October 16, 2025

Simmons First National Corporation Reports Third Quarter 2025 Results

 

George Makris, Jr., Simmons’ Chairman and CEO, commented on third quarter 2025 results:

The third quarter was transformative for Simmons. With overwhelming investor support we successfully raised $327 million of equity capital to reposition our balance sheet and unlock our future earnings stream. We effectively addressed a negative arbitrage between long-term bond yields and shorter-term funding costs which freed up capital for future growth. While the one-time loss on the sale of the bonds was significant, the financial strength of our company coupled with the positive sentiment from investors allowed us that opportunity.

Although the benefit of the repositioning was only partially realized in the quarter based on the timing of the transactions, our results demonstrated the exceptional improvement in our profitability, and the results from the month of September are very encouraging for our future performance.

I believe we are now well positioned to deliver stronger organic growth throughout our franchise which includes some of the most dynamic markets in the country. Our team is prepared, and I am optimistic about Simmons’ future.

Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported a net loss of $562.8 million for the third quarter of 2025, compared to net income of $54.8 million in the second quarter of 2025 and $24.7 million in the third quarter of 2024. Diluted earnings per share were $(4.00) for the third quarter of 2025, compared to $0.43 in the second quarter of 2025 and $0.20 for the third quarter of 2024. Adjusted earnings¹ for the third quarter of 2025 were $64.9 million, compared to $56.1 million in the second quarter of 2025 and $46.0 million in the third quarter of 2024. Adjusted diluted earnings per share¹ for the third quarter of 2025 were $0.46, compared to $0.44 in the second quarter of 2025 and $0.37 in the third quarter of 2024.

As previously disclosed, on July 22, 2025, the Company announced the pricing of its public offering of the Company’s Class A common stock that generated net proceeds of approximately $327 million. Proceeds from the offering were subsequently utilized to support a balance sheet repositioning that included the sale of approximately $2.4 billion (fair value) of low-yielding investment securities at an after-tax loss of approximately $626 million. Proceeds from the sale of the investment securities were primarily used to deleverage the balance sheet through the pay-down of higher rate, non-relationship wholesale and public fund deposits, as well as higher rate other borrowings primarily consisting of FHLB advances. The pay-down of higher rate funding was completed throughout the third quarter of 2025, and thus the benefits (including interest expense savings) are only partially reflected in the results for the quarter.

The table below summarizes the impact of the loss on the sale of securities, as well as other certain items, consisting primarily of branch right sizing costs, early retirement program costs and loss on early extinguishment of debt. These items are also described in further detail in the “Reconciliation of Non-GAAP Financial Measures” tables contained in this press release.

Impact of Certain Items on Earnings and Diluted Earnings Per Share (EPS)

 

$ in millions, except per share data		3Q25				2Q25				3Q24
Net income (loss)		$	(562.8	)		$	54.8			$	24.7
Branch right sizing costs, net			2.0				0.2				0.4
Early retirement program costs			0.3				1.6				—
Loss on early extinguishment of debt			0.6				—				—
Loss on sale of securities			801.5				—				28.4
Total pre-tax impact			804.4				1.8				28.8
Tax effect			(176.7	)			(0.5	)			(7.5	)
Total impact on earnings			627.7				1.3				21.3
Adjusted earnings1,3		$	64.9			$	56.1			$	46.0

Diluted EPS		$	(4.00	)		$	0.43			$	0.20
Branch right sizing costs, net			0.01				—				—
Early retirement program costs			—				0.01				—
Loss on early extinguishment of debt			—				—				—
Loss on sale of securities			5.70				—				0.23
Total pre-tax impact			5.71				0.01				0.23
Tax effect			(1.25	)			—				(0.06	)
Total impact on earnings			4.46				0.01				0.17
Adjusted Diluted EPS1		$	0.46			$	0.44			$	0.37

The Financial Highlights table below summarizes key financial metrics for the third quarter of 2025, the second quarter of 2025 and the third quarter of 2024.

 

