PINE BLUFF, Ark., Jan. 20, 2026 /PRNewswire/ --
Financial Highlights | 4Q25 | 3Q25 | 4Q24 | 4Q25 Highlights | |
Balance Sheet (in millions) | Comparisons reflect 4Q25 vs 3Q25 unless otherwise noted • Net income of $78.1 million and diluted EPS of $0.54 • Adjusted net income1 of $79.0 million and adjusted diluted EPS1 of $0.54 • ROAA of 1.28% and ROE of 9.08% • Adjusted ROAA1 of 1.29%; adjusted ROTCE1 of 16.10% • Total revenue of $249.0 million and PPNR1 of $109.1 million • Adjusted total revenue1 of $249.0 million and adjusted PPNR1 of $110.4 million • Net interest margin up 31 bps to 3.81%; cost of deposits down 21 bps • Efficiency ratio of 55.52%; adjusted efficiency ratio1 of 53.64% • Total loans and total deposits up 7% annualized • NCO ratio reflects charge-offs related to two previously disclosed credit relationships4 and run-off portfolio • NPL ratio down 26 bps to 0.64%; ACL ratio at 1.28% | ||||
Total loans | $17,492 | $17,189 | $17,006 | ||
Total investment securities | 3,266 | 3,319 | 6,166 | ||
Total deposits | 20,184 | 19,838 | 21,886 | ||
Total assets | 24,541 | 24,208 | 26,876 | ||
Total shareholders' equity | 3,419 | 3,354 | 3,529 | ||
Performance Measures (in millions) | |||||
Total revenue | $ 249.0 | $(569.5) | $208.5 | ||
Adjusted total revenue1 | 249.0 | 232.5 | 208.5 | ||
Pre-provision net revenue1 (PPNR) | 109.1 | (711.6) | 67.4 | ||
Adjusted pre-provision net revenue1 | 110.4 | 92.8 | 69.2 | ||
Provision for credit losses | 15.1 | 12.0 | 13.3 | ||
Per share Data | |||||
Diluted earnings | $ 0.54 | $ (4.00) | $ 0.38 | ||
Adjusted diluted earnings1 | 0.54 | 0.46 | 0.39 | ||
Cash dividend declared | 0.2125 | 0.2125 | 0.21 | ||
Asset Quality | |||||
Net charge-off ratio (NCO ratio) | 1.12 % | 0.25 % | 0.27 % | ||
Nonperforming loan ratio (NPL ratio) | 0.64 | 0.90 | 0.65 | ||
Nonperforming assets to total assets | 0.51 | 0.66 | 0.45 | ||
Allowance for credit losses to loans (ACL) | 1.28 | 1.50 | 1.38 | ||
Nonperforming loan coverage ratio | 199 | 168 | 212 | ||
Capital Ratios | |||||
Equity to assets (EA) ratio | 13.93 % | 13.85 % | 13.13 % | ||
Tangible common equity (TCE) ratio1 | 8.71 | 8.53 | 8.29 | ||
Common equity tier 1 (CET1) ratio | 11.63 | 11.54 | 12.38 | ||
Total risk-based capital ratio | 14.45 | 15.07 | 14.61 | ||
Other Data | |||||
Net interest margin (FTE) | 3.81 % | 3.50 % | 2.87 % | ||
Loan yield (FTE) | 6.23 | 6.31 | 6.32 | ||
Cost of deposits | 2.04 | 2.25 | 2.60 | ||
Full-time equivalent employees | 2,917 | 2,883 | 2,946 | ||
Number of financial centers | 222 | 223 | 222 |
Jay Brogdon, Simmons' President and CEO, commented on fourth quarter 2025 results:
Our results for the fourth quarter exceeded expectations across the board, reflecting the positive results of the balance sheet repositioning transactions in the third quarter as well as disciplined execution of our strategy. These results included strong revenue growth - notably with net interest margin expansion of 31 basis points to 3.81 percent - and continued expense discipline that resulted in a 19 percent linked-quarter increase in adjusted PPNR1. Adjusted ROAA1 was 1.29 percent, and our adjusted efficiency ratio1 improved to 53.6 percent. At the same time, balance sheet growth was solid as total loans increased 7 percent on an annualized basis and customer deposits increased 8 percent annualized.
Our strong top-line performance in the quarter was coupled with improving credit quality and capital metrics. Nonperforming loans decreased 26 basis points to 0.64 percent of total loans with the charge-offs of two previously disclosed credit relationships and the sale of a run-off portfolio. In addition, we performed a deep dive analysis of nonperforming loans and took aggressive action to improve the loss content of the portfolio. Our reserves on these relationships were appropriate, and the ACL ended the quarter at 1.28 percent and is near the top-end of our modeled range.
As we enter 2026, our commitment to delivering profitable growth and efficient scale positions us well for the future. We are confident in our ability to build on our momentum, driving value for our customers and associates and generating attractive returns for our shareholders.
Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported net income of $78.1 million for the fourth quarter of 2025, compared to a net loss of $562.8 million for the third quarter of 2025 and net income of $48.3 million for the fourth quarter of 2024. Diluted earnings per share were $0.54 for the fourth quarter of 2025, $(4.00) for the third quarter of 2025 and $0.38 for the fourth quarter of 2024. Adjusted earnings1 for the fourth quarter of 2025 were $79.0 million, compared to $64.9 million in the third quarter of 2025 and $49.6 million in the fourth quarter of 2024.
For the fourth quarter of 2025, return on average assets was 1.28 percent and return on average common equity was 9.08 percent. Adjusted return on average assets1 was 1.29 percent and adjusted return on average tangible common equity1 was 16.10 percent.
As previously disclosed, during the third quarter of 2025, the Company utilized the net proceeds from a public offering of the Company's Class A common stock to support a balance sheet repositioning that included the sale of low-yielding investment securities and resulted in an after-tax loss of approximately $626 million. The table below summarizes the impact of the loss on the sale of securities, as well as other certain items, consisting primarily of loss on sale of equipment finance business, branch right sizing costs, early retirement program costs and a 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 | 4Q25 | 3Q25 | 4Q24 | |||||
Net income (loss) | $ 78.1 | $(562.8) | $ 48.3 | |||||
Loss on sale of equipment finance business | 1.1 | - | - | |||||
Branch right sizing costs, net | 0.1 | 2.0 | 1.6 | |||||
Early retirement program costs | - | 0.3 | 0.2 | |||||
Loss on early extinguishment of debt | - | 0.6 | - | |||||
Loss on sale of securities | - | 801.5 | - | |||||
Total pre-tax impact | 1.2 | 804.4 | 1.8 | |||||
Tax effect | (0.3) | (176.7) | (0.5) | |||||
Total impact on earnings | 0.9 | 627.7 | 1.3 | |||||
Adjusted earnings 1, 3 | $ 79.0 | $ 64.9 | $ 49.6 | |||||
Diluted EPS | $ 0.54 | $ (4.00) | $ 0.38 | |||||
Loss on sale of equipment finance business | 0.01 | |||||||
Branch right sizing costs, net | - | 0.01 | 0.01 | |||||
Early retirement program costs | - | - | - | |||||
Loss on early extinguishment of debt | - | - | - | |||||
Loss on sale of securities | - | 5.70 | - | |||||
Total pre-tax impact | 0.01 | 5.71 | 0.01 | |||||
Tax effect | (0.01) | (1.25) | - | |||||
Total impact on earnings | - | 4.46 | 0.01 | |||||
Adjusted Diluted EPS 1 | $ 0.54 | $ 0.46 | $ 0.39 | |||||
Net Interest Income
Net interest income for the fourth quarter of 2025 totaled $197.3 million, up $10.6 million, or 6 percent, compared to $186.7 million for the third quarter of 2025 and up $32.4 million, or 20 percent, from $164.9 million in the fourth quarter of 2024. The increase in net interest income on a linked quarter basis was primarily driven by a $16.5 million decrease in interest expense, fueled by $14.1 million decrease in interest bearing deposit costs and a $2.4 million decrease in the cost of other interest bearing liabilities.
Net interest margin for the fourth quarter of 2025 on a fully taxable equivalent basis was 3.81 percent, up 31 basis points compared to 3.50 percent for the third quarter of 2025 and up 94 basis points compared to 2.87 percent for the fourth quarter of 2024. The increase in net interest margin on a linked quarter basis reflects a full quarter impact of the balance sheet repositioning completed in the third quarter of 2025, coupled with strong loan and low-cost deposit growth during the fourth quarter of 2025.
Select Yield/Rates | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 |
Loan yield (FTE)2 | 6.23 % | 6.31 % | 6.26 % | 6.20 % | 6.32 % |
Investment securities yield (FTE)2 | 4.30 | 4.01 | 3.48 | 3.48 | 3.54 |
Cost of interest bearing deposits | 2.62 | 2.86 | 2.97 | 3.05 | 3.28 |
Cost of deposits | 2.04 | 2.25 | 2.36 | 2.44 | 2.60 |
Net interest spread (FTE)2 | 3.18 | 2.86 | 2.41 | 2.30 | 2.15 |
Net interest margin (FTE)2 | 3.81 | 3.50 | 3.06 | 2.95 | 2.87 |
Noninterest Income
Noninterest income for the fourth quarter of 2025 was $51.7 million, compared to $(756.2) million in the third quarter of 2025 and $43.6 million in the fourth 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 a $0.6 million loss on the early extinguishment of debt. Excluding these items (which are described in the "Reconciliation of Non-GAAP Financial Measures" tables below), adjusted noninterest income1 was $45.9 million in the third quarter of 2025. The increase in adjusted noninterest income on a linked quarter basis was primarily driven by an increase in swap fee income, wealth management fees, debit and credit card fees, and proceeds from bank owned life insurance death benefits, which is included in other income in the table below.
