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 income(1) of $79.0 million and adjusted diluted
EPS(1) of $0.54
• ROAA of 1.28% and ROE of 9.08%
• Adjusted ROAA(1) of 1.29%; adjusted ROTCE(1) of 16.10%
• Total revenue of $249.0 million and PPNR(1) of $109.1 million
• Adjusted total revenue(1) of $249.0 million and adjusted PPNR(1)
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 ratio(1) 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 revenue(1) 249.0 232.5 208.5
Pre-provision net revenue(1) (PPNR) 109.1 (711.6) 67.4
Adjusted pre-provision net revenue(1) 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 earnings(1) 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) ratio(1) 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 earnings1, 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 4Q25 3Q25 2Q25 1Q25 4Q24
$ in millions
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 income(1) $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 4Q25 3Q25 2Q25 1Q25 4Q24
$ in millions
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 benefits(1) $72.9 $75.9 $72.3 $74.8 $71.4
Adjusted other operating expenses(1) 44.0 41.5 42.5 45.9 44.7
Adjusted noninterest expense(1) 138.6 139.7 136.8 143.6 139.3
Efficiency ratio 55.52 % (25.11) % 62.82 % 66.94 % 65.66 %
Adjusted efficiency ratio(1) 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 4Q25 3Q25 2Q25 1Q25 4Q24
$ in millions
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 4Q25 3Q25 2Q25 1Q25 4Q24
$ in millions
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 4Q25 3Q25 2Q25 1Q25 4Q24
$ in millions
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 assets(1) 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 $121,229
Ratios
---
Allowance for credit losses on loans to total loans 1.28 % 1.50 % 1.48 % 1.48 % 1.38 %
Allowance for credit losses to nonperforming loans 199 % 168 % 161 % 165 % 212 %
Nonperforming loans to total loans 0.64 % 0.90 % 0.92 % 0.89 % 0.65 %
Nonperforming assets to total assets 0.51 % 0.66 % 0.62 % 0.61 % 0.45 %
Annualized net charge offs to average loans (QTD) 1.12 % 0.25 % 0.25 % 0.23 % 0.27 %
Annualized net charge offs to average loans (YTD) 0.47 % 0.24 % 0.24 % 0.23 % 0.22 %
Annualized net credit card charge offs to
average credit card loans (QTD) 2.23 % 3.64 % 2.99 % 2.72 % 2.63 %
Simmons First National Corporation SFNC
Consolidated - Average Balance Sheet and Net Interest Income Analysis
For the Quarters Ended
(Unaudited)
Three Months Ended Three Months Ended Three Months Ended
Dec 2025
Sep 2025
Dec 2024
($ in thousands) Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate Balance Expense Rate
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.
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SOURCE Simmons First National Corporation
Ed Bilek, EVP, Director of Investor and Media Relations, ed.bilek@simmonsbank.com or 205.612.3378 (cell)