FINANCIAL HIGHLIGHTS		3Q25				2Q25				3Q24				3Q25 Highlights
BALANCE SHEET (in millions)														Comparisons reflect 3Q25 vs 2Q25 unless otherwise noted   • Net loss of $562.8 million and diluted EPS of $(4.00)   • Adjusted net income1 of $64.9 million and adjusted diluted EPS1 of $0.46   • Total revenue of $(569.5) million and PPNR1 of $(711.6) million   • Adjusted total revenue1 of $232.5 million and adjusted PPNR1 of $92.8 million   • Net interest income up $14.8 million, or 9 percent   • Net interest margin up 44 basis points to 3.50%; the 6th consecutive quarterly increase in net interest margin   • Pricing discipline led to 5 basis point increase in loan yields   • Cost of deposits down 11 bps; reduction in higher rate funding only partially reflected in 3Q25 results   • NCO ratio of 25 bps in 3Q24; provision for credit losses on loans exceeded net charge-offs by $4.5 million   • ACL ratio up 2 bps to 1.50%
Total loans		$	17,189			$	17,111			$	17,336
Total investment securities			3,319				5,997				6,350
Total deposits			19,838				21,825				21,935
Total assets			24,208				26,694				27,269
Total shareholders’ equity			3,354				3,549				3,529
PERFORMANCE MEASURES (in millions)
Total revenue		$	(569.5	)		$	214.2			$	174.8
Adjusted total revenue1			232.5				214.2				203.2
Pre-provision net revenue1 (PPNR)			(711.6	)			75.6				37.6
Adjusted pre-provision net revenue1			92.8				77.3				66.4
Provision for credit losses			12.0				11.9				12.1
PER SHARE DATA
Diluted earnings		$	(4.00	)		$	0.43			$	0.20
Adjusted diluted earnings1			0.46				0.44				0.37
Cash dividend declared			0.2125				0.2125				0.21
ASSET QUALITY
Net charge-off ratio (NCO ratio)			0.25	%			0.25	%			0.22	%
Nonperforming loan ratio			0.90				0.92				0.59
Nonperforming assets to total assets			0.66				0.62				0.38
Allowance for credit losses to loans (ACL)			1.50				1.48				1.35
Nonperforming loan coverage ratio			168				161				229
CAPITAL RATIOS
Equity to assets (EA ratio)			13.85	%			13.30	%			12.94	%
Tangible common equity (TCE) ratio1			8.53				8.46				8.15
Common equity tier 1 (CET1) ratio			11.54				12.36				12.06
Total risk-based capital ratio			15.07				14.42				14.25
OTHER DATA
Net interest margin (FTE)			3.50	%			3.06	%			2.74	%
Loan yield (FTE)			6.31				6.26				6.44
Cost of deposits			2.25				2.36				2.79
Full-time equivalent employees			2,883				2,947				2,972
Number of financial centers			223				223				234

Net Interest Income

Net interest income for the third quarter of 2025 totaled $186.7 million, up $14.8 million, or 9 percent, compared to $171.8 million in the second quarter of 2025 and up $28.9 million, or 18 percent, from $157.7 million in the third quarter of 2024. Interest income totaled $313.4 million for the third quarter of 2025, compared to $315.0 million in the second quarter of 2025 and $334.3 million in the third quarter of 2024. The decrease in interest income on a linked quarter basis was primarily due to a decline in the level of interest income derived from investment securities resulting from the balance sheet repositioning undertaken in the third quarter of 2025 that included the sale of lower-

yielding investment securities, that was offset by increases in interest income from loans and other earning assets. Interest expense totaled $126.8 million for the third quarter of 2025, compared to $143.2 million in the second quarter of 2025 and $176.6 million in the third quarter of 2024. The decrease in interest expense on a linked quarter basis was primarily due to a reduction of higher rate, non-relationship wholesale and public fund deposits as part of the balance sheet repositioning.

 

Select Yield/Rates		3Q25				2Q25				1Q25				4Q24				3Q24
Loan yield (FTE)2			6.31	%			6.26	%			6.20	%			6.32	%			6.44	%
Investment securities yield (FTE)2			4.01				3.48				3.48				3.54				3.63
Cost of interest bearing deposits			2.86				2.97				3.05				3.28				3.52
Cost of deposits			2.25				2.36				2.44				2.60				2.79
Net interest spread (FTE)2			2.86				2.41				2.30				2.15				1.95
Net interest margin (FTE)2			3.50				3.06				2.95				2.87				2.74

Noninterest Income

Noninterest income for the third quarter of 2025 was $(756.2) million, compared to $42.4 million in the second quarter of 2025 and $17.1 million in the third quarter of 2024. Included in third quarter 2025 results was a $801.5 million pre-tax loss on the sale of low-yielding securities that were sold in connection with the previously mentioned balance sheet repositioning and $0.6 million loss on the early extinguishment of debt. The third quarter of 2024 included a $28.4 million pre-tax loss on the sale of low-yielding securities. Excluding these items (which are described in the “Reconciliation of Non-GAAP Financial Measures” tables below), adjusted noninterest income¹ was $45.9 million for the third quarter of 2025, $42.4 million in the second quarter of 2025 and $45.5 million in the third quarter of 2024. The increase in adjusted noninterest income on a linked quarter basis was broad based, led by an increase in mortgage lending income and a Small Business Investment Company (SBIC) negative valuation adjustment in the second quarter of 2025, which is included in other income in the table below.

