | (569,526) | | 214,178 | | 209,577 | | 208,500 | | 174,842 |
| Certain items, pre-tax (non-GAAP) | | | | | | | | | |
| Plus: Loss on early extinguishment of debt | 570 | | - | | - | | - | | - |
| Less: Gain (loss) on sale of securities | (801,492) | | - | | - | | - | | (28,393) |
| Adjusted total revenue | $ 232,536 | | $ 214,178 | | $ 209,577 | | $ 208,500 | | $ 203,235 |
| | | | | | | | | | |
| Calculation of Pre-Provision Net Revenue (PPNR) | | | | | | | | | |
| | | | | | | | | | |
| Net interest income | $ 186,661 | | $ 171,824 | | $ 163,422 | | $ 164,942 | | $ 157,712 |
| Noninterest income | (756,187) | | 42,354 | | 46,155 | | 43,558 | | 17,130 |
| Total revenue | (569,526) | | 214,178 | | 209,577 | | 208,500 | | 174,842 |
| Less: Noninterest expense | 142,032 | | 138,589 | | 144,580 | | 141,117 | | 137,193 |
| Pre-Provision Net Revenue (PPNR) | $ (711,558) | | $ 75,589 | | $ 64,997 | | $ 67,383 | | $ 37,649 |
| | | | | | | | | | |
| Calculation of Adjusted Pre-Provision Net Revenue | | | | | | | | | |
| | | | | | | | | | |
| Pre-Provision Net Revenue (PPNR) | $ (711,558) | | $ 75,589 | | $ 64,997 | | $ 67,383 | | $ 37,649 |
| Certain items, pre-tax (non-GAAP) | | | | | | | | | |
| Plus: Loss on early extinguishment of debt | 570 | | - | | - | | - | | - |
| Plus: Loss (gain) on sale of securities | 801,492 | | - | | - | | - | | 28,393 |
| Plus: Early retirement program costs | 305 | | 1,594 | | - | | 200 | | (1) |
| Plus: Termination of vendor and software services | - | | - | | - | | - | | (13) |
| Plus: Branch right sizing costs (net) | 2,004 | | 163 | | 994 | | 1,581 | | 410 |
| Adjusted Pre-Provision Net Revenue | $ 92,813 | | $ 77,346 | | $ 65,991 | | $ 69,164 | | $ 66,438 |
| Simmons First National Corporation | | | | | | | | | SFNC |
| Reconciliation Of Non-GAAP Financial Measures - Year-to-Date | | | | | | | | | |
| For the Quarters Ended | Sep 30 | | Jun 30 | | Mar 31 | | Dec 31 | | Sep 30 |
| (Unaudited) | 2025 | | 2025 | | 2025 | | 2024 | | 2024 |
| ($ in thousands) | | | | | | | | | |
| Calculation of Adjusted Return on Average Assets | | | | | | | | | |
| | | | | | | | | | |
| Net income (loss) | $ (475,631) | | $ 87,161 | | $ 32,388 | | $ 152,693 | | $ 104,374 |
| Certain items (non-GAAP) | | | | | | | | | |
| Loss on early extinguishment of debt | 570 | | - | | - | | - | | - |
| FDIC Deposit Insurance special assessment | - | | - | | - | | 1,832 | | 1,832 |
| Early retirement program | 1,899 | | 1,594 | | - | | 536 | | 336 |
| Termination of vendor and software services | - | | - | | - | | 602 | | 602 |
| Loss (gain) on sale of securities | 801,492 | | - | | - | | 28,393 | | 28,393 |
| Branch right sizing (net) | 3,161 | | 1,157 | | 994 | | 2,746 | | 1,165 |
| Tax effect of certain items (2) | (177,368) | | (719) | | (260) | | (8,915) | | (8,449) |
| Adjusted earnings (non-GAAP) | $ 154,123 | | $ 89,193 | | $ 33,122 | | $ 177,887 | | $ 128,253 |
| | | | | | | | | | |
| Average total assets | $ 26,073,100 | | $ 26,661,787 | | $ 26,678,628 | | $ 27,214,647 | | $ 27,260,212 |
| | | | | | | | | | |
| Return on average assets | -2.44 % | | 0.66 % | | 0.49 % | | 0.56 % | | 0.51 % |
| Adjusted return on average assets (non-GAAP) | 0.79 % | | 0.67 % | | 0.50 % | | 0.65 % | | 0.63 % |
| | | | | | | | | | |
| Calculation of Return on Tangible Common Equity | | | | | | | | | |
| | | | | | | | | | |
| Net income (loss) available to common stockholders | $ (475,631) | | $ 87,161 | | $ 32,388 | | $ 152,693 | | $ 104,374 |
| Amortization of intangibles, net of taxes | 7,181 | | 4,894 | | 2,605 | | 11,377 | | 8,534 |
| Total income available to common stockholders | $ (468,450) | | $ 92,055 | | $ 34,993 | | $ 164,070 | | $ 112,908 |
| Certain items (non-GAAP) | | | | | | | | | |
| Loss on early extinguishment of debt | 570 | | - | | - | | - | | - |
| FDIC Deposit Insurance special assessment | - | | - | | - | | 1,832 | | 1,832 |
| Early retirement program | 1,899 | | 1,594 | | - | | 536 | | 336 |
| Termination of vendor and software services | - | | - | | - | | 602 | | 602 |
| Loss (gain) on sale of securities | 801,492 | | - | | - | | 28,393 | | 28,393 |