Noninterest Income $ in millions | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 |
Service charges on deposit accounts | $ 12.7 | $ 13.0 | $ 12.6 | $ 12.6 | $ 13.0 |
Wealth management fees | 10.3 | 10.0 | 9.5 | 9.6 | 9.7 |
Debit and credit card fees | 8.7 | 8.5 | 8.6 | 8.4 | 8.3 |
Mortgage lending income | 2.2 | 2.3 | 1.7 | 2.0 | 1.8 |
Other service charges and fees | 1.5 | 1.5 | 1.3 | 1.3 | 1.4 |
Bank owned life insurance | 3.9 | 3.9 | 3.9 | 4.1 | 3.8 |
Gain (loss) on sale of securities | - | (801.5) | - | - | - |
Other income | 12.4 | 6.1 | 4.8 | 8.0 | 5.6 |
Total noninterest income | $ 51.7 | $(756.2) | $ 42.4 | $ 46.2 | $ 43.6 |
Adjusted noninterest income1 | $ 51.7 | $ 45.9 | $ 42.4 | $ 46.2 | $ 43.6 |
Noninterest Expense
Noninterest expense for the fourth quarter of 2025 was $139.9 million, compared to $142.0 million in the third quarter of 2025 and $141.1 million in the fourth quarter of 2024. Included in noninterest expense are certain items consisting of branch right sizing costs, early retirement program costs, termination of vendor and software services and a loss on the sale of an equipment finance business. Collectively, these items totaled $1.2 million in the fourth quarter of 2025, $2.3 million in the third quarter of 2025 and $1.8 million in the fourth quarter of 2024. Excluding these items (which are described in the "Reconciliation of Non-GAAP Financial Measures" tables below), adjusted noninterest expense1 was $138.6 million in the fourth quarter of 2025, $139.7 million in the third quarter of 2025 and $139.3 million in the fourth quarter of 2024. The decrease in adjusted noninterest expense on a linked quarter basis primarily reflected salary and employee benefits accrual adjustments and a fraud recovery, offset in part by an increase in other operating expenses primarily related to the timing of certain professional services and marketing expenses recorded in the fourth quarter of 2025.
Noninterest Expense $ in millions | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 |
Salaries and employee benefits | $ 72.9 | $ 76.2 | $ 73.9 | $ 74.8 | $ 71.6 |
Occupancy expense, net | 11.6 | 12.1 | 11.8 | 12.7 | 11.9 |
Furniture and equipment | 5.3 | 5.3 | 5.5 | 5.5 | 5.7 |
Deposit insurance | 4.7 | 5.2 | 4.9 | 5.4 | 5.6 |
Other real estate and foreclosure expense | 0.4 | 0.2 | 0.2 | 0.2 | 0.3 |
Other operating expenses | 44.8 | 43.0 | 42.3 | 46.1 | 46.1 |
Total noninterest expense | $139.9 | $142.0 | $138.6 | $144.6 | $141.1 |
Adjusted salaries and employee benefits1 | $ 72.9 | $ 75.9 | $ 72.3 | $ 74.8 | $ 71.4 |
Adjusted other operating expenses1 | 44.0 | 41.5 | 42.5 | 45.9 | 44.7 |
Adjusted noninterest expense1 | 138.6 | 139.7 | 136.8 | 143.6 | 139.3 |
Efficiency ratio | 55.52 % | (25.11) % | 62.82 % | 66.94 % | 65.66 % |
Adjusted efficiency ratio1 | 53.64 | 57.72 | 60.52 | 64.75 | 62.89 |
Full-time equivalent employees | 2,917 | 2,883 | 2,947 | 2,949 | 2,946 |
Number of financial centers | 222 | 223 | 223 | 222 | 222 |
Loans and Unfunded Loan Commitments
Total loans at the end of the fourth quarter of 2025 were $17.5 billion, up $303.4 million, or 7 percent annualized, compared to $17.2 billion at the end of the third quarter of 2025. The increase in total loans was driven by increases in real estate - commercial, commercial and consumer & other portfolios, offset in part by seasonal declines in mortgage warehouse and agricultural portfolios. Unfunded loan commitments at the end of the fourth quarter of 2025 were $3.9 billion, compared to $4.0 billion at the end of the third quarter of 2025. The commercial loan pipeline totaled $1.5 billion at the end of the fourth quarter of 2025, and ready to close commercial loans totaled $774 million with a weighted average rate of 6.53 percent.
Loans and Unfunded Loan Commitments $ in millions | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 |
Total loans | $17,492 | $17,189 | $17,111 | $17,094 | $17,006 |
Unfunded loan commitments | 3,871 | 3,955 | 3,947 | 3,888 | 3,739 |
Deposits and Other Borrowings
Total deposits at the end of the fourth quarter of 2025 were $20.2 billion, compared to $19.8 billion at the end of the third quarter of 2025 and $21.9 billion at the end of the fourth quarter of 2024. The increase in total deposits on a linked quarter basis was fueled by a $349 million, or 8 percent annualized, increase in customer deposits, driven by increases in interest bearing transaction accounts and savings accounts and interest bearing public fund deposits. The decrease in total deposits on a year-over-year basis deposits reflects a reduction of higher rate, non-relationship wholesale and public fund deposits as part of the balance sheet repositioning completed during the third quarter of 2025.
Other borrowings at the end of the fourth quarter of 2025 were $302.3 million, compared to $18.8 million at the end of the third quarter of 2025 and $745.4 million at the end of the fourth quarter of 2024. The decrease in other borrowings on a 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 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 |
Noninterest bearing deposits | $ 4,330 | $ 4,377 | $ 4,468 | $ 4,455 | $ 4,461 |
Interest bearing transaction accounts | 10,453 | 10,289 | 10,532 | 10,621 | 10,331 |
Time deposits | 3,508 | 3,331 | 3,588 | 3,695 | 3,796 |
Brokered deposits | 1,893 | 1,841 | 3,237 | 2,914 | 3,298 |
Total deposits | $20,184 | $19,838 | $21,825 | $21,684 | $21,886 |
Noninterest bearing deposits to total deposits | 21 % | 22 % | 20 % | 21 % | 20 % |
Total loans to total deposits | 87 | 87 | 78 | 79 | 78 |
Asset Quality
Total nonperforming loans at the end of the fourth quarter of 2025 totaled $112.7 million, compared to $153.9 million at the end of the third quarter of 2025 and $110.7 million at the end of the fourth quarter of 2024. The decrease in nonperforming loans on a linked quarter basis reflected a $40.8 million decline related to two previously disclosed credit relationships. In addition, during the fourth quarter of 2025 the Company completed the sale of a small ticket equipment finance portfolio that was included in a run-off portfolio, resulting in a $3.2 million decrease in nonperforming loans.
The nonperforming loan coverage ratio ended the fourth quarter of 2025 at 199 percent, compared to 168 percent at the end of the third quarter of 2025 and 212 percent at the end of the fourth quarter of 2024. Total nonperforming assets as a percentage of total assets were 51 basis points at the end of the fourth quarter of 2025, compared to 66 basis points at the end of the third quarter of 2025 and 45 basis points at the end of the fourth quarter of 2024.
Net charge offs as a percentage of average loans for the fourth quarter of 2025 were 112 basis points and included net charge-offs of $28.2 million (or 65 basis points) related to the two previously disclosed credit relationships for which the Company held specific reserves totaling $30.8 million. In addition, there were $6.2 million (or 14 basis points) of net charge-offs related to a run-off portfolio that included a small ticket equipment finance portfolio that was sold during the quarter.
Provision for credit losses on loans totaled $15.1 million for the fourth quarter of 2025, compared to $15.2 million in the third quarter of 2025 and $13.3 million in the fourth quarter of 2024. The allowance for credit losses on loans at the end of the fourth quarter of 2025 was $224.4 million, compared to $258.0 million at the end of the third quarter of 2025 and $235.0 million at the end of the fourth quarter of 2024. The allowance for credit losses on loans as a percentage of total loans (ACL ratio) was 1.28 percent at the end of the fourth quarter of 2025, compared to 1.50 percent at the end of the third quarter of 2025 and 1.38 percent at the end of the fourth quarter of 2024. The linked quarter reduction in the ACL ratio was primarily due to the utilization of specific reserves related to the two previously disclosed credit relationships and the run-off portfolio.
Asset Quality $ in millions | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 |
Allowance for credit losses on loans to total loans | 1.28 % | 1.50 % | 1.48 % | 1.48 % | 1.38 % |
Allowance for credit losses on loans to nonperforming loans | 199 | 168 | 161 | 165 | 212 |
Nonperforming loans to total loans | 0.64 | 0.90 | 0.92 | 0.89 | 0.65 |
Net charge-off ratio (annualized) | 1.12 | 0.25 | 0.25 | 0.23 | 0.27 |
Net charge-off ratio YTD (annualized) | 0.47 | 0.24 | 0.24 | 0.23 | 0.22 |
Total nonperforming loans | $112.7 | $153.9 | $157.2 | $152.3 | $110.7 |
Total other nonperforming assets | 12.4 | 6.8 | 9.5 | 10.0 | 10.5 |
Total nonperforming assets | $125.1 | $160.7 | $166.7 | $162.3 | $121.2 |
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 fourth quarter and third quarter of 2025 was $3.4 billion, compared to $3.5 billion at the end of the fourth quarter of 2024. Book value per share at the end of the fourth quarter of 2025 was $23.62, compared to $23.18 at the end of the third quarter of 2025 and $28.08 at the end of the fourth quarter of 2024. Tangible book value per share1 at the end of the fourth quarter of 2025 was $13.91, compared to $16.80 at the end of the fourth quarter of 2024. The increase in book value per share and tangible book value per share on a linked quarter basis was primarily due to a $47.3 million increase in undivided profits. The year-over-year decline in book value per share and tangible book value per share was primarily due to an increase in outstanding shares resulting from the public offering of the Company's Class A common stock completed in the third quarter of 2025 and the impacts of the balance sheet repositioning.
Total stockholders' equity as a percentage of total assets at the end of the fourth quarter of 2025 was 13.9%, unchanged from third quarter of 2025 levels and up from 13.1 percent at the end of the fourth quarter of 2024. Tangible common equity as a percentage of tangible assets1 was 8.7 percent at the end of the fourth quarter of 2025, compared to 8.5 percent at the end of the third quarter of 2025 and 8.3 percent at the end of the fourth 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.
On October 1, 2025, the Company completed the redemption of the Company's outstanding $330 million principal amount of its Fixed-to-Floating Rate Subordinated Notes due 2028.