 

Noninterest Income $ in millions		3Q25				2Q25				1Q25				4Q24				3Q24
Service charges on deposit accounts		$	13.0			$	12.6			$	12.6			$	13.0			$	12.7
Wealth management fees			10.0				9.5				9.6				9.7				9.1
Debit and credit card fees			8.5				8.6				8.4				8.3				8.1
Mortgage lending income			2.3				1.7				2.0				1.8				2.0
Other service charges and fees			1.5				1.3				1.3				1.4				1.5
Bank owned life insurance			3.9				3.9				4.1				3.8				3.8
Gain (loss) on sale of securities			(801.5	)			—				—				—				(28.4	)
Other income			6.1				4.8				8.0				5.6				8.3
Total noninterest income		$	(756.2	)		$	42.4			$	46.2			$	43.6			$	17.1
Adjusted noninterest income1		$	45.9			$	42.4			$	46.2			$	43.6			$	45.5

Noninterest Expense

Noninterest expense for the third quarter of 2025 was $142.0 million, compared to $138.6 million in the second quarter of 2025 and $137.2 million in the third quarter of 2024. Included in noninterest expense are certain items consisting of branch right sizing costs, early retirement program costs and termination of vendor and software services. Collectively, these items totaled $2.3 million in the third quarter of 2025, $1.8 million in the second quarter of 2025 and $0.4 million in the third quarter of 2024. Excluding these items (which are described in the “Reconciliation of Non-GAAP Financial Measures” tables below), adjusted noninterest expense¹ was $139.7 million for the third quarter of 2025, and $136.8 million in both the second quarter of 2025 and third quarter of 2024. The increase in adjusted noninterest expense on a linked quarter basis primarily reflected salary and employee benefits accrual adjustments given the Company’s financial performance through the third quarter of 2025 and a $1.6 million fraud recovery in the third quarter of 2025.

Noninterest Expense $ in millions		3Q25				2Q25				1Q25				4Q24				3Q24
Salaries and employee benefits		$	76.2			$	73.9			$	74.8			$	71.6			$	69.2
Occupancy expense, net			12.1				11.8				12.7				11.9				12.2
Furniture and equipment			5.3				5.5				5.5				5.7				5.6
Deposit insurance			5.2				4.9				5.4				5.6				5.6
Other real estate and foreclosure expense			0.2				0.2				0.2				0.3				0.1
Other operating expenses			43.0				42.3				46.1				46.1				44.5
Total noninterest expense		$	142.0			$	138.6			$	144.6			$	141.1			$	137.2
Adjusted salaries and employee benefits1		$	75.9			$	72.3			$	74.8			$	71.4			$	69.2
Adjusted other operating expenses1			41.5				42.5				45.9				44.7				44.4
Adjusted noninterest expense1			139.7				136.8				143.6				139.3				136.8
Efficiency ratio			(25.11	)%			62.82	%			66.94	%			65.66	%			75.70	%
Adjusted efficiency ratio1			57.72				60.52				64.75				62.89				63.38
Full-time equivalent employees			2,883				2,947				2,949				2,946				2,972
Number of financial centers			223				223				222				222				234

Loans and Unfunded Loan Commitments

Total loans at the end of the third quarter of 2025 were $17.2 billion, up 2 percent on a linked quarter annualized basis. The increase in total loans was driven by increases in mortgage warehouse, real estate – construction and agricultural, offset in part by declines in real estate – commercial and commercial portfolios. Unfunded loan commitments at the end of the third quarter of 2025 were $4.0 billion, compared to $3.9 billion at the end of the second quarter of 2025. This marked the fourth consecutive quarterly increase in unfunded loan commitments. The commercial loan pipeline totaled $1.6 billion at the end of the third quarter of 2025, and ready to close commercial loans totaled $490 million with a weighted average rate of 7.19 percent.

 

Loans and Unfunded Loan Commitments $ in millions		3Q25				2Q25				1Q25				4Q24				3Q24
Total loans		$	17,189			$	17,111			$	17,094			$	17,006			$	17,336
Unfunded loan commitments			3,955				3,947				3,888				3,739				3,681

Deposits and Other Borrowings

Total deposits at the end of the third quarter of 2025 were $19.8 billion, compared to $21.8 billion at the end of the second quarter of 2025 and $21.9 billion at the end of the third quarter of 2024. The decrease in total deposits reflects a reduction of higher rate, non-relationship wholesale and public fund deposits as part of the balance sheet repositioning previously mentioned. At the same time, the overall mix of deposits improved with noninterest bearing deposits representing 22.1 percent of total deposits at the end of the third quarter of 2025, compared to 20.5 percent at the end of the second quarter of 2025. Interest bearing transaction accounts (excluding interest bearing public funds) represent 42.8 percent of total deposits at the end of the third quarter of 2025, compared to 39.0 percent at the end of the second quarter of 2025.

Other borrowings at the end of the third quarter of 2025 were $18.8 million, compared to $634.3 million at the end of the second quarter of 2025 and $1.0 billion at the end of the third quarter of 2024. The decrease in other borrowings on a linked quarter basis and year-over-year basis reflected the pay down of higher cost wholesale funding, primarily FHLB advances, as part of the balance sheet repositioning.