| Branch right sizing (net) | 3,161 | | 1,157 | | 994 | | 2,746 | | 1,165 |
| Tax effect of certain items (2) | (177,368) | | (719) | | (260) | | (8,915) | | (8,449) |
| Adjusted earnings (non-GAAP) | 154,123 | | 89,193 | | 33,122 | | 177,887 | | 128,253 |
| Amortization of intangibles, net of taxes | 7,181 | | 4,894 | | 2,605 | | 11,377 | | 8,534 |
| Total adjusted earnings available to common stockholders (non-GAAP) | $ 161,304 | | $ 94,087 | | $ 35,727 | | $ 189,264 | | $ 136,787 |
| | | | | | | | | | |
| Average common stockholders' equity | $ 3,492,261 | | $ 3,555,265 | | $ 3,564,469 | | $ 3,486,822 | | $ 3,467,908 |
| Average intangible assets: | | | | | | | | | |
| Goodwill | (1,320,799) | | (1,320,799) | | (1,320,799) | | (1,320,799) | | (1,320,799) |
| Other intangibles | (92,499) | | (94,100) | | (95,787) | | (105,239) | | (107,197) |
| Total average intangibles | (1,413,298) | | (1,414,899) | | (1,416,586) | | (1,426,038) | | (1,427,996) |
| Average tangible common stockholders' equity (non-GAAP) | $ 2,078,963 | | $ 2,140,366 | | $ 2,147,883 | | $ 2,060,784 | | $ 2,039,912 |
| | | | | | | | | | |
| Return on average common equity | -18.21 % | | 4.94 % | | 3.69 % | | 4.38 % | | 4.02 % |
| Return on tangible common equity | -30.13 % | | 8.67 % | | 6.61 % | | 7.96 % | | 7.39 % |
| Adjusted return on average common equity (non-GAAP) | 5.90 % | | 5.06 % | | 3.77 % | | 5.10 % | | 4.94 % |
| Adjusted return on tangible common equity (non-GAAP) | 10.37 % | | 8.86 % | | 6.75 % | | 9.18 % | | 8.96 % |
| | | | | | | | | | |
| Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1) | | | | | | | | | |
| | | | | | | | | | |
| Noninterest expense (efficiency ratio numerator) | $ 425,201 | | $ 283,169 | | $ 144,580 | | $ 557,543 | | $ 416,426 |
| Certain noninterest expense items (non-GAAP) | | | | | | | | | |
| Early retirement program | (1,899) | | (1,594) | | - | | (536) | | (336) |
| FDIC Deposit Insurance special assessment | - | | - | | - | | (1,832) | | (1,832) |
| Termination of vendor and software services | - | | - | | - | | (602) | | (602) |
| Branch right sizing expense | (3,161) | | (1,157) | | (994) | | (2,746) | | (1,165) |
| Other real estate and foreclosure expense adjustment | (614) | | (414) | | (198) | | (700) | | (383) |
| Amortization of intangibles adjustment | (9,722) | | (6,625) | | (3,527) | | (15,403) | | (11,553) |
| Adjusted efficiency ratio numerator | $ 409,805 | | $ 273,379 | | $ 139,861 | | $ 535,724 | | $ 400,555 |
| | | | | | | | | | |
| Net interest income | $ 521,907 | | $ 335,246 | | $ 163,422 | | $ 628,465 | | $ 463,523 |
| Noninterest income | (667,678) | | 88,509 | | 46,155 | | 147,171 | | 103,613 |
| Fully tax-equivalent adjustment (effective tax rate of 26.135%) | 16,647 | | 12,836 | | 6,414 | | 25,820 | | 19,396 |
| Efficiency ratio denominator | (129,124) | | 436,591 | | 215,991 | | 801,456 | | 586,532 |
| Certain noninterest income items (non-GAAP) | | | | | | | | | |
| Loss on early extinguishment of debt | 570 | | - | | - | | - | | - |
| (Gain) loss on sale of securities | 801,492 | | - | | - | | 28,393 | | 28,393 |
| Adjusted efficiency ratio denominator | $ 672,938 | | $ 436,591 | | $ 215,991 | | $ 829,849 | | $ 614,925 |
| | | | | | | | | | |
| Efficiency ratio (1) | -329.30 % | | 64.86 % | | 66.94 % | | 69.57 % | | 71.00 % |
| Adjusted efficiency ratio (non-GAAP) (1) | 60.90 % | | 62.62 % | | 64.75 % | | 64.56 % | | 65.14 % |
| | | | | | | | | | |
| (1) Efficiency ratio is noninterest expense as a percent of net interest income (fully taxable equivalent) and noninterest revenues. Adjusted efficiency | |||||||||
| ratio is noninterest expense before foreclosed property expense, amortization of intangibles and certain adjusting items as a percent of net interest | |||||||||
| income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and certain adjusting items, and is | |||||||||
| a non-GAAP measurement. | | | | | | | | | |
| (2) Actual tax rate of 21.946% on 2025 loss on sale of securities. Effective rate of 26.135% on all other items. | | | | | |||||
SOURCE Simmons First National Corporation