Select Capital Ratios | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 |
Stockholders' equity to total assets | 13.9 % | 13.9 % | 13.3 % | 13.2 % | 13.1 % |
Tangible common equity to tangible assets1 | 8.7 | 8.5 | 8.5 | 8.3 | 8.3 |
Common equity tier 1 (CET1) ratio | 11.6 | 11.5 | 12.4 | 12.2 | 12.4 |
Tier 1 leverage ratio | 10.1 | 9.6 | 10.0 | 9.8 | 9.7 |
Tier 1 risk-based capital ratio | 11.6 | 11.5 | 12.4 | 12.2 | 12.4 |
Total risk-based capital ratio | 14.4 | 15.1 | 14.4 | 14.6 | 14.6 |
Share Repurchase Program
During the fourth quarter of 2025, Simmons did not repurchase shares under its stock repurchase program that was authorized in January 2024 (2024 Program). Remaining authorization under the 2024 Program as of December 31, 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" |
(4) As used in this press release, "two previously disclosed credit relationships" refers to two credit relationships (one associated with a downtown St. Louis, Missouri hotel and the other associated with a fast-food operator) that the Company migrated to nonperforming status at the end of the first quarter of 2025 |
Conference Call
Management will conduct a live conference call to review this information beginning at 7:30 a.m. Central Time on Wednesday, January 21, 2026. 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 10205234. 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 Best Regional Banks and Credit Unions 2026 and by Forbes as one of America's Best-In-State Companies 2026. In 2025, Simmons Bank was recognized by Newsweek as one of America's Greatest Workplaces 2025 in Arkansas and one of America's Best Regional Banks 2025, and by U.S. News & World Report as one of the 2024-2025 Best Companies to Work For in the South. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on X 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, loss on sale of equipment finance business, 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. 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. Brogdon'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 in the Middle East and 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 September 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 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | ||||
(Unaudited) | 2025 | 2025 | 2025 | 2025 | 2024 | ||||
($ in thousands) | |||||||||
ASSETS | |||||||||
Cash and noninterest bearing balances due from banks | $ 380,439 | $ 377,604 | $ 398,081 | $ 423,171 | $ 429,705 | ||||
Interest bearing balances due from banks and federal funds sold | 331,474 | 266,013 | 246,381 | 211,115 | 257,672 | ||||
Cash and cash equivalents | 711,913 | 643,617 | 644,462 | 634,286 | 687,377 | ||||
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 | ||||
Investment securities - available-for-sale | 3,266,221 | 3,319,277 | 2,405,320 | 2,491,849 | 2,529,426 | ||||
Mortgage loans held for sale | 17,438 | 15,507 | 16,972 | 8,351 | 11,417 | ||||
Assets held in trading accounts | 11,685 | 12,695 | - | - | - | ||||
Loans: | |||||||||
Loans | 17,492,179 | 17,188,817 | 17,111,096 | 17,094,078 | 17,005,937 | ||||
Allowance for credit losses on loans | (224,377) | (258,006) | (253,537) | (252,168) | (235,019) | ||||
Net loans | 17,267,802 | 16,930,811 | 16,857,559 | 16,841,910 | 16,770,918 | ||||
Premises and equipment | 561,220 | 568,343 | 573,160 | 573,616 | 585,431 | ||||
Foreclosed assets and other real estate owned | 12,009 | 6,386 | 8,794 | 8,976 | 9,270 | ||||
Interest receivable | 104,062 | 104,383 | 120,443 | 117,398 | 123,243 | ||||
Bank owned life insurance | 540,001 | 539,372 | 535,481 | 535,324 | 531,805 | ||||
Goodwill | 1,320,799 | 1,320,799 | 1,320,799 | 1,320,799 | 1,320,799 | ||||
Other intangible assets | 84,423 | 87,520 | 90,617 | 93,714 | 97,242 | ||||
Other assets | 643,204 | 659,352 | 528,382 | 551,112 | 572,385 | ||||
Total assets | $ 24,540,877 | $ 24,208,162 | $ 26,693,620 | $ 26,792,991 | $ 26,876,049 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Deposits: | |||||||||
Noninterest bearing transaction accounts | $ 4,330,211 | $ 4,377,232 | $ 4,468,237 | $ 4,455,255 | $ 4,460,517 | ||||
Interest bearing transaction accounts and savings deposits | 11,141,169 | 10,932,914 | 11,176,791 | 11,265,554 | 10,982,022 | ||||
Time deposits | 4,712,658 | 4,527,587 | 6,179,962 | 5,963,811 | 6,443,211 | ||||
Total deposits | 20,184,038 | 19,837,733 | 21,824,990 | 21,684,620 | 21,885,750 | ||||
Federal funds purchased and securities sold | |||||||||
under agreements to repurchase | 21,383 | 22,348 | 31,306 | 50,133 | 37,109 | ||||
Other borrowings | 302,253 | 18,832 | 634,349 | 884,863 | 745,372 | ||||
Subordinated notes and debentures | 317,714 | 648,976 | 366,369 | 366,331 | 366,293 | ||||
Accrued interest and other liabilities | 296,249 | 326,310 | 287,396 | 275,559 | 312,653 | ||||
Total liabilities | 21,121,637 | 20,854,199 | 23,144,410 | 23,261,506 | 23,347,177 | ||||
Stockholders' equity: | |||||||||
Common stock | 1,448 | 1,447 | 1,260 | 1,259 | 1,257 | ||||
Surplus | 2,846,581 | 2,848,977 | 2,518,286 | 2,515,372 | 2,511,590 | ||||
Undivided profits | 864,341 | 817,022 | 1,410,564 | 1,382,564 | 1,376,935 | ||||
Accumulated other comprehensive (loss) income | (293,130) | (313,483) | (380,900) | (367,710) | (360,910) | ||||
Total stockholders' equity | 3,419,240 | 3,353,963 | 3,549,210 | 3,531,485 | 3,528,872 | ||||
Total liabilities and stockholders' equity | $ 24,540,877 | $ 24,208,162 | $ 26,693,620 | $ 26,792,991 | $ 26,876,049 |
Simmons First National Corporation | SFNC | ||||||||
Consolidated Statements of Income - Quarter-to-Date | |||||||||
For the Quarters Ended | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | ||||
(Unaudited) | 2025 | 2025 | 2025 | 2025 | 2024 | ||||
($ in thousands, except per share data) | |||||||||
INTEREST INCOME | |||||||||
Loans (including fees) | $ 270,868 | $ 269,210 | $ 265,373 | $ 257,755 | $ 272,727 | ||||
Interest bearing balances due from banks and federal funds sold | 2,485 | 6,421 | 2,531 | 2,703 | 2,913 | ||||
Investment securities | 33,833 | 37,464 | 46,898 | 47,257 | 50,162 | ||||
Mortgage loans held for sale | 227 | 229 | 221 | 122 | 180 | ||||
Assets held in trading accounts | 118 | 99 | - | - | - | ||||
TOTAL INTEREST INCOME | 307,531 | 313,423 | 315,023 | 307,837 | 325,982 | ||||
INTEREST EXPENSE | |||||||||
Time deposits | 41,989 | 49,064 | 57,231 | 62,559 | 70,661 | ||||
Other deposits | 60,516 | 67,546 | 69,108 | 67,895 | 72,369 | ||||
Federal funds purchased and securities | |||||||||
sold under agreements to repurchase | 57 | 72 | 59 | 113 | 119 | ||||
Other borrowings | 2,138 | 2,957 | 10,613 | 7,714 | 11,386 | ||||
Subordinated notes and debentures | 5,535 | 7,123 | 6,188 | 6,134 | 6,505 | ||||
TOTAL INTEREST EXPENSE | 110,235 | 126,762 | 143,199 | 144,415 | 161,040 | ||||
NET INTEREST INCOME | 197,296 | 186,661 | 171,824 | 163,422 | 164,942 | ||||
PROVISION FOR CREDIT LOSSES | |||||||||
Provision for credit losses on loans | 15,116 | 15,180 | 11,945 | 26,797 | 13,332 | ||||
TOTAL PROVISION FOR CREDIT LOSSES | 15,116 | 11,966 | 11,945 | 26,797 | 13,332 | ||||
NET INTEREST INCOME AFTER PROVISION | |||||||||
FOR CREDIT LOSSES | 182,180 | 174,695 | 159,879 | 136,625 | 151,610 | ||||
NONINTEREST INCOME | |||||||||
Service charges on deposit accounts | 12,669 | 13,045 | 12,588 | 12,635 | 12,978 | ||||
Debit and credit card fees | 8,660 | 8,478 | 8,567 | 8,446 | 8,323 | ||||
Wealth management fees | 10,337 | 9,965 | 9,464 | 9,629 | 9,658 | ||||
Mortgage lending income | 2,232 | 2,259 | 1,687 | 2,013 | 1,828 | ||||
Bank owned life insurance income | 3,942 | 3,943 | 3,890 | 4,092 | 3,780 | ||||
Other service charges and fees (includes insurance income) | 1,503 | 1,474 | 1,321 | 1,333 | 1,426 | ||||
Gain (loss) on sale of securities | - | (801,492) | - | - | - | ||||
Other income | 12,365 | 6,141 | 4,837 | 8,007 | 5,565 | ||||
TOTAL NONINTEREST INCOME | 51,708 | (756,187) | 42,354 | 46,155 | 43,558 | ||||
NONINTEREST EXPENSE | |||||||||
Salaries and employee benefits | 72,924 | 76,249 | 73,862 | 74,824 | 71,588 | ||||
Occupancy expense, net | 11,636 | 12,106 | 11,844 | 12,651 | 11,876 | ||||
Furniture and equipment expense | 5,304 | 5,275 | 5,474 | 5,465 | 5,671 | ||||
Other real estate and foreclosure expense | 432 | 200 | 216 | 198 | 317 | ||||
Deposit insurance | 4,736 | 5,175 | 4,917 | 5,391 | 5,550 | ||||