 

Deposits $ in millions		3Q25				2Q25				1Q25				4Q24				3Q24
Noninterest bearing deposits		$	4,377			$	4,468			$	4,455			$	4,461			$	4,522
Interest bearing transaction accounts			10,289				10,532				10,621				10,331				10,038
Time deposits			3,331				3,588				3,695				3,796				4,014
Brokered deposits			1,841				3,237				2,914				3,298				3,361
Total deposits		$	19,838			$	21,825			$	21,684			$	21,886			$	21,935
Noninterest bearing deposits to total deposits			22	%			20	%			21	%			20	%			21	%
Total loans to total deposits			87				78				79				78				79

Asset Quality

Total nonperforming loans at the end of the third quarter of 2025 totaled $153.9 million, compared to $157.2 million at the end of the second quarter of 2025 and $101.7 million at the end of the third quarter of 2024. The decrease in nonperforming loans on a linked quarter basis primarily reflected declines in commercial and real estate – single family loan portfolios, offset in part by an increase in the real estate – commercial portfolio. The increase in

nonperforming loans on a year-over-year basis was primarily due to two specific credit relationships that were placed on nonaccrual at the end of first quarter of 2025. The nonperforming loan coverage ratio ended the third quarter of 2025 at 168 percent, compared to 161 percent at the end of the second quarter of 2025 and 229 percent at the end of the third quarter of 2024. Total nonperforming assets as a percentage of total assets were 66 basis points at the end of the third quarter of 2025, compared to 62 basis points at the end of the second quarter of 2025 and 38 basis points at the end of the third quarter of 2024.

Provision for credit losses on loans totaled $15.2 million for the third quarter of 2025, compared to $11.9 million in the second quarter of 2025 and $12.1 million in the third quarter of 2024. The allowance for credit losses on loans at the end of the third quarter of 2025 was $258.0 million, compared to $253.5 million at the end of the second quarter of 2025 and $233.2 million at the end of the third quarter of 2024. The allowance for credit losses on loans as a percentage of total loans was 1.50 percent at the end of the third quarter of 2025, compared to 1.48 percent at the end of the second quarter of 2025 and 1.35 percent at the end of the third quarter of 2024.

Net charge-offs as a percentage of average loans for the third quarter of 2025 were 25 basis points, unchanged from second quarter 2025 levels and up slightly from 22 basis points in the third quarter of 2024. Provision for credit losses on loans exceeded net charge-offs by $4.5 million in the third quarter of 2025, $1.4 million in the second quarter of 2025 and $2.8 million in the third quarter of 2024.

 

Asset Quality $ in millions		3Q25				2Q25				1Q25				4Q24				3Q24
Allowance for credit losses on loans to total loans			1.50	%			1.48	%			1.48	%			1.38	%			1.35	%
Allowance for credit losses on loans to nonperforming loans			168				161				165				212				229
Nonperforming loans to total loans			0.90				0.92				0.89				0.65				0.59
Net charge-off ratio (annualized)			0.25				0.25				0.23				0.27				0.22
Net charge-off ratio YTD (annualized)			0.24				0.24				0.23				0.22				0.20
Total nonperforming loans		$	153.9			$	157.2			$	152.3			$	110.7			$	101.7
Total other nonperforming assets			6.8				9.5				10.0				10.5				2.6
Total nonperforming assets		$	160.7			$	166.7			$	162.3			$	121.2			$	104.3
Reserve for unfunded commitments		$	25.6			$	25.6			$	25.6			$	25.6			$	25.6

Capital and Subordinated Debt

Total stockholders’ equity at the end of the third quarter was $3.4 billion, compared to $3.5 billion at the end of both the second quarter of 2025 and the third quarter of 2024. The decrease on a linked quarter basis and year-over-year basis was primarily due to a decline in undivided profits, reflecting the loss on sale of securities, offset in part by net proceeds of approximately $327 million from a common equity offering completed prior to commencement of the balance sheet repositioning. Book value per share at the end of the third quarter of 2025 was $23.18, compared to $28.17 at the end of the second quarter of 2025 and $28.11 at the end of the third quarter of 2024. Tangible book value per share¹ at the end of the third quarter of 2025 was $13.45, compared to $16.97 at the end of the second quarter of 2025 and $16.78 at the end of the third quarter of 2024. The decrease in book value per share and tangible book value per share was due to the loss on the sale of investment securities.

Total stockholders’ equity as a percentage of total assets at the end of the third quarter of 2025 was 13.9 percent, compared to 13.3 percent at the end of the second quarter of 2025 and 12.9 percent at the end of the third quarter of 2024. Tangible common equity as a percentage of tangible assets¹ was 8.5 percent at the end of both the third quarter of 2025 and second quarter of 2025, and 8.2 percent at the end of the third quarter of 2024. Each of the applicable regulatory capital ratios for Simmons and its principal subsidiary, Simmons Bank, continue to significantly exceed “well-capitalized” regulatory guidelines.

During the third quarter of 2025, the Company completed the offering and sale of $325 million in aggregate principal amount of its 6.25% Fixed-to-Floating Rate Subordinated Notes due 2035 (the “Notes”). The Notes were priced at par. The Company used the net proceeds from the offering, along with cash on hand, to repay in full the Company’s outstanding $330 million principal amount of its Fixed-to-Floating Rate Subordinated Notes due 2028, which was completed on October 1, 2025. Additionally, on July 31, 2025, the Company completed the redemption of the Company’s outstanding $37 million principal amount of its Fixed-to-Floating Rate Subordinated Notes due 2030.

Select Capital Ratios		3Q25				2Q25				1Q25				4Q24				3Q24
Stockholders’ equity to total assets			13.9	%			13.3	%			13.2	%			13.1	%			12.9	%
Tangible common equity to tangible assets1			8.5				8.5				8.3				8.3				8.2
Common equity tier 1 (CET1) ratio			11.5				12.4				12.2				12.4				12.1
Tier 1 leverage ratio			9.6				10.0				9.8				9.7				9.6
Tier 1 risk-based capital ratio			11.5				12.4				12.2				12.4				12.1
Total risk-based capital ratio			15.1				14.4				14.6				14.6				14.3

Share Repurchase Program

During the third quarter of 2025, Simmons did not repurchase shares under its stock repurchase program that was authorized in January 2024 (2024 Program), which replaced its former repurchase program that was authorized in January 2022. Remaining authorization under the 2024 Program as of September 30, 2025, was approximately $175 million. The timing, pricing and amount of any repurchases under the 2024 Program will be determined by Simmons’ management at its discretion based on a variety of factors including, but not limited to, market conditions, trading volume and market price of Simmons’ common stock, Simmons’ capital needs, Simmons’ working capital and investment requirements, other corporate considerations, economic conditions, and legal requirements. The 2024 Program does not obligate Simmons to repurchase any common stock and may be modified, discontinued or suspended at any time without prior notice.

(1)	Non-GAAP measurement. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below

(2)	FTE – fully taxable equivalent basis using an effective tax rate of 26.135%

(3)	In this press release, “Adjusted Earnings” may also be referred to as “Adjusted Net Income”

Conference Call 

Management will conduct a live conference call to review this information beginning at 7:30 a.m. Central Time on Friday, October 17, 2025. Interested persons can listen to this call by dialing toll-free 1-844-481-2779 (North America only) and asking for the Simmons First National Corporation conference call, conference ID 10203266. In addition, the call will be available live or in recorded version on Simmons’ website at simmonsbank.com for at least 60 days following the date of the call.

Simmons First National Corporation

Simmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company that has paid cash dividends to its shareholders for 116 consecutive years. Its principal subsidiary, Simmons Bank, operates more than 220 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. Recently, Simmons Bank was recognized by Newsweek as one of America’s Greatest Workplaces 2025 in Arkansas. In 2024, Simmons Bank was recognized by Newsweek as one of America’s Best Regional Banks 2025, by U.S. News & World Report as one of the 2024-2025 Best Companies to Work For in the South and by Forbes as one of America’s Best-In-State Banks 2024 in Tennessee and America’s Best-In-State Employers 2024 in Missouri. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on X (formerly Twitter) or by visiting our newsroom.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance. These measures adjust GAAP performance measures to, among other things, include the tax benefit associated with revenue items that are tax-exempt, as well as exclude from net income (including on a per share diluted basis), pre-tax, pre-provision earnings, net charge-offs, income available to common shareholders, noninterest income, and noninterest expense certain income and expense items attributable to, for example, losses on sale of securities, net branch right-sizing initiatives, early retirement program, termination of vendor and software services and losses on early extinguishment of debt.

In addition, the Company also presents certain figures based on tangible common stockholders’ equity, tangible assets and tangible book value, which exclude goodwill and other intangible assets. The Company further presents certain figures that are exclusive of the impact of deposits and/or loans acquired through acquisitions, mortgage warehouse loans, and/or energy loans, or gains and/or losses on the sale of securities, or the aforementioned two specific credit relationships. The Company’s management believes that these non-GAAP financial measures are useful to investors because they, among other things, present the results of the Company’s ongoing operations without the effect of mergers or other items not central to the Company’s ongoing business, as well as normalize for tax

effects and certain other effects. Management, therefore, believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s ongoing businesses, and management uses these non-GAAP financial measures to assess the performance of the Company’s ongoing businesses as related to prior financial periods. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