Other operating expenses | 44,830 | 43,027 | 42,276 | 46,051 | 46,115 | ||||
TOTAL NONINTEREST EXPENSE | 139,862 | 142,032 | 138,589 | 144,580 | 141,117 | ||||
NET INCOME (LOSS) BEFORE INCOME TAXES | 94,026 | (723,524) | 63,644 | 38,200 | 54,051 | ||||
Provision for income taxes | 15,948 | (160,732) | 8,871 | 5,812 | 5,732 | ||||
NET INCOME (LOSS) | $ 78,078 | $ (562,792) | $ 54,773 | $ 32,388 | $ 48,319 | ||||
BASIC EARNINGS PER SHARE | $ 0.54 | $ (4.01) | $ 0.43 | $ 0.26 | $ 0.38 | ||||
DILUTED EARNINGS PER SHARE | $ 0.54 | $ (4.00) | $ 0.43 | $ 0.26 | $ 0.38 |
Simmons First National Corporation | SFNC | ||||||||
Consolidated Risk-Based Capital | |||||||||
For the Quarters Ended | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | ||||
(Unaudited) | 2025 | 2025 | 2025 | 2025 | 2024 | ||||
($ in thousands) | |||||||||
Tier 1 capital | |||||||||
Stockholders' equity | $ 3,419,240 | $ 3,353,963 | $ 3,549,210 | $ 3,531,485 | $ 3,528,872 | ||||
CECL transition provision (1) | - | - | - | - | 30,873 | ||||
Disallowed intangible assets, net of deferred tax | (1,374,839) | (1,376,255) | (1,379,104) | (1,381,953) | (1,385,128) | ||||
Unrealized loss (gain) on AFS securities | 293,130 | 313,483 | 380,900 | 367,710 | 360,910 | ||||
Total Tier 1 capital | 2,337,531 | 2,291,191 | 2,551,006 | 2,517,242 | 2,535,527 | ||||
Tier 2 capital | |||||||||
Subordinated notes and debentures | 317,714 | 648,976 | 366,369 | 366,331 | 366,293 | ||||
Subordinated debt phase out | - | (198,000) | (198,000) | (132,000) | (132,000) | ||||
Qualifying allowance for loan losses and | |||||||||
reserve for unfunded commitments | 250,006 | 248,710 | 258,079 | 257,769 | 222,313 | ||||
Total Tier 2 capital | 567,720 | 699,686 | 426,448 | 492,100 | 456,606 | ||||
Total risk-based capital | $ 2,905,251 | $ 2,990,877 | $ 2,977,454 | $ 3,009,342 | $ 2,992,133 | ||||
Risk weighted assets | $ 20,106,493 | $ 19,861,879 | $ 20,646,324 | $ 20,621,540 | $ 20,473,960 | ||||
Adjusted average assets for leverage ratio | $ 23,224,638 | $ 23,963,356 | $ 25,606,135 | $ 25,619,424 | $ 26,037,459 | ||||
Ratios at end of quarter | |||||||||
Equity to assets | 13.93 % | 13.85 % | 13.30 % | 13.18 % | 13.13 % | ||||
Tangible common equity to tangible assets (2) | 8.71 % | 8.53 % | 8.46 % | 8.34 % | 8.29 % | ||||
Common equity Tier 1 ratio (CET1) | 11.63 % | 11.54 % | 12.36 % | 12.21 % | 12.38 % | ||||
Tier 1 leverage ratio | 10.06 % | 9.56 % | 9.96 % | 9.83 % | 9.74 % | ||||
Tier 1 risk-based capital ratio | 11.63 % | 11.54 % | 12.36 % | 12.21 % | 12.38 % | ||||
Total risk-based capital ratio | 14.45 % | 15.07 % | 14.42 % | 14.59 % | 14.61 % | ||||
(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 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | ||||
(Unaudited) | 2025 | 2025 | 2025 | 2025 | 2024 | ||||
($ in thousands) | |||||||||
Investment Securities - End of Period | |||||||||
Held-to-Maturity | |||||||||
U.S. Government agencies | $ - | $ - | $ 457,228 | $ 456,545 | $ 455,869 | ||||
Mortgage-backed securities | - | - | 1,024,313 | 1,048,170 | 1,070,032 | ||||
State and political subdivisions | - | - | 1,855,614 | 1,856,905 | 1,857,177 | ||||
Other securities | - | - | 254,376 | 253,936 | 253,558 | ||||
Total held-to-maturity (net of credit losses) | - | - | 3,591,531 | 3,615,556 | 3,636,636 | ||||
Available-for-Sale | |||||||||
U.S. Treasury | $ - | $ - | $ 400 | $ 699 | $ 996 | ||||
U.S. Government agencies | 47,172 | 48,355 | 49,498 | 52,318 | 54,547 | ||||
Mortgage-backed securities | 2,201,958 | 2,249,593 | 1,349,991 | 1,380,913 | 1,392,759 | ||||
State and political subdivisions | 859,071 | 845,371 | 807,842 | 832,898 | 858,182 | ||||
Other securities | 158,020 | 175,958 | 197,589 | 225,021 | 222,942 | ||||
Total available-for-sale (net of credit losses) | 3,266,221 | 3,319,277 | 2,405,320 | 2,491,849 | 2,529,426 | ||||
Total investment securities (net of credit losses) | $ 3,266,221 | $ 3,319,277 | $ 5,996,851 | $ 6,107,405 | $ 6,166,062 | ||||
Fair value - HTM investment securities | $ - | $ - | $ 2,891,974 | $ 2,929,625 | $ 2,949,951 | ||||
Simmons First National Corporation | SFNC | ||||||||
Consolidated Loans | |||||||||
For the Quarters Ended | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | ||||
(Unaudited) | 2025 | 2025 | 2025 | 2025 | 2024 | ||||
($ in thousands) | |||||||||
Loan Portfolio - End of Period | |||||||||
Consumer: | |||||||||
Credit cards | $ 175,760 | $ 173,020 | $ 176,166 | $ 179,680 | $ 181,675 | ||||
Other consumer | 115,472 | 112,335 | 123,831 | 97,198 | 127,319 | ||||
Total consumer | 291,232 | 285,355 | 299,997 | 276,878 | 308,994 | ||||
Real Estate: | |||||||||
Construction | 2,873,807 | 2,874,823 | 2,784,578 | 2,778,245 | 2,789,249 | ||||
Single-family residential | 2,607,450 | 2,617,849 | 2,625,717 | 2,647,451 | 2,689,946 | ||||
Other commercial real estate | 8,289,968 | 7,875,649 | 7,961,412 | 8,051,304 | 7,912,336 | ||||
Total real estate | 13,771,225 | 13,368,321 | 13,371,707 | 13,477,000 | 13,391,531 | ||||
Commercial: | |||||||||
Commercial | 2,382,339 | 2,397,388 | 2,440,507 | 2,372,681 | 2,434,175 | ||||
Agricultural | 306,300 | 353,181 | 333,078 | 264,469 | 261,154 | ||||
Total commercial | 2,688,639 | 2,750,569 | 2,773,585 | 2,637,150 | 2,695,329 | ||||
Other | 741,083 | 784,572 | 665,807 | 703,050 | 610,083 | ||||
Total loans | $ 17,492,179 | $ 17,188,817 | $ 17,111,096 | $ 17,094,078 | $ 17,005,937 | ||||
Simmons First National Corporation | SFNC | ||||||||
Consolidated Allowance and Asset Quality | |||||||||
For the Quarters Ended | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | ||||
(Unaudited) | 2025 | 2025 | 2025 | 2025 | 2024 | ||||
($ in thousands) | |||||||||
Allowance for Credit Losses on Loans | |||||||||
Beginning balance | $ 258,006 | $ 253,537 | $ 252,168 | $ 235,019 | $ 233,223 | ||||
Loans charged off: | |||||||||
Credit cards | 1,346 | 1,862 | 1,702 | 1,460 | 1,629 | ||||
Other consumer | 550 | 600 | 351 | 1,133 | 505 | ||||
Real estate | 25,850 | 1,350 | 1,450 | 4,425 | 3,810 | ||||
Commercial | 22,004 | 8,079 | 8,257 | 4,243 | 6,796 | ||||
Total loans charged off | 49,750 | 11,891 | 11,760 | 11,261 | 12,740 | ||||
Recoveries of loans previously charged off: | |||||||||
Credit cards | 347 | 257 | 334 | 211 | 391 | ||||
Other consumer | 163 | 303 | 294 | 306 | 279 | ||||
Real estate | 105 | 115 | 87 | 99 | 275 | ||||
Commercial | 390 | 505 | 469 | 997 | 259 | ||||
Total recoveries | 1,005 | 1,180 | 1,184 | 1,613 | 1,204 | ||||
Net loans charged off | 48,745 | 10,711 | 10,576 | 9,648 | 11,536 | ||||
Provision for credit losses on loans | 15,116 | 15,180 | 11,945 | 26,797 | 13,332 | ||||
Balance, end of quarter | $ 224,377 | $ 258,006 | $ 253,537 | $ 252,168 | $ 235,019 | ||||
Nonperforming assets | |||||||||
Nonperforming loans: | |||||||||
Nonaccrual loans | $ 111,791 | $ 153,516 | $ 156,453 | $ 151,897 | $ 110,154 | ||||
Loans past due 90 days or more | 948 | 423 | 709 | 494 | 603 | ||||
Total nonperforming loans | 112,739 | 153,939 | 157,162 | 152,391 | 110,757 | ||||
Other nonperforming assets: | |||||||||
Foreclosed assets and other real estate owned | 12,009 | 6,386 | 8,794 | 8,976 | 9,270 | ||||
Other nonperforming assets | 323 | 392 | 759 | 978 | 1,202 | ||||
Total other nonperforming assets | 12,332 | 6,778 | 9,553 | 9,954 | 10,472 | ||||
Total nonperforming assets | $ 125,071 | $ 160,717 | $ 166,715 | $ 162,345 | $ 121,229 | ||||
Ratios | |||||||||
Allowance for credit losses on loans to total loans | 1.28 % | 1.50 % | 1.48 % | 1.48 % | 1.38 % | ||||
Allowance for credit losses to nonperforming loans | 199 % | 168 % | 161 % | 165 % | 212 % | ||||
Nonperforming loans to total loans | 0.64 % | 0.90 % | 0.92 % | 0.89 % | 0.65 % | ||||
Nonperforming assets to total assets | 0.51 % | 0.66 % | 0.62 % | 0.61 % | 0.45 % | ||||
Annualized net charge offs to average loans (QTD) | 1.12 % | 0.25 % | 0.25 % | 0.23 % | 0.27 % | ||||
Annualized net charge offs to average loans (YTD) | 0.47 % | 0.24 % | 0.24 % | 0.23 % | 0.22 % | ||||
Annualized net credit card charge offs to | |||||||||
average credit card loans (QTD) | 2.23 % | 3.64 % | 2.99 % | 2.72 % | 2.63 % | ||||
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 | $ 232,046 | $ 2,485 | 4.25 % | $ 566,344 | $ 6,421 | 4.50 % | $ 238,731 | $ 2,913 | 4.85 % | ||||||||
Investment securities - taxable | 2,490,444 | 28,235 | 4.50 % | 2,751,493 | 29,183 | 4.21 % | 3,633,138 | 34,459 | 3.77 % | ||||||||