Forward-Looking Statements

Certain statements in this press release may not be based on historical facts and should be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, without limitation, statements made in Mr. Makris’s quote, may be identified by reference to future periods or by the use of forward-looking terminology, such as “believe,” “budget,” “expect,” “foresee,” “anticipate,” “intend,” “indicate,” “target,” “estimate,” “plan,” “project,” “continue,” “contemplate,” “positions,” “prospects,” “predict,” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could,” “might” or “may,” or by variations of such words or by similar expressions. These forward-looking statements include, without limitation, statements relating to Simmons’ future growth, business strategies, lending capacity and lending activity, loan demand, revenue, assets, asset quality, profitability, dividends, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, digital banking initiatives, the Company’s ability to recruit and retain key employees, the adequacy of the allowance for credit losses, future economic conditions and interest rates, and the adequacy of reserve levels for loans. Any forward-looking statement speaks only as of the date of this press release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this press release. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, changes in credit quality, changes in interest rates and related governmental policies, the effects of a government shutdown, changes in loan demand, changes in deposit flows, changes in real estate values, changes in the assumptions used in making the forward-looking statements, changes in the securities markets generally or the price of Simmons’ common stock specifically, changes in information technology affecting the financial industry, and changes in customer behaviors, including consumer spending, borrowing, and saving habits; changes in tariff policies; general economic and market conditions; changes in governmental administrations; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflicts between Russia and Ukraine) or other major events, or the prospect of these events; the soundness of other financial institutions and any indirect exposure related to the closings of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Company has commercial or deposit relationships; increased inflation; the loss of key employees; increased competition in the markets in which the Company operates and from non-bank financial institutions; increased unemployment; labor shortages; claims, damages, and fines related to litigation or government actions; changes in accounting principles relating to loan loss recognition (current expected credit losses); fraud that results in material losses or that we have not discovered yet that may result in material losses; the Company’s ability to manage and successfully integrate its mergers and acquisitions and to fully realize cost savings and other benefits associated with acquisitions; increased delinquency and foreclosure rates on commercial real estate loans; significant increases in nonaccrual loan balances; cyber or other information technology threats, attacks or events; reliance on third parties for key services; government legislation; and other factors, many of which are beyond the control of the Company, could cause actual results to differ materially from those projected in or contemplated by the forward-looking statements. In addition, there can be no guarantee that the board of directors (Board) of Simmons will approve a quarterly dividend in future quarters, and the timing, payment, and amount of future dividends (if any) is subject to, among other things, the discretion of the Board and may differ significantly from past dividends. Additional information on factors that might affect the Company’s financial results is included in the Company’s Form 10-K for the year ended December 31, 2024, the Company’s Form 10-Q for the quarter ended June 30, 2025, and other reports that the Company has filed with or furnished to the U.S. Securities and Exchange Commission (the SEC), all of which are available from the SEC on its website, www.sec.gov.

FOR MORE INFORMATION CONTACT:

Ed Bilek, EVP, Director of Investor and Media Relations

ed.bilek@simmonsbank.com or 205.612.3378 (cell)

Simmons First National Corporation		SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended
(Unaudited)

 

		Sep 30				Jun 30				Mar 31				Dec 31				Sep 30
		2025				2025				2025				2024				2024
($ in thousands)
ASSETS
Cash and noninterest bearing balances due from banks		$	377,604			$	398,081			$	423,171			$	429,705			$	398,321
Interest bearing balances due from banks and federal funds sold			266,013				246,381				211,115				257,672				205,081
Cash and cash equivalents			643,617				644,462				634,286				687,377				603,402
Interest bearing balances due from banks - time			100				100				100				100				100
Investment securities - held-to-maturity			—				3,591,531				3,615,556				3,636,636				3,658,700
Investment securities - available-for-sale			3,319,277				2,405,320				2,491,849				2,529,426				2,691,094
Mortgage loans held for sale			15,507				16,972				8,351				11,417				8,270
Assets held in trading accounts			12,695				—				—				—				—
Loans:
Loans			17,188,817				17,111,096				17,094,078				17,005,937				17,336,040
Allowance for credit losses on loans			(258,006	)			(253,537	)			(252,168	)			(235,019	)			(233,223	)
Net loans			16,930,811				16,857,559				16,841,910				16,770,918				17,102,817
Premises and equipment			568,343				573,160				573,616				585,431				584,366
Foreclosed assets and other real estate owned			6,386				8,794				8,976				9,270				1,299
Interest receivable			104,383				120,443				117,398				123,243				125,700
Bank owned life insurance			539,372				535,481				535,324				531,805				508,781
Goodwill			1,320,799				1,320,799				1,320,799				1,320,799				1,320,799
Other intangible assets			87,520				90,617				93,714				97,242				101,093
Other assets			659,352				528,382				551,112				572,385				562,983
Total assets		$	24,208,162			$	26,693,620			$	26,792,991			$	26,876,049			$	27,269,404
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest bearing transaction accounts		$	4,377,232			$	4,468,237			$	4,455,255			$	4,460,517			$	4,521,715
Interest bearing transaction accounts and savings deposits			10,932,914				11,176,791				11,265,554				10,982,022				10,863,945
Time deposits			4,527,587				6,179,962				5,963,811				6,443,211				6,549,774
Total deposits			19,837,733				21,824,990				21,684,620				21,885,750				21,935,434
Federal funds purchased and securities sold under agreements to repurchase			22,348				31,306				50,133				37,109				51,071
Other borrowings			18,832				634,349				884,863				745,372				1,045,878
Subordinated notes and debentures			651,250				366,369				366,331				366,293				366,255
Accrued interest and other liabilities			324,036				287,396				275,559				312,653				341,933
Total liabilities			20,854,199				23,144,410				23,261,506				23,347,177				23,740,571
Stockholders’ equity:
Common stock			1,447				1,260				1,259				1,257				1,256
Surplus			2,848,977				2,518,286				2,515,372				2,511,590				2,508,438
Undivided profits			817,022				1,410,564				1,382,564				1,376,935				1,355,000
Accumulated other comprehensive (loss) income			(313,483	)			(380,900	)			(367,710	)			(360,910	)			(335,861	)
Total stockholders’ equity			3,353,963				3,549,210				3,531,485				3,528,872				3,528,833
Total liabilities and stockholders’ equity		$	24,208,162			$	26,693,620			$	26,792,991			$	26,876,049			$	27,269,404

 

Page 1

Simmons First National Corporation		SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended
(Unaudited)

 

		Sep 30				Jun 30				Mar 31				Dec 31				Sep 30
		2025				2025				2025				2024				2024
($ in thousands, except per share data)
INTEREST INCOME
Loans (including fees)		$	269,210			$	265,373			$	257,755			$	272,727			$	277,939
Interest bearing balances due from banks and federal funds sold			6,421				2,531				2,703				2,913				2,921
Investment securities			37,464				46,898				47,257				50,162				53,220
Mortgage loans held for sale			229				221				122				180				209
Assets held in trading accounts			99				—				—				—				—
TOTAL INTEREST INCOME			313,423				315,023				307,837				325,982				334,289
INTEREST EXPENSE
Time deposits			49,064				57,231				62,559				70,661				73,937
Other deposits			67,546				69,108				67,895				72,369				78,307
Federal funds purchased and securities sold under agreements to repurchase			72				59				113				119				138
Other borrowings			2,957				10,613				7,714				11,386				17,067
Subordinated notes and debentures			7,123				6,188				6,134				6,505				7,128
TOTAL INTEREST EXPENSE			126,762				143,199				144,415				161,040				176,577
NET INTEREST INCOME			186,661				171,824				163,422				164,942				157,712
PROVISION FOR CREDIT LOSSES
Provision for credit losses on loans			15,180				11,945				26,797				13,332				12,148
TOTAL PROVISION FOR CREDIT LOSSES			11,966				11,945				26,797				13,332				12,148
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES			174,695				159,879				136,625				151,610				145,564
NONINTEREST INCOME
Service charges on deposit accounts			13,045				12,588				12,635				12,978				12,713
Debit and credit card fees			8,478				8,567				8,446				8,323				8,144
Wealth management fees			9,965				9,464				9,629				9,658				9,098
Mortgage lending income			2,259				1,687				2,013				1,828				1,956
Bank owned life insurance income			3,943				3,890				4,092				3,780				3,757
Other service charges and fees (includes insurance income)			1,474				1,321				1,333				1,426				1,509
Gain (loss) on sale of securities			(801,492	)			—				—				—				(28,393	)
Other income			6,141				4,837				8,007				5,565				8,346
TOTAL NONINTEREST INCOME			(756,187	)			42,354				46,155				43,558				17,130
NONINTEREST EXPENSE
Salaries and employee benefits			76,249				73,862				74,824				71,588				69,167
Occupancy expense, net			12,106				11,844				12,651				11,876				12,216
Furniture and equipment expense			5,275				5,474				5,465				5,671				5,612
Other real estate and foreclosure expense			200				216				198				317				87
Deposit insurance			5,175				4,917				5,391				5,550				5,571
Other operating expenses			43,027				42,276				46,051				46,115				44,540
TOTAL NONINTEREST EXPENSE			142,032				138,589				144,580				141,117				137,193
NET INCOME (LOSS) BEFORE INCOME TAXES			(723,524	)			63,644				38,200				54,051				25,501
Provision for income taxes			(160,732	)			8,871				5,812				5,732				761
NET INCOME (LOSS)		$	(562,792	)		$	54,773			$	32,388			$	48,319			$	24,740
BASIC EARNINGS PER SHARE		$	(4.01	)		$	0.43			$	0.26			$	0.38			$	0.20
DILUTED EARNINGS PER SHARE		$	(4.00	)		$	0.43			$	0.26			$	0.38			$	0.20

 

Page 2

Simmons First National Corporation		SFNC
Consolidated Risk-Based Capital
For the Quarters Ended
(Unaudited)

 