Investment securities - non-taxable (FTE) | 810,597 | 7,578 | 3.71 % | 1,242,936 | 11,210 | 3.58 % | 2,633,148 | 21,260 | 3.21 % | ||||||||
Mortgage loans held for sale | 15,738 | 227 | 5.72 % | 13,776 | 229 | 6.60 % | 10,713 | 180 | 6.68 % | ||||||||
Assets held in trading accounts | 12,534 | 118 | 3.74 % | 11,305 | 99 | 3.47 % | - | - | 0.00 % | ||||||||
Loans - including fees (FTE) | 17,295,415 | 271,778 | 6.23 % | 16,976,231 | 270,092 | 6.31 % | 17,212,034 | 273,594 | 6.32 % | ||||||||
Total interest earning assets (FTE) | 20,856,774 | 310,421 | 5.90 % | 21,562,085 | 317,234 | 5.84 % | 23,727,764 | 332,406 | 5.57 % | ||||||||
Non-earning assets | 3,397,673 | 3,352,837 | 3,351,179 | ||||||||||||||
Total assets | $ 24,254,447 | $ 24,914,922 | $ 27,078,943 | ||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||
Interest bearing transaction and | |||||||||||||||||
savings accounts | $ 10,971,959 | $ 60,516 | 2.19 % | $ 11,043,132 | $ 67,546 | 2.43 % | $ 10,967,450 | $ 72,369 | 2.63 % | ||||||||
Time deposits | 4,573,502 | 41,989 | 3.64 % | 5,116,070 | 49,064 | 3.80 % | 6,397,251 | 70,661 | 4.39 % | ||||||||
Total interest bearing deposits | 15,545,461 | 102,505 | 2.62 % | 16,159,202 | 116,610 | 2.86 % | 17,364,701 | 143,030 | 3.28 % | ||||||||
Federal funds purchased and securities | |||||||||||||||||
sold under agreement to repurchase | 20,990 | 57 | 1.08 % | 23,306 | 72 | 1.23 % | 47,314 | 119 | 1.00 % | ||||||||
Other borrowings | 217,996 | 2,138 | 3.89 % | 268,278 | 2,957 | 4.37 % | 932,366 | 11,386 | 4.86 % | ||||||||
Subordinated notes and debentures | 319,162 | 5,535 | 6.88 % | 407,922 | 7,123 | 6.93 % | 366,274 | 6,505 | 7.07 % | ||||||||
Total interest bearing liabilities | 16,103,609 | 110,235 | 2.72 % | 16,858,708 | 126,762 | 2.98 % | 18,710,655 | 161,040 | 3.42 % | ||||||||
Noninterest bearing liabilities: | |||||||||||||||||
Noninterest bearing deposits | 4,412,009 | 4,369,941 | 4,491,361 | ||||||||||||||
Other liabilities | 328,812 | 317,965 | 333,781 | ||||||||||||||
Total liabilities | 20,844,430 | 21,546,614 | 23,535,797 | ||||||||||||||
Stockholders' equity | 3,410,017 | 3,368,308 | 3,543,146 | ||||||||||||||
Total liabilities and stockholders' equity | $ 24,254,447 | $ 24,914,922 | $ 27,078,943 | ||||||||||||||
Net interest income (FTE) | $ 200,186 | $ 190,472 | $ 171,366 | ||||||||||||||
Net interest spread (FTE) | 3.18 % | 2.86 % | 2.15 % | ||||||||||||||
Net interest margin (FTE) | 3.81 % | 3.50 % | 2.87 % | ||||||||||||||
Simmons First National Corporation | SFNC | ||||||||
Consolidated - Selected Financial Data | |||||||||
For the Quarters Ended | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | ||||
(Unaudited) | 2025 | 2025 | 2025 | 2025 | 2024 | ||||
($ in thousands, except share data) | |||||||||
QUARTER-TO-DATE | |||||||||
Financial Highlights - As Reported | |||||||||
Net Income (loss) | $ 78,078 | $ (562,792) | $ 54,773 | $ 32,388 | $ 48,319 | ||||
Diluted earnings per share | 0.54 | (4.00) | 0.43 | 0.26 | 0.38 | ||||
Return on average assets | 1.28 % | -8.96 % | 0.82 % | 0.49 % | 0.71 % | ||||
Return on average tangible assets (non-GAAP) (1) | 1.40 % | -9.46 % | 0.91 % | 0.56 % | 0.79 % | ||||
Return on average common equity | 9.08 % | -66.29 % | 6.20 % | 3.69 % | 5.43 % | ||||
Return on tangible common equity (non-GAAP) (1) | 15.92 % | -113.56 % | 10.73 % | 6.61 % | 9.59 % | ||||
Net interest margin (FTE) | 3.81 % | 3.50 % | 3.06 % | 2.95 % | 2.87 % | ||||
Efficiency ratio (2) | 55.52 % | -25.11 % | 62.82 % | 66.94 % | 65.66 % | ||||
FTE adjustment | 2,890 | 3,811 | 6,422 | 6,414 | 6,424 | ||||
Average diluted shares outstanding | 145,210,222 | 140,648,704 | 126,406,453 | 126,336,557 | 126,232,084 | ||||
Cash dividends declared per common share | 0.213 | 0.213 | 0.213 | 0.213 | 0.210 | ||||
Accretable yield on acquired loans | 749 | 725 | 1,263 | 1,084 | 1,863 | ||||
Financial Highlights - Adjusted (non-GAAP) (1) | |||||||||
Adjusted earnings | $ 78,975 | $ 64,930 | $ 56,071 | $ 33,122 | $ 49,634 | ||||
Adjusted diluted earnings per share | 0.54 | 0.46 | 0.44 | 0.26 | 0.39 | ||||
Adjusted return on average assets | 1.29 % | 1.03 % | 0.84 % | 0.50 % | 0.73 % | ||||
Adjusted return on average tangible assets (non-GAAP) (1) | 1.41 % | 1.13 % | 0.93 % | 0.57 % | 0.81 % | ||||
Adjusted return on average common equity | 9.19 % | 7.65 % | 6.34 % | 3.77 % | 5.57 % | ||||
Adjusted return on tangible common equity | 16.10 % | 13.62 % | 10.97 % | 6.75 % | 9.83 % | ||||
Adjusted efficiency ratio (2) | 53.64 % | 57.72 % | 60.52 % | 64.75 % | 62.89 % | ||||
YEAR-TO-DATE | |||||||||
Financial Highlights - GAAP | |||||||||
Net Income (loss) | $ (397,553) | $ (475,631) | $ 87,161 | $ 32,388 | $ 152,693 | ||||
Diluted earnings per share | (2.95) | (3.63) | 0.69 | 0.26 | 1.21 | ||||
Return on average assets | -1.55 % | -2.44 % | 0.66 % | 0.49 % | 0.56 % | ||||
Return on average tangible assets (non-GAAP) (1) | -1.60 % | -2.54 % | 0.74 % | 0.56 % | 0.64 % | ||||
Return on average common equity | -11.45 % | -18.21 % | 4.94 % | 3.69 % | 4.38 % | ||||
Return on tangible common equity (non-GAAP) (1) | -18.84 % | -30.13 % | 8.67 % | 6.61 % | 7.96 % | ||||
Net interest margin (FTE) | 3.32 % | 3.17 % | 3.01 % | 2.95 % | 2.74 % | ||||
Efficiency ratio (2) | 460.26 % | -329.30 % | 64.86 % | 66.94 % | 69.57 % | ||||
FTE adjustment | 19,537 | 16,647 | 12,836 | 6,414 | 25,820 | ||||
Average diluted shares outstanding | 134,731,180 | 131,132,891 | 126,325,650 | 126,336,557 | 126,115,606 | ||||
Cash dividends declared per common share | 0.850 | 0.638 | 0.425 | 0.213 | 0.840 | ||||
Financial Highlights - Adjusted (non-GAAP) (1) | |||||||||
Adjusted earnings | $ 233,098 | $ 154,123 | $ 89,193 | $ 33,122 | $ 177,887 | ||||
Adjusted diluted earnings per share | 1.73 | 1.18 | 0.71 | 0.26 | 1.41 | ||||
Adjusted return on average assets | 0.91 % | 0.79 % | 0.67 % | 0.50 % | 0.65 % | ||||
Adjusted return on average tangible assets (non-GAAP) (1) | 1.00 % | 0.87 % | 0.75 % | 0.57 % | 0.73 % | ||||
Adjusted return on average common equity | 6.71 % | 5.90 % | 5.06 % | 3.77 % | 5.10 % | ||||
Adjusted return on tangible common equity | 11.78 % | 10.37 % | 8.86 % | 6.75 % | 9.18 % | ||||
Adjusted efficiency ratio (2) | 58.92 % | 60.90 % | 62.62 % | 64.75 % | 64.56 % | ||||
END OF PERIOD | |||||||||
Book value per share | $ 23.62 | $ 23.18 | $ 28.17 | $ 28.04 | $ 28.08 | ||||
Tangible book value per share | 13.91 | 13.45 | 16.97 | 16.81 | 16.80 | ||||
Shares outstanding | 144,762,817 | 144,703,075 | 125,996,248 | 125,926,822 | 125,651,540 | ||||
Full-time equivalent employees | 2,917 | 2,883 | 2,947 | 2,949 | 2,946 | ||||
Total number of financial centers | 222 | 223 | 223 | 222 | 222 | ||||
(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 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | ||||
(Unaudited) | 2025 | 2025 | 2025 | 2025 | 2024 | ||||
(in thousands, except per share data) | |||||||||
QUARTER-TO-DATE | |||||||||
Net income (loss) | $ 78,078 | $ (562,792) | $ 54,773 | $ 32,388 | $ 48,319 | ||||
Certain items (non-GAAP) | |||||||||
Loss on early extinguishment of debt | - | 570 | - | - | - | ||||
Early retirement program | - | 305 | 1,594 | - | 200 | ||||
Termination of vendor and software services | 12 | - | - | - | - | ||||
Loss on sale of Equipment Finance business | 1,118 | - | - | - | - | ||||
Loss (gain) on sale of securities | - | 801,492 | - | - | - | ||||
Branch right sizing (net) | 85 | 2,004 | 163 | 994 | 1,581 | ||||
Tax effect of certain items (1) | (318) | (176,649) | (459) | (260) | (466) | ||||
Certain items, net of tax | 897 | 627,722 | 1,298 | 734 | 1,315 | ||||
Adjusted earnings (non-GAAP) (2) | $ 78,975 | $ 64,930 | $ 56,071 | $ 33,122 | $ 49,634 | ||||
Diluted earnings per share | $ 0.54 | $ (4.00) | $ 0.43 | $ 0.26 | $ 0.38 | ||||
Certain items (non-GAAP) | |||||||||
Loss on early extinguishment of debt | - | - | - | - | - | ||||
Early retirement program | - | - | 0.01 | - | - | ||||
Termination of vendor and software services | - | - | - | - | - | ||||
Loss on sale of Equipment Finance business | 0.01 | - | - | - | - | ||||
Loss (gain) on sale of securities | - | 5.70 | - | - | - | ||||
Branch right sizing (net) | - | 0.01 | - | - | 0.01 | ||||
Tax effect of certain items (1) | (0.01) | (1.25) | - | - | - | ||||
Certain items, net of tax | - | 4.46 | 0.01 | - | 0.01 | ||||