		Sep 30				Jun 30				Mar 31				Dec 31				Sep 30
		2025				2025				2025				2024				2024
($ in thousands)
Tier 1 capital
Stockholders’ equity		$	3,353,963			$	3,549,210			$	3,531,485			$	3,528,872			$	3,528,833
CECL transition provision (1)			—				—				—				30,873				30,873
Disallowed intangible assets, net of deferred tax			(1,376,255	)			(1,379,104	)			(1,381,953	)			(1,385,128	)			(1,388,549	)
Unrealized loss (gain) on AFS securities			313,483				380,900				367,710				360,910				335,861
Total Tier 1 capital			2,291,191				2,551,006				2,517,242				2,535,527				2,507,018
Tier 2 capital
Subordinated notes and debentures			651,250				366,369				366,331				366,293				366,255
Subordinated debt phase out			(198,000	)			(198,000	)			(132,000	)			(132,000	)			(132,000	)
Qualifying allowance for loan losses and reserve for unfunded commitments			248,710				258,079				257,769				222,313				220,517
Total Tier 2 capital			701,960				426,448				492,100				456,606				454,772
Total risk-based capital		$	2,993,151			$	2,977,454			$	3,009,342			$	2,992,133			$	2,961,790
Risk weighted assets		$	19,861,879			$	20,646,324			$	20,621,540			$	20,473,960			$	20,790,941
Adjusted average assets for leverage ratio		$	23,963,356			$	25,606,135			$	25,619,424			$	26,037,459			$	26,198,178
Ratios at end of quarter
Equity to assets			13.85	%			13.30	%			13.18	%			13.13	%			12.94	%
Tangible common equity to tangible assets (2)			8.53	%			8.46	%			8.34	%			8.29	%			8.15	%
Common equity Tier 1 ratio (CET1)			11.54	%			12.36	%			12.21	%			12.38	%			12.06	%
Tier 1 leverage ratio			9.56	%			9.96	%			9.83	%			9.74	%			9.57	%
Tier 1 risk-based capital ratio			11.54	%			12.36	%			12.21	%			12.38	%			12.06	%
Total risk-based capital ratio			15.07	%			14.42	%			14.59	%			14.61	%			14.25	%

 

(1)	The Company has elected to use the CECL transition provision allowed for in the year of adopting ASC 326.

(2)	Calculations of tangible common equity to tangible assets and the reconciliations to GAAP are included in the schedules accompanying this release.

 

Page 3

Simmons First National Corporation		SFNC
Consolidated Investment Securities
For the Quarters Ended
(Unaudited)

 

		Sep 30				Jun 30				Mar 31				Dec 31				Sep 30
		2025				2025				2025				2024				2024
($ in thousands)
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies		$	—			$	457,228			$	456,545			$	455,869			$	455,179
Mortgage-backed securities			—				1,024,313				1,048,170				1,070,032				1,093,070
State and political subdivisions			—				1,855,614				1,856,905				1,857,177				1,857,283
Other securities			—				254,376				253,936				253,558				253,168
Total held-to-maturity (net of credit losses)			—				3,591,531				3,615,556				3,636,636				3,658,700
Available-for-Sale
U.S. Treasury		$	—			$	400			$	699			$	996			$	1,290
U.S. Government agencies			48,355				49,498				52,318				54,547				58,397
Mortgage-backed securities			2,249,593				1,349,991				1,380,913				1,392,759				1,510,402
State and political subdivisions			845,371				807,842				832,898				858,182				898,178
Other securities			175,958				197,589				225,021				222,942				222,827
Total available-for-sale (net of credit losses)			3,319,277				2,405,320				2,491,849				2,529,426				2,691,094
Total investment securities (net of credit losses)		$	3,319,277			$	5,996,851			$	6,107,405			$	6,166,062			$	6,349,794
Fair value - HTM investment securities		$	—			$	2,891,974			$	2,929,625			$	2,949,951			$	3,109,610

 

Page 4

Simmons First National Corporation		SFNC
Consolidated Loans
For the Quarters Ended
(Unaudited)

 

		Sep 30				Jun 30				Mar 31				Dec 31				Sep 30
		2025				2025				2025				2024				2024
($ in thousands)
Loan Portfolio - End of Period
Consumer:
Credit cards		$	173,020			$	176,166			$	179,680			$	181,675			$	177,696
Other consumer			112,335				123,831				97,198				127,319				113,896
Total consumer			285,355				299,997				276,878				308,994				291,592
Real Estate:
Construction			2,874,823				2,784,578				2,778,245				2,789,249				2,796,378
Single-family residential			2,617,849				2,625,717				2,647,451				2,689,946				2,724,648
Other commercial real estate			7,875,649				7,961,412				8,051,304				7,912,336				7,992,437
Total real estate			13,368,321				13,371,707				13,477,000				13,391,531				13,513,463
Commercial:
Commercial			2,397,388				2,440,507				2,372,681				2,434,175				2,467,384
Agricultural			353,181				333,078				264,469				261,154				314,340
Total commercial			2,750,569				2,773,585				2,637,150				2,695,329				2,781,724
Other			784,572				665,807				703,050				610,083				749,261
Total loans		$	17,188,817			$	17,111,096			$	17,094,078			$	17,005,937			$	17,336,040

 

Page 5