Adjusted diluted earnings per share (non-GAAP) | $ 0.54 | $ 0.46 | $ 0.44 | $ 0.26 | $ 0.39 | ||||
(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 | $ 51,708 | $ (756,187) | $ 42,354 | $ 46,155 | $ 43,558 | ||||
Certain noninterest income items | |||||||||
Loss on early extinguishment of debt | - | 570 | - | - | - | ||||
Loss (gain) on sale of securities | - | 801,492 | - | - | - | ||||
Adjusted noninterest income (non-GAAP) | $ 51,708 | $ 45,875 | $ 42,354 | $ 46,155 | $ 43,558 | ||||
Other income | $ 12,365 | $ 6,141 | $ 4,837 | $ 8,007 | $ 5,565 | ||||
Certain other income items | |||||||||
Loss on early extinguishment of debt | - | 570 | - | - | - | ||||
Adjusted other income (non-GAAP) | $ 12,365 | $ 6,711 | $ 4,837 | $ 8,007 | $ 5,565 | ||||
Noninterest expense | $ 139,862 | $ 142,032 | $ 138,589 | $ 144,580 | $ 141,117 | ||||
Certain noninterest expense items | |||||||||
Early retirement program | - | (305) | (1,594) | - | (200) | ||||
Termination of vendor and software services | (12) | - | - | - | - | ||||
Loss on sale of Equipment Finance business | (1,118) | - | - | - | - | ||||
Branch right sizing expense | (85) | (2,004) | (163) | (994) | (1,581) | ||||
Adjusted noninterest expense (non-GAAP) | 138,647 | 139,723 | 136,832 | 143,586 | 139,336 | ||||
Less: Fraud event | - | - | - | (4,300) | - | ||||
Adjusted noninterest expense, excluding fraud event (non-GAAP) | $ 138,647 | $ 139,723 | $ 136,832 | $ 139,286 | $ 139,336 | ||||
Salaries and employee benefits | $ 72,924 | $ 76,249 | $ 73,862 | $ 74,824 | $ 71,588 | ||||
Certain salaries and employee benefits items | |||||||||
Early retirement program | - | (305) | (1,594) | - | (200) | ||||
Other | - | (1) | 1 | - | - | ||||
Adjusted salaries and employee benefits (non-GAAP) | $ 72,924 | $ 75,943 | $ 72,269 | $ 74,824 | $ 71,388 | ||||
Other operating expenses | $ 44,830 | $ 43,027 | $ 42,276 | $ 46,051 | $ 46,115 | ||||
Certain other operating expenses items | |||||||||
Termination of vendor and software services | (12) | - | - | - | - | ||||
Loss on sale of Equipment Finance business | (1,118) | - | - | - | - | ||||
Branch right sizing expense | 327 | (1,556) | 255 | (161) | (1,457) | ||||
Adjusted other operating expenses (non-GAAP) | $ 44,027 | $ 41,471 | $ 42,531 | $ 45,890 | $ 44,658 | ||||
Simmons First National Corporation | SFNC | ||||||||
Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Year-to-Date | |||||||||
For the Quarters Ended | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | ||||
(Unaudited) | 2025 | 2025 | 2025 | 2025 | 2024 | ||||
(in thousands, except per share data) | |||||||||
YEAR-TO-DATE | |||||||||
Net income (loss) | $ (397,553) | $ (475,631) | $ 87,161 | $ 32,388 | $ 152,693 | ||||
Certain items (non-GAAP) | |||||||||
Loss on early extinguishment of debt | 570 | 570 | - | - | - | ||||
FDIC Deposit Insurance special assessment | - | - | - | - | 1,832 | ||||
Early retirement program | 1,899 | 1,899 | 1,594 | - | 536 | ||||
Termination of vendor and software services | 12 | - | - | - | 602 | ||||
Loss on sale of Equipment Finance business | 1,118 | - | - | - | - | ||||
Loss (gain) on sale of securities | 801,492 | 801,492 | - | - | 28,393 | ||||
Branch right sizing (net) | 3,246 | 3,161 | 1,157 | 994 | 2,746 | ||||
Tax effect of certain items (1) | (177,686) | (177,368) | (719) | (260) | (8,915) | ||||
Certain items, net of tax | 630,651 | 629,754 | 2,032 | 734 | 25,194 | ||||
Adjusted earnings (non-GAAP) (2) | $ 233,098 | $ 154,123 | $ 89,193 | $ 33,122 | $ 177,887 | ||||
Diluted earnings per share | $ (2.95) | $ (3.63) | $ 0.69 | $ 0.26 | $ 1.21 | ||||
Certain items (non-GAAP) | |||||||||
Loss on early extinguishment of debt | - | - | - | - | - | ||||
FDIC Deposit Insurance special assessment | - | - | - | - | 0.02 | ||||
Early retirement program | 0.01 | 0.02 | 0.01 | - | - | ||||
Termination of vendor and software services | 0.01 | - | - | - | - | ||||
Loss on sale of Equipment Finance business | 0.01 | - | - | - | - | ||||
Loss (gain) on sale of securities | 5.95 | 6.11 | - | - | 0.23 | ||||
Branch right sizing (net) | 0.02 | 0.02 | 0.01 | - | 0.02 | ||||
Tax effect of certain items (1) | (1.32) | (1.34) | - | - | (0.07) | ||||
Certain items, net of tax | 4.68 | 4.81 | 0.02 | - | 0.20 | ||||
Adjusted diluted earnings per share (non-GAAP) | $ 1.73 | $ 1.18 | $ 0.71 | $ 0.26 | $ 1.41 | ||||
(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 | $ (615,970) | $ (667,678) | $ 88,509 | $ 46,155 | $ 147,171 | ||||
Certain noninterest income items | |||||||||
Loss on early extinguishment of debt | 570 | 570 | - | - | - | ||||
Loss (gain) on sale of securities | 801,492 | 801,492 | - | - | 28,393 | ||||
Adjusted noninterest income (non-GAAP) | $ 186,092 | $ 134,384 | $ 88,509 | $ 46,155 | $ 175,564 | ||||
Other income | $ 31,350 | $ 18,985 | $ 12,844 | $ 8,007 | $ 27,493 | ||||
Certain other income items | |||||||||
Loss on early extinguishment of debt | 570 | 570 | - | - | - | ||||
Adjusted other income (non-GAAP) | $ 31,920 | $ 19,555 | $ 12,844 | $ 8,007 | $ 27,493 | ||||
Noninterest expense | $ 565,063 | $ 425,201 | $ 283,169 | $ 144,580 | $ 557,543 | ||||
Certain noninterest expense items | |||||||||
Early retirement program | (1,899) | (1,899) | (1,594) | - | (536) | ||||
FDIC Deposit Insurance special assessment | - | - | - | - | (1,832) | ||||
Termination of vendor and software services | (12) | - | - | - | (602) | ||||
Loss on sale of Equipment Finance business | (1,118) | - | - | - | - | ||||
Branch right sizing expense | (3,246) | (3,161) | (1,157) | (994) | (2,746) | ||||
Adjusted noninterest expense (non-GAAP) | 558,788 | 420,141 | 280,418 | 143,586 | 551,827 | ||||
Less: Fraud event | (4,300) | (4,300) | (4,300) | (4,300) | - | ||||
Adjusted noninterest expense, excluding fraud event (non-GAAP) | $ 554,488 | $ 415,841 | $ 276,118 | $ 139,286 | $ 551,827 | ||||
Salaries and employee benefits | $ 297,859 | $ 224,935 | $ 148,686 | $ 74,824 | $ 284,124 | ||||
Certain salaries and employee benefits items | |||||||||
Early retirement program | (1,899) | (1,899) | (1,594) | - | (536) | ||||
Other | - | - | 1 | - | - | ||||
Adjusted salaries and employee benefits (non-GAAP) | $ 295,960 | $ 223,036 | $ 147,093 | $ 74,824 | $ 283,588 | ||||
Other operating expenses | $ 176,184 | $ 131,354 | $ 88,327 | $ 46,051 | $ 178,520 | ||||
Certain other operating expenses items | |||||||||
Termination of vendor and software services | (12) | - | - | - | (602) | ||||
Loss on sale of Equipment Finance business | (1,118) | - | - | - | - | ||||
Branch right sizing expense | (1,135) | (1,462) | 94 | (161) | (2,116) | ||||
Adjusted other operating expenses (non-GAAP) | $ 173,919 | $ 129,892 | $ 88,421 | $ 45,890 | $ 175,802 | ||||
Simmons First National Corporation | SFNC | ||||||||
Reconciliation Of Non-GAAP Financial Measures - End of Period | |||||||||
For the Quarters Ended | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | ||||
(Unaudited) | 2025 | 2025 | 2025 | 2025 | 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 | $ 3,419,240 | $ 3,353,963 | $ 3,549,210 | $ 3,531,485 | $ 3,528,872 | ||||
Intangible assets: | |||||||||
Goodwill | (1,320,799) | (1,320,799) | (1,320,799) | (1,320,799) | (1,320,799) | ||||
Other intangible assets | (84,423) | (87,520) | (90,617) | (93,714) | (97,242) | ||||
Total intangibles | (1,405,222) | (1,408,319) | (1,411,416) | (1,414,513) | (1,418,041) | ||||
Tangible common stockholders' equity | $ 2,014,018 | $ 1,945,644 | $ 2,137,794 | $ 2,116,972 | $ 2,110,831 | ||||
Total assets | $ 24,540,877 | $ 24,208,162 | $ 26,693,620 | $ 26,792,991 | $ 26,876,049 | ||||
Intangible assets: | |||||||||
Goodwill | (1,320,799) | (1,320,799) | (1,320,799) | (1,320,799) | (1,320,799) | ||||
Other intangible assets | (84,423) | (87,520) | (90,617) | (93,714) | (97,242) | ||||
Total intangibles | (1,405,222) | (1,408,319) | (1,411,416) | (1,414,513) | (1,418,041) | ||||
Tangible assets | $ 23,135,655 | $ 22,799,843 | $ 25,282,204 | $ 25,378,478 | $ 25,458,008 | ||||
Ratio of common equity to assets | 13.93 % | 13.85 % | 13.30 % | 13.18 % | 13.13 % | ||||
Ratio of tangible common equity to tangible assets | 8.71 % | 8.53 % | 8.46 % | 8.34 % | 8.29 % | ||||
Calculation of Tangible Book Value per Share | |||||||||
Total common stockholders' equity | $ 3,419,240 | $ 3,353,963 | $ 3,549,210 | $ 3,531,485 | $ 3,528,872 | ||||
Intangible assets: | |||||||||
Goodwill | (1,320,799) | (1,320,799) | (1,320,799) | (1,320,799) | (1,320,799) | ||||
Other intangible assets | (84,423) | (87,520) | (90,617) | (93,714) | (97,242) | ||||
Total intangibles | (1,405,222) | (1,408,319) | (1,411,416) | (1,414,513) | (1,418,041) | ||||
Tangible common stockholders' equity | $ 2,014,018 | $ 1,945,644 | $ 2,137,794 | $ 2,116,972 | $ 2,110,831 | ||||
Shares of common stock outstanding | 144,762,817 | 144,703,075 | 125,996,248 | 125,926,822 | 125,651,540 | ||||
Book value per common share | $ 23.62 | $ 23.18 | $ 28.17 | $ 28.04 | $ 28.08 | ||||
Tangible book value per common share | $ 13.91 | $ 13.45 | $ 16.97 | $ 16.81 | $ 16.80 | ||||
Calculation of Coverage Ratio of Uninsured, Non-Collateralized Deposits | |||||||||
Uninsured deposits at Simmons Bank | $ 9,640,677 | $ 9,565,766 | $ 8,407,847 | $ 8,614,833 | $ 8,467,291 | ||||
Less: Collateralized deposits (excluding portion that is FDIC insured) | 2,363,327 | 2,169,362 | 2,691,215 | 3,005,328 | 2,790,339 | ||||
Less: Intercompany eliminations | 2,729,191 | 2,937,147 | 1,121,932 | 1,073,500 | 1,045,734 | ||||
Total uninsured, non-collateralized deposits | $ 4,548,159 | $ 4,459,257 | $ 4,594,700 | $ 4,536,005 | $ 4,631,218 | ||||
FHLB borrowing availability | $ 5,999,000 | $ 6,134,000 | $ 5,133,000 | $ 4,432,000 | $ 4,716,000 | ||||
Unpledged securities | 1,480,000 | 1,575,000 | 3,697,000 | 4,197,000 | 4,103,000 | ||||
Fed funds lines, Fed discount window and | |||||||||
Bank Term Funding Program (1) | 1,836,000 | 1,824,000 | 1,894,000 | 1,780,000 | 2,081,000 | ||||
Additional liquidity sources | $ 9,315,000 | $ 9,533,000 | $ 10,724,000 | $ 10,409,000 | $ 10,900,000 | ||||
Uninsured, non-collateralized deposit coverage ratio | 2.0 | 2.1 | 2.3 | 2.3 | 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. | |||||||||
Simmons First National Corporation | SFNC | ||||||||
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date | |||||||||
For the Quarters Ended | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | ||||
(Unaudited) | 2025 | 2025 | 2025 | 2025 | 2024 | ||||
($ in thousands) | |||||||||
Calculation of Adjusted Return on Average Assets & Average Tangible Assets | |||||||||
Net income (loss) | $ 78,078 | $ (562,792) | $ 54,773 | $ 32,388 | $ 48,319 | ||||
Amortization of intangibles, net of taxes | 2,288 | 2,287 | 2,289 | 2,605 | 2,843 | ||||
Total adjusted tangible net income (non-GAAP) | $ 80,366 | $ (560,505) | $ 57,062 | $ 34,993 | $ 51,162 | ||||
Certain items (non-GAAP) | |||||||||
Loss on early extinguishment of debt | - | 570 | - | - | - | ||||
Early retirement program | - | 305 | 1,594 | - | 200 | ||||
Termination of vendor and software services | 12 | - | - | - | - | ||||
Loss on sale of Equipment Finance business | 1,118 | - | - | - | - | ||||
Loss (gain) on sale of securities | - | 801,492 | - | - | - | ||||
Branch right sizing (net) | 85 | 2,004 | 163 | 994 | 1,581 | ||||
Tax effect of certain items (1) | (318) | (176,649) | (459) | (260) | (466) | ||||
Adjusted earnings (non-GAAP) | 78,975 | 64,930 | 56,071 | 33,122 | 49,634 | ||||
Amortization of intangibles, net of taxes | 2,288 | 2,287 | 2,289 | 2,605 | 2,843 | ||||
Total adjusted tangible net income (non-GAAP) | $ 81,263 | $ 67,217 | $ 58,360 | $ 35,727 | $ 52,477 | ||||
Average total assets | $ 24,254,447 | $ 24,914,922 | $ 26,645,131 | $ 26,678,628 | $ 27,078,943 | ||||
Average intangible assets: | |||||||||
Goodwill | (1,320,799) | (1,320,799) | (1,320,799) | (1,320,799) | (1,320,799) | ||||
Other intangibles | (86,206) | (89,349) | (92,432) | (95,787) | (99,405) | ||||
Total average intangibles | (1,407,005) | (1,410,148) | (1,413,231) | (1,416,586) | (1,420,204) | ||||
Average tangible assets (non-GAAP) | $ 22,847,442 | $ 23,504,774 | $ 25,231,900 | $ 25,262,042 | $ 25,658,739 | ||||
Return on average assets | 1.28 % | -8.96 % | 0.82 % | 0.49 % | 0.71 % | ||||
Adjusted return on average assets (non-GAAP) | 1.29 % | 1.03 % | 0.84 % | 0.50 % | 0.73 % | ||||
Return on average tangible assets (non-GAAP) | 1.40 % | -9.46 % | 0.91 % | 0.56 % | 0.79 % | ||||
Adjusted return on average tangible assets (non-GAAP) | 1.41 % | 1.13 % | 0.93 % | 0.57 % | 0.81 % | ||||
Calculation of Return on Tangible Common Equity | |||||||||
Net income (loss) available to common stockholders | $ 78,078 | $ (562,792) | $ 54,773 | $ 32,388 | $ 48,319 | ||||
Amortization of intangibles, net of taxes | 2,288 | 2,287 | 2,289 | 2,605 | 2,843 | ||||
Total income available to common stockholders | $ 80,366 | $ (560,505) | $ 57,062 | $ 34,993 | $ 51,162 | ||||
Certain items (non-GAAP) | |||||||||
Loss on early extinguishment of debt | - | 570 | - | - | - | ||||
Early retirement program | - | 305 | 1,594 | - | 200 | ||||
Termination of vendor and software services | 12 | - | - | - | - | ||||
Loss on sale of Equipment Finance business | 1,118 | - | - | - | - | ||||
Loss (gain) on sale of securities | - | 801,492 | - | - | - | ||||
Branch right sizing (net) | 85 | 2,004 | 163 | 994 | 1,581 | ||||
Tax effect of certain items (1) | (318) | (176,649) | (459) | (260) | (466) | ||||
Adjusted earnings (non-GAAP) | 78,975 | 64,930 | 56,071 | 33,122 | 49,634 | ||||
Amortization of intangibles, net of taxes | 2,288 | 2,287 | 2,289 | 2,605 | 2,843 | ||||
Total adjusted earnings available to common stockholders (non-GAAP) | $ 81,263 | $ 67,217 | $ 58,360 | $ 35,727 | $ 52,477 | ||||
Average common stockholders' equity | $ 3,410,017 | $ 3,368,308 | $ 3,546,163 | $ 3,564,469 | $ 3,543,146 | ||||
Average intangible assets: | |||||||||
Goodwill | (1,320,799) | (1,320,799) | (1,320,799) | (1,320,799) | (1,320,799) | ||||
Other intangibles | (86,206) | (89,349) | (92,432) | (95,787) | (99,405) | ||||
Total average intangibles | (1,407,005) | (1,410,148) | (1,413,231) | (1,416,586) | (1,420,204) | ||||
Average tangible common stockholders' equity (non-GAAP) | $ 2,003,012 | $ 1,958,160 | $ 2,132,932 | $ 2,147,883 | $ 2,122,942 | ||||
Return on average common equity | 9.08 % | -66.29 % | 6.20 % | 3.69 % | 5.43 % | ||||
Return on tangible common equity | 15.92 % | -113.56 % | 10.73 % | 6.61 % | 9.59 % | ||||
Adjusted return on average common equity (non-GAAP) | 9.19 % | 7.65 % | 6.34 % | 3.77 % | 5.57 % | ||||
Adjusted return on tangible common equity (non-GAAP) | 16.10 % | 13.62 % | 10.97 % | 6.75 % | 9.83 % | ||||
(1) 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 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | ||||
(Unaudited) | 2025 | 2025 | 2025 | 2025 | 2024 | ||||
($ in thousands) | |||||||||
Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1) | |||||||||
Noninterest expense (efficiency ratio numerator) | $ 139,862 | $ 142,032 | $ 138,589 | $ 144,580 | $ 141,117 | ||||
Certain noninterest expense items (non-GAAP) | |||||||||
Early retirement program | - | (305) | (1,594) | - | (200) | ||||
Termination of vendor and software services | (12) | - | - | - | - | ||||
Loss on sale of Equipment Finance business | (1,118) | - | - | - | - | ||||
Branch right sizing expense | (85) | (2,004) | (163) | (994) | (1,581) | ||||
Other real estate and foreclosure expense adjustment | (432) | (200) | (216) | (198) | (317) | ||||
Amortization of intangibles adjustment | (3,097) | (3,097) | (3,098) | (3,527) | (3,850) | ||||
Adjusted efficiency ratio numerator | $ 135,118 | $ 136,426 | $ 133,518 | $ 139,861 | $ 135,169 | ||||
Net interest income | $ 197,296 | $ 186,661 | $ 171,824 | $ 163,422 | $ 164,942 | ||||
Noninterest income | 51,708 | (756,187) | 42,354 | 46,155 | 43,558 | ||||
Fully tax-equivalent adjustment (2) | 2,890 | 3,811 | 6,422 | 6,414 | 6,424 | ||||
Efficiency ratio denominator | 251,894 | (565,715) | 220,600 | 215,991 | 214,924 | ||||
Certain noninterest income items (non-GAAP) | |||||||||
Loss on early extinguishment of debt | - | 570 | - | - | - | ||||
(Gain) loss on sale of securities | - | 801,492 | - | - | - | ||||
Adjusted efficiency ratio denominator | $ 251,894 | $ 236,347 | $ 220,600 | $ 215,991 | $ 214,924 | ||||
Efficiency ratio (1) | 55.52 % | -25.11 % | 62.82 % | 66.94 % | 65.66 % | ||||
Adjusted efficiency ratio (non-GAAP) (1) | 53.64 % | 57.72 % | 60.52 % | 64.75 % | 62.89 % | ||||
Calculation of Total Revenue and Adjusted Total Revenue | |||||||||
Net interest income | $ 197,296 | $ 186,661 | $ 171,824 | $ 163,422 | $ 164,942 | ||||
Noninterest income | 51,708 | (756,187) | 42,354 | 46,155 | 43,558 | ||||
Total revenue | 249,004 | (569,526) | 214,178 | 209,577 | 208,500 | ||||
Certain items, pre-tax (non-GAAP) | |||||||||
Plus: Loss on early extinguishment of debt | - | 570 | - | - | - | ||||
Less: Gain (loss) on sale of securities | - | (801,492) | - | - | - | ||||
Adjusted total revenue | $ 249,004 | $ 232,536 | $ 214,178 | $ 209,577 | $ 208,500 | ||||
Calculation of Pre-Provision Net Revenue (PPNR) | |||||||||
Net interest income | $ 197,296 | $ 186,661 | $ 171,824 | $ 163,422 | $ 164,942 | ||||
Noninterest income | 51,708 | (756,187) | 42,354 | 46,155 | 43,558 | ||||
Total revenue | 249,004 | (569,526) | 214,178 | 209,577 | 208,500 | ||||
Less: Noninterest expense | 139,862 | 142,032 | 138,589 | 144,580 | 141,117 | ||||
Pre-Provision Net Revenue (PPNR) | $ 109,142 | $ (711,558) | $ 75,589 | $ 64,997 | $ 67,383 | ||||
Calculation of Adjusted Pre-Provision Net Revenue | |||||||||
Pre-Provision Net Revenue (PPNR) | $ 109,142 | $ (711,558) | $ 75,589 | $ 64,997 | $ 67,383 | ||||
Certain items, pre-tax (non-GAAP) | |||||||||
Plus: Loss on early extinguishment of debt | - | 570 | - | - | - | ||||
Plus: Loss (gain) on sale of securities | - | 801,492 | - | - | - | ||||
Plus: Early retirement program costs | - | 305 | 1,594 | - | 200 | ||||
Plus: Termination of vendor and software services | 12 | - | - | - | - | ||||
Plus: Loss on sale of Equipment Finance business | 1,118 | - | - | - | - | ||||
Plus: Branch right sizing costs (net) | 85 | 2,004 | 163 | 994 | 1,581 | ||||
Adjusted Pre-Provision Net Revenue | $ 110,357 | $ 92,813 | $ 77,346 | $ 65,991 | $ 69,164 | ||||
(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 - Year-to-Date | |||||||||
For the Quarters Ended | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | ||||
(Unaudited) | 2025 | 2025 | 2025 | 2025 | 2024 | ||||
($ in thousands) | |||||||||
Calculation of Adjusted Return on Average Assets & Average Tangible Assets | |||||||||
Net income (loss) | $ (397,553) | $ (475,631) | $ 87,161 | $ 32,388 | $ 152,693 | ||||
Amortization of intangibles, net of taxes | 9,469 | 7,181 | 4,894 | 2,605 | 11,377 | ||||
Total adjusted tangible net income (non-GAAP) | $ (388,084) | $ (468,450) | $ 92,055 | $ 34,993 | $ 164,070 | ||||
Certain items (non-GAAP) | |||||||||
Loss on early extinguishment of debt | 570 | 570 | - | - | - | ||||
FDIC Deposit Insurance special assessment | - | - | - | - | 1,832 | ||||
Early retirement program | 1,899 | 1,899 | 1,594 | - | 536 | ||||
Termination of vendor and software services | 12 | - | - | - | 602 | ||||
Loss on sale of Equipment Finance business | 1,118 | - | - | - | - | ||||
Loss (gain) on sale of securities | 801,492 | 801,492 | - | - | 28,393 | ||||
Branch right sizing (net) | 3,246 | 3,161 | 1,157 | 994 | 2,746 | ||||
Tax effect of certain items (1) | (177,686) | (177,368) | (719) | (260) | (8,915) | ||||
Adjusted earnings (non-GAAP) | 233,098 | 154,123 | 89,193 | 33,122 | 177,887 | ||||
Amortization of intangibles, net of taxes | 9,469 | 7,181 | 4,894 | 2,605 | 11,377 | ||||
Total adjusted tangible net income (non-GAAP) | $ 242,567 | $ 161,304 | $ 94,087 | $ 35,727 | $ 189,264 | ||||
Average total assets | $ 25,614,700 | $ 26,073,100 | $ 26,661,787 | $ 26,678,628 | $ 27,214,647 | ||||
Average intangible assets: | |||||||||
Goodwill | (1,320,799) | (1,320,799) | (1,320,799) | (1,320,799) | (1,320,799) | ||||
Other intangibles | (90,913) | (92,499) | (94,100) | (95,787) | (105,239) | ||||
Total average intangibles | (1,411,712) | (1,413,298) | (1,414,899) | (1,416,586) | (1,426,038) | ||||
Average tangible assets (non-GAAP) | $ 24,202,988 | $ 24,659,802 | $ 25,246,888 | $ 25,262,042 | $ 25,788,609 | ||||
Return on average assets | -1.55 % | -2.44 % | 0.66 % | 0.49 % | 0.56 % | ||||
Adjusted return on average assets (non-GAAP) | 0.91 % | 0.79 % | 0.67 % | 0.50 % | 0.65 % | ||||
Return on average tangible assets (non-GAAP) | -1.60 % | -2.54 % | 0.74 % | 0.56 % | 0.64 % | ||||
Adjusted return on average tangible assets (non-GAAP) | 1.00 % | 0.87 % | 0.75 % | 0.57 % | 0.73 % | ||||
Calculation of Return on Tangible Common Equity | |||||||||
Net income (loss) available to common stockholders | $ (397,553) | $ (475,631) | $ 87,161 | $ 32,388 | $ 152,693 | ||||
Amortization of intangibles, net of taxes | 9,469 | 7,181 | 4,894 | 2,605 | 11,377 | ||||
Total income available to common stockholders | $ (388,084) | $ (468,450) | $ 92,055 | $ 34,993 | $ 164,070 | ||||
Certain items (non-GAAP) | |||||||||
Loss on early extinguishment of debt | 570 | 570 | - | - | - | ||||
FDIC Deposit Insurance special assessment | - | - | - | - | 1,832 | ||||
Early retirement program | 1,899 | 1,899 | 1,594 | - | 536 | ||||
Termination of vendor and software services | 12 | - | - | - | 602 | ||||
Loss on sale of Equipment Finance business | 1,118 | - | - | - | - | ||||
Loss (gain) on sale of securities | 801,492 | 801,492 | - | - | 28,393 | ||||
Branch right sizing (net) | 3,246 | 3,161 | 1,157 | 994 | 2,746 | ||||
Tax effect of certain items (1) | (177,686) | (177,368) | (719) | (260) | (8,915) | ||||
Adjusted earnings (non-GAAP) | 233,098 | 154,123 | 89,193 | 33,122 | 177,887 | ||||
Amortization of intangibles, net of taxes | 9,469 | 7,181 | 4,894 | 2,605 | 11,377 | ||||
Total adjusted earnings available to common stockholders (non-GAAP) | $ 242,567 | $ 161,304 | $ 94,087 | $ 35,727 | $ 189,264 | ||||
Average common stockholders' equity | $ 3,471,531 | $ 3,492,261 | $ 3,555,265 | $ 3,564,469 | $ 3,486,822 | ||||
Average intangible assets: | |||||||||
Goodwill | (1,320,799) | (1,320,799) | (1,320,799) | (1,320,799) | (1,320,799) | ||||
Other intangibles | (90,913) | (92,499) | (94,100) | (95,787) | (105,239) | ||||
Total average intangibles | (1,411,712) | (1,413,298) | (1,414,899) | (1,416,586) | (1,426,038) | ||||
Average tangible common stockholders' equity (non-GAAP) | $ 2,059,819 | $ 2,078,963 | $ 2,140,366 | $ 2,147,883 | $ 2,060,784 | ||||
Return on average common equity | -11.45 % | -18.21 % | 4.94 % | 3.69 % | 4.38 % | ||||
Return on tangible common equity | -18.84 % | -30.13 % | 8.67 % | 6.61 % | 7.96 % | ||||
Adjusted return on average common equity (non-GAAP) | 6.71 % | 5.90 % | 5.06 % | 3.77 % | 5.10 % | ||||
Adjusted return on tangible common equity (non-GAAP) | 11.78 % | 10.37 % | 8.86 % | 6.75 % | 9.18 % | ||||
(1) 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 - Year-to-Date | |||||||||
For the Quarters Ended | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | ||||
(Unaudited) | 2025 | 2025 | 2025 | 2025 | 2024 | ||||
($ in thousands) | |||||||||
Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1) | |||||||||
Noninterest expense (efficiency ratio numerator) | $ 565,063 | $ 425,201 | $ 283,169 | $ 144,580 | $ 557,543 | ||||
Certain noninterest expense items (non-GAAP) | |||||||||
Early retirement program | (1,899) | (1,899) | (1,594) | - | (536) | ||||
FDIC Deposit Insurance special assessment | - | - | - | - | (1,832) | ||||
Termination of vendor and software services | (12) | - | - | - | (602) | ||||
Loss on sale of Equipment Finance business | (1,118) | - | - | - | - | ||||
Branch right sizing expense | (3,246) | (3,161) | (1,157) | (994) | (2,746) | ||||
Other real estate and foreclosure expense adjustment | (1,046) | (614) | (414) | (198) | (700) | ||||
Amortization of intangibles adjustment | (12,819) | (9,722) | (6,625) | (3,527) | (15,403) | ||||
Adjusted efficiency ratio numerator | $ 544,923 | $ 409,805 | $ 273,379 | $ 139,861 | $ 535,724 | ||||
Net interest income | $ 719,203 | $ 521,907 | $ 335,246 | $ 163,422 | $ 628,465 | ||||
Noninterest income | (615,970) | (667,678) | 88,509 | 46,155 | 147,171 | ||||
Fully tax-equivalent adjustment (2) | 19,537 | 16,647 | 12,836 | 6,414 | 25,820 | ||||
Efficiency ratio denominator | 122,770 | (129,124) | 436,591 | 215,991 | 801,456 | ||||
Certain noninterest income items (non-GAAP) | |||||||||
Loss on early extinguishment of debt | 570 | 570 | - | - | - | ||||
(Gain) loss on sale of securities | 801,492 | 801,492 | - | - | 28,393 | ||||
Adjusted efficiency ratio denominator | $ 924,832 | $ 672,938 | $ 436,591 | $ 215,991 | $ 829,849 | ||||
Efficiency ratio (1) | 460.26 % | -329.30 % | 64.86 % | 66.94 % | 69.57 % | ||||
Adjusted efficiency ratio (non-GAAP) (1) | 58.92 % | 60.90 % | 62.62 % | 64.75 % | 64.56 % | ||||
(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
